Canaan (NASDAQ:CAN) Issues Earnings Results, Beats Estimates By $0.07 EPS

Posted by George Bondi on Nov 11th, 2026

Canaan (NASDAQ:CAN – Get Free Report) issued its earnings results on Tuesday. The company reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.07, Zacks reports. The business had revenue of $14.54 million for the quarter, compared to the consensus estimate of $2.05 million. Canaan had a negative net margin of 67.78% and a negative return on equity of 77.73%. During the same period in the previous year, the company earned ($0.00) earnings per share.

Here are the key takeaways from Canaan’s conference call:

Negative Sentiment: Mining-equipment demand remains weak globally, and management sees no near-term recovery. Elevated industry inventories, poor customer payback economics, and sharply higher advanced-node wafer costs are pressuring prices and could make next-generation machines difficult to produce profitably.
Positive Sentiment: Canaan reported a conditional “Studied Load – Firm” classification for its 1 GW Duval County, Texas project, a step forward in grid interconnection; a second 1 GW project in Zapata County is in early development. The company is discussing a potential partnership with an investment-grade U.S. institution, but gave no details, and said Duval’s next steps are broadly expected in 2027.
Neutral Sentiment: Q3 revenue was $14.5 million, within guidance, and net income was $8.0 million; however, results were primarily boosted by $51.9 million in fair-value gains on digital assets and related derivatives. Mining gross margin improved to nearly 30% from about 20% in Q2, and the company mined 133 Bitcoin.
Positive Sentiment: Operating expenses fell 15.5% sequentially as Canaan reduced R&D spending and emphasized capital discipline. It repurchased $5.4 million of ADSs and authorized up to $100 million in buybacks over 12 months, starting with a program of up to $20 million; further purchases depend on available funds and market conditions.
Negative Sentiment: Canaan forecast Q4 revenue of $18 million to $22 million, but cautioned that this should not be read as evidence of a mining-machine demand recovery. Management said it remains cautious about equipment orders and will align production with actual customer demand.

Canaan Stock Performance

Shares of CAN traded up $0.01 during midday trading on Wednesday, reaching $0.18. 4,233,379 shares of the stock were exchanged, compared to its average volume of 12,780,697. Canaan has a twelve month low of $0.15 and a twelve month high of $1.15. The company has a quick ratio of 1.67, a current ratio of 2.86 and a debt-to-equity ratio of 0.12. The company has a market cap of $127.49 million, a P/E ratio of -0.40 and a beta of 2.56. The stock’s 50 day simple moving average is $0.29 and its 200 day simple moving average is $0.38.

Canaan shares are scheduled to reverse split on the morning of Friday, December 4th. The 1-25 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Thursday, December 3rd.

Recent Canaan Headlines

These are some of the CAN headlines that stood out recently:

Positive Sentiment: Canaan announced an initial $20 million share repurchase under a broader $100 million board authorization, which could support shareholder returns. Share repurchase announcement
Neutral Sentiment: BTIG Research cut its price target to $1 from $2 but maintained a Buy rating. The lower target is a setback, while the continued Buy rating signals the analyst still sees potential upside. BTIG Research ratings
Negative Sentiment: Despite the EPS beat, Q3 revenue was $14.5 million amid a sharp contraction in mining-rig sales. Canaan’s Q4 revenue forecast of $18 million–$22 million is below the cited $29 million consensus, highlighting ongoing weakness in equipment demand. Q4 outlook and strategic shift

Analyst Ratings Changes

Several analysts recently commented on CAN shares. Zacks Research downgraded shares of Canaan from a “hold” rating to a “strong sell” rating in a report on Thursday, October 15th. BTIG Research decreased their price target on shares of Canaan from $2.00 to $1.00 and set a “buy” rating on the stock in a research note on Wednesday. B. Riley Financial lowered their price target on shares of Canaan from $2.00 to $1.50 and set a “buy” rating on the stock in a report on Thursday, October 1st. Weiss Ratings downgraded shares of Canaan from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, October 16th. Finally, Rosenblatt Securities restated a “buy” rating and set a $0.75 price objective on shares of Canaan in a research report on Tuesday, September 15th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $1.35.

Get Our Latest Analysis on Canaan

Canaan Company Profile

(Get Free Report)

Canaan Inc. is a technology company that develops application-specific integrated circuit (ASIC) products and related computing solutions. The company is best known for its Avalon series of Bitcoin mining machines, which are designed to perform the specialized computations required to validate transactions and support blockchain networks. In addition to cryptocurrency-mining equipment, Canaan develops high-performance computing hardware and artificial intelligence (AI) solutions. Its product portfolio has included AI accelerator chips, edge-computing devices and related software or systems intended for applications such as intelligent transportation, security, robotics and other data-intensive technologies.

Earnings History for Canaan (NASDAQ:CAN)

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