Canaan Q1 revenue falls; crypto treasury near $148M

Canaan reported Q1 2026 revenue of $62.7 million and a net loss of $88.7 million. The company recorded a non-GAAP adjusted EBITDA loss of $76.3 million for the quarter. At March 31, Canaan held 1,807.60 BTC and 3,951.53 ETH in its crypto treasury; valuing those holdings at May 22 spot prices produces a spot estimate near $148 million.

Revenue fell sharply on a sequential basis. Total revenue declined from $196.3 million in Q4 2025 and from $82.8 million a year earlier. Product revenue, which primarily reflects ASIC miner shipments, dropped to $42.9 million from $164.9 million in the prior quarter. Mining revenue fell to $19.1 million from $30.4 million. The company said the product revenue decline reflected lower computing power sold and a reduced average selling price following a decline in Bitcoin prices. A large U.S. customer order in Q4 2025 amplified the sequential comparison.

The company’s reported net loss widened from $85.0 million in Q4 2025. Management provided Q2 revenue guidance in a range of $35 million to $45 million, below the Q1 total.

Canaan disclosed that it converted stablecoin proceeds from miner sales into Bitcoin earlier in the year and continued self-mining. The company reported adding 90 BTC from operations and 3 BTC from customer payments in April, bringing its balance to 1,826 BTC and 3,952 ETH as of April 30. Canaan noted that market value differs from accounting value and that receivables and liquidity constraints affect the ability to monetize holdings.

Industry measures showed an improvement in mining economics in early 2026, with average USD hashprice rising roughly 8.5% to about $34 per PH per day from recent lows. Despite price gains, marginal hashrate and machine utilization had not fully returned by April and May, and several operators delayed reactivating rigs after short-term price rebounds. Operator decisions continue to depend on power costs, network difficulty, rig efficiency and balance-sheet liquidity in addition to spot Bitcoin prices.

The company also reported activity outside ASIC sales. Canaan highlighted a Nordic hash-to-heat deployment and a stake in a West Texas project that links energy and compute infrastructure. The Q1 disclosures show Canaan selling mining machines, operating mining assets, holding a material crypto treasury and developing energy-linked infrastructure projects.