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Canaan Reports $62.7 Million Q1 2026 Revenue, $88.7 Million Net Loss

Canaan Reports $62.7 Million Q1 2026 Revenue, $88.7 Million Net Loss

Canaan states that first-quarter 2026 revenue fell 68.1% quarter over quarter to $62.7 million, while operating, crypto fair value, and derivatives losses contributed to an $88.7 million net loss.

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Fact Check
The claim that Canaan reported $62.7 million Q1 2026 revenue and an $88.7 million net loss is confirmed by Canaan's own official investor relations press release (investor.canaan-creative.com), a SEC 6-K filing summary on StockTitan, and independent reporting from The Block and crypto.news. All sources agree on both the revenue figure and the net loss figure, and all confirm that revenue was in line with prior guidance. The claim about continued U.S. mining expansion is also corroborated by references to the West Texas ABC Projects acquisition and other mining deployments. There is no conflicting evidence from credible sources.
Summary

Canaan reported first-quarter 2026 revenue of $62.7 million and a net loss of $88.7 million, with revenue down 68.1% quarter over quarter. The company said the results included a $54.3 million operating loss, a $24.9 million fair value loss on crypto holdings, and a $16 million derivatives loss. Previously disclosed operating details for the quarter included holdings of 1,807.60 BTC and 3,951.53 ETH as of March 31, production of 257 BTC, joint mining capacity of 11 EH/s, and the acquisition of a 49% stake in Cipher Mining’s Texas ABC project. Canaan also guided second-quarter revenue of $35 million to $45 million.

Terms & Concepts
  • EH/s: Exahashes per second, a measure of Bitcoin mining computing power used to show how much hashing capacity a miner operates.
  • Fair value loss: A decline in the recorded market value of assets, such as crypto holdings, recognized in a company’s financial results.
  • Derivatives loss: A loss tied to financial contracts whose value is based on an underlying asset, price, or benchmark.