Canaan Inc. (NASDAQ:CAN) reported fourth-quarter revenue that came in ahead of market expectations on Tuesday, even as the company posted a larger-than-anticipated loss for the period.
Shares in the cryptocurrency mining hardware maker rose 2.14% in premarket trading following the results.
The company generated $196.3 million in revenue for the quarter, comfortably above the consensus estimate of $177.66 million and more than doubling year on year, with sales up 121.1%. However, Canaan recorded a loss of $0.89 per share, compared with analysts’ forecasts for a much smaller loss of $0.01 per share.
Strong results were underpinned by record quarterly computing power sales of 14.6 EH/s, representing a 60.9% increase from a year earlier, driven largely by large-scale orders from North America. Canaan also reported bitcoin mining revenue of $30.4 million, with 300 bitcoins produced during the quarter.
“We closed 2025 with strong performance, achieving our highest quarterly revenue in three years despite continued global macroeconomic and geopolitical uncertainty,” said Nangeng Zhang, chairman and chief executive of Canaan.
The company’s cryptocurrency holdings also reached record levels, totaling 1,750 BTC and 3,951 ETH as of December 31, 2025. Gross profit for the quarter amounted to $14.6 million, a sharp improvement from a gross loss of $6.4 million in the same period last year.
For the first quarter of 2026, Canaan guided for revenue of $60 million to $70 million, a notable step down from fourth-quarter levels, citing “near-term market conditions and evolving customer dynamics.”
“As we enter 2026, we are committed to managing resources prudently and maintaining operational resilience,” said Jin “James” Cheng, chief financial officer of Canaan. “Drawing on deep industry experience and strategic flexibility, we are well-positioned to navigate near-term market volatility while preparing to capture future growth opportunities.”