NASDAQ$CAN
Canaan Inc · Q1 2026 earnings
Q1 2026 earnings · · Before market open · Investor relations
Briefing
Canaan Q1 2026: $62.7M revenue in line with guidance, record crypto treasury
Canaan Inc. reported Q1 2026 unaudited results for the quarter ended March 31, 2026, with total revenue of $62.7 million, in line with company guidance, as it completed final deliveries under a major U.S. customer order. Product revenue was $42.9 million and mining revenue was $19.1 million despite severe bitcoin price volatility. The company produced 257 bitcoins and held a record cryptocurrency treasury of 1,807.60 BTC and 3,951.53 ETH as of March 31, 2026. Installed mining computing power across joint-mining projects reached approximately 11 EH/s, up 10.7% sequentially. Net loss was $88.7 million with basic and diluted net loss per ADS of $0.13.
- Total revenue was $62.7 million, in line with guidance; product revenue $42.9M and mining revenue $19.1M.
- Net loss was $88.7 million; basic and diluted net loss per ADS was $0.13 (each ADS = 15 Class A shares).
- Cryptocurrency treasury reached a record 1,807.60 BTC and 3,951.53 ETH; produced 257 bitcoins in Q1.
- Installed mining computing power reached ~11 EH/s (+10.7% QoQ) across 10 joint-mining projects.
- Q2 2026 revenue guidance is $35–$45 million; company acquired 49% interest in ABC Projects in West Texas (~4.4 EH/s).
Headline financials
Revenue & EPS history
Canaan · Revenue · Quarterly
$62.7M
Revenue by segment
Canaan · $62.7M total across 3 segments · Q1 2026
- Products Revenue$42.9M—68.4%
- Mining Revenue$19.1M—30.5%
- Other Revenues$700K—1.1%
Forward guidance
Canaan expects Q2 2026 total revenues of $35–$45 million, reflecting near-term market conditions and evolving customer demand, while continuing to expand energy-compute infrastructure including the ABC Projects West Texas stake and Nordic hash-to-heat deployment.
Tailwinds
- Record cryptocurrency treasury and ~11 EH/s installed hashrate (+10.7% QoQ).
- Subsequent customer cash collections of approximately $42 million improved liquidity after quarter-end.
Headwinds
- Net loss of $88.7 million and gross loss of $22.9 million amid bitcoin price volatility.
- Q2 revenue guidance of $35–$45M implies a sequential decline from Q1.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2026
-2.3%
Avg return
Earnings day
-6.5%
Avg return
5 days after
-8.3%
Avg return
30 days after
36%
10 / 28 earnings
Positive
+24.2%
Q3 2025
Best reaction
-22.1%
Q1 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -13.3% | — | — | |
| Q4 2025 | -6.9% | -19.1% | -15.5% | |
| Q3 2025 | +24.2% | +6.7% | -8.8% | |
| Q2 2025 | -4.6% | -22.2% | -48.3% | |
| Q1 2025 | -7.5% | -22.7% | -23.5% | |
| Q4 2024 | -13.0% | -18.7% | -22.9% | |
| Q3 2024 | +14.5% | +30.8% | +45.9% | |
| Q2 2024 | +3.3% | +19.6% | +28.6% | |
| Q1 2024 | +4.3% | -6.8% | -12.8% | |
| Q4 2023 | -6.1% | -17.3% | -22.8% | |
| Q3 2023 | -5.3% | -5.9% | +66.3% | |
| Q2 2023 | +1.0% | +0.0% | -12.6% | |
| Q1 2023 | -22.1% | -20.9% | -20.9% | |
| Q4 2022 | +0.0% | -7.2% | -0.8% | |
| Q3 2022 | +16.7% | +2.6% | -7.8% | |
| Q2 2022 | -5.9% | -10.7% | -18.2% | |
| Q1 2022 | -1.3% | -5.1% | +0.6% | |
| Q4 2021 | -7.6% | -7.8% | +4.8% | |
| Q3 2021 | +3.3% | -4.1% | -46.6% | |
| Q2 2021 | -15.5% | -20.6% | -29.1% | |
| Q1 2021 | +19.2% | +30.6% | -9.3% | |
| Q4 2020 | -21.7% | -27.1% | -47.2% | |
| Q3 2020 | -18.3% | -35.5% | -23.8% | |
| Q2 2020 | +5.6% | -2.5% | -5.1% | |
| Q1 2020 | -15.8% | -24.8% | -52.4% | |
| Q4 2018 | -3.5% | -9.3% | -4.6% | |
| Q4 2017 | -3.5% | -9.3% | -4.6% | |
| Q4 2019 | +14.5% | +30.7% | +67.3% | |
| Q3 2019 | — | — | — | |
| Q2 2019 | — | — | — | |
| Q1 2019 | — | — | — |
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