Mining company Canaan reports a Q1 net loss of $88.7 million, with revenue in line with guidance

BlockBeats news, on May 19, Singapore-based Bitcoin mining machine manufacturer and mining company Canaan announced a net loss of $88.7 million in the first quarter of 2026, with revenue of $62.7 million, which is largely in line with the previously provided performance guidance range.

This net loss includes: $54.3 million operating loss, $24.9 million loss from fair value changes in cryptocurrency holdings, $16 million financial derivatives loss, and $4 million foreign exchange loss.

Among this, $42.9 million came from product sales revenue, and $19.1 million came from mining operations revenue. The company stated that the drop in revenue was mainly due to a decrease in the scale of hash rate sold and a weakening average Bitcoin price.