Canaan earnings show Q1 revenue collapse as BTC and ETH treasury nears $148M
The latest Canaan earnings also revealed a new split screen among Bitcoin minings best-known hardware suppliers: the company selling mining machines reported a much weaker quarter just as its own crypto holdings became harder to ignore. The ASIC maker said Q1 2026 revenue fell to $62.7 million, down from $196.3 million in the previous quarter and $82.8 million a year earlier. Its net loss widened to $88.7 million from $85.0 million in Q4, while non-GAAP adjusted EBITDA loss almost doubled to $76.3 million from $40.5 million. At the same time, Canaan ended March with 1,807.60 BTC and 3,951.53 ETH, a record crypto treasury for the company. At May 22 price levels of roughly $77,200 per BTC and $2,100 per ETH, that stack was worth about $148 million on a spot-market basis before accounting treatment, receivables, or liquidity constraints. That is the tension inside the quarter. Canaan still sells the machines that power Bitcoin mining, but the reported numbers increasingly make it appear to be a company with a weaker hardware cycle on one side and a growing BTC-linked balance sheet on the other. The decline also reflected weaker demand for Bitcoin mining following tighter miner economics.MetricQ1 2026ContextTotal revenue$62.7 millionDown from $196.3 million in Q4 2025Product