Revenue $530M
(+97% YoY) — and
still an operating
loss of $124M.
Q4 2025 alone hit $196M revenue. The hardware sells; the unit economics still need work.
↓ scroll to read
✦ The bottom line
Canaan's FY2025 revenue of $530 million nearly doubled from $269M in 2024 — including a $196 million Q4 (up 121% YoY). But the company still posted a $124 million operating loss. Selling miners isn't the same as making money on them.
↓ the brief below
✦ Teach me
Canaan's two-sided business model
Canaan does two things at once. First: it designs and sells Avalon ASIC bitcoin mining machines to other miners. Second: it operates its own mining fleet (currently 15+ EH/s installed across 5 countries) and keeps the bitcoin it produces. The first business is volatile — sales surge when bitcoin price is high and crash when it's low. The second business has more stable economics but exposes Canaan to bitcoin price itself.
Wall Street calls this
Picks and shovels + miner
Most Bitcoin businesses pick *one* side — you're either Hut 8 (a miner) or Canaan (a rig seller). Doing both creates internal competition for hashrate but smooths the revenue cycle.
The top line · FY2025
$530
M
FY2025 revenue of $530M, up 97% from $269M — driven by hardware sales rebounding as bitcoin price recovered.
Within that $530M, bitcoin mining revenue was about $110M — and growing each quarter as Canaan's self-mining fleet expanded. The latest monthly data shows the fleet producing roughly 90 BTC per month on its own balance sheet, plus another 48 BTC from joint-venture sites.
The miner inside the company · monthly BTC
138
BTC/mo
~138 BTC produced per month in April 2026 (90 from self-mining, 48 from JVs) — the part of revenue that grows with hashrate rather than with rig demand.
Source · 6-K · April 2026 Bitcoin Production Update · April 2026 · Filed May 14, 2026
⚠
Watch
Real top-line momentum and growing self-mining — but the underlying economics still depend on bitcoin price and halving cycles.