Canaan, a prominent crypto miner and manufacturer, experienced a 6.9% decline in its Nasdaq share price on Tuesday, despite reporting a significant 121.1% year-on-year revenue increase to $196.3 million in the fourth quarter. According to Cointelegraph, this surge was largely attributed to enhanced hardware sales and improved mining performance. The company's Bitcoin (BTC) mining revenue saw a remarkable 98.5% year-on-year rise to $30.4 million, boosting its Bitcoin treasury to a record 1,750 BTC, valued at nearly $120 million. Additionally, Canaan increased its Ether (ETH) holdings to 3,950 ETH, worth $7.9 million.
The revenue figure marks Canaan's highest quarterly posting in three years, driven by the sale of Bitcoin mining machines, with the company shipping a record 14.6 exahashes per second (EH/s) of computing power during the quarter. Canaan attributed its computing power sales success to a "milestone order" from a U.S.-based institutional miner, which helped set a new quarterly record for computing power sales and achieve a 60% year-on-year increase. On the mining front, the Singapore-based company expanded its installed hashrate to 9.91 EH/s, with 7.65 EH/s operational during the quarter. Meanwhile, the Bitcoin network hashrate has decreased from a record 1,150 EH/s in mid-October to 980 EH/s, as miners continue to unplug unprofitable machines and shift towards AI and high-performance computing.
Despite the robust Q4 performance, Canaan's shares fell another 6.87% to $0.56, according to Google Finance data, positioning it as one of the lowest performers among the 15 largest Bitcoin miners by market cap. At its current price of $0.56, the company is down 18.1% year-to-date and 70.2% over the last 12 months. On January 16, Canaan received a letter from Nasdaq warning that it must increase its share price above $1 to comply with the stock exchange's minimum bid rule or face the risk of delisting. The Nasdaq has given the Singapore company 180 days, until July 13, to regain compliance with the rule, which requires its closing bid price to reach at least $1 for a minimum of 10 consecutive trading days. Canaan last closed above $1 on November 28, 2025.