Canaan Reports Q2 FY26 Loss Amid Declining Bitcoin Prices and Revenue Drop
Canaan Inc. (NASDAQ:CAN) reported its second-quarter fiscal year 2026 results, showing a significant decline in revenue and an expanded net loss compared to the previous year. Total revenue for the quarter was $31.9 million, down from $100.2 million in Q2 FY25 and even lower than the first quarter of this year at $62.7 million. The company posted a net loss of $97.6 million, up sharply from a $11.1 million loss during the same period last year. The drop was attributed to weaker demand for mining equipment due to falling Bitcoin prices, which reduced both computing power sold and average selling prices. Mining revenue also declined significantly, dropping from $28.1 million in Q2 FY25 to $17.7 million this quarter. Canaan’s digital asset holdings reached a record 1,915.5 BTC as of June 30 but were offset by losses related to the change in fair value of financial derivatives and cryptocurrency. Institutional sentiment remains weak with only six hedge funds holding long-term positions at the end of Q2 2026. Canaan expects third-quarter revenue between $11 million and $15 million, indicating continued pressure from a challenging market environment.
Tickers: $CAN
Topics: Bitcoin price impact Canaan Mining revenue decline Q2 FY26 results