Canaan Revenue Misses Guidance Amid Weaker Demand and Loan Collateral

Canaan, a leading Bitcoin mining-equipment maker, has reported second-quarter revenue that fell short of its earlier guidance. The company's total revenue for Q2 2026 was $31.9 million, below the forecast range of $35 million to $45 million set in May.

The decline in revenue can be attributed to weaker demand for Canaan's products, which led to less computing power being sold and lower selling prices. As a result, product revenue fell to $13.6 million from $42.9 million in the first quarter.

Canaan has also pledged more than half of its Bitcoin holdings, 1,117 BTC, for secured term loans at June 30. This means that over 58% of the company's total Bitcoin balance was already being used as collateral for loans.