Bitcoin Miner Canaan Reports $88.8M Q4 Revenue, Cuts Net Loss

Canaan Inc., a leading innovator in bitcoin mining hardware, reported robust performance for the fourth quarter of 2024.

The company posted total revenues of $88.8 million, exceeding its projected guidance of $80 million, marking an 80.9% year-over-year increase.

Canaan Inc. Reports Unaudited Fourth Quarter and Full Year 2024 Financial Results. Read here: https://t.co/mDUoE1zCl6

This substantial growth was fueled by the large-scale delivery of Canaan’s high-performance A15 series mining rigs, which contributed to an unprecedented 9.1 million TH/s in total computing power sold.

The company’s mining segment also saw impressive gains, generating $15.3 million in revenue, an increase of 312.5% from the same period in 2023.

This was largely driven by higher Bitcoin prices and the firm’s expanded mining operations, which saw 186 Bitcoins mined at an average revenue of $82,174 per Bitcoin.

Although the quarter’s net loss was $92.9 million, it was a significant improvement over the $139 million loss recorded in Q4 2023. Furthermore, Canaan achieved a positive non-GAAP adjusted EBITDA of $19.3 million.

Canaan’s expansion strategy has played a pivotal role in its Q4 success. The company strengthened its footprint in North America, adding 4.7 EH/s of mining power through projects in Pennsylvania and Texas.

Canaan Inc. Expands Self-Mining Footprint in North America! New mining partnerships to add ~4.7 EH/sMining machines to be hosted at facilities in Pennsylvania and TexasSelf-mining energization expected in coming months. #Canaan Read more here: https://t.co/Cw0Fiuolru

CEO Nangeng Zhang highlighted the development of customized mining solutions such as the high-performance A15 series and the dual-function Avalon Home Series, designed to cater to a diverse global customer base.

“Looking back on the past year, we remained steadfast in our commitment to delivering high-quality, customized mining solutions, such as our high-performance A15 series and the dual-function Avalon Home Series, catering to a diverse global customer base.”

The company’s long-term goal remains to achieve a global mining hash rate of 15 EH/s by mid-2025, a target that appears increasingly feasible given its recent operational advancements.

From a financial standpoint, Canaan’s results indicate a steady path toward recovery.

The company reported a full-year revenue of $269.3 million, marking a 27.4% increase from 2023.

While net losses for the year amounted to $249.8 million, this represents a significant 39.7% improvement year-over-year. The company’s mining revenue for the full year climbed to $44 million.

Chief Financial Officer Jin “James” Cheng attributed Canaan’s improved financial position to strong A15 series sales, cost optimization, and Bitcoin price gains.

“This exceptional performance was driven by the ramp-up in A15 series bulk deliveries, leading to products revenue of US$73.5 million, a 63.6% year-over-year increase.”

He emphasized that the firm’s HODL strategy, which saw its cryptocurrency holdings reach 1,292.5 BTC by year-end, has bolstered its balance sheet.

The company now focuses on ramping up advanced product deliveries and further expanding its mining hash rate, positioning itself to capitalize on anticipated market momentum in 2025.

Similarly, a report from March 3 indicates that Canaan reported strong operational and financial performance for February 2025 and Q4 2024, mining 82 BTC and increasing its holdings to 1,355 BTC.

@canaanio mines 82 Bitcoin in February, increasing its holdings to 1,355 $BTC, while exceeding Q4 revenue projections with $89 million.#Canaan #CryptoMining https://t.co/9H07kOtfyO

The company exceeded revenue expectations, reaching $89 million during that time, while narrowing its gross loss from $10 million to $6 million.

Efficiency improvements included a rise in operating hash rate from 5.53 EH/s to 5.73 EH/s, partly due to deploying 6,000 Avalon A14 miners at Stronghold’s Panther Creek facility, boosting its computing power by 26%.

Canaan also maintained a competitive all-in power cost of $0.04/kWh and improved its revenue split from 57.3% to 59.0%.

Strategic mining reallocations also included reducing operations in Ethiopia by 0.42 EH/s while adding 0.27 EH/s in Kazakhstan to optimize profitability.

Looking forward, Canaan appears well-positioned with a strategic roadmap to continue leading the crypto mining hardware space.

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