New York, May 21, 2026, 11:01 EDT
- Canaan shares fell about 5.3% in late-morning Nasdaq trading, even as several bitcoin-mining peers rose.
- The company reported Q1 revenue of $62.7 million and a net loss of $88.7 million.
- Management guided Q2 revenue to $35 million-$45 million, pointing to soft near-term demand.
Canaan Inc. shares fell in New York trading on Thursday as investors weighed a wider first-quarter loss, weaker second-quarter revenue guidance and pressure in the bitcoin-mining hardware market.
The Nasdaq-listed stock was down about 5.3% at $0.4127 by late morning, after trading between $0.407 and $0.4451. Volume was about 3.8 million shares. Bitcoin was also lower, near $76,900.
The move matters because Canaan is trying to steady two linked businesses at once: selling bitcoin-mining machines and running its own mining operations. Both depend heavily on bitcoin prices, power costs and demand from miners, who tend to cut hardware spending when margins tighten.
Canaan said on May 19 that first-quarter revenue fell to $62.7 million from $196.3 million in the fourth quarter and $82.8 million a year earlier. Product revenue was $42.9 million, while mining revenue was $19.1 million.
The company posted a net loss of $88.7 million, compared with a $85.0 million loss in the previous quarter. It also recorded a $22.9 million gross loss and said inventory-related write-downs and purchase-commitment provisions totaled $24.5 million in the quarter.
Canaan Chairman and CEO Nangeng Zhang called the quarter one of “disciplined execution and strategic positioning,” while citing bitcoin volatility, weaker hashprice and higher energy costs. Hashprice is a measure of the revenue miners earn for computing power. Canaan Inc.
CFO Jin “James” Cheng said the company showed “resilient operational execution” and kept an all-in power cost of about $0.04 per kilowatt-hour across mining operations. He also said Canaan collected about $42 million in customer cash during April, after the quarter closed. Canaan Inc.
The guidance was the sharper problem for the stock. Canaan expects second-quarter revenue of $35 million to $45 million, well below Q1, and said the forecast reflects current market conditions and changing customer demand.
Canaan is also pushing deeper into energy-linked computing. On Tuesday it said it won a competitive bid to supply hash-to-heat equipment for a Nordic district heating network, using mining machines to produce usable hot water. The planned deployment is about 8 megawatts, with about 2 megawatts already operating.
The company’s April mining update showed why management is leaning into operating scale. Canaan said it mined 90 bitcoin in April, held 1,826 bitcoin and 3,952 ether at month-end, and had non-joint-venture installed hashrate of 10.97 EH/s. Hashrate is the amount of computing power used to mine bitcoin.
Peers traded better on Thursday. Marathon Digital rose about 0.9%, Riot Platforms gained about 3.7% and CleanSpark added about 1.5%, suggesting the pressure on Canaan was tied more to its own results and outlook than to a broad selloff in mining names.
Analyst sentiment was not one-way bearish, but it weakened. Rosenblatt Securities cut its price target on Canaan to $1.30 from $2.25 on Wednesday while keeping a buy rating, MarketBeat reported, citing Benzinga. Benzinga’s analyst-ratings page also showed Rosenblatt’s May 20 target cut and a BTIG buy reiteration on May 19.
The risk is that the operating reset takes longer than management expects. If bitcoin weakens, energy costs rise or miners keep delaying machine orders, Canaan’s Q2 sales target could come under strain; the company itself flagged market conditions, trade policy, tariffs, import limits and crypto regulation as risks that could change future results.
