Canaan Posts $62.7M in Q1 Revenue as Mining Footprint Expands to 11 EH/s

Canaan (NASDAQ: CAN)’s first-quarter revenue fell by 24% year-over-year as weaker bitcoin prices and compressed mining economics weighed on equipment demand.

The Singapore-based company reported $62.7 million in revenue for the three months ended March 31, down 68% from $196.3 million in the fourth quarter and 24% from a year earlier. The figure was in line with Canaan’s prior guidance, the company said.

The results highlight the pressure facing mining hardware suppliers after a difficult start to 2026 for the Bitcoin mining sector. Canaan Chairman and Chief Executive Officer Nangeng Zhang cited macroeconomic tightening, geopolitical tensions, bitcoin price volatility and compressed hashprice conditions as factors that weighed on market demand and profitability. He also pointed to seasonal softness, higher energy prices and severe winter storms in North America as operational headwinds across the industry.

Product revenue, Canaan’s largest segment, fell to $42.9 million from $164.5 million in the fourth quarter and $58.2 million a year earlier. The company attributed the sequential decline to lower computing power sold and a lower average selling price as bitcoin’s price decline tightened overall market demand. Canaan sold 4.1 million terahashes per second of computing power in the quarter while completing final deliveries under what it described as a landmark order from a major US mining customer.

Mining revenue also declined, falling to $19.1 million from $30.4 million in the fourth quarter and $24.3 million a year earlier. Canaan mined 252 bitcoins in the quarter at an average revenue of $75,854 per bitcoin. The company said the decrease in mining revenue was mainly due to lower average bitcoin prices, partially offset by an increase in energized mining computing power.

Canaan’s mining footprint continued to grow even as revenue softened. Installed computing power across its 10 joint-mining projects reached about 11 EH/s as of March 31, up 10.7% sequentially. The company said its all-in power cost across mining operations was about $0.04 per kWh.

Canaan ended the quarter with $43.5 million in cash, down from $80.8 million at the end of 2025. Accounts receivable rose to $51.6 million from $19.3 million, which Canaan said was mainly due to installment terms offered to some major customers. CFO Jin “James” Cheng said the company subsequently received about $42 million in customer cash collections during the second quarter.

Canaan’s crypto holdings expanded during the quarter. The company said its cryptocurrency treasury reached 1,807.6 BTC and 3,951.53 ETH by the end of March. Separately, its balance sheet showed total bitcoin holdings of 1,871.0 BTC, including bitcoin classified as cryptocurrency receivable because 905 BTC had been pledged for secured term loans and 100 BTC had been transferred to a fixed-term product.