Canaan shares fall 7% despite best results in three years… pressure mounts to maintain Nasdaq listing

Canaan (Canaan), a maker of crypto mining rigs and a bitcoin miner, posted its strongest quarterly results in three years, but its shares still plunged.

According to Cointelegraph on the 10th (local time), Canaan reported revenue of $196.30 million for the fourth quarter of 2025. The figure represents a 121.1% increase from a year earlier and is the highest quarterly level in the past three years. The revenue gain was driven by expanded mining-rig sales and improved mining performance.

Bitcoin mining revenue came to $30.40 million, up 98.5% year on year. As a result, Canaan’s bitcoin holdings rose to a record 1,750 bitcoins, worth about $120 million. Its ethereum holdings also increased to 3,950 ether, valued at roughly $7.9 million.

In the mining-rig segment, the company shipped 14.6 exahash per second (EH/s) of computing power during the quarter, a record. Canaan said securing large orders from U.S.-based institutional miners contributed to the increase in equipment sales.

On the mining infrastructure front, installed hashrate was expanded to 9.91EH/s, of which 7.65EH/s was actually in operation during the quarter.

Despite the earnings release, Canaan shares traded at $0.56 on Nasdaq the same day, down 6.9%. The performance ranks among the weakest by market capitalization among major bitcoin mining companies.

The slide is also heightening the risk of losing its Nasdaq listing. Canaan previously received a warning letter from Nasdaq on Jan. 16 stating it could be delisted if it fails to maintain a share price of at least $1. The company must regain a closing price of $1 or higher for at least 10 consecutive trading days by July 13.

At the current price, Canaan is down 18.1% year to date, and its shares have fallen 70.2% over the past 12 months. The stock has not closed above $1 since Nov. 28 last year.