Canaan posts $88.7M Q1 loss; revenue meets guidance

Canaan, the Singapore-based bitcoin miner and hardware maker, posted an $88.7 million net loss for the quarter ended March 31, 2026. Revenue for the period was $62.7 million, in line with the company's previously issued guidance.

Revenue consisted of $42.9 million in product sales and $19.1 million in mining revenue. The company reported lower computing power sold and weaker average bitcoin prices as reasons for the decline in sales. Revenue declined 68.1% from $196.3 million in the prior quarter and 24.3% from $82.8 million in the first quarter of 2025. Canaan completed final deliveries under a major U.S. customer order during the quarter.

The net loss reflected several items: a $54.3 million loss from operations, a $24.9 million loss from changes in the fair value of cryptocurrency holdings, a $16.0 million loss from financial derivatives and $4.0 million in foreign exchange losses.

Canaan reported a cryptocurrency treasury of 1,807.60 BTC and 3,951.53 ETH as of March 31. Total crypto holdings and related receivables were reported at about $133.2 million, split roughly between $66.2 million in assets and $67.0 million in receivables. The company's total bitcoin position on the balance sheet, including pledged and customer-related positions, was 1,871.0 BTC.

The company expanded its mining footprint with a 49% acquisition of ABC Projects from Cipher Mining, adding roughly 4.4 exahashes per second of operating hashrate at the project level in West Texas. In the Nordics, a hash-to-heat deployment that uses water-cooled mining systems has an authorized target of 8 MW; 2 MW are currently operational and supplying thermal energy to a local district heating network.

In a company statement, CEO Nangeng Zhang noted: “Despite bitcoin price volatility, compressed hashprice conditions, elevated energy costs, and weather-related disruptions in North America, we delivered total revenue of US$62.7 million, which was in line with our guidance, completed the final deliveries under a major U.S. customer order, and continued to advance our global mining deployment.”

Canaan shares fell about 12.8% in early trading to $0.4207 after the results release. The company cited compressed hashprice conditions and elevated energy costs as market headwinds while continuing to expand its mining deployments and energy-linked projects.