Canaan Inc. reported $8 million in net income for Q3 2026 despite a $42.9 million operating loss, as a steep revenue decline coincided with gains on asset valuations.
Revenue totaled $14.5 million, down 90.4% from $150.5 million in Q3 2025. Mining generated $9.5 million, product sales $4.8 million and other revenue $0.3 million, Canaan said.
Net income compared with a $27.7 million net loss a year earlier. Gains totaled $20.1 million from cryptocurrency fair-value changes and $31.9 million related to financial derivatives. Canaan cited Bitcoin (BTC)'s change in value across the quarter, measured from June 30 to Sept. 30, as the primary factor behind the gains.
For Q4 2026, the company projects revenue in the range of $18 million to $22 million.
