Canaan Q3 Profit: $8M Gain as Rig Sales Fall 96%

The Canaan Q3 profit is $8.0 million, but it is not from selling miners. Canaan’s filing with the SEC shows revenue of $14.5 million, a gross loss of $8.6 million and a swing to profit driven by fair-value gains on crypto. The Cryptonomist and IndexBox report the same core numbers.

What Canaan reported for Q3 2026

Revenue was $14.5 million. That compares with $31.9 million in Q2 2026 and $150.5 million in Q3 2025. Products revenue, which is the Avalon machine business, was $4.8 million against $118.6 million a year earlier. That is a drop of about 96%. Mining revenue was $9.5 million, so Canaan now earns more from mining than from selling machines.

Gross profit turned into a $8.6 million gross loss, against a $16.6 million gross profit a year ago. Operating expenses were $34.2 million.

Where the Canaan Q3 profit came from

Net income was $8.0 million. In Q2 2026 Canaan lost $97.6 million, and in Q3 2025 it lost $27.7 million. The swing came from a $51.9 million fair-value gain on crypto holdings and derivatives, as bitcoin recovered late in the quarter, according to the company’s results as summarised by The Cryptonomist. In other words, it is a mark-to-market gain, not a sales recovery. Canaan also reports it mined 133 BTC and held about 1,875 BTC at quarter end.

Next, the outlook. The company guided Q4 revenue of $18 million to $22 million and announced an initial $20 million buyback under a $100 million authorisation. That guide is still a fraction of last year’s quarter.

What the Canaan Q3 profit means for miners

We think this is the clearest sign yet that new-machine demand is weak. Canaan said on its Q2 call that miners were cautious, that industry inventory still had to be absorbed and that pricing would stay under pressure (per MarketBeat’s call summary). One quarter of results cannot prove a trend. Still, a 96% fall in machine sales means fewer buyers at new-machine prices. That is bad news for anyone hoping to sell a used unit at a premium, and good news for anyone buying.

Also note the Canaan Q3 profit is only as steady as bitcoin. If the price slips, the same holdings turn into a loss. Here is what that does to a miner.

Miner math: bitcoin hashprice today

Here is the live maths on November 10. Bitcoin is $73,243 and the network is 962 EH/s, so hashprice is about $34.53 per petahash per day. That is what one PH/s of hashing earns before power.

Numbers are profit per day after electricity, at the three power prices shown. Break-even is the most you can pay per kilowatt-hour before the machine loses money. Specs are the manufacturer ratings; network data comes from mempool.space. Try your own power price in our free bitcoin mining profit calculator. See what these machines really sold for in our used ASIC miner price index. Want to run the same numbers on a machine you can buy today? See our used ASIC miners, or buy several at once through bulk lots.

If bitcoin gives back 10% (the move that would erase Canaan-style gains): the break-even power price on an S19k Pro falls from 6.3 to 5.6 cents per kilowatt-hour. At 8 cents, daily profit goes from -$1.11 to -$1.50.

That is a “what if”, not a forecast. Our mining economics guides show how we work these numbers, and the Bitcoin price prediction page has the ranges we expect.

If a machine no longer pays at your power price, you can sell us your used miners. To buy efficient units at today’s prices, see all miners or our bulk used ASIC lots.

-Nick
ING Mining

This is general information, not financial advice. Crypto is volatile, and exchanges can fail. Please do your own research.

How this story was made: drafted with the help of AI tools from public sources, then edited by Nick Squires. See our editorial policy. Spot an error? Email ns@ingmining.com.