Canaan incurred a loss of 887 million yuan in the first quarter, with a revenue of 627 million yuan

According to Canaan's announcement, the net loss for the first quarter of 2026 was $887 million, with revenue of $627 million, in line with the company's performance guidelines. The net loss includes an operating loss of 543 million, a fair value change loss of 249 million on cryptocurrency holdings, a financial derivative loss of 160 million, and a foreign exchange loss of 4 million. Among them, 429 million came from product sales revenue and 191 million came from mining business revenue. The company stated that the decline in revenue was due to a decrease in computing power sales and a weakening average price of Bitcoin.