Canaan Inc. · NASDAQ:CAN
Canaan — Q2 2026 Earnings Presentation
27 slides from Canaan's earnings presentation, Sep 8, 2026
Slide 1: Operating & Financial Results Second Quarter 2026
Operating & Financial Results Second Quarter 2026 September 8, 2026 Chairman & CEO CFO Nangeng Zhang Jin “James” Cheng 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation contains certain financial measures that are not recognized under generally accepted accounting principles in the United States (“GAAP”), including adjusted EBITDA (including adjusted EBITDA margin), non-GAAP net income, non-GAAP diluted earnings per share/ADS
Slide 3: Quarterly Update
QUARTERLY UPDATE 3
Slide 4: Resilience Through the Bitcoin Market Cycle
Resilience Through the Bitcoin Market Cycle BTC Price and Global Network Hashrate in Q2 Total Revenue $31.9 Million • Slightly below our guidance of $35M-$45M 85000 • ASP $5.5 per TH/s • Self-mining revenue reached 55% of total revenue 1100 80000 75000 Strong Cash Balance of $66 Million (as of 6/30/
Slide 5: Self-mining Reaches 55% of Revenue for the First Time
Self-mining Reaches 55% of Revenue for the First Time Q2 2026 Revenue Mix Q2 2026 Revenue Split $ in millions 100% 85.3% 81.3% 81.2% 80% 68.1% 70.3% 66.0% 63.2% 55.4% 60% $12.7 39.7% 40% 29.3% 28.0% 30.5% $17.7 17.2% 20.3% 12.2% 15.6% 20% 5.6% 8.1% 2.0% 1.5% 3.2% 4.3% 3.0% 1.1% 0% $1.0 Q3'24 Q4'24 Q
Slide 6: Strengthening Liquidity Through Strong Cash Management
Strengthening Liquidity Through Strong Cash Management Cash Cash: liquidity strengthened 140 119.2 120 • Represented approximately +52% 96.5 96.8 100 80.8 increase QoQ 80 71.8 65.9 66.0 • ~$54 million in cash from product sales 60 43.5 • ~$15 million from value-added tax 40 refunds, cash distributio
Slide 7: Capital Allocation
CAPITAL ALLOCATION 7
Slide 8: Share Repurchases Through Strategic Capital Allocation
Share Repurchases Through Strategic Capital Allocation Our digital asset treasury and ongoing self-mining production provide additional flexibility to fund share repurchases when market conditions are compelling. Capital Allocation Strategy Share Repurchases Accelerated • Share repurchases supported
Slide 9: Continued Open Market Share Purchases by CEO and CFO
Continued Open Market Share Purchases by CEO and CFO On June 24, 2026, the Company announced that its CEO, Nangeng Zhang, and CFO, James Cheng, purchased a total of 1,065,000 of its ADSs in the open market. The purchases were made at an average price of US$0.35 per ADS. This alignment of interests u
Slide 10: Self-Mining
SELF-MINING 10
Slide 11: Q2 Self-mining Overview (Non-JV)
Q2 Self-mining Overview (Non-JV) Q2 Self-mining Key Updates Mining Revenue & Adjusted Mining Gross Margin $45 41.9% 31.1% 22.1% 23.3% 26.3% 20.5% 243 10.1 EH/s 1,915 $17.7M 20.5% $40 17.8% 11.5% 30% 10% $35 $ 30.6 $ 30.4 -10% $30 $ 28.1 Installed Bitcoins $ 24.3 -30% Bitcoins Mining Adjusted $25 Com
Slide 12: Q2 North America Self-mining Progress
Q2 North America Self-mining Progress While we didn't include our share in North American joint venture entities when recognizing our mining revenue, still, North American non-JV fleet represented around 49%. 4.90 EH/s 17.9 J/TH 88.7 MW 4.81 EH/s North America Non-JV average fleet North America Non-
Slide 13: Strategic Asset - Project ABC
Strategic Asset - Project ABC Our objective is to build mining and energy infrastructure assets with cost advantages and sustainable cash-flow generation. Fleet Upgrade & Asset Optimization Upgrade legacy miners to improve fleet efficiency and asset quality Project ABC | Alborz, Texas | Operated by
Slide 14: Self-mining Progress in August 2026
Self-mining Progress in August 2026 Non-JV Self-mining Progress Joint Venture Operations* *Data as of end of July • 44 bitcoins mined in August 2026 • JV operations continued to stabilize and expand following the Alborz wildfire disruption • Month-end bitcoins owned: 1,868 BTC • Installed Hashrate:
Slide 15: Non-JV Operating Computing Power Hits Record High
Non-JV Operating Computing Power Hits Record High (As of Sept 4, 2026) Regions Active Mining Operating Installed Expected Estimated in alphabetical order Projects Computing Computing Computing Total (A to Z) Count Power1 Power2 Power Computing Installed Estimated (Onshore)3 Power4 Weighted Average C
Slide 16: Product Lineup
PRODUCT LINEUP 16
Slide 17: Unveiled Next-Gen Avalon A16 Series
Unveiled Next-Gen Avalon A16 Series Avalon A16 & A16XP Air-Cooled Powerful Hashrate Performance - Delivers up to 300 TH/s of computing power for high-efficiency mining Industry-leading Energy Efficiency - Achieves industry-leading 12.8 J/TH efficiency and power saving Compact and Reliable Design - O
Slide 18: Avalon Family – Industrial Mining Solutions
Avalon Family – Industrial Mining Solutions Avalon ASIC Miners Avalon Box Air-Cooled Hydro-Cooled Immersion-Cooled Air-Cooled (20&40ft) A15Pro A15HS A1566I Hydro-Cooled (20&40ft) A15HU - Proprietary dual-fan - Superior heat design dissipation Immersion-Cooled (20&40ft) - Best-in-class durability - E
Slide 19: Avalon Family – Home Mining Solutions
Avalon Family – Home Mining Solutions Portable Heater Miner Baseboard Heater Miner Professional Home Miner Avalon Nano 3S Avalon Mini 3 AvalonQ - Compact & ultra quiet - Heater & miner - High performance - Portable & efficient - Moderate power use - Adjustable power consumption - Beginner-friendly -
Slide 20: Expand to Energy
EXPAND TO ENERGY 20
Slide 21: Hash-to-Heat: 8 MW Into Nordic District Heating
Hash-to-Heat: 8 MW Into Nordic District Heating • Won a competitive bid to provide hydro-cooled hash-to-heat equipment to a district heating provider in the Nordic region, covering 2 MW (228 Avalon A1566HA units) currently operational and an additional 6 MW (692 units) ordered in March 2026. • Paral
Slide 22: Extended Collaboration with Tether on New Form Factors
Extended Collaboration with Tether on New Form Factors for Mining and Compute Systems • The partnership focuses on a modular architecture that decouples compute layers from power and enclosure units, allowing for higher compute density and easier maintenance compared to traditional sealed and fixed
Slide 23: Acquired Cipher's Interest in Mining Projects Totaling ~4.4 EH/s
Acquired Cipher’s Interest in Mining Projects Totaling ~4.4 EH/ • Acquired Cipher Mining’s 49% equity interest in Alborz LLC, Bear LLC, and Chief Mountain LLC in West Texas, via a joint venture with WindHQ, totaling 120 MW of power capacity and ~4.4 EH/s in hashrate. • Leverages highly competitive p
Slide 24: Financials
FINANCIALS 24
Slide 25: Revenue & Bitcoin Trends
Revenue & Bitcoin Trends Revenue #BTC Held and Market Value $196.3 1,915 200 1,750 1,808 180 $175.0 1,800 $200.0 1,582 $150.5 1,484 160 1,408 $179.0 1,500 1,293 140 1,212 $160.0 $153.7 $130 1,006 $150.0 120 1,200 1,001 $100.2 $123.2 $111.0 $100 $117.5 1,001 $120.5 100 $82.8 730 1,001 1,218 $62.7 900
Slide 26: More Financial Data
More Financial Data Avg Revenue per BTC for Self-Mining Operating Expenses 114,485 98,870 101,304 49.3 93,466 82,174 38.3 40.5 40.1 75,854 36.4 38.2 72,578 35.3 31.4 61,034 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1’26 Q2’26 Source: Company data $ in millions Source: Company data Including $9.2M impairm
Slide 27: Q&A
a <0 canaan Q&A