Bitcoin mining firm Canaan Inc. is rising on Tuesday, with its inventory hovering after reporting sturdy income progress for the third quarter of 2025, pushed by sturdy progress in each mining machine gross sales and personal mining operations.
The Nasdaq-listed firm’s inventory, which trades underneath the ticker CAN, is up almost 16% on the day, most just lately at $0.988, narrowing its five-day loss to 11%. In accordance with , Canaan remains to be down about 38% from final month. Yahoo Financemirroring current losses seen in different areas Bitcoin An organization centered on miners and digital foreign money.
Canaan’s whole income reached $150.5 million, up 104% year-over-year and 50% from the earlier quarter.
This consisted of $118.6 million in product gross sales, $30.6 million in mining income (up 241% year-over-year), and $1.3 million in different income. The corporate achieved a gross revenue of $16.6 million, a major enchancment from the gross revenue of $21.5 million in Q3 2024.
Regardless of the rise in income, Canaan reported a internet lack of $27.7 million, an enchancment from a lack of $75.6 million within the year-ago interval. This loss included a $9.5 million non-cash impression from modifications within the truthful worth of most well-liked inventory. Non-GAAP adjusted EBITDA was constructive by $2.8 million, in comparison with a lack of $34.1 million within the third quarter of 2024.
The corporate offered greater than 10 exahash per second (EH/s) of computing energy, setting a quarterly file of 56% sequential progress. The mining operation generated 267 Bitcoins, with a mean return of $114,485 per coin.
By the top of the quarter, the corporate’s treasury had expanded to 1,582 BTC and a couple of,830 ETH, additional rising to 1,610 BTC and three,950 ETH by the top of October. At present costs, that equates to about $150 million in Bitcoin and $12.3 million in Ethereum.
Canaan’s money place is $72 million strategic funding In November, it obtained recognition from institutional traders equivalent to Brevan Howard and Galaxy Digital.
Canaan has launched the following era A16XP mining machine with 300 TH/s computing energy and 12.8 J/TH power effectivity. The corporate is Ordered over 50,000 mining machines Contacted by an nameless US consumer, Fuel-to-computing pilot mission In Canada.
Canaan expects fourth quarter 2025 gross sales to be between $175 million and $205 million, reflecting evolving market situations and buyer developments.
Bitcoin continued to fall in a single day, dropping sharply Beneath $90,000 First time since April. Nevertheless, the coin has risen since then, most just lately buying and selling round $93,500. Whereas principally flat over the previous 24 hours, BTC stays down almost 11% over the previous week.
