TLDR
- Canaan reported Q1 revenue of $62.7M, missing the $64.68M consensus estimate
- Adjusted loss per ADS came in at -$0.86, far worse than the -$0.03 estimate
- Q2 revenue guidance of $35M–$45M is 59% below the analyst consensus of $98.15M
- Net loss widened to $88.7M, with adjusted EBITDA loss ballooning to $76.3M
- CAN stock fell nearly 10% in pre-market trading following the announcement
Canaan Inc. (CAN) dropped close to 10% in pre-market trading on Tuesday after the crypto mining hardware company posted a Q1 earnings miss and issued Q2 guidance that came in well below what analysts were expecting.
The company reported Q1 revenue of $62.7 million, slightly below the consensus estimate of $64.68 million. While the figure was in line with Canaan’s own prior guidance, it still marked a 24% decline year-over-year from $82.8 million in Q1 2025.
The bigger shock came on the bottom line. Canaan posted an adjusted loss per ADS of -$0.86, missing the analyst estimate of -$0.03 by $0.83.
$CAN | Canaan Inc., Q1-2026 Earning Report pic.twitter.com/YCjhkUCVRB
— Hardik Shah (@AIStockSavvy) May 19, 2026
Net loss for the quarter came in at $88.7 million, compared to $86.4 million in the same period last year. Adjusted EBITDA loss widened sharply to $76.3 million, versus a loss of $38.1 million a year ago.
Cash on hand fell to $43.5 million as of March 31, down from $80.8 million at the end of 2025. The company noted it received approximately $42 million in customer cash collections in April 2026.
Q2 Outlook Stuns Analysts
The guidance for Q2 is where things get uncomfortable. Canaan expects revenue between $35 million and $45 million. The midpoint of $40 million is 59% below the analyst consensus of $98.15 million.
The company pointed to “near-term market conditions and evolving customer dynamics” as the reason behind the cautious outlook.
CEO Nangeng Zhang acknowledged the tough operating environment. “Despite bitcoin price volatility, compressed hashprice conditions, elevated energy costs, and weather-related disruptions in North America, we delivered total revenue of $62.7 million, which was in line with our guidance,” he said.
Mining Operations Show Some Growth
Not everything in the report was a disappointment. Canaan produced 257 bitcoins during Q1 and grew its cryptocurrency treasury to a record 1,807.60 BTC and 3,951.53 ETH as of March 31, 2026.
Installed mining computing power across 10 joint-mining projects reached approximately 11 EH/s, up 10.7% sequentially.
During the quarter, Canaan acquired a 49% interest in ABC Projects in West Texas from Cipher Mining, adding roughly 4.4 EH/s of operational hashrate capacity.
The company also deployed hash-to-heat infrastructure in the Nordic region, with 2 MW currently operating.
Those operational moves show Canaan is pushing to build scale, even as the financial results tell a harder story.
The Q2 revenue guidance range of $35 million to $45 million remains subject to change, Canaan said, depending on market conditions.
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