MarketPR
reported second quarter fiscal 2026 revenue of $31.9 million, a sharp decline from $100.2 million in the same period last year and $62.7 million in the first quarter of fiscal 2026.
The drop in top-line figures coincided with a net loss of $97.6 million, significantly exceeding the $11.1 million loss recorded in the corresponding quarter of the prior year.
The reduction in revenue was driven by weaker demand for mining equipment amid lower bitcoin prices, which lowered both the volume of computing power sold and average selling prices.
Canaan sold 2.5 EH/s of computing power during the quarter. Product revenue fell to $13.6 million from $71.9 million a year earlier, while mining revenue dropped from $28.1 million to $17.7 million.
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