Canaan revenue craters 68% as Bitcoin holdings hit record

Canaan revenue craters 68% as Bitcoin holdings hit record

Wed, September 9, 2026 at 10:28 PM GMT+3 2 min read

• BTC-USD -1.07%

Crypto mining hardware manufacturer Canaan (Nasdaq: CAN) reported unaudited financial results for the second quarter of 2026 on Sep. 8.

The company generated a revenue of $31.9 million in Q2 2026, compared to $62.7 million in Q1 2026 and $100.2 million in Q2 2025. The latest revenue figure represents a 68% decline year-over-year (YoY).

Products revenue in Q2 2026 was $13.6 million, compared to $42.9 million in Q1 2026 and $71.9 million in Q2 2025. The latest figure represents an 81% decline YoY.

Crypto mining revenue in Q2 2026 stood at $17.7 million, compared to $19.1 million in Q1 2026 and $28.1 million in Q2 2025. The latest figure represents a 37% decline YoY.

Related: What is Bitcoin mining? Explained

The company attributed the decline in product and mining revenue to the decrease in the average Bitcoin price.

Gross loss in Q2 2026 was $29.3 million, compared with a gross loss of $22.9 million in Q1 2026. In Q2 2025, the company reported a gross profit of $9.3 million.

Canaan chairman and CEO Nangeng Zhang called the last quarter a "difficult period" for Bitcoin mining because low prices, weaker mining economics, and seasonal power constraints put pressure on equipment demand and profitability.

Trending on TheStreet Roundtable:

Canaan reaches record Bitcoin and Ether treasury

The company mined 243 Bitcoin in Q2 2025. Though the company held a record 1,915.5 Bitcoin and 3,952 Ether as of June 30, it sold 54 Bitcoin in late August for approximately $13.9 million in cash, a portion of which it used for share repurchases. As of Sep. 8, the company had repurchased approximately 16.4 million ADSs for $7.4 million.

The recent sale of a portion of its Bitcoin holdings doesn't represent a change in its long-term digital asset strategy, Canaan said.

The CAN stock was trading flat at $0.32 at the time of writing.

Related: Explained: What is sustainable Bitcoin mining?

This story was originally published by TheStreet on Sep 9, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.