Canaan Reports $88.8M Q4 Revenue, Narrows Losses as A15 Mining Rigs Drive Global Expansion

Bitcoin mining hardware company Canaan Inc. delivered strong financial results in Q4 2024, with revenue surging to $88.8 million—well above its $80 million forecast and up 80.9% year-over-year.

The surge was powered by robust sales of its high-efficiency A15 mining rigs, which contributed 9.1 million TH/s in total computing power sold. Canaan’s mining arm also grew significantly, generating $15.3 million in revenue—an impressive 312.5% increase—driven by rising Bitcoin prices and expanded mining operations. The firm mined 186 Bitcoins at an average of $82,174 each.

Though the company posted a net loss of $92.9 million for the quarter, this marked a substantial improvement from the $139 million loss in Q4 2023. Adjusted non-GAAP EBITDA reached a positive $19.3 million.

Strategic Expansion in North America

Canaan’s expansion strategy included deploying 4.7 EH/s in mining power through new projects in Pennsylvania and Texas. CEO Nangeng Zhang credited the success to the company’s commitment to customized solutions, highlighting both the A15 series and the Avalon Home Series as key product drivers.

The company aims to reach a global hash rate of 15 EH/s by mid-2025, a goal supported by its current operational momentum.

2024 Full-Year Performance and 2025 Outlook

Canaan closed 2024 with $269.3 million in revenue—up 27.4% from the previous year. Net losses improved by 39.7%, dropping to $249.8 million. Annual mining revenue climbed to $44 million.

CFO Jin “James” Cheng attributed the improvements to strong A15 sales, rising Bitcoin prices, and cost-efficiency measures. He also noted that the company’s HODL strategy has strengthened its position, with crypto holdings reaching 1,292.5 BTC by year-end and 1,355 BTC as of February 2025.

In February 2025 alone, Canaan mined 82 BTC and posted $89 million in revenue, while narrowing its gross loss. Operational efficiency improved, aided by the deployment of 6,000 Avalon A14 rigs at Stronghold’s Panther Creek facility.

Canaan continues to optimize mining operations globally—reducing its Ethiopian presence while expanding in Kazakhstan. It maintains a low power cost of $0.04/kWh and improved its revenue split to 59.0%.

With continued innovation, expanding operations, and bullish crypto positioning, Canaan appears poised for sustained growth in 2025.