Canaan Inc. (NASDAQ:CAN) released unaudited financial results for the three months ended September 30, 2026, disclosing total revenues of US$14.5 million, a 1,875 BTC cryptocurrency treasury, and a conditional grid connection classification for its 1 GW Duval County, Texas power project.

Key Highlights

  • Total revenue: US$14.5 million for Q3 2026, described by the company as near the upper end of its guidance range, compared to US$31.9 million in Q2 2026 and US$150.5 million in Q3 2025.
  • Revenue breakdown: Products revenue of US$4.8 million, mining revenue of US$9.5 million, and other revenues of US$0.3 million, according to the filing.
  • Cryptocurrency treasury: Approximately 1,875 BTC held as of September 30, 2026, with 133 BTC produced during the quarter.
  • ERCOT milestone: The 1 GW Duval County, Texas large-load project received a conditional "Studied Load - Firm" classification under ERCOT's Batch Zero process, described as "subject to further studies and approvals."
  • Second Texas project: A 1 GW power resource project in Zapata County, Texas is in early-stage development and preparation for grid connection studies, the filing states.
  • Share repurchase program: A new US$20 million repurchase program was launched under a US$100 million board authorization approved on November 6, 2026.
  • Gross loss: Gross loss in Q3 2026 was US$8.6 million, compared to a gross loss of US$29.3 million in Q2 2026 and gross profit of US$16.6 million in Q3 2025.

Canaan's Q3 2026 Results: Mining Pressure, Power Infrastructure Progress

According to the filing, Canaan Inc. is described as "an innovator in compute and energy infrastructure," with its revenue generated from mining hardware sales, bitcoin mining operations, and other services. The company disclosed that products revenue fell to US$4.8 million in Q3 2026 from US$13.6 million in Q2 2026 and US$118.6 million in Q3 2025, citing "decreased computing power sold and average selling price, resulting from the weaker overall market demand." Mining revenue was US$9.5 million, down from US$17.7 million in Q2 2026, primarily attributed to a decrease in energized computing power.

Cost of revenues in Q3 2026 totaled US$23.2 million, with products costs of US$13.6 million that included US$8.2 million in inventory write-downs, prepayment write-downs, and provisions for inventory purchase commitments - reduced from US$25.3 million recorded in Q2 2026. Mining costs were US$9.3 million, which the filing states include electricity, hosting, and depreciation of deployed mining machines totaling US$2.7 million for the quarter. The company disclosed its installed mining computing power (non-JV) was approximately 10 EH/s, with an all-in power cost of approximately US$0.043/kWh. Total operating expenses were US$34.2 million, including research and development expenses of US$13.1 million.

On the infrastructure side, Canaan's chief financial officer stated in the filing that the company provided US$50 million in restricted cash as collateral for a letter of credit supporting "certain long-term infrastructure-related contractual arrangements," alongside project prepayments of approximately US$3.3 million during Q3. In October, the company completed an approximately US$1.1 million power-related land purchase in the United States. The filing also disclosed that the recovery in bitcoin prices toward quarter-end generated a US$51.9 million fair value gain on cryptocurrency holdings, contributing to GAAP net income of US$8.0 million, though the CFO noted that "this non-cash gain is distinct from underlying operating performance." Additionally, the company's Project ABC joint venture, in which Canaan holds a 49% interest with 4.87 EH/s installed hashrate, generated over US$1.2 million in cash distributions to Canaan during the period.

What Was Disclosed

Canaan filed unaudited Q3 2026 results showing US$14.5 million in total revenues, a gross loss of US$8.6 million, approximately 1,875 BTC in cryptocurrency treasury holdings, a conditional ERCOT grid classification for its 1 GW Texas project, and a new US$20 million share repurchase program.