Canaan's first-quarter revenue tumbled to $62.7 million, down from $196.3 million in Q4 2025 and $82.8 million a year earlier. The Beijing-based bitcoin miner also reported a net loss of $88.7 million, wider than the $85 million loss in the prior quarter. Non-GAAP adjusted EBITDA loss nearly doubled to $76.3 million.
Hardware sales crater, mining revenue slips
Product revenue — sales of ASIC miners to customers — was the biggest drag, falling to $42.9 million from $164.9 million in Q4 2025. Canaan blamed weaker demand, lower computing power sold, and a lower average selling price. The company said tighter miner economics following Bitcoin's price decline hurt sales. Mining revenue also dropped, to $19.1 million from $30.4 million in the prior quarter.
A record crypto treasury — and why it grew
Despite the revenue slide, Canaan built its biggest-ever digital asset hoard. As of March 31, 2026, the company held 1,807.60 BTC and 3,951.53 ETH – worth about $148 million at current prices (BTC ~$77,200, ETH ~$2,100). The increase came from converting stablecoin proceeds from miner sales into Bitcoin. By April 30, the balance had grown to 1,826 BTC and 3,952 ETH, after adding 90 BTC from self-mining and 3 BTC from customer payments.
What's ahead: weak guidance, a hashprice uptick
Canaan guided Q2 2026 revenue between $35 million and $45 million — below Q1's already depressed level. The company noted that average USD hashprice rose 8.5% in April to $33.92 per PH per day, after two all-time-low monthly averages. But marginal hashrate hasn't returned to the network yet, suggesting the recovery is fragile. The next quarter will test whether Canaan can stem the bleeding.
