Canaan Inc., one of the largest Bitcoin mining hardware manufacturers, reported a net loss of $97.6 million in Q2 2026, compared to an $11.1 million loss in the same period last year. Revenue dropped 68% year-over-year to $31.9 million. Bitcoin’s price decline from $82,000 to $58,000 during the quarter triggered a $25.3 million inventory write-down and resulted in a gross loss of $29.3 million. The company mined 243 BTC but depressed prices limited revenue from its self-mining operations. Q3 2026 guidance projects revenue of just $11 million to $15 million, signaling no near-term recovery in hardware demand.
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