Bitcoin Miner Canaan Soars 16% After Shock 104% Revenue Spike, Defying Bitcoin’s Crash

Canaan’s inventory surged on Tuesday after the Bitcoin mining chipmaker delivered its strongest quarterly efficiency in years, posting a 104% soar in income and a return to constructive gross revenue regardless of a steep downturn within the broader crypto market.

The rally despatched shares of Canaan up roughly 16% by mid-morning, briefly approaching the $1 mark, according to Yahoo Finance.

The bounce comes even because the inventory stays greater than 53% under its nine-month high close to $2, a interval that coincided with Bitcoin buying and selling above $126,000. Bitcoin has fallen about 26% since then.

Canaan Surges to $150M Q3 Revenue on Strong Miner Sales and Peak Self-Mining Output

The Singapore-based producer reported $150.5 million in income for the third quarter, exceeding its personal steerage and marking a 50% enhance from the earlier quarter.

The outcomes had been fueled by a pointy rise in mining machine gross sales and report self-mining output. Canaan offered greater than 10 exahashes per second of computing energy within the quarter, a brand new firm report, and expanded its self-mining capability to 9.3 EH/s.

Mining income climbed to an all-time high of $30.6 million after the agency mined 267 BTC at a mean income of $114,485 per coin, whilst community issue remained elevated.

Product gross sales totaled $118.6 million. Canaan’s gross revenue reached $16.6 million, reversing a $21.5 million loss in the identical interval a 12 months earlier.

The enchancment was pushed by stronger pricing, a greater product combine, and decrease stock write-downs.

Despite the sturdy operational turnaround, the corporate nonetheless posted a internet lack of $27.7 million. Operating bills rose, and several other non-cash valuation changes weighed on the underside line.

Canaan additionally reported record-high crypto holdings, ending September with 1,582 BTC and a couple of,830 ETH. By the top of October, its stash grew to 1,610 BTC and three,950 ETH, valued at greater than $161 million at current market costs.

The earnings report extends a sequence of operational developments for Canaan.

The firm just lately fulfilled a 50,000-unit order of its Avalon A15 Pro miners for a U.S. buyer, its largest sale in three years, and started a gas-to-compute pilot in Alberta, Canada, changing stranded pure gasoline into energy for mining and high-density compute workloads.

In late October, Canaan rolled out its next-generation Avalon A16 sequence and guided fourth-quarter income to a spread of $175 million to $205 million, citing continued demand from North America and Asia.

Canaan Ramps Up Mining Focus After Shutting AI Unit, Lands $72M Strategic Backing

The sturdy quarter comes throughout a interval of strategic shifts. Earlier this 12 months, Canaan shut down its AI semiconductor division after the unit generated simply $900,000 in income in 2024 whereas accounting for 15% of working bills.

The firm stated the division now not aligned with its long-term plans, and it has since doubled down on its core Bitcoin mining enterprise.

Canaan also launched its first U.S.-based production run, replicating its Malaysian operations as a part of a push to scale back publicity to tariffs and shorten supply occasions for North American patrons.

The firm’s efforts have unfolded as a number of main U.S. miners report strong outcomes of their very own.

HIVE Digital Technologies recently posted record quarterly revenue of $87.3 million, a 285% enhance from final 12 months, pushed by its expanded Bitcoin operations and high-performance computing unit.

TeraWulf also reported an 87% revenue jump to $50.6 million within the third quarter, supported by increased Bitcoin costs and extra earnings from AI-focused internet hosting companies.

Meanwhile, Greenidge Generation’s stock spiked more than 30% final week after the miner secured a long-awaited air allow renewal from New York State, clearing a serious regulatory hurdle.

Canaan added one other milestone earlier this month, announcing a $72 million strategic funding led by BH Digital, Galaxy Digital, and Weiss Asset Management.

The deal, structured as an fairness buy with out warrants or derivatives, closed on November 6 and can add round 63.7 million American depositary shares to institutional possession.

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