Surging through a remarkable turnaround, Bitcoin mining hardware manufacturer Canaan has posted impressive financial results for the fourth quarter of 2024, with total revenue reaching $88.8 million—an 80.9% jump from the previous year.
Perhaps most striking is the company’s mining revenue, which skyrocketed 312.5% year-over-year to hit $15.3 million, all while mining 186 Bitcoins at an average revenue of $82,174 per coin.
Canaan’s mining division exploded with 312.5% growth, extracting 186 bitcoins worth a staggering $82,174 each.
The company’s financial health is showing significant signs of improvement. Not only did Canaan narrow its net loss to $92.9 million from $139.0 million in Q4 2023, but it also achieved a positive non-GAAP adjusted EBITDA of $19.3 million—like watching a struggling swimmer finally break the surface and take a deep breath. The company achieved this turnaround despite recording inventory write-downs of $13.6 million in Q4 2024.
On the operational front, Canaan’s hashrate—think of it as the company’s Bitcoin-mining horsepower—has been steadily climbing, reaching 6.43 EH/s by January 2025. The company significantly increased its monthly output to 88 bitcoins in January 2025, representing a 41.9% improvement over December’s production.
Their computing stable now holds 1,355 Bitcoin, while they’ve maintained an impressively low operational cost of $0.04/kWh. That’s like running a factory at the cost of a night light. The company’s mining operations leverage specialized ASICs for maximizing computational efficiency, a critical factor in maintaining profitability as mining difficulty increases.
The company isn’t just mining coins; they’re selling the picks and shovels for the modern gold rush. Their new Avalon A15 series has been warmly received, while smaller miners—the Avalon Mini 3 and Nano 3S—are bringing Bitcoin mining to home enthusiasts.
North America has become Canaan’s largest market, accounting for 40% of sales.
Looking ahead, Canaan has secured up to $200 million through preferred shares financing, with $100 million already in hand.
The company projects FY2025 revenue between $900 million and $1.1 billion, with Q1 expected to bring in approximately $75 million.
With strategic expansion plans targeting 15 EH/s global hashrate by mid-2025 and positive cash flow from operations hitting $17 million in Q4 2024, Canaan appears positioned to ride the Bitcoin wave with increasing confidence.
