Canaan Inc. (CAN) Earnings
Canaan Inc. is expected to report next earnings on August 13, 2026 (in NaN days), with a consensus EPS estimate of $-0.10. CAN has beaten EPS estimates in 4 of its last 12 reported quarters (average surprise -271.4% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 19, 2026 | $-0.07 | $-0.13 | -85.7% | $9M | -3.1% |
| Nov 18, 2025 | $-0.06 | $-0.05 | +16.7% | $151M | +509.6% |
| Aug 14, 2025 | $-0.13 | $-0.03 | +76.9% | $14M | -23.5% |
| May 20, 2025 | $-0.15 | $-1.79 | -1093.3% | $82 | -100.0% |
| Nov 20, 2024 | $-0.05 | $-0.27 | -440.0% | $10M | +0.7% |
| Aug 15, 2024 | $-0.30 | $-0.15 | +50.0% | $10M | -2.3% |
| May 17, 2024 | $-0.60 | $-0.16 | +73.3% | $5M | -0.1% |
| Feb 27, 2024 | $-0.30 | $-0.30 | +0.0% | $15M | +210.6% |
| Nov 28, 2023 | $-0.30 | $-0.41 | -36.7% | $5M | -17.8% |
| Aug 29, 2023 | $-0.15 | $-0.58 | -286.7% | $3M | -3.1% |
| May 26, 2023 | $-0.15 | $-0.43 | -186.7% | $8M | -8.8% |
| Mar 7, 2023 | $-0.19 | $-0.30 | -57.9% | $11M | +91.6% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 19, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Strategic Transition Progress * Canaan is shifting from a pure mining machine manufacturer to an energy plus computing infrastructure business, with a focus on long-term opportunities in AI and high performance computing (HPC) * Completed the share exchange acquisition of 49% equity in three operating, energized low-cost power mining sites in West Texas (ABC projects) without cash outlay, strengthening North American infrastructure footprint and adding Cypher as a strategic aligned shareholder * CEO and CFO purchased company ADS in the open market with personal funds to align with shareholder interests - Operational Execution * Completed final delivery and revenue recognition for a large order from a leading North American customer, ending the quarter with a lighter inventory position * Expanded the self-mining business, which generated positive cash flow even at low hash price levels, and grew the digital asset treasury to a new record high of 1,808 Bitcoins and 3,952 Ethereum * Continued R&D for the A16 series and next-generation mining products, with A16XP already launched and customer testing underway; next-generation product R&D has entered final technical validation * Reduced total operating expenses by 18% year-over-year to $31 million, streamlining the organization and focusing resources on core strategic priorities * Expanded multi-region manufacturing across China, Malaysia, and the U.S. to maintain compliance and supply chain resilience; moved Avalon Home assembly to the Malaysia facility * Grew the Avalon Home consumer product channel, adding Best Buy Canada online and Amazon; product upgrades are planned for H2 2026 * Secured an 8 MW hydro-cooled equipment order from a Nordic district heating provider, demonstrating new non-mining use cases for mining hardware with heat recovery * Expanded strategic collaboration with Tyser to provide customized high-density modules for next-generation heterogeneous computing systems - AI/HPC Strategy * The strategy is built on two core pillars: controllable, low-cost energy infrastructure, and modular, scalable high-density computing systems leveraging Canaan's existing ASIC design strengths * Blockchain mining serves as an existing cash-generating workload to validate power infrastructure, while AI/HPC provides long-term higher-value growth opportunity; flexible load management allows mining to absorb excess power and release capacity for AI/HPC when needed, creating economic and grid reliability benefits
Guidance
- Q2 2026 total revenue is guided to a range of $35 million to $45 million, representing a decrease from Q1 2026's $62.7 million, reflecting management's cautious outlook on continued weak market conditions - No changes were made to long-term strategic guidance, with management reaffirming its commitment to the energy plus computing infrastructure transition and AI/HPC opportunity - Management plans to clear remaining older-generation mining machine inventory during Q2 2026, and has pre-procured wafers to prepare for potential market recovery in H2 2026
Segment performance
Total company revenue for Q1 2026 was $62.7 million, within management's prior guidance range. 1. Mining Machine Product Segment: Generated $43 million in total product revenue, accounting for 68.5% of total company revenue. 4.1 exahash per second of computing power was sold at an average selling price of $10.5 per terahash. The Avalon Home consumer/SMB sub-segment generated $2.7 million in revenue, representing 4.3% of total company revenue and 6.3% of product revenue. Over 80% of product sales came from North American customers, up from 75% in Q4 2025. 2. Mining Business Segment: Generated $19.12 million in revenue, accounting for 30.5% of total company revenue. Produced 257 Bitcoins during the quarter. Total global installed hash rate reached 11 exahash per second, up 66% year-over-year and 11% quarter-over-quarter; 53.6% of installed hash rate is now located in North America, up from 11.5% year-over-year. The 49% equity stake in the ABC joint venture projects adds an additional 4.82 exahash per second of installed hash rate and 120 megawatts of power capacity with an average power cost below $0.03 per kilowatt-hour.
Risks & headwinds
- Industry cyclicality: Sharp drops in Bitcoin and hash prices reduced miner investment appetite, creating pricing pressure and demand weakness for mining equipment; market recovery is dependent on sustained increases in hash price - Geopolitical and macro uncertainty: Escalating conflicts in the Middle East, volatile energy prices, tightening global liquidity, and uncertain regulatory policy create ongoing market unpredictability - Semiconductor capacity competition: AI-related demand is competing for advanced wafer capacity, creating potential supply constraints for Canaan's future production - Large energy infrastructure projects have inherent pre-development uncertainty; specific details will only be disclosed after binding legal and commercial agreements are finalized - Policy changes in key consumer markets have created headwinds for the Avalon Home segment near-term
Analyst Q&A
Q: How is Canaan strategically positioned to develop power infrastructure for AI/HPC, and will it add partners or hires to support the transition? /
A: Canaan's strategy centers on building power infrastructure with current mining as an ideal flexible starting load, then leveraging that position to enter AI/HPC. The company's long-term focus is on adapting large-scale dedicated AI workloads for ASIC design, leveraging Canaan's core strengths. Canaan will work with local partners on individual projects, and the flexible load model creates clear economic value: mining can absorb excess power when AI demand is low, and release capacity when AI needs it, benefiting both the grid and computing customers.
Q: Can management provide details on the size and stage of the company's power infrastructure pipeline? /
A: Management cannot disclose specific details on site count, capacity, or development stage at this time, per compliance guidance for uncompleted large-scale projects. Management confirms that development work is progressing quickly, and the company is targeting large-scale, low-cost power sites that support both mining and AI/HPC, where Canaan can maintain project control. Details will be released once binding commercial and legal agreements are finalized.
Q: What level of hash price is needed to trigger a meaningful recovery in mining equipment demand? /
A: Management notes the current market pullback is not a typical cycle correction, and demand remains weak with hash price currently around $37 per exahash per day. A sustained hash price increase to $40-$45 per exahash per day would drive significant visible market recovery, and the market would see strong activity at $55 per exahash per day. After climbing close to $40 earlier in Q2, hash price dropped back following recent Middle East developments, so a full recovery will still take more time.
Q: What is the current status of A15 inventory and the timeline for ramping A16 production? /
A: Canaan entered this bear market with relatively light inventory after delivering the large North American order in Q4 2025 and Q1 2026. The company plans to clear remaining older-generation A15 inventory during Q2 2026. Production preparation for the A16 series is complete, and the product's strong performance is already publicly verified. Management has pre-procured wafers to be ready for potential demand recovery in H2 2026, positioning the company to respond quickly if market conditions improve.