• Canaan reported third-quarter net income of $8.0 million, helped by a $51.9 million fair-value gain on its crypto holdings as Bitcoin recovered toward quarter-end.

• Revenue was $14.5 million, with mining-equipment sales contributing $4.8 million and mining operations $9.5 million, amid what the CEO called continued weakness in rig demand.

• Canaan held about 1,875 BTC at Sept. 30, announced a $20 million share buyback and said its 1 GW Duval County, Texas, project received a conditional grid classification from ERCOT.

Revenue…