Canaan Inc. posted a net loss of $97.6 million in Q2 2026, with revenue plummeting 68% year-over-year to $31.9 million, as Bitcoin’s price decline from $82,000 to $58,000 severely impacted mining profitability and rig demand. The company reported a gross loss of $29.3 million including a $25.3 million inventory write-down, and expects further revenue contraction in Q3 2026 with guidance of just $11-15 million. Despite these losses, Canaan increased its cash position to $66 million while continuing its share buyback program, and maintained a digital asset treasury of 1,915.5 BTC and 3,951.7 ETH.
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