Mining Firm Canaan Records Q1 Net Loss of $88.7 Million, Revenue in Line with Guidance

BlockBeats News, May 19th, Bitcoin mining machine manufacturer and mining firm Canaan, headquartered in Singapore, announced a net loss of $88.7 million in the first quarter of 2026, with revenue of $62.7 million, which is in line with the company's previous performance guidance.

The net loss includes: $54.3 million in operating loss, $24.9 million in fair value loss on cryptocurrency holdings, $16 million in financial derivatives loss, and $4 million in exchange loss.

Of the total, $42.9 million came from product sales revenue, and $19.1 million came from mining business revenue. The company stated that the decline in revenue was mainly due to a decrease in sold computing power and the weakening of the average Bitcoin price.