Canaan Inc. Reports 70% Decline in Revenue Amid Market Volatility

Canaan Inc., a leading provider of mining equipment and digital asset management solutions, reported its second-quarter earnings on September 8, 2026. The company's revenue decreased to $31.9 million from $100.2 million in the prior-year period due to lower computing power sold and decreased average selling prices.

Chairman and CEO Nangeng Zhang attributed the decline in miner sales to market volatility in the second half of the quarter, stating that 'miner procurement remains cautious, and the industry inventories still need to be digested.'

The company's digital asset treasury reached a record high carrying value of $112 million as of June 30, 2026, with 1,915.5 Bitcoins and 3,951.7 Ethereum.