Canaan Technology reported first-quarter revenue of $62.7 million and a net loss of $88.7 million.

As of March 31, the company held 1807.6 BTC and 3951.53 ETH, with a total installed hashrate of 11 EH/s for its joint mining projects, producing 257 BTC in the quarter. During the same period, the company acquired a 49% stake in the Cipher Mining Texas ABC project, adding approximately 4.4 EH/s of operating capacity, and is advancing its Nordic "hashrate-to-thermal energy" project, planning to deploy 8MW of water-cooled mining infrastructure. Canaan expects its revenue for the second quarter of 2026 to be between US$35 million and US$45 million.