TL;DR:
- Canaan posted total revenue of $31.9 million in the second quarter of 2026, a 68% decline compared to $100.2 million in Q2 2025.
- The firm’s corporate treasury held an all-time high of 1,915.5 Bitcoin and 3,952 Ether as of the official close on June 30, 2026.
- The company reported a gross loss of $29.3 million in Q2 2026, reversing the $9.3 million gross profit posted in the prior-year period.
Mining hardware manufacturer Canaan reported its unaudited financial results for Q2 2026. During this fiscal period, Canaan revenue totaled $31.9 million, marking a sequential decrease from the $62.7 million reached in Q1 2026.
The year-over-year decline against Q2 2025 was 68%. The entity’s financial management attributed this downward shift to lower average Bitcoin trading prices during the operating cycle.
A breakdown by business segment showed a steep drop in physical hardware sales. The product division generated $13.6 million in Q2 2026, compared to $42.9 million in Q1 2026 and $71.9 million in Q2 2025—an 81% year-over-year contraction.
Self-mining operations brought in $17.7 million between April and June 2026, reflecting a 37% decline compared to the $28.1 million recorded in Q2 2025.
Canaan’s gross losses hit $29.3 million in Q2 2026, up from $22.9 million in losses during the first quarter of 2026.
Financial Performance and Strategic Treasury Management
Canaan Chairman and CEO Nangeng Zhang described the quarter as a challenging operating phase for the mining industry. According to statements cited in the official earnings release, depressed spot prices, tighter mining margins, and seasonal power supply constraints weighed on hardware demand and overall profitability.
Canaan mined 243 Bitcoin across its operations during Q2 2025. As of June 30, 2026, its custodied reserves reached 1,915.5 Bitcoin and 3,952 Ether, marking an all-time high for the firm.
Later in late August 2026, the company sold 54 Bitcoin for roughly $13.9 million in cash, allocating a portion of these funds toward its corporate share repurchase program.
As of September 8, 2026, Canaan had repurchased approximately 16.4 million American Depositary Shares (ADS) for a total of $7.4 million. According to the corporate release, these selective asset sales do not signal a shift in its long-term digital asset holding strategy.
Following the earnings release on September 8, 2026, Canaan shares (NASDAQ: CAN) held steady at $0.32 per share.
The company plans to submit its formal filings to the U.S. Securities and Exchange Commission (SEC) in the coming weeks to complete its quarterly reporting.
