Canaan’s Q3 revenue drops 90% to $14.5 million as hardware sales collapse

The Bitcoin mining rig maker swung to a profit on paper, but demand for its core product keeps shrinking Canaan Inc. sold Bitcoin mining machines for a living. Last quarter, it mostly mined Bitcoin instead. The Singapore-based company, listed on Nasdaq under the ticker CAN, reported total revenue of $14.5 million for the third quarter of 2026. That is a 90% drop from the $150.5 million it booked in the same quarter a year earlier. The culprit is the part of the business that gave Canaan its identity. Hardware sales came in at just $4.8 million, as weaker demand and fierce price competition squeezed the mining equipment market. Canaan released its unaudited third-quarter results on November 10.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to Crypto Briefing.