Canaan Inc. (NASDAQ: CAN) reported a 121.1% year-over-year revenue surge to $196.3 million in the fourth quarter of 2025, driven by record-breaking demand for its Avalon mining hardware in the North American market. The Singapore-based manufacturer announced on Tuesday, February 10, 2026, that it sold an all-time high of 14.6 exahashes per second (EH/s) in computing power during the quarter, effectively doubling its annual revenue to $529.7 million.
FY2025 (unaudited) snapshot: $529.7M revenue (+121% YoY) + $41.2M gross profit (+149% YoY).
Revenue mix: Industrial $386.7M | Home $24.6M | Self-mining $113.2M.
2025 compute sold: 36.5 EH/s | BTC treasury: 1,750 BTC.
Read More: https://t.co/uDFpymS9S5 pic.twitter.com/AgnGetFCCD
— Canaan Inc. (@canaanio) February 10, 2026
Strategic North American orders drive hardware dominance
The company’s financial performance was anchored by the successful delivery of a landmark order for more than 50,000 Avalon A15 Pro mining machines to a U.S.-based institutional client. This single contract contributed significantly to product revenue, which reached $164.9 million in the final quarter, a 124.5% increase over the same period in 2024.
While hardware sales soared, Canaan also expanded its self-mining operations. The firm ended the year with an installed hashrate of 9.91 EH/s, generating $30.4 million in mining revenue. This “dual-engine” strategy has allowed the company to build a substantial digital asset treasury, which reached a record 1,750 BTC and 3,951 ETH by the close of 2025.
Market volatility and operational costs weigh on profitability
Despite achieving its highest quarterly revenue in three years, Canaan’s bottom line remains under pressure. The $85 million quarterly net loss was exacerbated by $44.3 million in fair-value losses on its cryptocurrency treasury and $13.9 million in inventory write-downs. These figures reflect the ongoing challenge of managing high operational costs and asset volatility in the post-halving environment.
Meanwhile, Black Pearl Compute LLC, a subsidiary of Bitcoin miner Cipher Mining, has received $13 billion in orders for a $2 billion junk bond sale to fund a massive AI data centre in Texas. The offering was significantly oversubscribed as investors scrambled for a piece of the project, which is backed by a 15-year lease agreement with Amazon Web Services (AWS) valued at approximately $5.5 billion.
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