Canaan Posts US$62.7M Q1 Revenue, 10.7% Mining Capacity Gain
Canaan delivered Q1 revenue of US$62.7M, matching guidance, while generating US$42.9M in machine sales and US$19.1M in mining revenue through the production of 257 bitcoins. Installed mining capacity rose 10.7% to 11 EH/s, and crypto holdings reached record highs of 1,807.6 BTC and 3,951.53 ETH.
1. Q1 Financial Performance
Canaan reported total revenue of US$62.7 million in Q1 2026, driven by US$42.9 million in product sales and US$19.1 million in mining revenue. General and administrative expenses declined 11% sequentially to US$15.0 million, and post-quarter customer cash collections improved liquidity by approximately US$42 million.
2. Mining Capacity and Production
Installed computing power across ten joint-mining projects reached approximately 11 EH/s, up 10.7% sequentially. Despite bitcoin price volatility and weather-related curtailments, the company produced 257 bitcoins during the quarter, demonstrating resilience in its deployment strategy.
3. Record Crypto Treasury
Canaan’s cryptocurrency treasury expanded to a record 1,807.60 BTC and 3,951.53 ETH by March 31, 2026. This milestone reflects disciplined capital allocation and continued hashrate growth, bolstering the company’s asset base during a challenging market environment.
4. Energy-Compute Infrastructure Expansion
During the quarter, Canaan acquired a 49% interest in the ABC Projects in West Texas, securing access to approximately 4.4 EH/s of operational hashrate. The Nordic hash-to-heat deployment advanced with 2 MW in operation and 8 MW planned, converting excess computing power into usable community heat.