Mining equipment manufacturer Canaan Inc.'s third-quarter revenue fell 90% year-over-year.

Citing The Block, that on November 11, Bitcoin mining machine manufacturer Canaan Inc. reported Q3 2026 revenue of $14.5 million, down 90% from $150.5 million in the same period last year. The company stated that weakened market demand led to lower sales of computing power and declining average selling prices, dragging down mining rig revenue.

Revenue from mining rigs for the quarter was $4.8 million, a 96% year-over-year decline; the company mined 133 BTC, generating $9.5 million in mining revenue. The company posted a net profit of $8 million, compared to a net loss of $27.7 million in the same period last year; fair value gains on crypto assets and financial derivatives were $20.1 million and $31.9 million, respectively. Operating losses, meanwhile, widened from $23.9 million in the comparable period to $42.9 million.