EarningsQ2 2026 Earnings Report
MX:CANN Q2 2026 EPS Results
Actual EPS-$2.35
Consensus EPS-$1.14
Beat/MissMissed by -$1.21
One Year Ago EPS-$0.27
MX:CANN Q2 2026 Revenue Results
Actual Revenue$577.50M
Expected Revenue$1.17B
Beat/MissMissed by -$592.75M
YoY Revenue Growth-68.26%
Earnings Announcement Details
QuarterQ2 2026
Date09/08/2026
TimeBefore Open
Conference CallTuesday, September 8, 2026
MX:CANN Upcoming Earnings
Canaan's next earnings date is estimated for November 17, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:CANN Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Negative
The call highlighted stronger liquidity, disciplined expense management, positive mining cash contribution, Project ABC progress, share repurchases, and continued investment in mining efficiency, compute-to-heat, Avalon Home, and long-term power resources. However, these positives were outweighed by the difficult Bitcoin mining environment, Q2 revenue below guidance, sharply lower Q3 revenue guidance of USD 11 million to USD 15 million, weak equipment demand, pricing pressure, a large adjusted EBITDA loss, accounting charges, and Nasdaq bid-price compliance risk.Company Guidance
Mining Operations Became the Primary Revenue Contributor
Mining revenue was approximately USD 18 million in Q2, accounting for 55% of total revenue. The company mined 243 Bitcoins, and mining revenue continued to cover direct operating costs such as power and hosting. Excluding depreciation, mining gross margin was 20%.
Improved Cash Position and Liquidity Management
Cash increased to USD 66 million at the end of Q2 from USD 43 million at the end of Q1, an increase of about USD 23 million, despite lower quarterly revenue. The company collected USD 54 million from product sales and received USD 15 million from value-added tax refunds, cash distributions from equity investments, and Bitcoin-backed financing.
Operating Expense Reduction
Excluding USD 9.2 million of property, plant and equipment impairment charges and USD 2.7 million of credit losses, operating expenses were USD 28.2 million, down 9% sequentially and 14% year over year. Management said it continued to tighten expense and inventory management and emphasize cash flow.
Record Digital Asset Treasury at Quarter End
At the end of June, the company held 1,915 Bitcoins and 3,952 ETH, bringing its digital asset treasury to another record high. Based on carrying values as of June 30, the holdings were worth USD 112 million.
Share Repurchase Program Progress
The company repurchased approximately 16.4 million ADSs year to date for total consideration of USD 7.4 million, including 2.8 million ADSs for approximately USD 2 million in the first half of 2026 and an additional 13.6 million ADSs for USD 5.4 million in late August. The repurchases were funded partly by monetizing digital assets under the existing USD 30 million authorization.
Project ABC Expansion and Positive Cash Flow
Project ABC generated positive cash flow and maintained efficient operations while the company and its partner continued upgrading the mining fleet. Installed hash rate reached 4.85 exahash per second at the end of July, up 10% from the end of March. The company received USD 5.2 million in cash from Project ABC during Q2, with cumulative cash received reaching USD 8.4 million as of August 31.
Competitive Mining Power Costs and Fleet Upgrade Plans
Non-JV installed hash rate was approximately 10.05 exahash per second at the end of June, while average all-in power cost in June was about USD 0.043 per kilowatt hour. Management said overall power and hosting costs remained relatively competitive and that it plans to deploy at least part of its A16 machines into its mining fleet next year. A15 machines were described at 15.8 to 17.8 joules per terahash, compared with A16 models at 12.8 to 16.8 joules per terahash.
Continued Product and Technology Development
The company continued advancing the A16 series, focusing on cost-effective air-cooled models and high-temperature hydro-cooled models, while evaluating full life-cycle economics including purchase cost, power consumption, stability, maintenance, and deployment efficiency.
Compute-to-Heat Applications Expanded
The company continued developing compute-to-heat partnerships. Its Nordic heating projects had 2 megawatts of equipment in operation, and customers ordered another 6 megawatts in March 2026. Management said the earlier Nordic project validated the feasibility of using hydro-cooled equipment for district heating.
Avalon Home Product Launch Preparation
Avalon Home generated approximately USD 1 million in Q2 revenue. The company continued R&D and preparation for mass production of updated home heating products in Q3, with plans to launch new products and updates during the Christmas shopping season.
Gigawatt-Scale Power Resource Objective Maintained
Management said its confidence in securing gigawatt-scale power resources by the end of 2026 remains intact. The company is advancing multiple North American projects and evaluating acquisition, joint venture, and joint development structures while focusing on long-term power cost, site stability, expansion potential, grid access, and local policies.
Capital Discipline in Future Infrastructure Development
Management said it will not pursue end-to-end AI or HPC data center projects beyond its capabilities or capital capacity. It plans to participate with partners where it can add value, use existing mining machine inventory as a potential capital contribution to mining projects, and proceed step by step.
MX:CANN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed