Canaan Inc. (CAN) released its unaudited update for September 2026, highlighting a productive month in Bitcoin mining. The company mined 44 bitcoins, bringing its treasury to 1,875 BTC. Despite rising network difficulty, Canaan maintained a steady non-joint venture installed hashrate of 10 EH/s. Its joint venture facilities in West Texas contributed an installed hashrate of 4.87 EH/s and an operating hashrate of 4.18 EH/s, with a competitive average power cost of US$0.043/kWh.
Operationally, Canaan made progress in its heat-reuse projects. Its 8 MW Nordic district heating project became fully operational, supplying recovered computing heat to about 2,800 homes. Additionally, the company's Canadian greenhouse heat recovery project advanced toward deployment as of September 30, 2026. Canaan also continued optimizing its corporate balance sheet, monetizing digital assets and using US$5.4 million of proceeds to repurchase 13.6 million ADSs in late August. This brings total 2026 buybacks to roughly 16.4 million ADSs, signaling management’s confidence in its valuation and long-term strategy.
The most recent analyst rating on CAN stock is a Buy with a $1.50 price target. However, TipRanks’ AI Analyst, Spark, rates Canaan as Neutral, citing weak financial performance and bearish technicals. While a strong Q3 earnings call with raised guidance provides support, valuation signals are limited due to negative earnings and no dividend.