Bitcoin News Update: Canaan's Strategic Move in Bitcoin Mining Energy Sparks 21% Surge in Shares
- Canaan Inc. shares jumped 21% after reporting $150.5M Q3 revenue, up 104% YoY, driven by Bitcoin mining demand and expanded operations. - Despite a $27M adjusted net loss (vs. -$0.01 expected), cash reserves rose 80.9% to $119M, and EBITDA turned positive at $2.8M. - Record $30.6M Bitcoin mining revenue (37.7% higher computing power) and a 50,000-unit U.S. order fueled growth, boosting crypto holdings to $189M. - CEO Zhang emphasized Bitcoin's energy efficiency over AI infrastructure, with Q4 revenue gui
Canaan Inc. (NASDAQ: CAN) saw its stock jump more than 21% in pre-market trading on Tuesday after the crypto-mining hardware manufacturer announced record-breaking third-quarter revenue of $150.5 million. This figure more than doubled from the same period last year and far surpassed analyst expectations. The share price rally came despite a notable miss on earnings per share (EPS), with the company crediting its revenue surge to
For the third quarter of 2025, the company’s total revenue soared by 104% year-over-year, fueled by a 241% jump in mining income to $30.6 million and $118.6 million from product sales. This was a sharp reversal from the previous year, when
Canaan’s financial position strengthened considerably, with cash holdings climbing 80.9% to $119 million and adjusted EBITDA turning positive at $2.8 million. Gross profit jumped 78.6% from the previous quarter to $16.6 million, reflecting improved product mix and tighter cost management. Nonetheless, the company continues to face obstacles such as increasing Bitcoin mining difficulty and broader economic challenges,
Investors responded positively to the report, pushing the stock to a 52-week high of $1.05 despite the EPS miss. Analysts highlighted the revenue outperformance and robust cash flow, with Wall Street’s median 12-month price target for Canaan at $3.00—71.6% above its November 17 closing price of $0.85.
Looking forward, Canaan projects fourth-quarter 2025 revenue between $175 million and $205 million, well ahead of the $148.3 million consensus. The company intends to ramp up production of its A16 series miners and pursue AI-driven operations. However, it cautioned that risks such as Bitcoin price swings and possible seasonal revenue drops in early 2026 remain.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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