Canaan (NASDAQ:CAN) Posts Earnings Results, Misses Expectations By $0.06 EPS

Canaan (NASDAQ:CAN) issued its earnings results on Tuesday. The company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.06), FiscalAI reports. The company had revenue of $62.69 million for the quarter, compared to analysts’ expectations of $9.50 million. Canaan had a negative net margin of 41.71% and a negative return on equity of 55.90%. During the same period in the prior year, the firm posted ($0.02) earnings per share.

Here are the key takeaways from Canaan’s conference call:

• Canaan reported Q1 2026 revenue of about $63 million, in line with guidance, but results were pressured by weak Bitcoin prices, low hash rates, and cautious miner spending.
• The company posted a gross loss of $23 million, driven primarily by a $25 million non-cash inventory write-down, and an adjusted EBITDA loss of $76 million, reflecting the difficult mining environment and digital asset revaluation.
• Canaan continued to expand its mining footprint, ending the quarter with 11 EH/s installed hash rate and citing positive cash contribution from mining even in a weak market. Management also highlighted a larger digital asset treasury, with 1,808 BTC and 3,952 ETH on hand.
• The company completed the ABC Projects acquisition, obtaining a 49% interest in energized North American mining assets with power costs below $0.03/kWh. Management framed this as a key step in its broader energy-plus-computing infrastructure strategy and a foundation for future AI/HPC opportunities.
• Management gave a cautious outlook for Q2 2026 revenue of $35 million to $45 million, saying miners remain conservative and that Bitcoin/hash price recovery has been only limited so far. Older inventory will also be cleared in Q2, underscoring ongoing pricing pressure.

Canaan Stock Performance

CAN opened at $0.44 on Thursday. Canaan has a 52-week low of $0.39 and a 52-week high of $2.22. The company has a quick ratio of 1.93, a current ratio of 3.31 and a debt-to-equity ratio of 0.06. The company has a market cap of $312.27 million, a P/E ratio of -1.28 and a beta of 2.65. The firm’s 50-day moving average price is $0.48 and its 200-day moving average price is $0.67.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Wall Street Zen raised shares of Canaan to a “sell” rating in a research note on Saturday, April 18th. Weiss Ratings lowered shares of Canaan from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday. HC Wainwright reissued a “buy” rating and set a $1.50 target price on shares of Canaan in a research note on Wednesday, February 11th. BTIG Research reaffirmed a “buy” rating and issued a $3.00 price objective on shares of Canaan in a research note on Tuesday. Finally, Benchmark lowered their price objective on shares of Canaan from $4.00 to $2.00 and set a “buy” rating for the company in a research note on Wednesday, February 11th. Six investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Canaan currently has a consensus rating of “Moderate Buy” and a consensus target price of $2.01.

Hedge Funds Weigh In On Canaan

An institutional investor recently bought a new position in Canaan stock. Virtu Financial LLC acquired a new stake in shares of Canaan Inc. Sponsored ADR (NASDAQ:CAN) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 66,219 shares of the company’s stock, valued at approximately $46,000. Institutional investors and hedge funds own 70.14% of the company’s stock.

Canaan Company Profile

Canaan Inc is a China-based technology company specializing in the design and manufacture of high-performance computing hardware for the digital currency and blockchain industry. The company’s core business revolves around application-specific integrated circuit (ASIC) miners, which are purpose-built machines optimized for cryptocurrency mining. By focusing on energy efficiency and processing power, Canaan’s mining rigs aim to deliver competitive hash rates while managing power consumption in large-scale operations.

The flagship product line, known as AvalonMiner, encompasses a range of models tailored to different scales of mining activity, from small-scale hobbyist setups to industrial farms.