Canaan Inc. reported second-quarter 2026 revenue of $31.9 million, down 49% from the prior quarter and 68% from a year earlier, as bitcoin prices and mining economics weakened demand for mining machines. The company produced 243 BTC during the quarter and ended June with 1,915.5 BTC and 3,951.7 ETH. Non-JV installed mining capacity rose 23.3% year over year to 10.05 EH/s, while all-in power costs were about $0.043 per kilowatt-hour. Canaan reported a $29.3 million gross loss, a $97.6 million net loss and a $74.9 million non-GAAP adjusted EBITDA loss, including a $25.3 million inventory write-down. Cash was $66 million at June 30, and the company repurchased 16.4 million ADSs for $7.4 million by Sept. 8 after selling part of its digital-asset holdings. Canaan expects third-quarter revenue of $11 million to $15 million as it continues fleet upgrades, power development and compute-plus-energy initiatives.