Canaan Inc. Q2 2026 Earnings Recap

Canaan’s shares fell 12.2% after Q2 revenue missed its own guidance as weaker late-quarter miner demand, elevated industry inventory, and intensified price competition pressured sales. Mining revenue and liquidity management provided support, but the call highlighted a deteriorating equipment market and ongoing pricing pressure.

Key Takeaways

• Q2 revenue was approximately **$32 million**, below the company’s prior **$35–45 million guidance range**; management attributed the shortfall primarily to falling Bitcoin prices, delayed miner purchases, and excess industry inventory.
• Mining-machine product revenue was approximately **$14 million**, while mining revenue was approximately **$18 million**, representing more than half of total revenue.
• Computing-power sales totaled **2.5 EH/s**; the company produced **243 Bitcoins** during the quarter.
• Canaan held **1,915 Bitcoins and 3,952 ETH** at quarter-end, with its digital-asset treasury reaching a record high.
• Non-JV installed hash rate was approximately **10.05 EH/s**, with June average all-in power costs of about **$0.043/kWh**; Project ABC reached **4.85 EH/s** installed capacity by the end of July and generated positive cash flow.