Canaan Reports $98M Loss as Bitcoin Price Decline Slashes Mining Hardware Demand

Canaan Inc., a major manufacturer of Bitcoin mining hardware, has reported a significant decline in financial performance. The company's net loss for Q2 2026 reached $97.6 million, a sharp increase from last year's $11.1 million loss.

This substantial decrease is attributed to the drop in Bitcoin prices from $82K to $58K, leading to reduced demand for mining rigs and impacting self-mining operations. The company also took a $25.3 million inventory write-down, reflecting the lower value of its mining equipment stock.

Canaan's financial performance has been affected by the decline in Bitcoin prices, with revenue falling 68% year-over-year to $31.9 million. Despite holding a record 1,915.5 BTC and 3,951.7 ETH treasury, Canaan projects Q3 revenue to decline further to $11-$15 million.