Catenaa, Monday, February 16, 2026-Canaan reported a sharp rebound in fourth-quarter revenue as demand for bitcoin mining hardware recovered and the company expanded its bitcoin treasury to record levels through self-mining.
The Singapore-based miner and hardware manufacturer posted more than $196 million in fourth-quarter revenue, up 121% from a year earlier and its strongest quarterly performance in three years.
The increase was driven mainly by mining machine sales, with Canaan shipping a record 14.6 exahashes per second of computing power, supported by large orders from North American customers.
Mining operations generated $30.4 million in revenue during the quarter as Canaan mined about 300 bitcoin at an implied average price near $101,000 per coin.
Bitcoin prices have since fallen to about $68,000, weighing on asset values.
Despite the revenue surge, Canaan reported a net loss of $85 million, wider than the prior quarter. The loss reflected fair-value declines tied to cryptocurrency holdings as digital asset prices retreated late in the year.
Canaan shares rose about 1.5% on Tuesday to trade near $0.62, rebounding modestly after hitting a record low around $0.50 last week.
The company continued to grow its digital asset holdings. By the end of December, Canaan held roughly 1,750 bitcoin and 3,951 ether, valued at about $165 million at the time.
In January, it mined an additional 83 bitcoin, lifting total holdings to 1,778 bitcoin after operational uses and balance sheet adjustments. Management said part of the increase also came from converting stablecoin proceeds from miner sales into bitcoin.
Canaan ranked 38th among public companies by bitcoin holdings. Looking ahead, the company forecast first-quarter 2026 revenue of $60 million to $70 million amid weaker crypto market conditions.
