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Call sheet · Q2'26

Canaan (CAN)

Q2'26 earnings call · held September 8, 2026 · compared with the Q1'26 call · management-credibility review
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Disclosure score
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Financial quality
Bottom line
Canaan has improved collections and demonstrated mining contribution before depreciation, but neither resolves consolidated cash burn or the unusually weak next-quarter outlook. The investable recovery tests are a segment-level guidance bridge, positive cash generation after equipment replacement, and funded power milestones. Until then, the infrastructure thesis remains optionality alongside a shrinking, loss-making equipment business. [1][3][4]

What changed this quarter

MetricQ1'26Q2'26Change
Revenue$62.693m in Q1 2026; $100.209m in Q2 2025$31.862m in Q2 2026Down 49.2% sequentially and 68.2% year over year. [4]
Revenue outlookQ2 guidance of $35-45m, issued May 19Q2 actual $31.862m; new Q3 guidance $11-15mQ2 missed its completed-period target; Q3 is a new, open target, not another actual miss. [2][4]
GAAP net income / lossLoss of $88.748m in Q1 2026; $11.058m in Q2 2025Loss of $97.607m in Q2 2026Quarterly loss widened despite smaller cryptocurrency-related fair-value losses. [4]
Basic and diluted loss per ADS$0.13 in Q1 2026; $0.03 in Q2 2025$0.13 in Q2 2026, as reportedRounded ADS losses obscure the sequential increase in dollar losses; ordinary-share loss increased from 0.86 to 0.90 US cents. [4]
Operating cash flowH1 2025 outflow of $199.555mH1 2026 outflow of $51.924mSubstantial year-over-year improvement, but still negative; these are six-month figures, not quarterly CFO. [3]
Cash and inventoryDecember 31, 2025: cash $80.778m; inventory $180.816mJune 30, 2026: cash $66.006m; inventory $128.835mSequential balance-sheet comparisons; inventory reduction includes substantial valuation charges. [3]

Accountability tracked

4 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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