Canaan reports Q4 EPS (13c), consensus (1c)

Reports Q4 revenue $196.27M, consensus $175.68M. Nangeng Zhang, chairman, and chief executive officer of Canaan (CAN), commented, “We closed 2025 with strong performance, achieving our highest quarterly revenue in three years despite continued global macroeconomic and geopolitical uncertainty. Fourth quarter total revenue reached US$196.3 million, exceeding the midpoint of our guidance. Performance was driven by a record 14.6 EH/s of computing power sold, supported by a milestone order from a U.S.-based institutional miner and our team’s dedicated execution in meeting stringent delivery timelines for customers. On the mining front, we expanded our installed hashrate to 9.91 EH/s, with 7.65 EH/s in operation during the quarter, while further enhancing fleet efficiency and maintaining competitive all-in power costs. Our team also entered into several pilot initiatives that integrate bitcoin mining with stranded and renewable energy sources to enhance efficiency and sustainability. We mined 300 bitcoins during the quarter, which complemented our disciplined DAT initiatives, strengthening our cryptocurrency treasury to a record of approximately 1,750 BTC and 3,951 ETH by the end of 2025.”