Canaan Posts 121% Q4 Revenue Surge to $196M and 10 EH/s Hashrate
Canaan Inc reported Q4 revenues of $196.3 million, up 121.1% year-over-year, and full-year revenues of $529.7 million, achieving a Q4 gross profit of $14.6 million and ending 2025 with $81 million in cash. In January 2026, the company mined 83 BTC, expanded deployed hashrate to 10.07 EH/s and raised its crypto treasury to a record 1,778 BTC and 3,951 ETH while repurchasing $2 million of ADSs under its $30 million buyback program.
1. Strong Q4 and Full-Year Financial Results
In Q4 2025, Canaan achieved $196.3 million in revenue, up 121.1% year-over-year and 30.4% quarter-over-quarter, delivering a gross profit of $14.6 million versus a loss last year. Full-year 2025 revenue reached $529.7 million, a 96.7% increase from 2024, with annual gross profit of $41.2 million supported by record quarterly computing power sales of 14.6 EH/s and year-end cash of $81 million.
2. January 2026 Mining and Infrastructure Update
During January 2026, Canaan mined 83 BTC and expanded deployed hashrate to 10.07 EH/s, maintaining 6.63 EH/s in operation at month-end. The company’s cryptocurrency holdings rose to 1,778 BTC and 3,951 ETH, global average miner efficiency improved to 24.2 J/TH, and average power costs remained low at $0.043/kWh.
3. Share Repurchase and Energy-Reuse Initiative
Under its renewed $30 million share repurchase program, Canaan has bought back approximately 2.8 million ADSs for $2 million, signaling confidence in its valuation. The company also advanced a 3 MW heat-recovery proof-of-concept in Manitoba to capture up to 90% of computing system thermal output for greenhouse heating.