PANews reported on February 10th that Canaan (NASDAQ: CAN), a Bitcoin mining rig manufacturer, released its Q4 2025 financial results, reporting revenue of $196 million, a 121% year-over-year increase and a three-year high for quarterly sales. The growth was primarily driven by large-scale mining rig orders in North America, with Canaan delivering 14.6 EH/s of computing power equipment this quarter. The company's mining operations generated $30.4 million in revenue during the quarter, mining 300 Bitcoins, with an implied price of approximately $101,000 per Bitcoin.
In addition, Canaan increased its Bitcoin reserves through its self-operated mining operations, holding approximately 1,750 Bitcoins and 3,951 Ethereum as of the end of 2025, with a total value of approximately $165 million. In January 2026, the company mined an additional 83 Bitcoins, bringing its total reserves to 1,778. Part of this growth came from converting stablecoin revenue from the sale of mining equipment into Bitcoin.
Despite a revenue rebound, the company reported a net loss of $85 million due to fair value losses caused by the decline in cryptocurrency prices. Canaan plans to expand into the energy and computing infrastructure sectors and has launched a 3-megawatt heat recovery pilot project in Canada to use heat from mining machines for greenhouse heating. Revenue for the first quarter of 2026 is projected to be between $60 million and $70 million.
