Canaan Inc. Reports $98M Net Loss as Bitcoin Price Slump Hits Revenue

Key Facts

Amid escalating pressure on the cryptocurrency infrastructure sector, Canaan Inc. has reported financial results reflecting a sharp deterioration in its operational performance. According to reports, the company posted a net loss of $98 million for the fiscal period, a staggering increase from the $11.1 million loss recorded in the same period last year. This downturn was primarily driven by cryptocurrency market volatility and the decline in Bitcoin prices, which caused revenue to collapse by 68% year-over-year to $31.9 million.

Financial data indicates that the company faced dual challenges of falling sales and asset impairment, taking a $25.3 million inventory write-down as mining rig values plummeted. Per market data, CAN stock closed at $0.3044 on September 16, 2026, amid a difficult operating environment that resulted in a gross loss of $29.3 million, meaning the company could not cover its basic cost of goods sold through its revenue streams.

Looking ahead, Canaan management expects continued headwinds in Q3 2026, with revenue guidance ranging between $11 million and $15 million, signaling a potential further sequential decline. While the company holds record reserves of 1,915.5 BTC and 3,951.7 ETH, the value of these assets remains tied to market fluctuations. Investors are monitoring CAN stock levels, which hit a low of $0.3 during the September 16, 2026 session, as the market awaits a recovery in digital asset sentiment.