Canaan stock surges as Q3 revenue doubles on Bitcoin miner demand

Canaan's stock rose nearly 21% after the company reported a 104% increase in its third-quarter revenues, reaching $150.5 million due to high demand for Bitcoin mining hardware. Most revenue came from strong orders, especially from the North American market, which contributed 31% of total revenue. CEO Nangeng Zhang highlighted the viability of Bitcoin mining amid the transition toward artificial intelligence, emphasizing the need for energy-efficient mining facilities. Despite this success, Canaan has experienced a nearly 50% drop in stock price over the year as miners adapt to market changes. The company reported significant mining revenue of $30 million, up 241% from the previous year, though it still faced a net loss of $27 million, an improvement compared to a loss of $75 million last year. Canaan's increased Bitcoin holdings to 1,610 BTC underscore its commitment to the mining space, balancing immediate revenue generation with future readiness for AI infrastructure.

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