Singapore's Canaan Q1 revenue falls, hurt by bitcoin price decline

Canaan

19/05/2026 11:41

Overview

Singapore crypto mining hardware maker's Q1 revenue declined yr/yr, reflecting lower bitcoin prices and demand

Company acquired 49% interest in ABC Projects in West Texas, expanding energy infrastructure footprint

Outlook

Canaan expects Q2 2026 revenue between US$35 mln and US$45 mln

Company says outlook reflects near-term market conditions and evolving customer dynamics

Canaan will monitor global policy and market developments and may revise outlook

Result Drivers

BITCOIN PRICE DECLINE - Co said lower bitcoin prices led to reduced market demand and lower average selling prices for mining equipment

INVENTORY WRITE-DOWNS - Higher inventory and prepayment write-downs increased product costs and contributed to gross loss

MINING REVENUE PRESSURE - Mining revenue fell due to lower average bitcoin prices, partly offset by increased computing power

Company press release: ID:nPn85GjBya

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 EPS
-$0.86
Q1 Net Income
-$88.75 mln
Q1 Gross Profit
-$22.91 mln
Q1 Income From Operations
-$54.31 mln
Q1 Operating Expenses
-$31.41 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"

Wall Street's median 12-month price target for Canaan Inc is $2.00, about 314.3% above its May 18 closing price of $0.48

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)