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Canaan Revenue Drops 68% in Q2 2026 as Bitcoin Price Falls

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Canaan reported Q2 2026 revenue of $31.9 million, down from $62.7 million in Q1 2026 and $100.2 million in Q2 2025. Product revenue fell to $13.6 million and crypto mining revenue to $17.7 million, as the company cited lower average Bitcoin prices. It held 1,915.5 Bitcoin and 3,952 Ether as of June 30 and sold 54 Bitcoin in late August for about $13.9 million cash used partly for share repurchases.

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