The technique comes as Canaan’s newer enterprise strains develop sooner than its conventional mining {hardware} phase, suggesting the corporate is changing into much less reliant on industrial tools gross sales. Dwelling-mining product income surged 850% yr over yr to $24.6mn in 2025, whereas self-mining income rose 98.5%, outpacing 82.2% development in industrial mining tools income.
Nonetheless, industrial {hardware} remained the corporate’s largest enterprise, accounting for 73.7% of income.
“The community is increasing, however otherwise. Prior to now, it was pushed by public corporations, massive knowledge facilities… proper now, I see that pattern is altering. The drivers have been modified to customers, to people who find themselves attempting to steadiness the grid,” Leo Wang, Canaan’s vice-president of capital markets and company improvement, instructed Sandmark in April.
The corporate offered $25mn of shopper merchandise to greater than 60,000 residence customers final yr, indicating merchandise aimed toward particular person customers are rising because the mining trade adjusts to constraints, together with a bear market for Bitcoin costs and enormous miners’ shift to provide synthetic intelligence demand for knowledge centres.
Acquisition drive
Wang stated acquisitions are anticipated to play a central function within the firm’s subsequent part of enlargement. “We’re fairly assured that by the year-end, we can have as much as 1 gigawatt of energy operated by our acquisitions,” he stated. The goal would mark a major improve from Canaan’s present scale. In its newest earnings, the corporate reported roughly 10 EH/s of put in computing energy globally.
The corporate is anticipated to report first-quarter earnings on 19 Could. Wall Road analysts at the moment keep a consensus “sturdy purchase” score on the shares, regardless of the corporate having posted a diluted internet loss per share of $0.89 prior to now quarter.
The corporate final yr acquired Cipher Digital Inc mining’s curiosity in three Texas mining tasks in a inventory deal valued at about $40mn, after Cipher moved additional into high-performance computing infrastructure.
“It isn’t in regards to the market modifications, it is extra about you seeing the market,” Wang stated, claiming the corporate offered almost 90% of its {hardware} stock in 2025 foreseeing a chronic bear marketplace for Bitcoin costs.
“Now that we’re in a bear market, we’ve seen the chance to consolidate the market a little bit bit… I need to see extra of those offers coming quickly. I personally would like to see it,” Wang stated.
Weaker economics drive offers
Wang stated the corporate is concentrated totally on North America and is evaluating alternatives tied to energy property, mining operations and associated infrastructure.
He additionally urged dealmaking situations have turn into extra beneficial for capitalized gamers over the previous few months. “Immediately, if we do a deal, it is simpler,” Wang stated, referring to strain throughout elements of the mining sector.
Mining economics stay strained in 2026. Bitcoin hash worth – a measure of anticipated income earned from computing energy – fell to $23.9 PH/s/day within the first quarter, its lowest degree since 2018, earlier than recovering to round $39 on 18 Could, in accordance with Hashrate Index knowledge.
CoinShares estimated that 15–20% of the worldwide mining fleet was unprofitable in the course of the first quarter, notably for operators counting on older machines and paying greater electrical energy prices.
Bitcoin traded at $77,020 as of 20:19 UTC, whereas Canaan shares closed at $0.48 on Nasdaq, down 3.54% on the day.
