Canaan Shares Plummet After Q2 Revenue Misses Target
Canaan Inc., a leading manufacturer of Bitcoin mining machines, reported disappointing second-quarter revenue for 2026. The company's shares fell 6.94% in premarket trading to $0.335 after it announced that Q2 revenue came in at about $32 million, below its earlier target of $35 million to $45 million.
The drop in revenue was attributed to weak demand for mining machines and volatile crypto prices. Mining revenue made up 55% of total revenue at $18 million, while product sales contributed $14 million. Canaan mined 243 Bitcoin in the quarter and sold 2.5 exahash per second of computing power at an average selling price of $5.50 per terahash per second.
Chief Executive Nangeng Zhang noted that Q2 2026 was a 'difficult environment for the Bitcoin mining industry' due to sharp fluctuations in Bitcoin prices and weak demand outside the US. Despite this, Canaan's cash position improved with $66 million at the end of the quarter, up from $43 million in Q1.