What were Canaan’s (NASDAQ:CAN) total revenues for Q1 2026?

Canaan reported total revenue of $62.7 million for Q1 2026, in line with its prior guidance. Revenue consisted of $42.9 million from product sales and $19.1 million from cryptocurrency mining operations, which generated 257 Bitcoin.

How did Canaan’s Q1 2026 revenue compare to previous periods?

Revenue declined from both Q4 2025 and Q1 2025, reflecting persistent pricing pressures on mining hardware and challenging market conditions for Bitcoin mining equipment.

What were Canaan’s profitability metrics for Q1 2026?

The company recorded a gross loss of $22.9 million, a net loss of $88.7 million, and a non-GAAP adjusted EBITDA loss of $76.3 million, showing continued operational challenges despite revenue from mining activities.

How did Canaan manage operating expenses in Q1 2026?

Canaan reduced general and administrative expenses by 11% quarter-over-quarter to mitigate top-line pressures and improve operational efficiency.

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Canaan revenue hits $62.7M as crypto treasury reaches record high

Q: What is the status of Canaan’s cryptocurrency holdings?

Canaan’s treasury reached record operational levels with 1,807.60 Bitcoin and 3,951.53 Ether on its balance sheet, strengthening its long-term digital asset position.

Written by Isaac FrancisPublished May. 19 2026Last Updated May. 19 2026

Canaan (NASDAQ:CAN): reported first-quarter revenue in line with its previously issued guidance, anchored by an expansion of its self-mining operations and strategic infrastructure acquisitions despite a challenging environment for hardware sales.

The Singapore-based Bitcoin mining machine manufacturer generated total revenue of $62.7 million for the three months ended March 31, 2026.

This performance marks a decline from both the fourth quarter of 2025 and the first quarter of 2025.

Total revenue comprised $42.9 million in product sales and $19.1 million from its cryptocurrency mining operations, which generated 257 Bitcoin during the period.

The company reported a gross loss of $22.9 million, driven by persistent pricing pressures on mining hardware.

Net loss for the quarter arrived at $88.7 million, while its non-GAAP adjusted EBITDA loss stood at $76.3 million.

To mitigate top-line pressures, Canaan reduced its general and administrative expenses by 11% quarter-over-quarter.

Canaan’s cryptocurrency treasury reached record operational levels, finishing the quarter with 1,807.60 Bitcoin and 3,951.53 Ether on its balance sheet.

Its global installed mining power increased to approximately 11 exahashes per second (EH/s).

The company expanded its North American footprint by acquiring a 49% interest in the West Texas ABC Projects, adding roughly 4.4 EH/s of prospective mining capacity.

Canaan also advanced its green-energy initiative in Europe, moving forward with its Nordic 8-megawatt "hash-to-heat" project designed to recycle data center exhaust for district heating.

Operationally, Canaan maintained an average all-in power cost of approximately $0.04 per kilowatt-hour across its mining fleet.

Balance sheet liquidity received an additional post-quarter boost, with the company collecting roughly $42 million in outstanding customer receivables after March 31.