Canaan Inc. reported a net loss of $97.6 million for the second quarter of 2026, compared to a loss of $11.1 million in the same period of 2025. Quarterly revenue fell to $31.9 million, marking a 68% year-over-year decline and a 49% decrease from the previous quarter. The company attributed these results to a drop in Bitcoin prices, which fell from approximately $82,000 to $58,000 during the period.
The financial results were impacted by an inventory write-down of $25.3 million, contributing to a gross loss of $29.3 million. Canaan mined 243 BTC during the quarter. Despite the losses, the company increased its non-joint-venture installed hashrate to 10.05 EH/s, a 23.3% increase compared to the previous year, and maintains a treasury of 1,915.5 BTC and 3,951.7 ETH.
As of September 8, 2026, Canaan repurchased approximately 16.4 million American Depositary Shares for a total of $7.4 million, averaging about $0.45 per share. Management projects revenue for the third quarter of 2026 to be between $11 million and $15 million, signaling a continued decline in demand for mining hardware.
