Canaan's Q3 Revenue Falls 90% YoY, Swings to $8M Net Profit

November 10 – According to an official announcement, Bitcoin mining rig maker Canaan (Nasdaq: CAN) reported unaudited third-quarter 2026 results: total revenue of $14.5 million, down 90.37% year-over-year and 54.55% quarter-over-quarter, of which mining rig product revenue was $4.8 million and mining revenue was $9.5 million. Net profit for the quarter was $8 million, compared with a net loss of $27.7 million in the same period last year and a net loss of $97.6 million in the prior quarter. As of September 30, the company held approximately 1,875 BTC and self-mined 133 BTC during the quarter. Canaan expects fourth-quarter revenue of $18 million to $22 million and announced the launch of an initial $20 million share repurchase program under a $100 million authorization.