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
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.
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.
