Canaan posted its highest revenue in three years, with rising mining output, but faces Nasdaq delisting risk after shares fell below $1.
Canaan, a mining hardware manufacturer, reported Q4 2025 revenue of $196 million, up 121.1% year-on-year and its strongest in three years. Mining revenue rose 98.5% to $30.4 million, with reserves reaching 1,750 BTC and 3,950 ETH. The company shipped 14.6 EH/s of mining hardware but ended the quarter with an $85 million net loss. Shares fell 6.87% to $0.56, prompting a Nasdaq warning that it must regain compliance by lifting the share price above $1 before July.