Bitcoin mining hardware maker Canaan reported third-quarter revenue of $14.5 million on 10 November 2026, down 90% from $150.5 million in the same quarter a year earlier. Sales of mining machines collapsed to $4.8 million from $118.6 million, as the company sold 1.0 million terahashes per second of computing power amid weak demand and intense pricing competition. Mining revenue also fell, to $9.5 million from $30.6 million, after Canaan mined 133 bitcoin during the quarter, down from 267 a year earlier.

Paper profit from crypto gains

Despite the revenue collapse, Canaan posted GAAP net income of $8.0 million, against a $27.7 million loss a year earlier. The profit came from a $51.9 million fair-value gain on its cryptocurrency holdings and financial derivatives, as bitcoin prices recovered towards the end of the quarter, rather than from its core business. The company recorded a gross loss of $8.6 million and an operating loss of $42.9 million, wider than the $23.9 million loss a year earlier. Adjusted EBITDA was $22.4 million, and Canaan held about 1,875 bitcoin in its treasury at the end of September, according to The Block.

Texas power projects and buyback

Canaan said its 1 gigawatt power project in Duval County, Texas, received a conditional “Studied Load – Firm” classification under the ERCOT grid operator's Batch Zero process, while a second 1 gigawatt project in Zapata County remains at an early stage. The company also announced a new $20 million share repurchase programme under a $100 million board authorisation approved on 6 November. For the fourth quarter, Canaan expects revenue of $18 million to $22 million. Chief executive Nangeng Zhang said demand for bitcoin mining equipment remained weak, and the company is increasingly looking to energy infrastructure alongside its hardware business, according to PR Newswire via Morningstar.