PANews reported on May 19th that Canaan Inc. reported revenue of $62.7 million in the first quarter of 2026, in line with previous guidance; however, it reported a net loss of $88.7 million. As of March 31st, the company held 1807.6 BTC and 3951.53 ETH, with a total installed hashrate of 11 EH/s for its joint mining projects, producing 257 BTC in the quarter. During the same period, the company acquired a 49% stake in the Cipher Mining Texas ABC project, adding approximately 4.4 EH/s of operating capacity, and is advancing its Nordic "hashrate-to-thermal energy" project, planning to deploy 8MW of water-cooled mining infrastructure. Canaan expects revenue for the second quarter of 2026 to be between $35 million and $45 million.