Canaan Inc. reported revenue of $31.9 million for the second quarter of 2026, marking a 68% year-over-year decline. The company posted a net loss of $97.6 million, which included a $25.3 million inventory write-down. The non-GAAP adjusted EBITDA loss reached $74.9 million.
The company mined 243 BTC during the quarter. As of June 30, 2026, its total digital asset holdings amounted to 1,915.5 BTC and 3,951.7 ETH. The self-mining capacity reached 10.05 EH/s, representing a 23.3% year-over-year increase, with power costs at approximately $0.043 per kWh.
Cash on hand rose to $66 million from $43 million in the previous quarter. Canaan also repurchased 16.4 million American Depositary Shares for a total of $7.4 million.
For the third quarter of 2026, Canaan projects revenue between $11 million and $15 million. This forecast suggests a potential sequential decline of more than 50% compared to the second quarter results.
