Crypto firm Canaan's Q4 revenue doubles, loss misses estimates

Canaan

10/02/2026 11:38

Overview

Crypto mining innovator's Q4 revenue rose 121.1% yr/yr, driven by record computing power sold

Q4 pretax loss wider than analyst expectations

Outlook

Canaan expects Q1 2026 revenue between $60 mln and $70 mln

Company aims to secure substantial power capacity by year-end 2026

Canaan focuses on expanding product portfolio for households and SMBs

Result Drivers

RECORD COMPUTING POWER SALES - Canaan sold a record 14.6 EH/s in Q4, driven by large-scale North American orders

PRODUCT MIX OPTIMIZATION - Gross profit improved due to product mix optimization and supply chain resilience

STABLE MINING REVENUE - Despite crypto market volatility, mining revenue remained stable at US$30.4 million, aided by increased operational hashrate

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q4 Net Income
-$85.04 mln
Q4 Pretax Profit
Miss
-$84.23 mln
-$22.64 mln (6 Analysts)
Q4 Income From Operations
-$23.62 mln
Q4 Operating Expenses
-$38.20 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"

Wall Street's median 12-month price target for Canaan Inc is $2.50, about 312.1% above its February 9 closing price of $0.61

Press Release: ID:nPn8qCJX8a

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)