Canaan Technology Reports $14.5 Million Revenue in Q3, Initiates $20 Million Stock Buyback Plan

Canaan Inc. announced its unaudited financial results for the third quarter of 2026, reporting revenue of $14.5 million, down from $150.5 million in the same period of 2025. Of the revenue, $4.8 million came from mining machine sales, while $9.5 million was from mining income. The company produced 133 BTC during the quarter and held approximately 1,875 BTC as of September 30. Due to the rebound in Bitcoin prices at the end of the quarter, the company recorded a $51.9 million fair value gain on crypto assets, resulting in a net profit of $8 million according to Generally Accepted Accounting Principles (GAAP). Canaan also announced the initiation of a first round stock buyback plan of up to $20 million, which is part of the $100 million buyback authorization approved by the board, effective from November 6 for a period of 12 months. The company's Chairman and CEO, Nangeng Zhang, stated that they will continue to hold digital assets long-term and selectively liquidate some crypto assets to support the stock buyback.

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