Canaan Reports Sharp Revenue Drop Amid Declining Bitcoin Prices
Crypto mining hardware manufacturer Canaan (Nasdaq: CAN) reported a significant revenue decline in Q2 2026, with total revenue falling to $31.9 million from $100.2 million the previous year—a 68% drop. Product and crypto mining revenues also fell sharply by 81% and 37%, respectively, attributed primarily to a decrease in Bitcoin prices affecting demand for mining equipment and operations. Canaan reported a gross loss of $29.3 million in Q2 2026 compared to a previous quarter's loss of $22.9 million and a profit of $9.3 million the same period last year. The company’s chairman, Nangeng Zhang, described it as a 'difficult period' due to weak Bitcoin prices, poor mining economics, and seasonal power constraints. Despite its record Bitcoin holdings—1,915.5 BTC and 3,952 ETH—the firm sold some of its Bitcoin in late August for $13.9 million, partly funding share repurchases totaling approximately $7.4 million.
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