Bitcoin Miner Canaan’s Stock Spikes After Q3 Revenue Rise, Even as BTC Falls

Bitcoin mining steadfast Canaan Inc. is connected the emergence Tuesday, with its banal terms jumping pursuing a Q3 2025 net study that showed important gross maturation driven by robust increases successful some mining instrumentality income and self-operated mining operations.

The Nasdaq-listed firm’s shares, which commercialized nether the ticker CAN, are up astir 16% connected the time to a caller terms of $0.988, cutting its five-day nonaccomplishment to 11%. Canaan is inactive down astir 38% implicit the past month, per Yahoo Finance, echoing caller losses crossed different Bitcoin miners and crypto-centric firms.

Canaan’s full revenues reached $150.5 million, representing a 104% year-over-year summation and 50% maturation since the erstwhile quarter.

This comprised $118.6 cardinal successful merchandise sales, $30.6 cardinal successful mining gross (up 241% twelvemonth implicit year), and $1.3 cardinal successful different revenues. The institution achieved gross nett of $16.6 million, a important turnaround from a $21.5 cardinal gross nonaccomplishment successful Q3 2024.

Despite gross growth, Canaan reported a nett nonaccomplishment of $27.7 million, though this improved from a $75.6 cardinal nonaccomplishment successful the anterior twelvemonth period. The nonaccomplishment included a $9.5 cardinal non-cash interaction from just worth changes successful preferred shares. Non-GAAP adjusted EBITDA was affirmative astatine $2.8 million, compared to a nonaccomplishment of $34.1 cardinal successful Q3 2024.

The institution sold implicit 10 exahashes per 2nd (EH/s) of computing power, mounting a quarterly grounds with 56% sequential growth. Mining operations produced 267 Bitcoin astatine an mean gross of $114,485 per coin.

Bitcoin Drops to Seven-Month Low Under $90K

By quarter’s end, the firm’s treasury expanded to 1,582 BTC and 2,830 ETH, further increasing to 1,610 BTC and 3,950 ETH by the extremity of October. At existent prices, that’s astir $150 cardinal successful Bitcoin and $12.3 cardinal successful Ethereum.

Canaan’s currency presumption strengthened to $119.2 million, bolstered by a $72 cardinal strategical investment from organization investors including Brevan Howard and Galaxy Digital successful November.

Canaan debuted its next-generation A16XP mining instrumentality featuring 300 TH/s computing powerfulness with 12.8 J/TH vigor efficiency. The institution secured an order for 50,000+ mining machines from an unnamed U.S. lawsuit and initiated a pilot gas-to-computing project successful Canada.

For Q4 2025, Canaan expects revenues of betwixt $175-205 million, reflecting evolving marketplace conditions and lawsuit dynamics.

Bitcoin continued to autumn overnight, dipping below the $90,000 mark for the archetypal clip since April. However, the coin has been ticking up since then, precocious changing hands astatine astir $93,500. While astir level implicit the past 24 hours, BTC remains down astir 11% implicit the past week.