Canaan posts gross profit of $16.6M, 50% revenue growth: Q3 Earnings

The bitcoin mining rig institution Canaan Inc. (Nasdaq: CAN) reported a instrumentality to gross nett successful the 3rd 4th of 2025 arsenic gross accrued 114% compared to the twelvemonth prior, according to a Tuesday filing.

Canaan posted gross nett of $16.6 cardinal for the 4th ended Sept. 30, compared with a gross nonaccomplishment of $21.5 cardinal a twelvemonth earlier. Total gross roseate to $150.5 million, up from $100.2 cardinal successful the anterior 4th and $73.6 cardinal a twelvemonth earlier. The institution recorded a nett nonaccomplishment of $27.7 million, compared with $11.1 cardinal successful the 2nd quarter.

The institution reported $118.6 cardinal successful merchandise gross and $30.6 cardinal successful mining revenue. Mining gross was supported by 267 bitcoins mined astatine an mean gross of $114,485 per bitcoin. Total computing powerfulness sold exceeded 10.0 exahashes per second, a quarterly record.

Canaan disclosed a grounds cryptocurrency treasury of 1,581.9 BTC and 2,830 ETH astatine the extremity of the quarter. Holdings accrued to 1,610 BTC and 3,950 ETH by October-end.

During the quarter, the institution secured the largest azygous bid successful 3 years with much than 50,000 Avalon A15 Pro units from the U.S. connected Oct. 2. Delivery is scheduled for the 4th fourth of 2025.

On Oct. 13, the institution besides launched a gas-to-computing aviator task successful Calgary, Alberta, successful concern with Aurora AZ Energy Ltd. The inaugural volition deploy much than $2 cardinal of A15 Pro units and modular information units astatine earthy state wellheads.

Canaan unveiled its Avalon A16 bid connected Oct. 28. The bid includes the air-cooled A16XP model, rated astatine 300 TH/s and 12.8 J/TH. The A16 machines are disposable for pre-order and volition vessel from accumulation centers successful North America, East Asia, and Southeast Asia.