Canaan reported a sharp fourth-quarter rebound as revenue more than doubled to $196.3 million, driven by renewed demand for bitcoin mining machines as miners upgraded fleets.
The result marked a 121.1% increase from a year earlier, while full-year revenue rose 96.7% to $529.7 million, signalling a broad recovery in mining hardware demand.
Product revenue from mining rigs reached $164.9 million in the quarter, up 124.5% year on year, with computing power sales hitting a record 14.6 exahash per second.
Canaan’s self-mining operations also boosted results, with the company mining 300 bitcoins in the quarter and generating $30.4 million in mining revenue, nearly double the prior year.
Despite the revenue surge, Canaan posted a fourth-quarter net loss of $85.0 million, weighed down by non-cash fair-value losses on crypto holdings and inventory write-downs.
The company ended the year holding about 1,750 BTC and 3,951 ETH alongside $80.8 million in cash, giving it one of its largest crypto treasuries to date.
Looking ahead, Canaan forecast first-quarter 2026 revenue of $60 million to $70 million as it expands beyond hardware into energy-compute infrastructure and US-based power capacity.
At the time of reporting, Bitcoin price was $69,105.00.