Canaan Reports Q2 Loss, Mines 243 Bitcoins

Canaan Inc., a NASDAQ-listed company, has reported its unaudited financial results for Q2 2026. The total revenue was $31.9 million, down from $62.7 million in Q1 and $100.2 million in the same period last year.

The breakdown of revenue shows that product sales accounted for $13.6 million, mining revenue was $17.7 million, and other income was $600,000.

The company reported a gross loss of $29.3 million, operating expenses were $40.1 million, resulting in an operating loss of $69.5 million and a net loss of $97.6 million. Adjusted EBITDA was a loss of $74.9 million.

Canaan's self-mining hashrate was 10.05 EH/s, up 23.3% year-over-year, with an average cost of electricity at $0.043 per kilowatt-hour. The company mined 243 Bitcoins during the quarter.

The company also reported that it had repurchased approximately 16.4 million ADS worth $74 million as of September 8, 2026.