Canaan, the mining machine manufacturer, saw its third-quarter revenue drop 90% year-over-year.

Canaan Creative reported third-quarter 2026 revenue of $14.5 million, a 90% drop from $150.5 million a year earlier, as weaker demand cut both sold hashrate and average selling prices. Mining-machine revenue fell 96% year over year to $4.8 million, while the company mined 133 BTC and booked $9.5 million in mining revenue. Canaan posted $8 million in net income versus a $27.7 million net loss a year earlier, helped by $20.1 million and $31.9 million in fair-value gains on crypto assets and financial derivatives, respectively, even as its operating loss widened to $42.9 million from $23.9 million. The results underscore how the hardware side of bitcoin mining is absorbing the brunt of the downturn while treasury and derivative gains mask operating weakness. Watch whether machine demand and pricing stabilize next quarter and how much of Canaan's bottom line continues to depend on non-operating fair-value swings.