Total revenue for the quarter fell to $31.9 million, down from $62.7 million in the previous quarter and $100.2 million a year prior. The company faced significant non-cash charges, including a $25.3 million inventory write-down and a $9.2 million impairment on property and equipment, as falling cryptocurrency values weighed heavily on the bottom line. Mining operations yielded 243 bitcoins during the period, supported by an all-in power cost of approximately $0.04/kWh.

CEO Nangeng Zhang noted that the company is shifting its focus toward compute-plus-energy infrastructure and aggressive cost management. Canaan continues to advance its Project ABC fleet upgrade, which reached an installed hashrate of 4.85 EH/s by late July. To preserve liquidity and bolster shareholder value, the firm has repurchased 16.4 million ADSs for $7.4 million as of September 8, partially funded by monetizing a portion of its digital asset holdings. Looking ahead, Canaan projects third-quarter revenue between $11 million and $15 million as it navigates ongoing market volatility.