Canaan’s Q1 results were dragged down by a $25 million inventory write-down and a 75% quarterly drop in equipment sales as Bitcoin prices retreated from their highs.
Bitcoin miner Canaan reported a net loss of $88.7 million for the first quarter of 2026, as falling Bitcoin (BTC) prices squeezed margins and triggered a significant inventory write-down.
The company posted total revenue of $62.7 million for the quarter ending March 31, a sharp decline from the $196.3 million it recorded in the previous quarter, according to a Tuesday press release.
Industrial mining equipment remained the company’s primary revenue driver at $39.6 million, though sales tumbled 75% from the prior quarter. Self-mining contributed $19.1 million, while the home mining segment brought in $2.7 million, a category that more than doubled year-on-year.
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