Falling Bitcoin Prices Drag Down Products and Mining Revenue for Canaan (CAN)

On September 8, Canaan Inc. (NASDAQ:CAN) announced its second quarter FY26 results, which did not inspire confidence. The computing and energy infrastructure innovator posted total revenue of $31.9 million during the quarter. The topline figure went down compared to $100.2 million in Q2 FY25 and $62.7 million posted during the first quarter of 2026. Canaan reported a Q2 net loss of $97.6 million, which was significantly higher than the $11.1 million loss incurred during the same period last year.

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Digital Asset Holdings Hit Record High

Canaan sold 2.5 EH/s of computing power during the second quarter. The standout factor was quarter-end digital asset treasury, which reached a record 1,915.5 BTC and roughly 3,952 ETH as of June 30. Management also prioritized controlled spending, efficient cash management, and lean inventory position.

Canaan's mining segment generated 243 bitcoins and maintained its positive cash contribution before factoring in depreciation during the reported quarter. This was primarily fueled by favorable power economics for the business.

Lower Bitcoin Prices Weigh on Financials.

The company's second quarter revenue from products stood at $13.6 million, down from $71.9 million reported in the corresponding period last year. The decline reflected weaker mining-equipment demand amid lower bitcoin prices, which reduced both computing power sold and average selling prices. Implications of lower average bitcoin price were not limited to the products segment, as Canaan's Mining revenue also dropped from $28.1 million in Q2 FY25 to $17.7 million for the reported quarter.