TechFlow News, May 19: Canaan Inc. announced its first-quarter 2026 financial results. The report shows total revenue of $62.7 million, in line with prior guidance; net loss was $88.7 million. As of March 31, 2026, the company’s cryptocurrency holdings reached a record high of 1,807.60 BTC and 3,951.53 ETH.
Operationally, the aggregate installed hashrate across the company’s ten co-mining projects totaled approximately 11 EH/s, representing a 10.7% sequential increase; the company mined 257 BTC during the first quarter. Strategically, Canaan acquired a 49% stake in the ABC project located in West Texas from Cipher Mining; the project-level operational hashrate stands at approximately 4.4 EH/s. Additionally, the company deployed a “hashrate-to-heat” project in Northern Europe, with a planned total capacity of approximately 8 megawatts.
Canaan expects total revenue for the second quarter of 2026 to range between $35 million and $45 million.
