Demand for bitcoin mining hardware kept shrinking through the third quarter, and Canaan's Q3 2026 results show how deep the slump has gone for one of the largest rig makers. Total revenue came in at $14.5M, down from $150.5M a year earlier and $31.9M in Q2.

Mining equipment sales fell to $4.8M from $118.6M a year ago, as the company cited weaker demand, lower computing power sales and lower average selling prices.

Self-mining brought in $9.5M from 133 BTC, and Canaan held about 1,875 BTC at the end of September. The company still posted $8.0M in net income, driven by $20.1M in crypto and $31.9M in derivatives fair-value gains, while the operating loss stood at $42.9M.

Canaan is shifting toward energy infrastructure with two 1 GW power projects in Texas. It launched a $20M buyback under a $100M authorization, guided Q4 revenue at $18M to $22M, and plans a 1-for-25 reverse ADS split around December 4 to keep its Nasdaq listing compliant.