Income nonetheless fell from US$31.9 million within the previous quarter. Mining gear gross sales contributed US$4.8 million, down from US$13.6 million sequentially and US$118.6 million a yr earlier. Canaan attributed the decline to weaker demand, decrease computing energy gross sales and decrease common promoting costs. Gear bought represented 1.0 million TH/s.
Bitcoin mining income totaled US$9.5 million, in contrast with US$17.7 million within the second quarter and US$30.6 million a yr earlier. Canaan attributed the sequential decline primarily to decrease energized computing energy. Manufacturing reached 133 $BTC.
The working enterprise remained loss-making. Gross loss narrowed to US$8.6 million from US$29.3 million sequentially, whereas working loss decreased to US$42.9 million from US$69.5 million. Stock-related write-downs and provisions fell to US$8.2 million from US$25.3 million.
The detailed monetary statements recorded cryptocurrency fair-value features of US$20.1 million and derivatives fair-value features of US$31.9 million. Chief Monetary Officer Jin “James” Cheng distinguished non-cash valuation features from working efficiency.
Canaan’s Q3 2026 outcomes additionally confirmed roughly 10 EH/s of put in non-JV mining capability, with an all-in energy price close to US$0.043/kWh. Cheng put mining gross margin earlier than depreciation at roughly 30%.
The crypto treasury held roughly 1,875 $BTC on September 30, 2026. Canaan’s 49% stake in Challenge ABC, which had 4.87 EH/s put in, generated greater than US$1.2 million in money distributions to the corporate.
Texas energy tasks advance alongside infrastructure spending
Canaan’s 1 GW Duval County undertaking in Texas obtained conditional “Studied Load – Agency” classification by way of ERCOT’s Batch Zero course of. The corporate described the classification as a grid-connection milestone.
A separate 1 GW undertaking in Zapata County, Texas, remained in early improvement, with preparations below approach for grid-connection research. Chairman and Chief Government Officer Nangeng Zhang framed the tasks as a part of Canaan’s shift towards vitality and computing infrastructure, alongside its mining {hardware} and Bitcoin operations.
In that quarter, Canaan pledged US$50 million in restricted money as collateral backing a letter of credit score tied to long-term infrastructure-related preparations. It additionally made roughly US$3.3 million in undertaking prepayments. In October 2026, the corporate accomplished a U.S. power-related land buy for about US$1.1 million.
Buyback authorization and December ADS change
Canaan launched an preliminary US$20 million share repurchase program below a US$100 million authorization accepted by its board on November 6, 2026. The broader authorization covers a 12-month interval starting that date.
Zhang stated Canaan was selectively monetizing cryptocurrency holdings to finance repurchases whereas retaining its long-term digital-asset holding technique. Money and restricted money totaled US$72.8 million on the quarter’s finish.
The corporate forecast fourth-quarter income of US$18 million to US$22 million. It additionally plans a 1-for-25 reverse ADS cut up round December 4, 2026, altering every ADS from representing 15 Class A abnormal shares to 375. The acknowledged aims are Nasdaq minimum-bid-price compliance and doubtlessly broader institutional participation; proportional possession stays unchanged other than fractional-ADS changes.
Article produced with the help of synthetic intelligence and reviewed by the editorial workforce.
