THE BLOCK · 2026-11-10 16:02 UTC

Canaan's Q3 revenue plunges 90% to $14.5 million as bitcoin mining hardware sales slump

Canaan's overall Q3 revenue fell 90% to $14.5 million from $150.5 million a year earlier. Mining equipment revenue dropped 96% to $4.8 million, and operating loss widened to $42.9 million from $23.9 million. Net income of $8 million came from a $20.1 million crypto fair-value gain and $31.9 million in derivatives gains, which the CFO said is distinct from operating performance.

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