Bitcoin · Cointelegraph
Bitcoin miner Canaan posts $88.7 million net loss in Q1 amid BTC decline
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Canaan’s Q1 results were dragged down by a $25 million inventory write-down and a 75% quarterly drop in equipment sales as Bitcoin prices retreated from their highs.
Key facts
- Canaan shares closed down 3.54% at $0.4827 on Monday, shedding a further 7.71% in pre-market trading to $0.4455, according to Yahoo Finance
- A $25 million inventory write-down weighed on the quarter’s gross loss of $23 million, while loss from operations reached $54.3 million
- The company posted total revenue of $62.7 million for the quarter ending March 31, a sharp decline from the $196.3 million it recorded in the previous quarter, according to a Tuesday press release
- In the quarter, Canaan also completed the acquisition of Cipher Mining’s 49% stake in three West Texas joint venture projects totaling roughly 4.4 EH/s in hashrate capacity and 120 megawatts of power
Summary
Bitcoin miner Canaan reported a net loss of $88.7 million for the first quarter of 2026, as falling Bitcoin (BTC) prices squeezed margins and triggered a significant inventory write-down. The company posted total revenue of $62.7 million for the quarter ending March 31, a sharp decline from the $196.3 million it recorded in the previous quarter, according to a Tuesday press release. Industrial mining equipment remained the company’s primary revenue driver at $39.6 million, though sales tumbled 75% from the prior quarter. “Although average Bitcoin prices and hashprice declined significantly quarter-over-quarter, our bitcoin production experienced a comparatively smaller decrease, reflecting the resilience of our mining operations and continued hashrate deployment,” Jin (James) Cheng, chief financial officer of Canaan, said.