Despite ongoing market volatility, Bitcoin mining company Canaan has posted a remarkable financial turnaround in Q4 2024. The company crushed projections with $88.8 million in revenue, blowing past the $80 million target analysts had set. That’s an 80.9% jump compared to the same quarter last year. Not too shabby.
Canaan defies market chaos with $88.8M revenue bomb—nearly 81% higher than last year’s figures.
The real headline? Mining revenue. Canaan’s mining operation generated $15.3 million in Q4 alone, representing a jaw-dropping 312.5% year-over-year increase. For the full year, mining brought in $44 million, up 29.6% from 2023. They’re averaging $82,174 per Bitcoin mined. Do the math—that’s serious cash.
Canaan isn’t just mining crypto—they’re hoarding it. The company now sits on a dragon-sized pile of 1,292.5 BTC valued at approximately $112 million. Of that stash, 562.3 Bitcoin are owned directly by the company. Their cryptocurrency assets and receivables total a combined $131.4 million. They’re betting big on Bitcoin’s future, clearly.
The annual picture looks solid too. Canaan reported $269.3 million in total revenue for 2024, up 27.4% from the previous year. They mined 933.8 BTC by year’s end. With profit margins in the industry typically ranging 20-30%, their revenue growth suggests they’re optimizing operations effectively. The fourth quarter showed significant improvement with total computing power sold reaching 5.5 million Thash/s, a 45.7% increase from Q3 2023.
Still, profitability remains elusive—the company posted a $249.8 million net loss. This financial pressure mirrors the gross losses increase of 48% quarter-over-quarter reported in Q2 2023, suggesting ongoing challenges in achieving profitability. Growing pains, perhaps?
Looking ahead, Canaan isn’t slowing down. They’ve established a North American team and signed agreements with Mawson Hosting LLC for operations in Pennsylvania and Texas. These expansions should add 4.7 EH/s of computing power. Ambitious? You bet.
The company’s projections border on audacious. They’re forecasting 2025 revenue between $900 million and $1.1 billion, with Q1 expected to hit around $75 million. By mid-2025, they aim to scale to 10 EH/s of mining capacity.
To fuel this growth, Canaan secured up to $200 million through Series A-1 Preferred Shares, with half already in the bank. Mining’s a capital-intensive game, and they’re playing to win.
