Canaan stock falls amid losses, expands green mining

Canaan posted a Q1 net loss of $88.7M and missed revenue targets, causing shares to fall. Despite this, the company is expanding its heat-recovery Bitcoin mining project in the Nordics.

Canaan Inc. reported Q1 2026 revenue of $62.7 million, marking a 24% year-over-year decline and missing analyst expectations. The company posted an adjusted loss per ADS of -$0.86 and a net loss of $88.7 million. Adjusted EBITDA loss widened to $76.3 million. Q2 revenue guidance was set at $35–$45 million, significantly below consensus, which led to a nearly 10% drop in CAN stock. The net loss reflected operational, cryptocurrency valuation, financial derivative, and foreign exchange losses. Despite these setbacks, Canaan secured a contract to supply heat-recovery Bitcoin mining infrastructure to a Nordic district heating network. The project will use Avalon A1566HA hydro-cooled mining units to provide up to 8 MW of heating capacity, eventually serving around 2,800 homes. This initiative leverages hash-to-heat technology, converting mining heat into residential hot water and positioning Canaan as a leader in sustainable crypto mining. However, shares still declined over 7% following the Nordic project announcement.