Sep 8, 2026 earnings call — Weaker mining demand, power projects and buybacks
Company expects Q3 2026 total revenues between USD 11 million and USD 15 million.
Revenue $0.0B (est $0.0B) · EPS $-0.12 (est $-0.10) · Next-quarter revenue outlook $0.0B–$0.0B
Key quotes
"In the second half of the quarter, Bitcoin prices fall quickly. Miners become more cautious about equipment purchases, and high industry inventory levels increase price competition."
"Based on the progress we have made so far, our confidence in securing gigawatt scale load by the end of 2026 remains intact."
"In 2026, the company deployed USD 7.4 million and repurchased approximately 16.4 million ADSs so far."
Analyst Q&A 5
1 gigawatt power project plans
Q (Logan Hennen · Northland): Analyst asked how to think about the 1 gigawatt pipeline: whether they will split between Bitcoin mining and HPC, and if HPC, whether Canaan will use co-location or GPU cloud rental. He also asked if Canaan will hire a data center development team.
A: Management said they are advancing power projects but it is too early to disclose site details, capacity, or stages. They reiterated their confidence from the Q4 2025 earnings call that they can secure gigawatt scale power resources by the end of this year and said they will decide between co-location or GPU cloud rental only after projects become clear and partners are identified.
"What we can say is our view from the Q4 2025 earnings call earlier this year, based on the progress we have made so far, our confidence in securing gigawatt scale power resources the end of this year remains unchanged." — Nangeng Zhang (CEO·CHAIR)
mining efficiency and stranded power
Q (Kevin Cassidy · Rosenblatt): Analyst asked what percentage efficiency increase to expect next year from their internal mining fleet. He also asked whether Canaan is still pursuing stranded power sites around the world.
A: Management gave efficiency ranges for their miners: A15 at about 15.8 to 17.8 joules per terahash and A16 at about 12.8 to 16.8 joules per terahash, and said they plan to deploy part of 60 machines to their mining fleets next year. On stranded power, they said they are actively exploring opportunities but finding good partners is hard, so they evaluate long-term power cost, site stability, expansion potential, grid access, and local policies while staying capital-disciplined.
"I think for the A15, older machines, we are at like -- I think it's 15.8 to like 17.8 joules per terahash." — Nangeng Zhang (CEO·CHAIR)
global demand and Avalon Home
Q (Benjamin Sommers · BTIG): Analyst asked whether higher Bitcoin prices have improved global demand for mining machines. He also asked for more detail on Avalon Home consumer products and seasonality.
A: Management said mining rig demand outside the U.S. remains very weak and they have not seen a meaningful recovery. They highlighted Nordic heating projects with 2 megawatts in operation and another 6 megawatts ordered, and said Avalon Home is a small consumer line (about $1 million revenue in Q2) with product updates and new launches planned for the Christmas shopping season while they focus on product experience, channels, and after-sales service.
"In Q2, it generated approximately $1 million in revenue." — Nangeng Zhang (CEO·CHAIR)
share buybacks and Project ABC plans
Q (Zihan Chen · B. Riley): Analyst asked the expected pace of share repurchases through the program expiration in mid-December and how they balance buybacks with liquidity preservation. He also asked the next milestone or timeline for Project ABC now that it has reached 4.85 exahash.
A: Management said it's difficult to predict the buyback pace because of uncertain events (they specifically cited the September 15 Senate vote on the CLARITY Act) and market-driven Bitcoin and share price swings; management and the board have authorized selling digital assets to fund repurchases and plan to act across the second half and beyond while regaining Nasdaq compliance. On Project ABC, they said they remain open-minded and will use mining as a flexible load if power cost stability, scalability, and grid access are suitable, but currently they are cautious in investment during the bear market and are evaluating resources and timing for scaling and machine upgrades.
"So if the site conditions allow, we can also -- we have the flexibility for other computing load in the future." — Nangeng Zhang (CEO·CHAIR)
partners and capital allocation priorities
Q (Ian Generous · Compass Point): Analyst asked what types of JV or development partners they are engaging with, whether prospective AI customers are involved, what requirements customers emphasize, and if customer commitments are needed before big development investments. He also asked how they will allocate capital between AI data centers and core Bitcoin mining.
A: Management said they are open to JVs and development partners across all stages and will choose structures that let each party contribute strengths; they pointed to experience from joint mining clusters and Project ABC but said they currently have no specific partnership agreements to disclose. On capital allocation, they said they hold mining inventory (wafers/machines) to deploy into projects with good returns, will not try to do end-to-end large-scale AI HPC alone because of capital limits, and may use machines as CapEx contributions or deposit cash to secure opportunities while growing step by step.
"Currently, we do not have any specific partnership agreements that we can disclose." — Nangeng Zhang (CEO·CHAIR)