Canaan Revenue Falls to $31.9M as Q2 Net Loss Widens

Canaan Inc. reported second-quarter revenue of $31.9 million on Sept. 8, down from $62.7 million in the preceding quarter and $100.2 million a year earlier. The Bitcoin-mining equipment maker also posted a $97.6 million net loss as weaker machine demand, lower bitcoin prices and non-cash charges weighed on the period.

The company’s unaudited financial results cover the three months ended June 30. Product revenue was $13.6 million and mining revenue was $17.7 million, while other revenue contributed $600,000. Canaan attributed the product decline to lower computing power sold and a reduced average selling price.

Gross loss reached $29.3 million

Canaan recorded $61.2 million in cost of revenue, nearly twice its reported sales, producing a $29.3 million gross loss. The result compared with a $22.9 million gross loss in the first quarter and a small gross profit in the same period of 2025.

Costs included a $25.3 million inventory and prepayment write-down plus provisions tied to inventory purchase commitments. Canaan also recognized a $9.2 million impairment on property, equipment and software. Its loss from operations reached $69.5 million, while cryptocurrency and financial-derivative fair-value changes generated separate losses of $9.3 million and $8.9 million.