New York, May 19, 2026, 11:04 EDT
- Canaan shares dropped 13.8% to $0.4163 late in the U.S. morning session.
- The company posted first-quarter revenue of $62.7 million and recorded a net loss of $88.7 million.
- Canaan expects second-quarter revenue between $35 million and $45 million. The company also said it is launching an 8 MW Nordic heat-reuse project.
Canaan Inc. shares dropped roughly 14% Tuesday on Nasdaq. The bitcoin-mining hardware maker posted another quarterly loss and cut its revenue outlook for this quarter.
The stock last traded at $0.4163, off 13.8%. It had fallen to $0.4039 earlier in the session. More than 11.8 million shares changed hands.
Canaan is looking to prove it can do more than just sell bitcoin-mining hardware, as it pushes into mining operations and computing tied to energy. The effort comes at a time when miners are keeping spending tight and bitcoin stocks are struggling.
Canaan said first-quarter revenue dropped to $62.7 million, falling from $196.3 million in the fourth quarter and $82.8 million in last year’s first quarter. Net loss widened to $88.7 million from a $85.0 million loss in the previous quarter. The company guided for second-quarter revenue of $35 million to $45 million.
Canaan CEO Nangeng Zhang said on the call that Q1 was “a very challenging quarter,” blaming a big fall in bitcoin prices and lower hashprice. Hashprice tracks what miners make for each unit of computing power. Zhang said miners are pulling back on capital spending. MarketBeat
Canaan reported $42.9 million in product revenue and $19.1 million from mining. The company mined 257 bitcoins for the quarter. It finished March with 1,807.60 BTC and 3,951.53 ETH in its crypto treasury.
The company said it has about 11 exahashes per second of installed mining compute running through 10 joint-mining projects. An exahash is a big measure of computing power for bitcoin mining.
Canaan is moving beyond its mining rigs. The company said Tuesday it secured a bid to deliver hash-to-heat units for a Nordic district heating project, tapping excess heat from mining computers to make hot water. The setup targets around 8 megawatts, with 2 MW now running and another 6 MW ordered in March.
Zhang said the contract shows the “strength of our technology.” He added that heat reuse is built into Canaan’s system design now. The project is expected to heat about 2,800 homes, according to the company.
The broader tape gave little support. Bitcoin hovered almost flat around $76,374. Marathon Digital slipped 4.6% and Riot Platforms shed 6.2%, pointing to some pressure across publicly traded bitcoin-miners.
Tech and other risky stocks slipped in the U.S. on Tuesday, as inflation fears sent Treasury yields up again. The Nasdaq lost over 200 points in the session, according to .
Canaan CFO Jin “James” Cheng said all-in power costs stuck near 4 cents per kilowatt hour across its mining units. He said the company pulled in about $42 million from customers after the quarter closed. Cash came to $43.5 million as of March 31, falling from $80.8 million at December’s end.
Canaan still faces risks. If bitcoin stays weak, hashprice stays low, or energy gets pricier, Canaan’s machine sales could stay under pressure. Slower buying from miners is another issue. The company guided to lower Q2 sales than Q1. Management is betting on its heat-reuse plan, but it needs to show those projects turning into real earnings, not just more announced capacity.
