Canaan Stock Drops 7% Despite Record Q4 Revenue, Faces Nasdaq Delisting Risk
Crypto mining firm Canaan saw shares fall nearly 7% despite reporting over 121% year-on-year revenue growth and record Bitcoin holdings.
Shares of cryptocurrency mining company Canaan declined 6.9% on Tuesday despite posting strong fourth-quarter financial results that showed revenue climbing 121.1% year-over-year to reach $196.3 million [1].
The Singapore-based firm reported its highest quarterly revenue in three years, driven by robust hardware sales and improved mining operations. Canaan's Bitcoin mining revenue increased 98.5% year-over-year to $30.4 million, while the company expanded its Bitcoin treasury to a record 1,750 BTC, currently valued at approximately $120 million. The miner also holds 3,950 ETH worth $7.9 million [1].
The company shipped a record 14.6 exahashes per second of computing power during the quarter, supported by a significant order from a U.S.-based institutional mining client. Canaan expanded its installed hashrate to 9.91 EH/s, with 7.65 EH/s operational during Q4 [1].
Despite the positive performance metrics, Canaan stock fell to $0.56, marking an 18.1% decline year-to-date and 70.2% drop over twelve months. The company received a Nasdaq compliance warning in January requiring its share price to exceed $1 for ten consecutive trading days by July 13 to avoid delisting [1].
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