Canaan (NASDAQ:CAN) Announces Quarterly Earnings Results

Canaan (NASDAQ:CAN) posted its quarterly earnings results on Tuesday. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.06), FiscalAI reports. Canaan had a negative net margin of 41.71% and a negative return on equity of 55.90%. The company had revenue of $62.69 million during the quarter, compared to the consensus estimate of $9.50 million. During the same period last year, the firm posted ($0.02) earnings per share.

Here are the key takeaways from Canaan’s conference call:

• Canaan reported Q1 2026 revenue of about $63 million, in line with guidance, but results were pressured by weak Bitcoin prices, low hash rates, and cautious miner spending.
• The company posted a gross loss of $23 million, driven primarily by a $25 million non-cash inventory write-down, and an adjusted EBITDA loss of $76 million, reflecting the difficult mining environment and digital asset revaluation.
• Canaan continued to expand its mining footprint, ending the quarter with 11 EH/s installed hash rate and citing positive cash contribution from mining even in a weak market. Management also highlighted a larger digital asset treasury, with 1,808 BTC and 3,952 ETH on hand.
• The company completed the ABC Projects acquisition, obtaining a 49% interest in energized North American mining assets with power costs below $0.03/kWh. Management framed this as a key step in its broader energy-plus-computing infrastructure strategy and a foundation for future AI/HPC opportunities.
• Management gave a cautious outlook for Q2 2026 revenue of $35 million to $45 million, saying miners remain conservative and that Bitcoin/hash price recovery has been only limited so far. Older inventory will also be cleared in Q2, underscoring ongoing pricing pressure.

Canaan Stock Up 4.6%

Canaan stock opened at $0.44 on Thursday. Canaan has a fifty-two week low of $0.39 and a fifty-two week high of $2.22. The stock has a market cap of $312.27 million, a PE ratio of -1.28 and a beta of 2.65. The firm’s 50-day simple moving average is $0.48 and its 200 day simple moving average is $0.67. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.93 and a current ratio of 3.31.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Canaan stock. Goldman Sachs Group Inc. raised its position in shares of Canaan Inc. Sponsored ADR (NASDAQ:CAN) by 52.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 587,451 shares of the company’s stock after purchasing an additional 200,869 shares during the quarter. Goldman Sachs Group Inc. owned 0.21% of Canaan worth $516,000 as of its most recent SEC filing. Institutional investors and hedge funds own 70.14% of the company’s stock.

Analyst Upgrades and Downgrades

CAN has been the subject of a number of analyst reports. Benchmark reduced their price objective on shares of Canaan from $4.00 to $2.00 and set a “buy” rating for the company in a report on Wednesday, February 11th. BTIG Research reiterated a “buy” rating and set a $3.00 price objective on shares of Canaan in a report on Tuesday. Weiss Ratings cut shares of Canaan from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday. Wall Street Zen upgraded shares of Canaan to a “sell” rating in a report on Saturday, April 18th. Finally, Rosenblatt Securities reduced their price objective on shares of Canaan from $2.25 to $1.30 and set a “buy” rating for the company in a report on Wednesday. Six investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $2.01.

About Canaan

Canaan Inc is a China-based technology company specializing in the design and manufacture of high-performance computing hardware for the digital currency and blockchain industry. The company’s core business revolves around application-specific integrated circuit (ASIC) miners, which are purpose-built machines optimized for cryptocurrency mining. By focusing on energy efficiency and processing power, Canaan’s mining rigs aim to deliver competitive hash rates while managing power consumption in large-scale operations.

The flagship product line, known as AvalonMiner, encompasses a range of models tailored to different scales of mining activity, from small-scale hobbyist setups to industrial farms.