Overview
- Canaan reported Q3 revenue of $150.5 million, up 104% year over year and 50% sequentially, with gross profit of $16.6 million.
- Product sales reached $118.6 million as the company sold over 10 EH/s of computing power, while self-mining generated $30.6 million from 267 BTC.
- Crypto holdings rose to 1,582 BTC at quarter-end and 1,610 BTC by October 31, and cash increased to $119.2 million.
- The company issued Q4 guidance of $175–$205 million and received roughly $72 million from institutional investors including Brevan Howard and Galaxy Digital to fund North American expansion.
- Canaan secured a U.S. order for more than 50,000 Avalon A15 Pro units for Q4 2025 delivery, launched the Avalon A16 line and a gas-to-computing pilot in Canada, and its stock gained roughly 13%–21% intraday after the report.