On Tuesday, shares of Canaan Inc. (CAN.US) rose sharply, gaining 9.8% to $0.9382 at the time of writing. The company reported its Q3 2025 results, posting a GAAP loss per share of $0.05, missing market expectations of a $0.04 profit. However, revenue stood out, reaching $150.5 million, up 104.5% year-over-year and exceeding forecasts.

Canaan's total computing power sales surpassed 10.0 EH/s for the first time, setting a new record. This figure marked a 37.7% YoY and 55.6% quarter-over-quarter increase, reflecting strong global demand for mining rigs amid recovering Bitcoin prices and mining investments.

The company's mining business performed exceptionally well, with Q3 mining revenue surging 241% YoY to $30.6 million, a quarterly record. During the period, Canaan mined 267 Bitcoin, averaging $114,485 per Bitcoin despite rising network difficulty.

For Q4 2025, Canaan expects revenue between $175 million and $205 million, significantly above the consensus estimate of $148.28 million. The company noted that this outlook reflects current market conditions and customer demand but may be adjusted based on future market developments.