Q2 Revenue Drops Sharply Quarter-over-Quarter and Year-over-Year
Canaan Inc. (NASDAQ: CAN) posted unaudited financial results for the second quarter ended June 30, 2026. Total revenue came in at $31.9 million. That was a hard fall from $62.7 million in Q1 and $100.2 million in the same quarter of 2025.
Here’s the top-line split: product revenue was $13.6 million, mining revenue was $17.7 million, and other revenue chipped in $0.6 million. Cost of revenue reached $61.2 million, leaving a gross loss of $29.3 million. Operating expenses were $40.1 million. So the operating loss widened to $69.5 million. Net loss for the quarter landed at $97.6 million. On a non-GAAP basis, adjusted EBITDA loss was $74.9 million.
Impairments and Write-Downs Weigh on Results
The quarter included $9.3 million in fair value losses on cryptocurrency holdings and $9.2 million in impairment charges tied to property, equipment, and software. And inventory write-downs, prepayment write-downs, and provisions for inventory purchase commitments added up to $25.3 million in total.
Self-Operated Hashrate Climbs 23.3% YoY, 243 BTC Mined
Canaan's self-operated installed mining hashrate — not counting joint ventures — rose to 10.05 EH/s, up 23.3% year-over-year. The all-in electricity cost was about $0.043 per kilowatt-hour. During the quarter, the company mined 243 bitcoin.
Crypto reserves stood at 1,915 BTC and 3,952 ETH.
The ABC project, where Canaan owns a 49% stake, had 4.85 EH/s of installed hashrate as of the end of July 2026.
Share Repurchase Update
As of September 8, 2026, Canaan had bought back about 16.4 million ADSs for a total of $7.4 million.