#Cryptocurrency #Singapore #Bitcoin Mining #Canaan Inc

Canaan Inc. Announces Q1 2026 Financial Highlights

Canaan Inc. (NASDAQ: CAN), a leading innovator in cryptocurrency mining, has recently shared its financial results for the first quarter of 2026, reporting total revenues of $62.7 million. This figure aligns well with the company's anticipated guidance, showcasing their ability to navigate a dynamic market environment.

Key Financial Metrics

During the first quarter, Canaan noted several operational achievements:

• - Product Revenue: Canaan reported $42.9 million from product sales. This figure reflects the completion of major deliveries associated with a significant order in the United States.
• - Mining Revenue: The company generated $19.1 million from its mining operations, demonstrating resilient output despite fluctuations in bitcoin prices and hash rates.
• - Bitcoin Production: Canaan successfully mined 257 bitcoins during this quarter, contributing to a treasury that reached a record high with 1,807.60 BTC and 3,951.53 ETH.
• - Mining Computing Power: The company expanded its installed computing power across various joint-mining initiatives to approximately 11 EH/s, marking a 10.7% increase sequentially.

Strategic Expansions

In addition to the financial highlights, Canaan made noteworthy strides in enhancing its energy infrastructure. The company recently secured a 49% stake in the ABC Projects located in West Texas, augmenting its operational power capacity to about 4.4 EH/s. This partnership reflects Canaan's strategy to bolster its energy-compute infrastructure, ensuring robust operational capabilities amid rising energy demands.

Furthermore, Canaan introduced its hash-to-heat initiative in the Nordic region, utilizing pioneering Avalon water-cooling technology that converts computational power into usable heating for local communities, supporting sustainable energy solutions.

Executive Insights

Canaan’s Chairman and CEO, Nangeng Zhang, commented on the first quarter's performance, stating, “Q1 2026 was a quarter of disciplined execution and strategic positioning for Canaan. Despite the volatility in bitcoin prices and operational challenges, we have maintained strong revenue generation and continued to expand our mining operations globally.”

**Jin