Canaan Revenue Soars in Q4 While Company Grows Its Bitcoin Treasury to Record Levels

TL;DR

• Canaan’s Q4 revenue topped $196 million, up 121% year over year, with record shipments of 14.6 exahashes per second.
• Mining added $30.4 million as it produced 300 $BTC at an implied $101,000, but a $85 million net loss reflected fair-value crypto hits.
• Bitcoin holdings rose from 1,750 $BTC to 1,778 $BTC in January; Canaan launched a 3-megawatt Manitoba heat-recovery pilot and guided Q1 revenue at $60 million to $70 million.

Canaan delivered a sharp fourth-quarter rebound as demand for bitcoin mining hardware improved and the company kept expanding its digital-asset treasury. The quarter signals Canaan is using hardware momentum to rebuild revenue while compounding $BTC exposure. The Singapore-based miner and hardware maker reported more than $196 million in Q4 revenue, up 121% from a year earlier and its strongest quarterly sales in three years. Shares rose about 1.5% Tuesday to around $0.62 after falling to a record low near $0.50 in the prior week, based on market pricing. Results were released Tuesday with updated guidance.

Shipments and mining output lift results as treasury strategy persists

Mining machine sales did most of the lifting, with Canaan shipping a record 14.6 exahashes per second of computing power during the quarter, supported by large North American orders. Record shipments point to renewed fleet buildouts even as operators stay selective on capex. Mining operations added $30.4 million of revenue as the company mined 300 $BTC in Q4 at an implied price near $101,000 per bitcoin. Bitcoin has since fallen about 32% to around $68,000, compressing the mark-to-market optics on newly produced coins. Management said the quarter set a three-year high for sales momentum overall.

Despite the revenue rebound, Canaan still recorded a net loss of $85 million, higher than the prior quarter, as falling crypto prices triggered fair-value losses tied to its cryptocurrency holdings. The print shows operating leverage improving while treasury volatility continues to drive earnings noise. By the end of December, the company held roughly 1,750 $BTC and 3,951 ETH, valued at about $165 million at the time. It said part of the build also came from converting stablecoin proceeds from miner sales into bitcoin, and it ranks 38th among public $BTC holders. according to BitcoinTreasuries data.

The balance-sheet strategy continued into the new year: Canaan mined an additional 83 $BTC in January, lifting total bitcoin holdings to 1,778 $BTC at month-end after balance-sheet adjustments and operational uses. Management is positioning bitcoin as strategic inventory while widening the business into energy and compute infrastructure. The company launched a 3-megawatt heat-recovery pilot in Manitoba, using mining equipment to provide greenhouse heating and monetize waste heat. Looking ahead, Canaan guided for Q1 2026 revenue of $60 million to $70 million as it navigates a depressed crypto market. It framed the pilot as scalable globally.