Canaan Q3 revenue falls to $14.5M as profit returns
A planned 1-for-25 ADS consolidation is expected on or about December 4, 2026, as Canaan seeks to regain Nasdaq bid-price compliance.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Canaan Inc. reported Q3 2026 revenue of US$14.5 million, versus US$31.9 million in Q2 2026 and US$150.5 million in Q3 2025. GAAP net income was US$8.0 million, compared with a US$27.7 million loss a year earlier; non-GAAP adjusted EBITDA was US$22.4 million versus US$2.8 million. Fair-value gains were US$20.1 million on cryptocurrency and US$31.9 million on financial derivatives.
As of September 30, 2026, Canaan held 1,875.5 BTC and cash and restricted cash of US$72.8 million; US$50 million of restricted cash served as collateral for a letter of credit supporting infrastructure contracts. Its 1 GW Duval County project received a conditional “Studied Load – Firm” classification under ERCOT’s Batch Zero process, while a second 1 GW project in Zapata County is in early-stage development. Canaan launched an initial share repurchase program of up to US$20 million under a board authorization of up to US$100 million for 12 months from November 6, 2026. It plans a 1-for-25 reverse ADS split effective on or about December 4, 2026, and expects Q4 revenue of US$18 million to US$22 million, subject to change.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointGAAP net income: US$8.0 million, versus a Q3 2025 loss of US$27.7 million.
- Moderate pointAdjusted EBITDA: US$22.4 million, versus US$2.8 million in Q3 2025.
Negative
- Major pointOperating loss: US$42.9 million, versus US$23.9 million in Q3 2025.
- Moderate pointQ3 revenue: US$14.5 million, versus US$150.5 million in Q3 2025.
Filing Explained
Q3’s eight-million-dollar net income coexisted with an operating loss; the planned ADS change leaves ordinary shares unchanged, while fractional ADS entitlements are sold for cash.
For the third quarter, Canaan reported net income of
Separately, Canaan plans to change its ADS ratio on or about
Key Figures
Key Terms
Studied Load – Firm regulatory
ERCOT’s Batch Zero process technical
non-GAAP adjusted EBITDA financial
Cryptocurrency receivable financial
Stock Split
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were CAN's Q3 2026 revenue and net income?
When will CAN change its ADS ratio, and what will the new ratio be?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the month of November 2026
Commission File Number: 001-39127
Canaan Inc.
28 Ayer Rajah Crescent
#06-08
Singapore 139959
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
EXPLANATORY NOTE
Exhibit 99.1 to this Form 6-K is hereby incorporated by reference into the Company’s Registration Statement on Form F-3 (File No. 333-285125).
EXHIBITS
| Exhibit No. | Description |
| Exhibit 99.1 | Canaan Inc. Reports Unaudited Third Quarter 2026 Financial Results |
| Exhibit 99.2 | Canaan Inc. Announces Plan to Implement ADS Ratio Change |
| Exhibit 99.3 | Canaan Inc. Announces New US$20 Million Share Repurchase Program Under US$100 Million Board Authorization |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Canaan Inc. | ||
| By: |
/s/ Nangeng Zhang | |
| Name: | Nangeng Zhang | |
| Title: | Chairman and Chief Executive Officer | |
Date: November 10, 2026
Exhibit 99.1
Canaan Inc. Reports Unaudited Third Quarter 2026 Financial Results
Received conditional “Studied Load – Firm” classification under ERCOT’s Batch Zero process for 1 GW Duval County power project
Advanced second 1 GW Texas power project, expanding development pipeline
Held 1,875 BTC in cryptocurrency treasury1at quarter-end
Reported GAAP net income of US$8.0 million and non-GAAP adjusted EBITDA of US$22.4 million
Announced new US$20 million share repurchase program under US$100 million board authorization
Singapore, November 10, 2026 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Company”), an innovator in compute and energy infrastructure, today announced its unaudited financial results for the three months ended September 30, 2026.
Third Quarter 2026 and Recent Operating and Financial Highlights
| Metrics | Q3
2026 / Recent Developments |
Key Takeaways |
| Total revenue | US$14.5 million | Near the upper end of revenue guidance |
| BTC produced | 133 BTC | Continued bitcoin production amid challenging mining conditions |
| Crypto treasury | Approximately 1,875 BTC as of September 30 | Long-term holdings with flexible capital allocation |
| Installed mining computing power (Non-JV) | Approximately 10 EH/s | Maintained installed mining capacity |
| All-in power cost | Approximately US$0.043/kWh | Competitive electricity cost base |
| Project ABC | 49% interest; 4.87 EH/s installed hashrate | Generated over US$1.2 million in cash distributions to Canaan |
| Duval County power project | 1 GW; conditional “Studied Load – Firm” classification under ERCOT Batch Zero | Achieved key grid connection milestone |
| Zapata County power project | Additional 1 GW project in early-stage development | Expanded large-scale power development pipeline |
| New Share Repurchase Program | Initial US$20 million program under US$100 million Board authorization | Reinforces commitment to shareholder value while preserving capital allocation flexibility |
Nangeng Zhang, chairman, and chief executive officer of Canaan, commented, “Despite continued weakness in bitcoin mining equipment demand and intense industry pricing competition, we delivered US$14.5 million in Q3 revenue, near the upper end of our guidance range. Mining equipment sales contributed US$4.8 million, with 1.0 million TH/s of computing power sold, while our mining operations generated US$9.5 million and produced 133 bitcoins. As of September 30, 2026, our crypto treasury stood at approximately 1,875 BTC. We maintained our long-term digital asset holding strategy while adopting a more flexible capital allocation approach, selectively monetizing cryptocurrency holdings to fund share repurchases and enhance shareholder value.
Note 1: Defined as the total number of bitcoins and other cryptocurrencies owned by the Company on its Balance Sheet, including any bitcoins receivable, excluding bitcoins that the Company has received as customer deposits.
“More importantly, we made tangible progress in our transformation toward energy and computing infrastructure. Our 1 GW large-load project in Duval County, Texas, received a conditional Studied Load – Firm classification under ERCOT’s Batch Zero process, marking a meaningful milestone in the grid connection process, subject to further studies and approvals. We are also advancing another 1 GW power resource project in Zapata County, Texas, which is currently in early-stage development and preparation for grid connection studies. Together, these projects reflect our growing power resource pipeline and our ability to capitalize on large-scale energy infrastructure opportunities in North America.
“Looking ahead, we remain focused on two complementary priorities: expanding our access to cost-advantaged power resources for mining and compute infrastructure, while maintaining our core mining hardware technology and bitcoin mining capabilities through disciplined, commercially driven investment. We will align future R&D, production, and mining investments with market demand and project economics, while pursuing capital-efficient partnerships in infrastructure development. Drawing on our experience in mining operations and flexible power management, we are also exploring energy-reuse applications with potential efficiency and environmental benefits. We believe these efforts position Canaan to pursue emerging opportunities at the intersection of computing and energy, with capital discipline and long-term value creation guiding our decisions.”
Jin “James” Cheng, chief financial officer of Canaan, stated, “Our Q3 performance reflected financial discipline and operational agility in a challenging market. Despite continued pricing pressure from the industry’s supply-demand imbalance, we met our revenue expectations while maintaining lean inventory and carefully managing expenditures. By aligning production with actual orders and managing existing stock, we limited inventory-related non-cash write-downs to approximately US$8.2 million, down from US$25.3 million in Q2. Our mining operations achieved a gross margin of approximately 30% before depreciation, supported by competitive electricity costs and operating efficiency. Meanwhile, the recovery in bitcoin prices toward quarter-end generated a US$51.9 million fair value gain on our cryptocurrency holdings, contributing to GAAP net income of US$8.0 million. We recognize that this non-cash gain is distinct from underlying operating performance.
“We also took concrete financial steps to support the meaningful progress in our power infrastructure development. During Q3, we provided US$50 million in restricted cash as collateral for a letter of credit supporting certain long-term infrastructure-related contractual arrangements, alongside project prepayments of approximately US$3.3 million. In October, we completed an approximately US$1.1 million power-related land purchase in the United States. These investments reflect our transition from early-stage resource evaluation toward tangible project development, while we continue to carefully manage capital commitments and project risks.
“Looking ahead, we will maintain a disciplined approach to operating expenses, R&D spending, and capital allocation. Our priority is to support Canaan’s strategic transformation through capital-efficient development models and partnerships, while balancing liquidity needs, investments with attractive long-term economics, and shareholder returns. Our new US$20 million share repurchase program, launched under the Board’s US$100 million authorization approved on November 6, 2026, reflects our confidence in Canaan’s strategic transformation and long-term prospects, as well as our commitment to enhancing shareholder value while maintaining financial flexibility.”
Third Quarter 2026 Financial Results
Total revenues in the third quarter of 2026 were US$14.5 million, compared to US$31.9 million in the second quarter of 2026 and US$150.5 million in the same period of 2025. Total revenues consisted of US$4.8 million in products revenue, US$9.5 million in mining revenue, and US$0.3 million in other revenues.
Products revenue in the third quarter of 2026 was US$4.8 million, compared to US$13.6 million in the second quarter of 2026 and US$118.6 million in the same period of 2025. The sequential and year-over-year decreases were mainly due to the decreased computing power sold and average selling price, resulting from the weaker overall market demand.
Mining revenue in the third quarter of 2026 was US$9.5 million, compared to US$17.7 million in the second quarter of 2026 and US$30.6 million in the same period of 2025. The sequential decrease was mainly due to the decrease in the energized computing power. The year-over-year decrease was mainly due to the decrease in the average bitcoin price and energized computing power.
Cost of revenues in the third quarter of 2026 was US$23.2 million, compared to US$61.2 million in the second quarter of 2026 and US$133.9 million in the same period of 2025.
Products costs in the third quarter of 2026 were US$13.6 million, compared to US$40.3 million in the second quarter of 2026 and US$98.7 million in the same period of 2025. The sequential and year-over-year decreases were consistent with the decrease in computing power sold. The inventory write-down, prepayment write-down, and provision for reserve for inventory purchase commitments accrued for this quarter were US$8.2 million, compared to the inventory write-down, prepayment write-down, and provision for reserve for inventory purchase commitments amounting to US$25.3 million for the second quarter of 2026 and the inventory write-down of US$1.3 million for the same period of 2025. Products costs consist of direct production costs of mining machines, and indirect costs related to production, as well as inventory write-down, prepayment write-down, and provision for reserve for inventory purchase commitments.
Mining costs in the third quarter of 2026 were US$9.3 million, compared to US$20.4 million in the second quarter of 2026 and US$34.1 million in the same period of 2025. Mining costs herein consist of direct production costs of mining operations, including electricity and hosting, as well as depreciation of deployed mining machines. The sequential and year-over-year decreases were mainly due to the decreased energized computing power. The depreciation in this quarter for deployed mining machines was US$2.7 million, compared to US$6.3 million in the second quarter of 2026 and US$11.8 million in the same period of 2025.
Gross loss in the third quarter of 2026 was US$8.6 million, compared to a gross loss of US$29.3 million in the second quarter of 2026 and a gross profit of US$16.6 million in the same period of 2025.
Total operating expenses in the third quarter of 2026 were US$34.2 million, compared to US$40.1 million in the second quarter of 2026 and US$40.5 million in the same period of 2025.
Research and development expenses in the third quarter of 2026 were US$13.1 million, compared to US$14.9 million in the second quarter of 2026 and US$16.3 million in the same period of 2025. The sequential decrease was mainly due to a decrease of US$1.6 million in staff costs. The year-over-year decrease was mainly due to a decrease of US$5.5 million in staff costs, partially offset by an increase of US$3.5 million in research and development expenditure. Research and development expenses in the third quarter of 2026 also included share-based compensation expenses of US$0.5 million.
Sales and marketing expenses in the third quarter of 2026 were US$1.9 million, compared to US$1.9 million in the second quarter of 2026 and US$5.1 million in the same period of 2025. Sales and marketing expenses remained stable sequentially. The year-over-year decrease was mainly attributable to a decrease of US$2.9 million in staff costs. Sales and marketing expenses in the third quarter of 2026 also included share-based compensation expenses of US$47 thousand.
General and administrative expenses in the third quarter of 2026 were US$14.1 million, compared to US$15.1 million in the second quarter of 2026 and US$17.9 million in the same period of 2025. The sequential decrease was mainly due to a decrease of US$2.8 million in credit loss expenses, partially offset by an increase of US$1.2 million in professional service fees and an increase of US$0.5 million in staff costs. The year-over-year decrease was mainly due to a decrease of US$2.4 million in staff costs and a decrease of US$1.2 million in professional service fees. General and administrative expenses in the third quarter of 2026 also included share-based compensation expenses of US$3.8 million.
Impairment on property, equipment and software in the third quarter of 2026 was US$5.7 million, compared to US$9.2 million in the second quarter of 2026 and US$1.2 million in the same period of 2025.
Loss from operations in the third quarter of 2026 was US$42.9 million, compared to US$69.5 million in the second quarter of 2026 and US$23.9 million in the same period of 2025.
Change in fair value of cryptocurrency and Change in fair value of financial derivatives in the third quarter of 2026 were a gain of US$20.1 million and a gain of US$31.9 million, respectively, compared to a loss of US$9.3 million and a loss of US$8.9 million in the second quarter of 2026, and a gain of US$1.7 million and a gain of US$3.9 million in the third quarter of 2025, respectively. The gains were mainly due to the increased bitcoin price on September 30, 2026, compared to the bitcoin price on June 30, 2026.
Foreign exchange losses, net in the third quarter of 2026 were US$2.0 million, compared to US$3.0 million in the second quarter of 2026 and US$1.8 million in the same period of 2025, respectively.
Income (loss) before income tax expense in the third quarter of 2026 was an income of US$6.4 million, compared to a loss of US$92.2 million in the second quarter of 2026 and a loss of US$27.2 million in the same period of 2025.
Equity in gains (losses) of equity investees in the third quarter of 2026 was a gain of US$1.6 million, compared to a loss of US$4.1 million in the second quarter of 2026 and nil in the same period of 2025.
Net income (loss) in the third quarter of 2026 was an income of US$8.0 million, compared to a loss of US$97.6 million in the second quarter of 2026 and a loss of US$27.7 million in the same period of 2025.
Non-GAAP adjusted EBITDA in the third quarter of 2026 was a gain of US$22.4 million, as compared to a loss of US$74.9 million in the second quarter of 2026 and a gain of US$2.8 million in the same period of 2025. For further information, please refer to "Use of Non-GAAP Financial Measures" in this press release.
Foreign currency translation adjustment, net of nil tax, in the third quarter of 2026 was a gain of US$2.2 million, compared to a gain of US$3.8 million in the second quarter of 2026 and a loss of US$0.6 million in the same period of 2025, respectively.
Basic and diluted net income per American depositary share (“ADS”) in the third quarter of 2026 was US$0.01. In comparison, basic and diluted net loss per ADS in the second quarter of 2026 was US$0.13, while basic and diluted net loss per ADS in the same period of 2025 was US$0.05. Each ADS represents 15 of the Company's Class A ordinary shares.
As of September 30, 2026, the Company held Cryptocurrency assets with a fair value of US$43.7 million and Cryptocurrency receivable with an aggregate fair value of US$114.2 million, respectively. Cryptocurrency assets primarily consist of 517.5 bitcoins owned by the Company. Cryptocurrency receivable consists of 1,258 bitcoins pledged for secured term loans and 100 bitcoins transferred to a fixed-term product. The classification of cryptocurrency receivable as current assets is consistent with the corresponding secured term loans. As of September 30, 2026, the Company held a total of 1,875.5 bitcoins.
As of September 30, 2026, the Company had cash and restricted cash of US$72.8 million in aggregate, compared to US$80.8 million as of December 31, 2025.
Investment in equity investees as of September 30, 2026, was US$11.9 million.
ADSs Outstanding
As of September 30, 2026, the Company had a total of 690,594,191 ADSs outstanding, each representing 15 of the Company’s Class A ordinary shares.
Recent Developments
Land Acquisition to Support Power Infrastructure Development
In October 2026, the Company completed the acquisition of a parcel of land in the United States for approximately US$1.1 million. This acquisition represents a significant step in advancing Canaan’s long-term power and compute infrastructure strategy, laying the groundwork for potential future development. The Company will continue to evaluate development opportunities based on power availability, project economics, and applicable regulatory requirements.
New US$20 Million Share Repurchase Program Under US$100 Million Board Authorization
On November 6, 2026, the Company’s board of directors approved a new share repurchase authorization of up to US$100 million over a 12-month period from November 6, 2026. Under this authorization, the Company is launching an initial share repurchase program of up to US$20 million of its outstanding ADSs or Class A ordinary shares, while retaining the flexibility to pursue additional repurchases within the overall authorized amount.
Management believes that Canaan’s current market valuation does not fully reflect its long-term potential and views share repurchases as an important capital allocation priority. As additional funds become available, the Company intends to pursue share repurchases more actively, while ensuring sufficient liquidity for ongoing operations and committed projects. Repurchases may be made from time to time through open-market transactions, privately negotiated transactions or other legally permissible means, subject to market conditions, applicable regulatory requirements and the Company’s capital allocation priorities. The program reflects management’s confidence in Canaan’s strategic transformation and long-term prospects, as well as its commitment to disciplined capital allocation and enhancing shareholder value.
Planned ADS Ratio Change
The Company plans to implement a change in the ratio of its ADSs to Class A ordinary shares from one ADS representing 15 Class A ordinary shares to one ADS representing 375 Class A ordinary shares, equivalent to a 1-for-25 reverse ADS split, under which every 25 existing ADSs would be consolidated into one new ADS. The Company anticipates that the change in the ADS ratio will be effective on or about December 4, 2026 (U.S. Eastern Time) (the “Effective Date”).
The proposed adjustment is intended to support the Company’s efforts to regain compliance with Nasdaq’s minimum bid price requirement and potentially broaden its institutional investor base by addressing certain share price-related investment restrictions. The change would not affect the Company’s underlying ordinary shares outstanding or shareholders’ proportional ownership interests, except for adjustments related to fractional ADSs. Further implementation details will be announced in due course.
Business Outlook
For the fourth quarter of 2026, the Company expects total revenues to be in the range of US$18 million to US$22 million, reflecting the near-term market conditions and evolving customer dynamics, which are subject to change.
The Company will continue to closely monitor the global policy environment and market developments, and may revise or update its outlook as appropriate, based on future clarity and business visibility.
Conference Call Information
The Company’s management team will hold a conference call at 8:00 A.M. U.S. Eastern Time on November 10, 2026 (or 9:00 P.M. Singapore Time on the same day) to discuss the financial results. Details for the conference call are as follows:
| Event Title: | Canaan Inc. Third Quarter 2026 Earnings Conference Call |
| Registration Link: | https://register-conf.media-server.com/register/BI3786c71c17e04a02bfe9acd7b5c61636 |
All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers and a unique access PIN, which can be used to join the conference call.
A live and archived webcast of the conference call will be available at the Company’s investor relations website at investor.canaan-creative.com.
About Canaan Inc.
Established in 2013, Canaan Inc. (NASDAQ: CAN) is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan has extensive experience in chip design and streamlined production in the ASIC field. In 2013, Canaan’s founding team shipped to its customers the world's first batch of mining machines incorporating ASIC technology under the brand name Avalon. In 2019, Canaan completed its initial public offering on the Nasdaq Global Market. To learn more about Canaan, please visit https://www.canaan.io/.
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Canaan Inc.'s strategic and operational plans, contain forward-looking statements. Canaan Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC") on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Canaan Inc.'s beliefs and expectations, such as expectations with regard to revenue or mining hash rate deployment, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, the ability of the Company to execute against its goals, financial condition and results of operations; the expected growth of the bitcoin industry and the price of bitcoin; the Company's expectations regarding demand for and market acceptance of its products, especially its bitcoin mining machines; the Company's expectations regarding maintaining and strengthening its relationships with production partners and customers; the Company's investment plans and strategies, fluctuations in the Company's quarterly operating results; competition in its industry; changing macroeconomic and geopolitical conditions, including evolving international trade policies and the implementation of increased tariffs, import restrictions, and retaliatory trade actions; and relevant government policies and regulations relating to the Company and cryptocurrency. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Use of Non-GAAP Financial Measures
In evaluating Canaan's business, the Company uses non-GAAP measures, such as adjusted EBITDA, as supplemental measures to review and assess its operating performance. The Company defines adjusted EBITDA as net loss excluding income tax (benefit) expenses, interest income, interest expense, depreciation and amortization expenses, share-based compensation expenses, impairment on property, equipment and software, change in fair value of financial instruments other than derivatives and excess of fair value of convertible preferred shares. The Company believes that the non-GAAP financial measures provide useful information about the Company's results of operations, enhance the overall understanding of the Company's past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making.
The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools and investors should not consider them in isolation, or as a substitute for net loss, cash flows provided by operating activities or other consolidated statements of operations and cash flows data prepared in accordance with U.S. GAAP. One of the key limitations of using adjusted EBITDA is that it does not reflect all of the items of income and expense that affect the Company's operations. Further, the non-GAAP financial measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company's performance.
Investor Relations Contact
Canaan Inc.
Xi Zhang
Email: IR@canaan-creative.com
Christensen Advisory
Christian Arnell
Email: canaan@christensencomms.com
Media Contact
BlocksBridge Consulting
Jesse Colzani
Email: canaan@blocksbridge.com
CANAAN INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(all amounts in thousands, except share and per share data, or as otherwise noted)
| As of December 31, | As of September 30, | |||||||
| 2025 | 2026 | |||||||
| USD | USD | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash | 80,778 | 22,806 | ||||||
| Restricted cash | - | 50,000 | ||||||
| Accounts receivable, net | 19,290 | 948 | ||||||
| Inventories | 180,816 | 119,101 | ||||||
| Prepayments and other current assets | 99,243 | 82,139 | ||||||
| Cryptocurrency receivable, current | 52,699 | 97,384 | ||||||
| Held-for-sale assets, current | 464 | 695 | ||||||
| Total current assets | 433,290 | 373,073 | ||||||
| Non-current assets: | ||||||||
| Cryptocurrency | 83,339 | 43,700 | ||||||
| Cryptocurrency receivable, non-current | 35,133 | 16,819 | ||||||
| Investment in equity investees | - | 11,865 | ||||||
| Property, equipment and software, net | 44,028 | 16,195 | ||||||
| Intangible asset | 689 | 530 | ||||||
| Operating lease right-of-use assets | 2,880 | 1,673 | ||||||
| Deferred tax assets | 191 | 200 | ||||||
| Other non-current assets | 489 | 3,840 | ||||||
| Non-current financial investment | 2,845 | 1,000 | ||||||
| Total non-current assets | 169,594 | 95,822 | ||||||
| Total assets | 602,884 | 468,895 | ||||||
| LIABILITIES, AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities | ||||||||
| Current portion of long-term loans | 28,515 | 60,125 | ||||||
| Accounts payable | 25,600 | 17,616 | ||||||
| Contract liabilities | 9,317 | 6,128 | ||||||
| Income tax payable | 11,403 | 12,210 | ||||||
| Accrued liabilities and other current liabilities | 54,548 | 52,021 | ||||||
| Operating lease liabilities, current | 1,706 | 1,025 | ||||||
| Total current liabilities | 131,089 | 149,125 | ||||||
| Non-current liabilities: | ||||||||
| Long-term loans | 23,731 | 8,266 | ||||||
| Operating lease liabilities, non-current | 948 | 316 | ||||||
| Deferred tax liability | 117 | 90 | ||||||
| Other non-current liabilities | 9,631 | 9,665 | ||||||
| Total liabilities | 165,516 | 167,462 | ||||||
| Shareholders’ equity: | ||||||||
| Class A Ordinary shares (US$0.00000005 par value; 999,643,050,556 authorized, 10,431,482,973 and 11,237,922,873 shares issued, 9,703,445,043 and 10,414,125,134 shares outstanding as of December 31, 2025 and September 30, 2026, respectively) | 1 | 1 | ||||||
| Class B Ordinary shares (US$0.00000005 par value; 356,624,444 shares authorized, 311,624,444 shares issued and 311,624,444 outstanding as of December 31, 2025 and September 30, 2026) | - | - | ||||||
| Treasury stocks (US$0.00000005 par value; 366,981,615 and 485,684,854 shares as of December 31, 2025 and September 30, 2026, respectively) | (37,172 | ) | (22,481 | ) | ||||
| Additional paid-in capital | 1,177,057 | 1,193,572 | ||||||
| Statutory reserves | 14,892 | 14,892 | ||||||
| Accumulated other comprehensive loss | (56,653 | ) | (45,399 | ) | ||||
| Accumulated deficit | (660,757 | ) | (839,152 | ) | ||||
| Total shareholders’ equity | 437,368 | 301,433 | ||||||
| Total liabilities and shareholders’ equity | 602,884 | 468,895 | ||||||
CANAAN INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(all amounts in thousands of USD, except share and per share data, or as otherwise noted)
| For the Three Months Ended | ||||||||||||
| September 30, 2025 | June 30, 2026 | September 30, 2026 | ||||||||||
| USD | USD | USD | ||||||||||
| Revenues | ||||||||||||
| Products revenue | 118,609 | 13,630 | 4,817 | |||||||||
| Mining revenue | 30,552 | 17,657 | 9,465 | |||||||||
| Other revenues | 1,315 | 575 | 261 | |||||||||
| Total revenues | 150,476 | 31,862 | 14,543 | |||||||||
| Cost of revenues | ||||||||||||
| Product cost | (98,740 | ) | (40,277 | ) | (13,551 | ) | ||||||
| Mining cost | (34,064 | ) | (20,388 | ) | (9,330 | ) | ||||||
| Other cost | (1,049 | ) | (530 | ) | (290 | ) | ||||||
| Total cost of revenues | (133,853 | ) | (61,195 | ) | (23,171 | ) | ||||||
| Gross profit (loss) | 16,623 | (29,333 | ) | (8,628 | ) | |||||||
| Operating expenses: | ||||||||||||
| Research and development expenses | (16,336 | ) | (14,865 | ) | (13,073 | ) | ||||||
| Sales and marketing expenses | (5,074 | ) | (1,909 | ) | (1,850 | ) | ||||||
| General and administrative expenses | (17,929 | ) | (15,080 | ) | (14,137 | ) | ||||||
| Impairment on property and equipment | (1,194 | ) | (9,220 | ) | (5,723 | ) | ||||||
| Gain on disposal of property, equipment and software | - | 950 | 535 | |||||||||
| Total operating expenses | (40,533 | ) | (40,124 | ) | (34,248 | ) | ||||||
| Loss from operations | (23,910 | ) | (69,457 | ) | (42,876 | ) | ||||||
| Interest expense, net | (309 | ) | (492 | ) | (740 | ) | ||||||
| Change in fair value of cryptocurrency | 1,717 | (9,298 | ) | 20,084 | ||||||||
| Change in fair value of financial instruments other than derivatives | (9,458 | ) | - | - | ||||||||
| Change in fair value of financial derivatives | 3,941 | (8,908 | ) | 31,854 | ||||||||
| Foreign exchange losses, net | (1,808 | ) | (3,040 | ) | (2,005 | ) | ||||||
| Other income (loss), net | 2,579 | (1,002 | ) | 97 | ||||||||
| Income (loss) before income tax expenses | (27,248 | ) | (92,197 | ) | 6,414 | |||||||
| Income tax expense | (495 | ) | (1,263 | ) | (92 | ) | ||||||
| Equity in gains (losses) of equity investees | - | (4,147 | ) | 1,638 | ||||||||
| Net income (loss) | (27,743 | ) | (97,607 | ) | 7,960 | |||||||
| Foreign currency translation adjustment, net of nil tax | (649 | ) | 3,839 | 2,233 | ||||||||
| Total comprehensive income (loss) | (28,392 | ) | (93,768 | ) | 10,193 | |||||||
| Weighted average number of shares used in per share calculation: | ||||||||||||
| — Basic | 7,787,752,699 | 10,847,269,108 | 10,801,503,207 | |||||||||
| — Diluted | 7,787,752,699 | 10,847,269,108 | 10,801,503,207 | |||||||||
| Net income (loss) per share (cent per share) | ||||||||||||
| — Basic | (0.36 | ) | (0.90 | ) | 0.07 | |||||||
| — Diluted | (0.36 | ) | (0.90 | ) | 0.07 | |||||||
| Share-based compensation expenses were included in: | ||||||||||||
| Cost of revenues | 91 | 86 | 58 | |||||||||
| Research and development expenses | 975 | 620 | 470 | |||||||||
| Sales and marketing expenses | 67 | 29 | 47 | |||||||||
| General and administrative expenses | 3,999 | 3,808 | 3,770 | |||||||||
The table below sets forth a reconciliation of net loss to non-GAAP adjusted EBITDA for the period indicated:
| For the Three Months Ended | ||||||||||||
| September 30, 2025 | June 30, 2026 | September 30, 2026 | ||||||||||
| USD | USD | USD | ||||||||||
| Net income (loss) | (27,743 | ) | (97,607 | ) | 7,960 | |||||||
| Income tax expense | 495 | 1,263 | 92 | |||||||||
| Interest expense, net | 309 | 492 | 740 | |||||||||
| EBIT | (26,939 | ) | (95,852 | ) | 8,792 | |||||||
| Depreciation and amortization expenses | 13,965 | 7,193 | 3,585 | |||||||||
| EBITDA | (12,974 | ) | (88,659 | ) | 12,377 | |||||||
| Share-based compensation expenses | 5,132 | 4,543 | 4,345 | |||||||||
| Impairment on property, equipment and software | 1,194 | 9,220 | 5,723 | |||||||||
| Change in fair value of financial instruments other than derivatives | 9,458 | - | - | |||||||||
| Non-GAAP adjusted EBITDA | 2,810 | (74,896 | ) | 22,445 | ||||||||
Exhibit 99.2
Canaan Inc. Announces Plan to Implement ADS Ratio Change
SINGAPORE, November 10, 2026 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Company”), an innovator in compute and energy infrastructure, today announced that it plans to change the ratio of its American depositary shares (“ADSs”) to its Class A ordinary shares from the current ratio of one ADS representing 15 Class A ordinary shares to a new ratio of one ADS representing 375 Class A ordinary shares (the “ADS Ratio Change”), effective on or about December 4, 2026, U.S. Eastern Time (the “Effective Date”).
For the Company’s ADS holders, the ADS Ratio Change will have the same effect as a 1-for-25 reverse split of the ADSs. Upon the Effective Date, ADS holders will exchange every 25 existing ADSs for one new ADS. JPMorgan Chase Bank, N.A., as the depositary bank for the Company’s ADS program, will arrange for the exchange. The Company’s ADSs will continue to trade on the Nasdaq Capital Market under the ticker symbol “CAN.”
No fractional new ADSs will be issued in connection with the ADS Ratio Change. Instead, fractional entitlements to new ADSs will be aggregated and sold by the depositary bank, and the net cash proceeds from the sale, after deduction of applicable fees, taxes and expenses, will be distributed to the applicable ADS holders. The ADS Ratio Change is intended to enable the Company to regain compliance with the Nasdaq minimum bid price requirement. It will have no impact on the Company’s underlying Class A ordinary shares or its business operations, financial conditions, and no ordinary shares will be issued or canceled in connection with the ADS Ratio Change.
As a result of the ADS Ratio Change, the trading price of the Company’s ADSs is expected to increase proportionately upon the effectiveness of the ADS Ratio Change, although the Company can give no assurance that the ADS trading price following the ADS Ratio Change will equal or exceed 25 times the trading price prior to the change.
About Canaan Inc.
Established in 2013, Canaan Inc. (NASDAQ: CAN) is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan has extensive experience in chip design and streamlined production in the ASIC field. In 2013, Canaan’s founding team shipped to its customers the world's first batch of mining machines incorporating ASIC technology under the brand name Avalon. In 2019, Canaan completed its initial public offering on the Nasdaq Global Market. To learn more about Canaan, please visit https://www.canaan.io/.
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Canaan Inc.'s strategic and operational plans, contain forward-looking statements. Canaan Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC") on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Canaan Inc.'s beliefs and expectations, such as expectations with regard to revenue or mining hash rate deployment, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, the ability of the Company to execute against its goals, financial condition and results of operations; the expected growth of the bitcoin industry and the price of bitcoin; the Company's expectations regarding demand for and market acceptance of its products, especially its bitcoin mining machines; the Company's expectations regarding maintaining and strengthening its relationships with production partners and customers; the Company's investment plans and strategies, fluctuations in the Company's quarterly operating results; competition in its industry; changing macroeconomic and geopolitical conditions, including evolving international trade policies and the implementation of increased tariffs, import restrictions, and retaliatory trade actions; and relevant government policies and regulations relating to the Company and cryptocurrency. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Investor Relations Contact
Canaan Inc.
Xi Zhang
Email: IR@canaan-creative.com
Christensen Advisory
Christian Arnell
Email: canaan@christensencomms.com
Media Contact
BlocksBridge Consulting
Jesse Colzani
Email: canaan@blocksbridge.com
Exhibit 99.3
Canaan Inc. Announces New US$20 Million Share Repurchase Program Under US$100 Million Board Authorization
New authorization reflects confidence in the Company's strategic transformation and long-term prospects
SINGAPORE, Nov. 10, 2026 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Company”), an innovator in compute and energy infrastructure, today announced the launch of an initial share repurchase program of up to US$20 million under a broader US$100 million share repurchase authorization approved by its board of directors (the “Board”). The overall authorization is valid for a 12-month period beginning November 6, 2026, upon the Board’s approval, providing the Company with flexibility to consider additional repurchases within the authorized limit.
Nangeng Zhang, chairman and chief executive officer of Canaan, commented, “The recent progress of our 1 GW Duval County project under ERCOT’s Batch Zero process, together with our additional 1 GW power project pipeline in Zapata County, Texas, reinforces our confidence in Canaan’s transformation toward energy and computing infrastructure and our long-term prospects. This new share repurchase program reflects our belief that our shares are trading at levels that materially undervalue the strength of our business model and long-term growth potential. We view share repurchases as an important capital allocation priority. As additional funds become available, we intend to pursue repurchases more actively while maintaining sufficient liquidity for ongoing operations and committed projects. This new program underscores our commitment to disciplined capital allocation and enhancing shareholder value.”
Under the share repurchase program, the Company may repurchase its ADSs and/or Class A ordinary shares through open market transactions at prevailing market prices, privately negotiated transactions, block trades, or any combination thereof. Canaan will execute the repurchase transactions in compliance with the Securities Exchange Act of 1934, as amended, and its insider trading policy. The number of ADSs and/or Class A ordinary shares repurchased and the timing of repurchases will depend on a number of factors, including, but not limited to, price, trading volume, and general market conditions, along with Canaan’s working capital requirements and general business conditions. The Company’s Board or its management will review the share repurchase program periodically and may authorize an adjustment of its terms and size as appropriate. The Company plans to fund the repurchases with cash on hand and other available sources of liquidity.
About Canaan Inc.
Established in 2013, Canaan Inc. (NASDAQ: CAN) is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan has extensive experience in chip design and streamlined production in the ASIC field. In 2013, Canaan's founding team shipped to its customers the world's first batch of mining machines incorporating ASIC technology under the brand name Avalon. In 2019, Canaan completed its initial public offering on the Nasdaq Global Market. To learn more about Canaan, please visit https://www.canaan.io/.
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Canaan Inc.'s strategic and operational plans, contain forward-looking statements. Canaan Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC") on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Canaan Inc.'s beliefs and expectations, such as expectations with regard to revenue or mining hash rate deployment, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, the ability of the Company to execute against its goals, financial condition and results of operations; the expected growth of the bitcoin industry and the price of bitcoin; the Company's expectations regarding demand for and market acceptance of its products, especially its bitcoin mining machines; the Company's expectations regarding maintaining and strengthening its relationships with production partners and customers; the Company's investment plans and strategies, fluctuations in the Company's quarterly operating results; competition in its industry; changing macroeconomic and geopolitical conditions, including evolving international trade policies and the implementation of increased tariffs, import restrictions, and retaliatory trade actions; and relevant government policies and regulations relating to the Company and cryptocurrency. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Investor Relations Contact
Canaan Inc.
Xi Zhang
Email: IR@canaan-creative.com
Christensen Advisory
Christian Arnell
Email: canaan@christensencomms.com
Media Contact
BlocksBridge Consulting
Jesse Colzani
Email: canaan@blocksbridge.com