Canaan's FY26 Q2 Results Disappoint as Lower Bitcoin Prices Weigh on Financials

Canaan Inc., a computing and energy infrastructure innovator listed on NASDAQ as CAN, reported its second quarter FY26 results on September 8. The company posted total revenue of $31.9 million during the quarter, down from $100.2 million in Q2 FY25 and $62.7 million in the first quarter of 2026.

The net loss for the quarter was significantly higher at $97.6 million compared to $11.1 million incurred during the same period last year. Canaan sold 2.5 EH/s of computing power, with a standout factor being the company's record quarter-end digital asset treasury, reaching 1,915.5 BTC and approximately 3,952 ETH as of June 30.

The mining segment generated 243 bitcoins, maintaining its positive cash contribution before factoring in depreciation during the reported quarter. This was largely driven by favorable power economics for the business. However, lower Bitcoin prices weighed on the company's financials, with product revenue from $71.9 million in Q2 FY25 dropping to $13.6 million.