Canaan Inc. (NASDAQ:CAN) rallied in pre-market trading on Tuesday, rising 5.51%, after the crypto-mining hardware maker reported third-quarter revenue that blew past Wall Street forecasts—even as its quarterly loss proved much steeper than expected.
The company posted revenue of $150.48 million, easily topping the consensus estimate of $129.95 million and more than doubling year over year with a 104.4% surge. Still, Canaan recorded an adjusted loss of -$0.36 per share, far worse than the anticipated -$0.01, reflecting continued margin pressures.
Management credited the sharp jump in revenue to strong demand for mining rigs and expanding output from its own bitcoin mining operations.
“In the third quarter of 2025, we delivered a strong performance amid complex macro conditions and ongoing geopolitical friction,” said Nangeng Zhang, chairman and CEO of Canaan. “Our total revenue reached $150.5 million, exceeding the high end of our guidance range, driven by record-breaking momentum in both mining machine sales and self-operated mining.”
Bitcoin mining revenue surged to a record $30.6 million, up 241% year over year, with the company mining 267 bitcoins during the quarter. Canaan also set a new high for computing power sold, surpassing 10 exahashes per second, marking 37.7% growth from the prior year.
The company struck an upbeat tone for the remainder of the year, projecting Q4 revenue between $175 million and $205 million, well ahead of the consensus estimate of $148.3 million. By quarter’s end, Canaan’s crypto holdings had grown to 1,581.9 BTC and 2,830 ETH, further reinforcing its financial position.
Canaan also highlighted a major commercial win: a U.S.-based bitcoin miner recently placed an order for more than 50,000 Avalon A15 Pro machines, which the company described as its largest single deal in three years.