Canaan Inc. reports $98M net loss as Bitcoin prices decline

Canaan Inc., one of the biggest names in Bitcoin mining hardware, just posted a quarter that makes its shareholders wish they’d invested in literally anything else. The Singapore-based company reported a net loss of $97.6 million for Q2 2026, a staggering deterioration from the $11.1 million loss it recorded in the same period last year. Revenue came in at $31.9 million, representing a 68% collapse year-over-year and a 49% drop from the previous quarter. Bitcoin’s slide from $82K to $58K left wreckage everywhere Bitcoin prices slid from roughly $82,000 to approximately $58,000 during Q2 2026, and that decline rippled through every line of Canaan’s income statement. The company also took a $25.3 million inventory write-down during the quarter, a painful acknowledgment that its stockpiled mining rigs are worth considerably less than what Canaan paid to produce them. That write-down was the primary driver behind a gross loss of $29.3 million, meaning Canaan couldn’t even cover its cost of goods sold with revenue. Self-mining operations didn’t provide much of a cushion either. Canaan mined 243 BTC during the quarter, but at depressed prices, those coins generated far less revenue than ...