THE COMPANY THAT BUILDS THE MINERS JUST GUIDED REVENUE TO $11 MILLION — CANAAN’S HARDWARE SALES FELL 81% AND IT SOLD ITS ETHER TO BUY BACK ITS OWN STOCK
The company that makes the machines is the one telling you demand fell off a cliff.
Canaan makes the Avalon machines that mine bitcoin. When it files, you are reading demand for mining itself. This quarter it read like a cliff.
Total sales came in at $31.9 million. A year ago it was $100.2 million. The machine business — actual miners sold — did most of the falling: $13.6 million against $71.9 million a year back, down about 81%. Canaan says why in its own words: buyers pulled back as the bitcoin price fell and the machines stopped paying for themselves. The loss was $97.6 million for the three months.
Then the part that tells you how the room feels. In late August the company sold its ether — all 3,952 coins — and 54 of its bitcoin, raised about $13.9 million, and put some of it into buying back its own shares. A hardware maker selling its coins to hold up its stock is not a company that expects next quarter to save it.
And it does not. Management guided next quarter’s sales to $11 to $15 million, from $31.9 million this one. That is the company telling you, on its own page, that the slide is not over.
The machines are a business. The coins they cut are the hardest money. This quarter the business broke and the money did not. That is the whole lesson, on one earnings release.
At the time of this writing, bitcoin was $78,722 (Crypto.com, 11:47 AM ET, Sep 8).
Total sales came in at $31.9 million. A year ago it was $100.2 million. The machine business — actual miners sold — did most of the falling: $13.6 million against $71.9 million a year back, down about 81%. Canaan says why in its own words: buyers pulled back as the bitcoin price fell and the machines stopped paying for themselves. The loss was $97.6 million for the three months.
Then the part that tells you how the room feels. In late August the company sold its ether — all 3,952 coins — and 54 of its bitcoin, raised about $13.9 million, and put some of it into buying back its own shares. A hardware maker selling its coins to hold up its stock is not a company that expects next quarter to save it.
And it does not. Management guided next quarter’s sales to $11 to $15 million, from $31.9 million this one. That is the company telling you, on its own page, that the slide is not over.
The machines are a business. The coins they cut are the hardest money. This quarter the business broke and the money did not. That is the whole lesson, on one earnings release.
At the time of this writing, bitcoin was $78,722 (Crypto.com, 11:47 AM ET, Sep 8).
KEY RECEIPTS
Total revenues Q2 2026: US$31.9M, vs $62.7M in Q1 and $100.2M a year earlier. (Canaan Inc. Q2 2026 results, PR Newswire, Sep 8.)
Products (mining-hardware) revenue $13.6M, vs $42.9M in Q1 and $71.9M a year earlier — down about 81% year over year. Mining revenue $17.7M.
Gross loss $29.3M (vs a small gross profit a year ago). Net loss $97.6M, vs $88.7M in Q1 and $11.1M a year earlier. Loss $0.13 per ADS.
Bitcoin mined in Q2: 243 BTC. Crypto treasury 1,915.50 BTC and, before late August, 3,951.70 ETH. All-in power cost about $0.043/kWh.
Late August: sold 3,952 ETH and 54 BTC for about $13.9M, part used for buybacks. Repurchased about 16.4M ADSs for $7.4M to date (program authorizes up to $30M through Dec 2026). Cash $66.0M as of Jun 30.
Q3 2026 guidance: total revenues of US$11M to US$15M.
Not a CEBE story: Canaan is a miner, not a treasury cap-structure name, so no mNAV/CEBE figure applies here.
Products (mining-hardware) revenue $13.6M, vs $42.9M in Q1 and $71.9M a year earlier — down about 81% year over year. Mining revenue $17.7M.
Gross loss $29.3M (vs a small gross profit a year ago). Net loss $97.6M, vs $88.7M in Q1 and $11.1M a year earlier. Loss $0.13 per ADS.
Bitcoin mined in Q2: 243 BTC. Crypto treasury 1,915.50 BTC and, before late August, 3,951.70 ETH. All-in power cost about $0.043/kWh.
Late August: sold 3,952 ETH and 54 BTC for about $13.9M, part used for buybacks. Repurchased about 16.4M ADSs for $7.4M to date (program authorizes up to $30M through Dec 2026). Cash $66.0M as of Jun 30.
Q3 2026 guidance: total revenues of US$11M to US$15M.
Not a CEBE story: Canaan is a miner, not a treasury cap-structure name, so no mNAV/CEBE figure applies here.
THE MACHINES STOPPED SELLING. THE COMPANY SOLD ITS COINS TO BUY ITSELF.
Canaan Inc. Q2 2026 results (primary) · Tue Sep 8 · PR Newswire
Terms in this story: mNAV multiple