TLDR
- Canaan shares dropped 6.9% to $0.56 Tuesday despite Q4 revenue jumping 121% to $196.3 million, beating analyst forecasts.
- The crypto miner missed earnings expectations by $0.88 per share, reporting a loss of $0.89 versus estimates of $0.01.
- Bitcoin holdings reached a company record of 1,750 BTC worth $120 million, while Ethereum holdings grew to 3,950 ETH.
- Hardware sales hit quarterly records with 14.6 EH/s of computing power shipped, driven by major US institutional buyer.
- Trading below $1 since November, Canaan must reclaim that level by July 13 or face Nasdaq delisting.
Canaan shares tumbled 6.9% Tuesday even after the crypto mining company posted its best quarterly results in three years. The stock closed at $0.56 despite revenue soaring 121.1% year-over-year to $196.3 million.
The Singapore-based miner beat Wall Street’s revenue estimate of $177.66 million. But investors hammered the stock after Canaan reported an earnings loss of $0.89 per share, missing expectations by $0.88.
The decline extends a brutal stretch for shareholders. Canaan is down 70.2% over the past year and 18.1% in 2026.
Record Bitcoin Treasury Growth
Canaan’s Bitcoin mining operations generated $30.4 million in Q4, up 98.5% from the prior year. The company now holds 1,750 BTC, worth approximately $120 million at current prices.
That marks the highest Bitcoin balance in company history. Canaan also increased its Ethereum position to 3,950 ETH, valued at $7.9 million.
The miner expanded its operational hashrate to 7.65 EH/s during the quarter. Total installed capacity reached 9.91 EH/s by year-end.
These gains came as overall Bitcoin network hashrate dropped from October’s peak of 1,150 EH/s to 980 EH/s. Many competitors shut down unprofitable machines following last year’s halving event.
Mining Hardware Demand Surges
Computing power sales drove much of Canaan’s revenue beat. The company shipped a record 14.6 EH/s of mining machines in Q4, representing a 60% increase year-over-year.
A single “milestone order” from a US institutional miner powered the surge. Canaan didn’t disclose the customer’s name or specific order details.
The record shipments highlight continued demand from larger mining operations consolidating market share. Institutional buyers have emerged as key customers for mining hardware manufacturers.
Delisting Threat Intensifies
Canaan’s latest decline pushes shares further from the $1 threshold required to maintain its Nasdaq listing. The exchange issued a compliance warning on January 16.
The company has until July 13 to close above $1 for 10 consecutive trading days. Canaan last traded above that level on November 28, 2025.
At $0.56, shares need to climb 79% just to meet minimum listing requirements. Failure to comply would force the stock onto over-the-counter markets with reduced liquidity and investor access.
Canaan ranks among the worst-performing crypto mining stocks by market capitalization. The sector has struggled with compressed margins as Bitcoin prices remained below all-time highs and mining difficulty increased.
The company’s Q4 performance showed strong execution on both mining operations and hardware sales. Bitcoin mining revenue nearly doubled while computing power shipments set new records.
Canaan also built its cryptocurrency treasury to record levels, accumulating Bitcoin and Ethereum throughout the quarter. The institutional hardware order demonstrated continued demand from professional mining operations despite industry headwinds.
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