Canaan's Q3 Revenue Plunges 90% to $14.5M

Canaan (NASDAQ: CAN), a maker of bitcoin-mining ASICs, reported unaudited third-quarter 2026 results on November 10. Revenue fell 90% to $14.5 million from $150.5 million a year earlier, while net income came in at $8.0 million thanks to non-cash revaluation gains.

Details

According to the company's filing with the SEC, mining-equipment revenue was $4.8 million and the company's own mining brought in $9.5 million. Canaan mined 133 BTC and held 1,875 BTC on September 30. CEO Nangeng Zhang said the result landed near the upper end of guidance and pointed to the company's shift toward energy and computing infrastructure. The Q2 report had guided Q3 revenue to of $11⁠–⁠15 million.

The Block reports that equipment revenue dropped 96% from $118.6 million on lower computing power sold and weaker selling prices amid reduced demand. The profit, against a $27.7 million loss a year earlier, reflects $20.1 million in crypto fair-value gains and $31.9 million in derivative gains tied to September's bitcoin rally; the operating loss was $42.9 million. Of the 1,875 BTC, 1,258 BTC are pledged as loan collateral. The board also approved a $20 million share buyback within a $100 million authorization.

What this means for the market

A 90% drop in ASIC sales shows miners are buying very little new hardware: with bitcoin weak and competition rising, they are delaying spending or repurposing sites for AI workloads. A similar pivot shows up at MARA and Bitdeer.

Canaan itself acknowledges that the quarter's profit is separate from underlying operations. For the live bitcoin price see the daily brief and the Bitcoin page. This is not investment advice.