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Crypto mining hardware manufacturer <a href="https://www.thestreet.com/crypto/business/nasdaq-sends-delisting-threat-to-another-crypto-firm" rel="noopener noreferrer nofollow">Canaan</a>&nbsp;(Nasdaq: CAN) <a href="https://www.prnewswire.com/news-releases/canaan-inc-reports-unaudited-second-quarter-2026-financial-results-302872107.html" rel="noopener noreferrer nofollow">reported</a> unaudited financial results for the second quarter of 2026 on Sep. 8.
The company generated a revenue of&nbsp;$31.9 million in Q2 2026,&nbsp;compared to $62.7 million in Q1 2026&nbsp;and $100.2 million in Q2 2025. The latest revenue figure represents a 68% decline&nbsp;year-over-year (YoY).
Products revenue in Q2 2026 was $13.6 million, compared to $42.9 million in Q1 2026 and&nbsp;$71.9 million in Q2 2025. The latest figure&nbsp;represents an 81% decline YoY.&nbsp;
Crypto mining revenue in Q2 2026 stood at&nbsp;$17.7 million,&nbsp;compared to $19.1 million in Q1 2026 and&nbsp;$28.1 million in Q2 2025.&nbsp;The latest figure represents a 37% decline YoY.
<a href="https://www.thestreet.com/crypto/explained/what-is-bitcoin-mining-explained" rel="noopener noreferrer nofollow">Related: What is Bitcoin mining? Explained</a>
The company attributed the decline in product and mining revenue to the decrease in the average Bitcoin price.
Gross loss in Q2 2026 was $29.3 million, compared with a gross loss of $22.9 million in Q1 2026. In Q2 2025, the company reported a gross profit of $9.3 million.
Canaan chairman and CEO Nangeng Zhang called the last quarter a "difficult period" for <a href="https://www.thestreet.com/crypto/tag/bitcoin-mining" rel="noopener noreferrer nofollow">Bitcoin mining</a> because low prices, weaker mining economics, and seasonal power constraints put pressure on equipment demand and profitability.
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<h2 id="canaan-reaches-record-bitcoin-and-ether-treasury">Canaan reaches record Bitcoin and Ether treasury</h2>
The company mined&nbsp;243 Bitcoin in Q2 2025. Though the company&nbsp;held&nbsp;a record&nbsp;1,915.5 Bitcoin&nbsp;and 3,952 Ether&nbsp;as of June 30, it sold&nbsp;54 Bitcoin in late August for&nbsp;approximately $13.9 million in cash, a portion of which it used for share repurchases. As of Sep. 8, the company had repurchased approximately 16.4 million ADSs for $7.4 million.
The recent sale of a portion of its Bitcoin holdings doesn't&nbsp;represent a change in its long-term digital asset strategy, Canaan said.
The CAN stock was trading flat at $0.32 at the time of writing.
<a href="https://www.thestreet.com/crypto/explained/what-is-sustainable-bitcoin-mining" rel="noopener noreferrer nofollow">Related: Explained: What is sustainable Bitcoin mining?</a>

Canaan revenue craters 68% as Bitcoin holdings hit record

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