Canaan Inc. posted Q2 2026 revenue of $31.9 million, a 49% decline from the prior quarter and a 68% plunge from the $100.2 million it reported in the same period last year. The culprit is straightforward: Bitcoin fell from roughly $82,000 to $58,000 during the quarter, and when mining becomes less profitable, fewer people buy mining rigs.
The NASDAQ-listed company reported a net loss of $97.6 million for the quarter, compounded by a gross loss of $29.3 million that included a $25.3 million inventory write-down. Its non-GAAP adjusted EBITDA loss came in at $74.9 million.
The numbers behind the pain
The $25.3 million inventory write-down is particularly telling. When a hardware manufacturer marks down its inventory that aggressively, it’s acknowledging that equipment sitting in warehouses is worth meaningfully less than what it cost to produce.
Canaan expects Q3 2026 revenue to land between $11 million and $15 million. That range, if realized, would represent another 50%-plus sequential decline.
