Canaan mining posts $88.7m Q1 loss
Canaan mining maker posted an $88.7m net loss in Q1 2026 on revenue of $62.7m as Bitcoin prices and hashprice both fell sharply.Canaan posted Q1 2026 revenue of $62.7m in line with guidance, but a $25m inventory write-down pushed the net loss to $88.7m, wider than the $86.4m loss in Q1 2025.Machine sales fell 75% quarter-on-quarter to $39.6m as deliveries under a major North American customer order were completed, leaving a lean inventory position.Canaan guided Q2 revenue at $35m to $45m, well below analyst estimates of around $96m, citing continued Bitcoin price pressure and soft market demand. Canaan Inc. reported in a May 19 press release that Q1 2026 revenue reached $62.7 million, in line with its February guidance range but down sharply from $196.3 million in Q4 2025. The company recorded a gross loss of $22.9 million for the quarter, including a $25 million inventory write-down, and a net loss of $88.7 million compared to $86.4 million in the same period a year earlier. “Despite bitcoin price volatility, compressed hashprice conditions, elevated energy costs, and weather-related disruptions in North America, we delivered total revenue of $62.7 million, which was in line with our guidance,” said Nangeng Zhang, chairman and chief executive of