Canaan Inc. reported second-quarter income of $31.9 million on Sept. 8, down from $62.7 million within the previous quarter and $100.2 million a yr earlier. The Bitcoin-mining tools maker additionally posted a $97.6 million internet loss as weaker machine demand, decrease bitcoin costs and non-cash costs weighed on the interval.
The corporate’s unaudited monetary outcomes cowl the three months ended June 30. Product income was $13.6 million and mining income was $17.7 million, whereas different income contributed $600,000. Canaan attributed the product decline to decrease computing energy bought and a diminished common promoting worth.
Gross loss reached $29.3 million
Canaan recorded $61.2 million in value of income, practically twice its reported gross sales, producing a $29.3 million gross loss. The consequence in contrast with a $22.9 million gross loss within the first quarter and a small gross revenue in the identical interval of 2025.
Prices included a $25.3 million stock and prepayment write-down plus provisions tied to stock buy commitments. Canaan additionally acknowledged a $9.2 million impairment on property, tools and software program. Its loss from operations reached $69.5 million, whereas cryptocurrency and financial-derivative fair-value adjustments generated separate losses of $9.3 million and $8.9 million.
Canaan mined 243 bitcoin in the course of the quarter
The corporate stated its mining operations produced 243 $BTC within the quarter. At June 30, it reported 1,915.5 $BTC in complete, together with 698.5 $BTC categorized as cryptocurrency belongings and 1,217 $BTC recorded as receivables as a result of the cash have been pledged for secured loans or transferred to a fixed-term product.
Canaan beforehand launched its Avalon A15 {hardware} as a part of its mining-machine lineup. BlockchainReporter coated the Avalon A1566 mannequin and its effectivity specs when the sequence launched. Within the newest outcomes, administration stated it continued optimizing A16 merchandise whereas making ready extra home-mining tools for mass manufacturing.
Treasury gross sales helped fund share repurchases
After the quarter ended, Canaan bought 3,952 ETH and 54 $BTC in late August, producing roughly $13.9 million in money. The corporate stated a part of these proceeds supported share repurchases. By Sept. 8, it had purchased again about 16.4 million American depositary shares for $7.4 million below its current program.
The corporate characterised these asset gross sales as capital allocation reasonably than a change to its long-term digital-asset technique. For the third quarter, Canaan forecast income of $11 million to $15 million, whereas cautioning that the outlook will depend on near-term market situations and buyer demand.
