Canaan reported second-quarter 2026 revenue of $31.9 million on Sept. 8, below the $35 million to $45 million range it forecast in May. Product revenue dropped to $13.6 million from $42.9 million in the first quarter as the company sold less computing power at lower prices. Canaan expects third-quarter revenue of $11 million to $15 million, increasing the importance of distinguishing available cash from its cryptocurrency treasury (digital-asset holdings). At June 30, the company held 1,915.5 BTC, including 1,117 BTC pledged for secured term loans and 100 BTC transferred to a fixed-term product; 698.5 BTC remained in cryptocurrency assets. The pledged and fixed-term holdings were recorded as cryptocurrency receivables worth $70.9 million, separate from $47 million in cryptocurrency assets. Cash totaled $66 million, up from $43.5 million at March 31 but below $80.8 million at the end of 2025. Canaan reported a $97.6 million quarterly net loss, including $25.3 million in inventory and prepayment write-downs and purchase-commitment provisions, as well as $9.2 million in property and equipment impairment. Mining generated $17.7 million in revenue from 243 BTC produced during the quarter and contributed positively to cash before depreciation, a narrower measure than overall profitability. After quarter-end, Canaan sold 3,952 ETH and 54 BTC for approximately $13.9 million and used part of the proceeds for share repurchases. By Sept. 8, it had repurchased about 16.4 million American depositary shares for $7.4 million, including $5.4 million spent in late August. The transactions demonstrate that some holdings can be converted into cash, but the weakening equipment business and lower third-quarter outlook make the allocation of cash between operations and repurchases more significant than the Bitcoin total alone.