Canaan reported $14.5 million in third-quarter 2026 revenue in its November 10 earnings release, down from $150.5 million a year earlier. Products revenue fell from $118.6 million to $4.8 million; Canaan attributed the decline to lower computing power sold and weaker prices.
Canaan also reported $8 million in net income despite a $42.9 million operating loss. Its tables list gains from cryptocurrency revaluation and financial derivatives, so the net income does not by itself show that its operations were profitable. The company announced an initial $20 million share-repurchase program under a $100 million board authorization, not completed purchases of those amounts.
A September operating update issued October 15 said Canaan had sold 3,952 ETH and 54.5 BTC for approximately $13.9 million. Those were previously disclosed sales, not new November transactions.
