Canaan Revenue Craters 68% Amid Slumping Bitcoin Prices

Canaan, a leading mining hardware manufacturer, released its unaudited financial results for Q2 2026. The company's revenue plummeted to $31.9 million, marking a 68% year-over-year decline compared to the same period in 2025.

The sharp drop in revenue was attributed to lower average Bitcoin trading prices during the operating cycle. Canaan's physical hardware sales took the biggest hit, with a 81% year-over-year contraction. Self-mining operations also declined by 37% compared to Q2 2025.

Canaan's gross losses reached $29.3 million in Q2 2026, up from $22.9 million in losses during the first quarter of 2026. The company's chairman and CEO, Nangeng Zhang, described the quarter as a challenging operating phase for the mining industry due to depressed spot prices, tighter mining margins, and seasonal power supply constraints.

Canaan's corporate treasury held an all-time high of 1,915.5 Bitcoin and 3,952 Ether as of June 30, 2026. The company plans to submit its formal filings to the U.S. Securities and Exchange Commission (SEC) in the coming weeks to complete its quarterly reporting.