Canaan posts strong Q4 revenue growth, narrows net loss

Canaan (Nasdaq: CAN), a China-based Bitcoin mining and mining hardware company, reported $88.8 million in Q4 2024 revenue, surpassing its $80 million guidance and marking an 80.9% year-over-year increase, according to PR Newswire press release. The company sold 9.1 million TH/s in computing power—a record high—and mined 186 BTC, generating $15.3 million in mining revenue. Net loss narrowed to $92.9 million from $139 million a year earlier, while adjusted EBITDA turned positive at $19.3 million.