Canaan's Revenue Plunges 70%, Posts $97.6M Quarterly Loss as Bitcoin Miner Pivots to Self-Mining Operations
- Canaan's Q2 revenue fell nearly 70% to $17.76 million from self-operated mining, surpassing hardware sales revenue of $13.63 million for the first time.
- The company posted a net loss of $97.6 million in Q2, with $43.8 million attributed to non-cash charges including inventory and equipment impairment.
- Canaan deployed 10.05 EH/s of self-operated hashrate and mined 243 Bitcoin in Q2, achieving an electricity cost of $0.043 per kWh.
- Cash reserves increased 52% sequentially to $66 million by end of Q2 through aggressive cost control and asset liquidation, including selling 54 Bitcoin and 3,952 Ethereum for $13.9 million.
- The company took a $25.3 million inventory impairment charge to clear valuation burden, while remaining warehouse inventory stands at $128.8 million book value.
Canaan Inc., a major Bitcoin mining hardware manufacturer, has undergone a dramatic strategic pivot in response to collapsing demand for mining equipment. In Q2 2026, the company's revenue plummeted nearly 70%, with mining machine sales dropping to just $13.63 million as only 2.5 EH/s of hashrate were sold. Facing unsellable inventory, Canaan deployed its own hardware to mining operations, generating $17.76 million from self-operated mining—exceeding hardware sales for the first time. The company built 10.05 EH/s of operational hashrate and mined 243 Bitcoin over three months, achieving an industry-competitive electricity cost of $0.043 per kWh.
Despite posting a $97.6 million net loss, Canaan demonstrated resilience through aggressive financial management. Of the total loss, $43.8 million consisted of non-cash charges from inventory impairment ($25.3 million) and asset depreciation. The company liquidated crypto holdings, selling 54 Bitcoin and 3,952 Ethereum for $13.9 million in cash, while maintaining a substantial reserve of 1,915.5 Bitcoin on its balance sheet (though 1,117 are pledged as collateral). Cash reserves increased 52% sequentially to $66 million by end of Q2.
The capital markets have priced Canaan severely, with its market capitalization falling to approximately $250 million—near its hard asset value of $184 million—and the stock price declining 85% from its peak of $2.22 to around $0.32. Adjusted EBITDA for Q2 remained deeply negative at $74.9 million with negative gross margins. However, management has maintained R&D investment at $14.9 million and continues developing next-generation mining hardware, signaling confidence in eventual market recovery. The company's share count diluted significantly from 5.99 billion to 10.85 billion shares to fund its survival strategy.
嘉楠收入暴跌70%，季度亏损9760万美元，矿机卖家转向自营挖矿
作为主要比特币矿机制造商，嘉楠公司面对矿机需求崩溃，实施了戏剧性的战略转向。2026年Q2收入暴跌近70%，矿机销售仅1363万美元，三个月内仅售出2.5 EH/s算力。面对滞销库存，嘉楠将自有硬件部署至挖矿业务，自营挖矿收入达1776万美元，首次超越硬件销售。公司部署10.05 EH/s运营算力，三个月内挖出243枚比特币，电力成本控制在业界竞争水平的0.043美元/千瓦时。
尽管Q2净亏损9760万美元，嘉楠通过激进财务管理展现韧性。亏损中4380万美元为非现金费用，包括库存减值2530万美元和资产折旧。公司变现加密资产，出售54枚比特币和3952枚以太坊获得1390万美元现金，同时保持1915.5枚比特币的庞大储备（其中1117枚已质押作为抵押）。Q2末现金储备环比增长52%至6600万美元。
资本市场对嘉楠定价严苛，市值跌至约2.5亿美元——接近其1.84亿美元的硬资产价值——股价从高点2.22美元跌85%至约0.32美元。Q2调整后EBITDA仍深度亏损7490万美元，毛利率为负。然而管理层维持1490万美元研发投入并继续开发下一代矿机，表明对最终市场复苏的信心。公司股份数从59.9亿扩至108.5亿以支撑生存战略。