Canaan Inc. reported a significant net loss of $88.7 million for Q1 2026, with revenue dropping to $62.7 million, a sharp decline from $196.3 million in Q4 2025. The company faced a gross loss of $22.9 million, including a $25 million inventory write-down. Despite challenges such as bitcoin price volatility and high energy costs, Canaan's revenue was in line with guidance, according to CEO Nangeng Zhang. The company's revenue from industrial mining equipment was $39.6 million, while self-mining contributed $19.1 million. Canaan produced 257 BTC in Q1, with an average revenue per coin of $61,034. The firm expanded its operational capacity by acquiring a 49% stake in ABC Projects in West Texas, adding 4.4 EH/s. However, Canaan's stock fell 13.94% to $0.41, nearing its 52-week low, amid a second Nasdaq non-compliance notice. Looking ahead, Canaan's Q2 revenue outlook of $35 million–$45 million is below analyst expectations, reflecting ongoing market pressures. CFO Jin Cheng noted that $42 million in customer receivables were collected in April, bringing total cash to $85.5 million, sufficient for near-term operations.