Canaan Q1 FY26 operating loss widens to US$54.3 million; revenue drops to US$62.7 million

• Canaan posted a net loss of US$88.7 million, compared with a net loss of US$85 million in the prior quarter.
• Revenue fell to US$62.7 million from US$196.3 million in the prior quarter, with product revenue at US$42.9 million and mining revenue at US$19.1 million.
• Gross profit swung to a gross loss of US$22.9 million from a gross profit of US$14.6 million in the prior quarter, while operating loss widened to US$54.3 million from US$23.6 million.
• Installed mining computing power rose to about 11 EH/s, up 10.7% sequentially, while bitcoin output totaled 257 BTC and crypto treasury reached 1,807.6 BTC and 3,951.53 ETH as of March 31.
• Outlook called for second-quarter revenue of US$35 million to US$45 million, following a 49% stake purchase in the West Texas ABC Projects and a Nordic hash-to-heat deployment with 8 MW planned and 2 MW operating.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Canaan Inc. published the original content used to generate this news brief via PR Newswire (Ref. ID: 202605190630PR_NEWS_USPR_____CN62724) on May 19, 2026, and is solely responsible for the information contained therein.