Canaan posts $88.7 million Q1 net loss as revenue lands in line with guidance

Canaan reported an $88.7 million net loss for the first quarter of 2026, while revenue of $62.7 million was in line with its previously issued guidance range. 

The net loss included a $54.3 million loss from operations, a $24.9 million loss from changes in the fair value of cryptocurrency holdings, a $16 million loss from financial derivatives, and $4 million in foreign exchange losses, according to a statement.

The Singapore-based miner and hardware maker said its total revenues for the period reached $62.7 million, down 68.1% from $196.3 million in the prior quarter and down 24.3% from $82.8 million in the first quarter of 2025. The result consisted of $42.9 million in product revenue and $19.1 million in mining revenue, with the company citing lower computing power sold and weaker average bitcoin prices for the decline versus prior periods.

"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 CEO Nangeng Zhang said in the statement.

Zhang highlighted continued expansion of the company’s energy-linked computing footprint during the quarter, including a 49% acquisition in West Texas-based ABC Projects from Cipher Mining, which added roughly 4.4 EH/s of operating hashrate exposure at the project level.

The company also disclosed details surrounding its Nordic hash-to-heat deployment, a sustainable computing infrastructure initiative that has been awarded through a competitive bidding process. The project utilizes specialized water-cooled mining systems with an authorized total deployment target of 8 MW, where 2 MW of capacity is currently operational and supplying thermal energy to a local district heating network.

Canaan said its cryptocurrency treasury stood at 1,807.60 BTC and 3,951.53 ETH as of March 31, with total crypto holdings valued at $66.2 million in assets and $67.0 million in receivables. The company held 1,871.0 bitcoins in total across its balance sheet, including pledged and customer-related positions.

Canaan shares (CAN) declined 12.8% to $0.4207 in early trading on Tuesday, according to The Block's price data.