Canaan earnings show Q1 revenue collapse as record BTC and ETH treasury nears $148M

A notable development has hit the crypto markets. The latest Canaan earnings also revealed a new split screen among Bitcoin mining's best-known hardware suppliers: the company selling mining machines reported a much weaker quarter just as its own crypto holdings became harder to ignore. The ASIC maker said Q1 2026 revenue fell to $62. 7 million, down from $196.

3 million in the previous quarter and $82. 8 million a year earlier. Its net loss widened to $88.

Market Dynamics

0 million in Q4, while non-GAAP adjusted EBITDA loss almost doubled to $76. At the same time, Canaan ended March with 1,807. 53 ETH, a record crypto treasury for the company.

At 's May 22 price levels of roughly $77,200 per BTC and $2,100 per ETH, that stack was worth about $148 million on a spot-market basis before accounting treatment, receivables, or liquidity constraints. That is the tension inside the quarter. Canaan still sells the machines that power Bitcoin mining, but the reported numbers increasingly make it appear to be a company with a weaker hardware cycle on one side and a growing BTC-linked balance sheet on the other.

The decline also reflected weaker demand for Bitcoin mining following tighter miner economics. 7 million Down from $196. 3 million in Q4 2025 Product revenue $42.

Market Impact

9 million Down from $164. 9 million in Q4 2025 Mining revenue $19. 1 million Down from $30.

4 million in Q4 2025 Net loss $88. 7 million Wider than $85. 0 million in Q4 2025 Crypto treasury 1,807.

53 ETH Record level as of March 31, 2026 Q2 revenue guide $35 million to $45 million Below Q1 revenue The hardware cycle is the pressure point Canaan's product segment shows why hardware revenue, miner economics, and treasury exposure all have to be read together. ASIC miner sales fell to $42. 9 million in Q4 2025.

Crypto markets are watching this development closely as investors weigh its potential impact on prices.