TLDR
- Canaan stock fell 6.9% Tuesday to $0.56 even as Q4 revenue surged 121% to $196.3 million, surpassing analyst estimates of $177.66 million.
- The miner posted a $0.89 per share loss, missing Wall Street forecasts by $0.88 and overshadowing strong top-line growth.
- Bitcoin treasury reached 1,750 BTC valued at $120 million while Ethereum holdings climbed to 3,950 ETH worth $7.9 million.
- Mining hardware shipments set a quarterly record at 14.6 EH/s, powered by a large order from a US institutional client.
- Shares must rise above $1 and stay there for 10 consecutive days by July 13 to avoid potential Nasdaq delisting.
Canaan stock sank 6.9% Tuesday despite delivering its strongest quarterly performance in three years. Shares closed at $0.56 after the crypto mining company reported Q4 revenue of $196.3 million.
The revenue figure crushed analyst expectations of $177.66 million. It marked a 121.1% jump from the same period last year.
But the bottom line told a different story. Canaan posted a loss of $0.89 per share, missing Wall Street’s forecast by $0.88.
The selloff adds to a disastrous 12-month stretch. Shares have plunged 70.2% over the past year and are down 18.1% in 2026 alone.
Bitcoin Operations Post Strong Gains
Canaan’s mining business generated $30.4 million in Q4 revenue, up 98.5% year-over-year. The company accumulated 1,750 BTC during the period, bringing its treasury to a record high worth roughly $120 million.
Ethereum holdings also grew to 3,950 ETH, currently valued at $7.9 million. The dual-asset strategy gives Canaan exposure to the two largest cryptocurrencies.
Operational hashrate reached 7.65 EH/s in the quarter. Total installed capacity hit 9.91 EH/s by the end of December.
The expansion came as Bitcoin network hashrate declined from 1,150 EH/s in October to 980 EH/s. Smaller miners have unplugged equipment as profitability shrunk following the 2024 halving.
Hardware Sales Break Records
Mining equipment sales powered Canaan’s revenue beat. The company shipped 14.6 EH/s of computing power in Q4, a quarterly record and 60% increase from last year.
One major transaction drove much of the growth. Canaan described it as a “milestone order” from a US-based institutional mining operation.
The company didn’t reveal the buyer’s identity or dollar value of the deal. But the order helped push hardware revenue to its highest level in years.
Institutional demand for mining equipment remains strong. Larger operators continue buying machines even as smaller players exit the market.
Exchange Compliance Deadline Looms
Canaan faces mounting pressure to lift its share price. Nasdaq sent a compliance notice on January 16 warning the stock must trade above $1.
The exchange gave Canaan until July 13 to meet the requirement. Shares need to close above $1 for at least 10 straight trading days to regain compliance.
Canaan last traded above that threshold on November 28, 2025. At current levels, the stock would need to rally nearly 80% to satisfy Nasdaq rules.
Delisting would push shares to over-the-counter markets. That typically means lower liquidity and reduced institutional interest.
Canaan is one of the poorest performers among major crypto mining stocks. The sector has faced pressure from lower Bitcoin prices and rising mining difficulty throughout 2025.
The company’s operational results show strength across both business lines. Mining revenue nearly doubled while hardware shipments reached all-time highs on strong institutional demand.
Canaan closed Q4 with record cryptocurrency holdings across Bitcoin and Ethereum. The institutional hardware order demonstrates ongoing appetite for mining equipment despite challenging industry conditions.
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