Canaan Q2 revenue drops to $31.9 million
- Canaan reported second quarter 2026 revenue of US$31.9 million, down from US$62.7 million in the first quarter and US$100.2 million a year earlier.
- Products revenue declined to US$13.6 million as lower computing power sales and weaker average selling prices affected results.
- Canaan reported a cryptocurrency treasury of 1,915 BTC and 3,952 ETH and mined 243 bitcoins during the quarter.
Canaan (NASDAQ:CAN) reported second quarter 2026 revenue of US$31.9 million, down from US$62.7 million in the first quarter and US$100.2 million in the same period of 2025.
The company’s products revenue declined to US$13.6 million from US$42.9 million in the prior quarter, which Canaan attributed to lower computing power sold and weaker average selling prices amid lower Bitcoin prices.
Mining revenue reached US$17.7 million in the second quarter, compared with US$19.1 million in the first quarter, while total cost of revenues increased to US$61.2 million during the period.
Canaan mined 243 bitcoins during the second quarter and reported a record cryptocurrency treasury of 1,915 BTC and 3,952 ETH, while repurchasing approximately 16.4 million ADSs for US$7.4 million as of September 8, 2026.
Canaan develops computing and energy infrastructure focused on cryptocurrency mining technology, including application-specific integrated circuit (ASIC) products and mining operations.
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