Crypto miner and manufacturer Canaan reported a 121.1% year-on-year revenue surge to $196.3 million in Q4 2025, driven by record hardware sales and stronger mining performance. Despite these results, the company’s stock price fell 6.9% on Tuesday, exacerbating its risk of being delisted from the Nasdaq for failing to maintain a minimum $1 share price.
Crypto miner and manufacturer Canaan fell 6.9% on the Nasdaq on Tuesday despite reporting a 121.1% year-on-year increase in revenue to $196.3 million in the fourth quarter. This revenue figure is the company’s highest quarterly posting in three years and was driven by an increase in hardware sales and stronger mining performance.
The company reported that its Bitcoin mining revenue rose 98.5% year-on-year to $30.4 million. This helped boost its Bitcoin treasury to a record 1,750 BTC, valued at nearly $120 million, while the company also increased its Ether holdings to 3,950 ETH, worth $7.9 million.
Computing power sales were supported by a “milestone order” from a US-based institutional miner. The company shipped a record 14.6 exahashes per second of computing power during the quarter, achieving a 60% year-on-year increase.
On the mining front, the Singapore-based company said it expanded its installed hashrate to 9.91 EH/s. At the same time, the overall Bitcoin network hashrate has fallen from a record 1,150 EH/s in mid-October to 980 EH/s.
Despite the strong Q4 performance, Canaan shares tanked another 6.87% to $0.56, data shows. At its current price, the company is now down 18.1% year-to-date and 70.2% over the last 12 months.
On Jan. 16, Canaan said it received a letter from the Nasdaq warning that it must increase its share price to above $1. The stock exchange gave the company 180 days, until July 13, to regain compliance with the minimum bid rule.
