Canaan Inc. reported a GAAP net income of US$8.0 million for the third quarter ended September 30, 2026, driven by a US$51.9 million fair value gain on its cryptocurrency holdings. Total revenue was US$14.5 million, with mining operations generating US$9.5 million and producing 133 bitcoins. The company also announced the launch of an initial US$20 million share repurchase program under a broader US$100 million board authorization approved on November 6, 2026. Additionally, Canaan plans to implement a 1-for-25 reverse ADS split, changing the ratio from one ADS representing 15 ordinary shares to one ADS representing 375 ordinary shares, effective on or about December 4, 2026, to regain compliance with Nasdaq's minimum bid price requirement. Canaan Inc. is a technology company focusing on ASIC high-performance computing chip design and bitcoin mining equipment production.
