Canaan Misses Q2 Revenue Guidance Amid Weaker Demand

Canaan, a leading manufacturer of Bitcoin mining equipment, reported a second-quarter revenue shortfall in 2026. The company's revenue fell to $31.9 million, below its earlier guidance of $35 million to $45 million.

The decline was attributed to weaker demand for computing power and lower selling prices. As a result, product revenue plummeted from $42.9 million in the first quarter to $13.6 million in the second quarter.

Canaan's management forecast a third-quarter revenue range of $11 million to $15 million, indicating further pressure on the company's cash and crypto treasury.