Bitcoin mining hardware manufacturer Canaan (Nasdaq: CAN) reported a net profit of $8 million for the third quarter of 2026, marking a significant turnaround from a $27.7 million net loss in the same period last year and a $97.6 million loss in the prior quarter. The swing to profitability occurred despite total revenue plummeting 90.37% year-over-year to $14.5 million, down 54.55% quarter-over-quarter. The company's Q3 revenue breakdown included $4.8 million from mining rig products and $9.5 million from mining operations. As of September 30, Canaan held approximately 1,875 BTC on its balance sheet, having self-mined 133 BTC during the quarter. Looking ahead, Canaan projected fourth-quarter revenue between $18 million and $22 million and announced the launch of an initial $20 million share repurchase program under a broader $100 million authorization.