Canaan Inc. Sponsored ADR Class A (CAN.US) shares rose more than 9% after releasing an optimistic revenue forecast for 2025.

On Tuesday, the stock of Canaan Inc. Sponsored ADR Class A (CAN.US) rose due to the company's release of its revenue forecast for 2025, which is significantly higher than previous performance, thanks to the increase in demand for Bitcoin mining computing power. As of the time of writing, the stock surged over 9% to $2.20, compared to the previous trading day's close at $2.01. Over the past 52 weeks, the stock has gained approximately 16%. According to Canaan Inc. Sponsored ADR Class A's forecast, the company's revenue for the 2025 fiscal year is expected to be between $900 million and $1.1 billion. In 2024, the company reported revenue of $35.1 million in the first quarter, $71.9 million in the second quarter, and $73.6 million in the third quarter. The company expects revenue in the fourth quarter of this year to reach $80 million. Canaan Inc. Sponsored ADR Class A CEO Nangeng Zhang stated that the company expanded its self-mining business in the fourth quarter of 2024. He said, "Since early in the fourth quarter of 2024, we have made significant progress in expanding market influence, strengthening partnerships, and advancing our self-mining business, while steadily increasing the amount of bitcoin held on our balance sheet." He also added that due to the impact of the Spring Festival holiday, the company expects business activities to slow down in the first quarter of 2025 and plans to release the fourth quarter financial report by the end of March 2025.