Canaan reports USD 14.5 million in quarterly revenue as rig sales fall 90%

What the company reported

Canaan, which makes hardware used to mine bitcoin, reported USD 14.5 million in revenue for the third quarter, according to a report by CriptoNoticias published on 11 November 2026. The same report says sales of the company's mining equipment fell 90%.

Mining equipment makers sell the machines that computers use to compete for new bitcoin and to secure the network. The available summary of the report does not say what period the 90% decline is measured against, and it does not break out how much of the USD 14.5 million came from equipment rather than other business lines.

The summary also does not state whether Canaan gave an outlook for the current quarter, or whether the company commented on the figures beyond publishing them.

Texas energy plans

According to the same report, Canaan is turning toward energy in Texas. The summary does not describe what form that takes, whether power generation, hosting for mining machines or another arrangement, and it gives no investment figure or timeline.

No date has been given for further detail on the Texas plans.