Kan Netechnology (CAN.US) shares soar over 9% after optimistic revenue forecast for 2025.

On Tuesday, shares of Canaan Technology (CAN.US) rose as the company released revenue expectations for 2025, far exceeding its previous performance, driven by increased demand for Bitcoin mining computing power.

As of writing, the stock rose over 9% to $2.2, from $2.01 in the previous trading day. Over the past 52 weeks, the stock has gained about 16%.

According to Canaan Technology's forecast, the company's revenue in 2025 will be between $900 million and $1.1 billion. In 2024, the company's revenue in the first quarter was $35.1 million, in the second quarter was $71.9 million, and in the third quarter was $73.6 million. In November, the company expected its fourth-quarter revenue to be $80 million.

Canaan Technology's CEO, Zhang Nansheng, said that the company expanded its self-mining business in the fourth quarter of 2024. He said: "Since the beginning of 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 the balance sheet."

He also added that due to the impact of the Spring Festival holiday, the company expects a slowdown in business activities in the first quarter of 2025, and plans to release its fourth-quarter earnings report in late March 2025.