PR Newswire·Nov 10, 2026, 6:02 AM ET

Canaan Inc. Reports Unaudited Third Quarter 2026 Financial Results

CAN

Canaan Inc. reported Q3 2026 total revenue of US$14.5 million, near the upper end of guidance.
The company achieved GAAP net income of US$8.0 million & non-GAAP adjusted EBITDA of US$22.4 million for the quarter.
Canaan produced 133 BTC in Q3 2026 & held approximately 1,875 BTC in its crypto treasury as of September 30, 2026.
The company received a conditional "Studied Load – Firm" classification under ERCOT's Batch Zero process for its 1 GW Duval County power project.
An additional 1 GW power project in Zapata County, Texas, was advanced into early-stage development.
Canaan announced a new US$20 million share repurchase program under a US$100 million board authorization.
Management plans to implement a 1-for-25 reverse ADS split effective around December 4, 2026, to aid Nasdaq compliance.
Total mining revenue was US$9.5 million, driven by 133 BTC produced amid challenging market conditions.
Products revenue declined to US$4.8 million due to weaker market demand & lower average selling prices.
The company recorded a fair value gain of US$51.9 million on cryptocurrency holdings, contributing to the net income.
Operating expenses were reduced to US$34.2 million, with R&D, sales & marketing, & G&A expenses all showing sequential or year-over-year decreases.
Canaan acquired a US$1.1 million land parcel in the U.S. in October 2026 to support future power infrastructure.
The company expects Q4 2026 total revenues to range between US$18 million & US$22 million.
As of September 30, 2026, the company held US$72.8 million in cash & restricted cash.
Installed non-JV mining computing power remained at approximately 10 EH/s with an all-in power cost of US$0.043/kWh.

Company: Canaan Inc.
Keywords: Canaan Inc.