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SINGAPORE - On Tuesday, Canaan Inc. (NASDAQ:CAN) reported third quarter revenue that significantly exceeded analyst expectations, despite posting a wider-than-anticipated loss.
The crypto mining company saw its shares jump 5.51% in pre-market trading after the results.
The company reported total revenue of $150.48 million for the third quarter, surpassing the consensus estimate of $129.95 million and representing a 104.4% increase YoY. However, Canaan posted an adjusted EPS loss of -$0.36, considerably worse than analyst expectations of -$0.01 per share.
The strong revenue performance was driven by robust sales of mining machines and growing bitcoin mining operations.
"In the third quarter of 2025, we delivered a strong performance amid complex macro conditions and ongoing geopolitical friction," said Nangeng Zhang, chairman and CEO of Canaan. "Our total revenue reached $150.5 million, exceeding the high end of our guidance range, driven by record-breaking momentum in both mining machine sales and self-operated mining."
The company’s bitcoin mining revenue hit a record $30.6 million, representing a 241% increase YoY, as Canaan mined 267 bitcoins during the quarter.
Total computing power sold exceeded 10.0 exahashes per second, setting a new quarterly record with 37.7% YoY growth.
Looking ahead, Canaan provided an optimistic outlook, forecasting fourth quarter revenue between $175 million and $205 million, well above the consensus estimate of $148.3 million. The company’s cryptocurrency treasury expanded to 1,581.9 BTC and 2,830 ETH by the end of the third quarter, further strengthening its balance sheet.
The company also recently secured a landmark order from a U.S.-based bitcoin miner for more than 50,000 units of Avalon A15 Pro mining machines, which it described as the largest single order in the past three years.
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