[US Stock Trends] Mining Giant Canaan ($CAN) Expands Significantly in Texas! Decoding the Bright and Dark Sides of Earnings and Delisting Risks

Bitcoin mining equipment giant Canaan ($CAN) is aggressively pushing forward with the expansion of its business scale. While it has recently moved to significantly increase its mining capacity, it also faces challenges such as profitability issues and a delisting warning from NASDAQ. We will organize the key news and data from the beginning of 2026 to decode the current situation and outlook.

Hashrate Surges Following Acquisition of Interests in Texas (Announced February 23, 2026)

On February 23, Canaan announced that it had acquired a 49% joint venture stake in three mining projects in Texas from US-based Cipher Mining ($CIFR). With this agreement, its proprietary mining capacity will rapidly expand from approximately 10 EH/s in January to about 13.6 EH/s. The increase consists of approximately 2.16 EH/s from the joint venture interest acquisition and approximately 1.51 EH/s from the purchase of 6,840 additional units of its latest 'Avalon A15Pro' rigs. While the total acquisition cost amounts to approximately $39.75 million, Canaan preserved cash by allocating its own shares as consideration. Securing infrastructure in Texas, where power costs are highly competitive at less than 3 cents/kWh, could become a mid-to-long-term strength.

Q4 2025 Earnings: Rapid Revenue Growth, but Widening Losses (Announced February 10, 2026)

The Q4 and full-year 2025 earnings results, announced in mid-February, highlighted both revenue growth and struggles in profitability. Q4 revenue increased 121.1% year-over-year to $196.3 million, exceeding analyst expectations. However, the net loss was $85 million, and the loss per share was -$0.13, both falling short of market expectations. While equipment sales, primarily in North America, and proprietary mining revenue grew, and the company's Bitcoin holdings reached a record high of 1,749.9 BTC at the end of the period, the results were weighed down by unrealized losses on cryptocurrency and approximately $13.9 million in inventory write-downs.

NASDAQ Delisting Warning: The Time Limit to Reclaim $1 (Announced January 16, 2026)

While the business is expanding, the company is also facing market headwinds due to a depressed stock price. On January 14, Canaan received a warning notice from NASDAQ stating that its stock price had remained below $1 for 30 consecutive business days. To meet the compliance deadline of July 13, 2026, the stock must maintain a price of at least $1 for 10 consecutive business days. If a self-driven recovery proves difficult, measures such as a reverse stock split may become necessary, making this a period that shareholders should monitor closely.

Revenue Growth and Mining Power Enhancement vs. Profitability and Stock Price Measures

Currently, while the business fundamentals such as revenue and mining volume are growing, improving profitability and addressing the stock price are urgent tasks. How much this capacity expansion in Texas can lower mining costs and contribute to profits in the next earnings report will determine the future recovery.

Sources and Evidence Data

The official data and primary information from institutions and corporate announcements referenced in writing this article are as follows.

Regarding the acquisition of Cipher Mining interests and the increase in hashrate (February 23, 2026)

Regarding Q4 and full-year 2025 earnings (February 10, 2026)https://www.stocktitan.net/news/CAN/canaan-inc-reports-unaudited-fourth-quarter-and-full-year-2025-l27s6b5z1o9v.html

Regarding the notification of NASDAQ delisting requirements (January 16, 2026)

https://www.nasdaq.com/press-release/canaan-inc-receives-nasdaq-notification-regarding-minimum-bid-requirements-2026-01-16

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