Canaan Technology's Q3 revenue down 90% year over year

TechFlow reported on November 11, citing The Block, that Bitcoin mining machine manufacturer Canaan Technology posted Q3 2026 revenue of $14.5 million, down 90% from $150.5 million in the same period a year earlier. The company said weaker market demand led to declines in hashrate sold and average selling price, weighing on mining machine revenue.

Mining machine revenue for the quarter was $4.8 million, down 96% year over year; the company mined 133 BTC, generating $9.5 million in mining revenue. It recorded net profit of $8 million, compared with 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 loss widened from $23.9 million in the same period last year to $42.9 million.

Source: TechFlow