Canaan Inc. (NASDAQ: CAN) reported $62.7 million in revenue for the first quarter of 2026, navigating a period of significant bitcoin price volatility, compressed hashprices, and weather-related disruptions in North America. The performance was in line with the company's guidance, reflecting resilient mining operations and the completion of a major U.S. customer order.
"Q1 2026 was a quarter of disciplined execution and strategic positioning for Canaan," said Nangeng Zhang, Chairman and CEO of Canaan. "Despite bitcoin price volatility, compressed hashprice conditions, elevated energy costs, and weather-related disruptions in North America, we delivered total revenue of US$62.7 million, which was in line with our guidance."
The Singapore-based company’s product revenue for the quarter was $42.9 million, while mining revenue reached $19.1 million, with 257 bitcoins produced. The company's cryptocurrency treasury expanded to a record 1,807.60 BTC and 3,951.53 ETH. Concurrently, installed mining computing power rose 10.7% from the previous quarter to approximately 11 EH/s. The company reported a net loss of $88.7 million, or 13 cents per share.
The results come as the crypto mining industry grapples with fluctuating profitability and rising energy costs. Canaan has responded by expanding its energy-compute infrastructure, acquiring a 49% interest in the ABC Projects in West Texas from Cipher Mining and deploying its water-cooling technology in a Nordic hash-to-heat project. These moves are designed to secure access to large-scale power and improve operational flexibility. For the second quarter of 2026, Canaan projects total revenues to be between $35 million and $45 million.
This article is for informational purposes only and does not constitute investment advice.
