Canaan (CAN) Stock Falls 10% After Q1 Miss and Weak Q2 Guidance

TLDR

• Canaan reported Q1 revenue of $62.7M, missing the $64.68M consensus estimate
• Adjusted loss per ADS came in at -$0.86, far worse than the -$0.03 estimate
• Q2 revenue guidance of $35M–$45M is 59% below the analyst consensus of $98.15M
• Net loss widened to $88.7M, with adjusted EBITDA loss ballooning to $76.3M
• CAN stock fell nearly 10% in pre-market trading following the announcement

Canaan Inc. (CAN) dropped close to 10% in pre-market trading on Tuesday after the crypto mining hardware company posted a Q1 earnings miss and issued Q2 guidance that came in well below what analysts were expecting.

Canaan Inc., CAN

The company reported Q1 revenue of $62.7 million, slightly below the consensus estimate of $64.68 million. While the figure was in line with Canaan’s own prior guidance, it still marked a 24% decline year-over-year from $82.8 million in Q1 2025.

The bigger shock came on the bottom line. Canaan posted an adjusted loss per ADS of -$0.86, missing the analyst estimate of -$0.03 by $0.83.

Net loss for the quarter came in at $88.7 million, compared to $86.4 million in the same period last year. Adjusted EBITDA loss widened sharply to $76.3 million, versus a loss of $38.1 million a year ago.

Cash on hand fell to $43.5 million as of March 31, down from $80.8 million at the end of 2025. The company noted it received approximately $42 million in customer cash collections in April 2026.

Q2 Outlook Stuns Analysts

The guidance for Q2 is where things get uncomfortable. Canaan expects revenue between $35 million and $45 million. The midpoint of $40 million is 59% below the analyst consensus of $98.15 million.

The company pointed to “near-term market conditions and evolving customer dynamics” as the reason behind the cautious outlook.

Mining Operations Show Some Growth

Not everything in the report was a disappointment. Canaan produced 257 bitcoins during Q1 and grew its cryptocurrency treasury to a record 1,807.60 BTC and 3,951.53 ETH as of March 31, 2026.

Installed mining computing power across 10 joint-mining projects reached approximately 11 EH/s, up 10.7% sequentially.

During the quarter, Canaan acquired a 49% interest in ABC Projects in West Texas from Cipher Mining, adding roughly 4.4 EH/s of operational hashrate capacity.

The company also deployed hash-to-heat infrastructure in the Nordic region, with 2 MW currently operating.

Those operational moves show Canaan is pushing to build scale, even as the financial results tell a harder story.

The Q2 revenue guidance range of $35 million to $45 million remains subject to change, Canaan said, depending on market conditions.

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