Canaan: Q2 Revenue Falls To $31.9 Million As Crypto Treasury Reaches Record 1,915 BTC

Canaan reported second-quarter revenue of $31.9 million as weaker Bitcoin prices, softer mining-machine demand and seasonal power constraints pressured results, while the company’s cryptocurrency treasury reached a record level.

Revenue declined from $100.2 million in the year-earlier quarter and $62.7 million in the first quarter of 2026. Product revenue was $13.6 million and mining revenue was $17.7 million.

Canaan mined 243 Bitcoin during the quarter and ended the period with a digital-asset treasury of approximately 1,915.5 BTC and 3,951.7 ETH.

The company’s non-joint-venture installed mining computing power reached 10.05 EH/s, up 23.3% year over year, while its all-in electricity cost was approximately $0.043 per kWh.

At Project ABC, in which Canaan has a 49% interest, installed hashrate reached 4.85 EH/s by the end of July as the company continued upgrading the mining fleet.

Canaan is also developing its broader compute and energy infrastructure strategy, including cost-advantaged power sites, compute-to-heat reuse applications and new Avalon Home products designed for household heating applications.

Second-quarter results included $25.3 million of inventory and related write-downs, a $9.2 million impairment of property and equipment and an $18.2 million fair-value loss on cryptocurrency following declines in digital-asset prices.