Canaan Sees Revenue Slide in Q2 2026 Amid Weaker Bitcoin Prices

Canaan Inc., a leading developer of computing and energy infrastructure for cryptocurrency mining technology, reported its second quarter 2026 revenue at $31.9 million. This represents a decline from the first quarter's $62.7 million and last year's $100.2 million in the same period.

The company attributed the decrease to lower computing power sales and weaker average selling prices due to decreased Bitcoin prices. Products revenue fell to $13.6 million from $42.9 million in the prior quarter, while mining revenue reached $17.7 million compared to $19.1 million in the first quarter.

Canaan's total cost of revenues increased to $61.2 million during the period, with a notable cryptocurrency treasury of 1,915 BTC and 3,952 ETH. The company also mined 243 bitcoins during the second quarter.