Key Highlights

● Second-quarter 2026 Revenue was US$31.9 million, down from US$62.7 million in the first quarter.

● Gross Profit was negative US$29.3 million and the net loss was US$97.6 million.

● Canaan's digital-asset treasury stood at 1,875 bitcoin, and it mined 44 Bitcoin in September.

● Nasdaq extended its bid price compliance deadline to 11 January 2027.

Latest verified development

Canaan Inc. (NASDAQ:CAN), the Chinese-founded maker of bitcoin-mining machines that also mines bitcoin itself, has had a difficult year. The company received an extension until 11 January 2027 to regain compliance with Nasdaq's minimum bid price requirement. Canaan is a Cayman Islands company whose American depositary shares trade on the Nasdaq.

Canaan reported second-quarter results on 8 September 2026, mined 44 bitcoin in September, and held a digital-asset treasury of 1,875 bitcoin. It also used part of that treasury to repurchase shares in August.

Reported results

Second-quarter 2026 revenue was US$31.9 million, against US$62.7 million in the first quarter and US$196.3 million in the fourth quarter of 2025. Gross profit was negative US$29.3 million in the June quarter, the operating loss was US$61.2 million and the net loss was US$97.6 million.

The first quarter had also been weak. A summary of the 19 May call reported a US$25 million non-cash inventory write-down behind a gross loss of about US$23 million, mining-machine sales of 4.1 exahashes per second at an average US$10.50 per terahash, and Mining revenue of roughly US$19.1 million from 257 bitcoin. Operating expenses were about US$31 million.

Why the numbers matter

Canaan's machine Business is cyclical. Customers buy rigs when bitcoin prices and hash Economics make mining attractive, and the first-quarter commentary pointed to delayed customer orders and a market downturn. North American customers reportedly accounted for more than 80% of product sales.

The step down in revenue, together with inventory charges, has pushed gross Margin below zero for two consecutive quarters. A sizeable bitcoin holding gives the company an asset that can be sold, used for Buybacks or left exposed to price swings, but it also adds Volatility to a business already sensitive to the bitcoin cycle.

Canaan margins and the bitcoin treasury

With 1,875 bitcoin on the Balance Sheet and gross profit of negative US$29.3 million on revenue of US$31.9 million, the treasury and the machine business are pulling in different directions. How much of the loss reflects one-off inventory charges and how much reflects structurally thin margins is the question the June quarter leaves open.