Bitcoin mining company Canaan posted a sharp rebound in fourth quarter performance as demand for mining hardware accelerated and the company continued to grow its digital asset treasury. The results highlight how some mining firms are using a combination of hardware sales and self mining to stabilize revenues during volatile market conditions.
Canaan reported fourth quarter revenue of more than 196 million dollars, marking a 121 percent increase compared with the same period a year earlier. It was the company’s strongest quarterly revenue figure in nearly three years, reflecting a recovery in mining equipment demand following a prolonged downturn in the sector. Management attributed much of the growth to large scale orders from North America, where industrial miners have continued to expand capacity despite softer crypto prices.
Hardware shipments reached a quarterly record, with the company delivering 14.6 exahashes per second of computing power during the period. This surge in shipments helped offset broader market weakness and reinforced Canaan’s position as a key supplier of mining machines to institutional operators.
Alongside hardware sales, Canaan’s own mining operations also contributed meaningfully to revenue. The company generated more than 30 million dollars from mining activities during the quarter, producing roughly 300 bitcoin. At the time of mining, the implied bitcoin price exceeded 100,000 dollars, although market prices have since declined to the high 60,000 range. The subsequent price drop weighed on financial results through fair value losses tied to the company’s crypto holdings.
Despite the strong top line growth, Canaan reported a net loss of approximately 85 million dollars for the quarter. The loss widened compared with the prior period as falling crypto prices negatively impacted the valuation of digital assets held on the balance sheet. Shares of Canaan traded modestly higher following the earnings release, recovering slightly from recent record lows.
A notable theme in the report was continued expansion of the company’s bitcoin treasury. By the end of December, Canaan held roughly 1,750 bitcoin and nearly 4,000 ether, valued at about 165 million dollars at the time. In January, the company mined an additional 83 bitcoin, bringing total holdings close to 1,780 bitcoin after operational uses and balance sheet adjustments. Management also disclosed that a portion of stablecoin proceeds from miner sales was converted directly into bitcoin, reinforcing a long term accumulation strategy.
Beyond mining, Canaan is signaling a gradual shift toward broader computing and energy infrastructure. The company recently launched a heat recovery pilot project in Canada that repurposes waste heat from mining equipment to support greenhouse operations. This initiative reflects efforts to diversify revenue streams and extract additional value from existing infrastructure.
Looking ahead, Canaan expects first quarter 2026 revenue in the range of 60 to 70 million dollars as crypto markets remain under pressure. While near term conditions remain challenging, the combination of treasury growth, hardware demand, and infrastructure experimentation suggests the company is positioning for longer term resilience within the evolving digital asset sector.
