Canaan Inc. reported its strongest quarterly revenue in three years, driven by a 121% surge to $196.3 million in Q4 2025. Despite this performance and a record Bitcoin reserve, the company’s stock price remains below $1, raising concerns over potential delisting from the Nasdaq exchange.
Chinese cryptocurrency miner Canaan posted a 121.1% jump in fourth-quarter revenue to $196.3 million, its strongest performance in three years. The results were powered by mining output and high demand for its machines, with mining revenue alone climbing 98.5% year-on-year.
Canaan expanded its digital asset reserves significantly, ending the quarter with a record 1,750 BTC and 3,950 ETH. The company also achieved a milestone in machine shipments, delivering a record 14.6 exahashes per second of computing power during the period.
Operationally, Canaan scaled its mining footprint, expanding installed capacity to 9.91 EH/s. This growth occurred as the broader Bitcoin network’s hashrate declined from a peak of 1,150 EH/s in mid-October.
Despite these gains, investor sentiment remained negative, with the stock trading at $0.57 at the time of writing. The share price has fallen approximately 70% over the past 12 months.
The declining stock price triggered a formal notification from Nasdaq regarding non-compliance with its minimum bid requirement. As disclosed by the Singapore-based miner, it must push its closing share price back above $1 for at least 10 consecutive trading days to avoid delisting.
Canaan now has 180 days, until 13 July, to regain compliance with the exchange rule. The company’s operational success is currently overshadowed by this pressing regulatory challenge.
