Canaan Inc. Suffers $97.6 Million Net Loss as Bitcoin Prices Plummet

Canaan Inc., one of the largest manufacturers of application-specific integrated circuit (ASIC) miners, reported a net loss of $97.6 million for Q2 2026. This decline from last year's $11.1 million loss is significant, and the company attributes it to the sharp drop in Bitcoin prices from around $82,000 to approximately $58,000 during the quarter.

The company's revenue came in at $31.9 million, representing a 68% collapse year-over-year and a 49% drop from the previous quarter. Canaan also took a $25.3 million inventory write-down, which was the primary driver behind a gross loss of $29.3 million.

The company's self-mining operations didn't provide much relief either, as it mined 243 BTC during the quarter, but at depressed prices, those coins generated far less revenue than they would have just months earlier.

Not everything in the report is dire. Canaan ended the quarter holding a record digital asset treasury of 1,915.5 BTC and 3,951.7 ETH. The company also grew its non-joint-venture installed hashrate to 10.05 EH/s, up 23.3% from the same period last year.

Canaan's management guidance for Q3 2026 is sobering, with revenue projected at $11 million to $15 million, which would represent yet another sequential decline from an already brutal quarter.