Canaan Q4 earnings: CAN revenue doubles on record ASIC miner sales

Core Insights - Canaan reported a 121.1% year-over-year revenue increase to $196.3 million for Q4 2025, achieving a gross profit of $14.6 million, reversing a loss from the previous year [1][4] - The growth was driven by record sales of computing power, totaling 14.6 EH/s, generating $118.6 million in revenue, with significant orders from North American clients [2] - Despite revenue growth, Canaan posted a net loss of $85.0 million for the quarter, primarily due to a $44.3 million fair value loss on cryptocurrency holdings and $13.9 million in inventory write-downs [4] Revenue and Sales Performance - Canaan's full-year revenue reached $529.7 million, nearly doubling from $269.3 million in 2024 [4] - The company mined 300 bitcoin in Q4, generating $30.4 million in mining revenue, a 98.5% increase year-over-year [3] Market Conditions and Challenges - Management highlighted ongoing market volatility as a significant challenge, with intensified crypto market fluctuations noted by CFO Jin Cheng [5] Future Outlook - Canaan provided Q1 2026 revenue guidance of $60 million to $70 million and plans to expand its focus beyond hardware sales to include energy infrastructure [6] - The company aims to integrate bitcoin mining with AI and high-performance computing workloads to enhance capital efficiency, viewing this convergence as a long-term opportunity [7]