Canaan Inc. · NASDAQ:CAN
Canaan — Q1 2026 Earnings Presentation
25 slides from Canaan's earnings presentation, May 19, 2026
Slide 1: Operating & Financial Results First Quarter 2026
Operating & Financial Results First Quarter 2026 May 19, 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: Resilient Performance Amid BTC Downturn
Resilient Performance Amid BTC Downturn BTC Price and Global Network Hashrate in Q1 Total Revenue $62.7 Million • Inline with guidance of $60M-$70M 100000 1200 • 4.1 EH/s delivered • ASP $10.5 per TH/s 1100 90000 1000 Installed hashrate 11.0 EH/s 80000 • +66% Year-over-Year 900 • +11% Quarter-over-Q
Slide 5: Increasingly Diversified Revenue Streams
Increasingly Diversified Revenue Streams Q1 2026 Revenue Split Revenue Mix $ in millions 100% 85.0% 85.3% 81.3% 81.2% 80% 68.1% 70.3% 66.0% 63.2% $19.1 60% 40% 29.3% 28.0% 30.5% 17.2% 20.3% 13.0% 12.2% 15.6% $39.6 20% $2.7 8.1% 5.6% 4.3% 0.7% 2.0% 1.1% 1.5% 3.2% 0% Industrial Mining Equipment Q2'24
Slide 6: Revenues & Other Key Trends
Revenues & Other Key Trends Revenues Computing Power Sold and ASP $ 196.3 200 $11.8 $11.3 180 $11.1 18 $10.5 $10.5 160 $ 150.5 14.6 16 10 $9.1 140 $8.8 14 $8.1 120 12 $ 100.2 10.0 100 $ 88.8 9.1 10 $ 82.8 80 $ 71.9 $ 73.6 7.3 $ 62.7 5 8 6.2 5.5 60 6.4 6 4.1 40 4 20 2 0 0 0 Q2'24 Q3'24 Q4'24 Q1'25 Q2
Slide 7: Product Lineup
Product Lineup 7
Slide 8: 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 9: 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 10: 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 Avalon Q - Compact & ultra quiet - Heater & miner - High performance - Portable & efficient - Moderate power use - Adjustable power consumption - Beginner-friendly
Slide 11: Self-Mining
Self-Mining 11
Slide 12: Q1 Self-Mining Overview
Q1 Self-Mining Overview Q1 Updates Mining Revenue & Adjusted Mining Gross Margin $45 33.3% 41.9% 31.1% 23.3% 26.3% 1,808 22.1% 257 11.0 EH/s $19.1 M 11.5% $40 17.8% 11.5% 30% 10% $35 $ 30.6 $ 30.4 -10% $30 $ 28.1 Bitcoins $ 24.3 -30% Installed The 4th Bitcoins Owned Mining Adjusted $25 Halving event
Slide 13: Self-mining Progress in April 2026
Self-mining Progress in April 2026 Quarterly Installed Computing Power (Non-JV) 54% Self-mining Progress 45% 49% 48% 10.97 11 9.91 • 90 bitcoins mined in April 2026 9.30 23% 8.15 • Month-end bitcoins owned: 1,826 BTC 6.60 5.88 6 • Acquired Cipher Mining Inc.’s 49% equity interest in joint 4.61 4.79
Slide 14: Operating Computing Power Hits Record High
Operating Computing Power Hits Record High (As of May 15, 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 Cost of
Slide 15: Pivot to Energy
PIVOT TO ENERGY 15
Slide 16: Extended Collaboration with Tether on New Form Factors for Mining and Compute Systems
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 17: 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 18: Greenhouse Heating: Heat Recovery Proof-of-Concept
Greenhouse Heating: Heat Recovery Proof-of-Concept • 3 MW greenhouse pilot in Manitoba, Canada, using liquid-cooled Avalon® computing system deployed to recover and reuse heat for agricultural operations. • High-efficiency energy reuse with an estimated ~90% heat recovery, delivering >75°C hot water
Slide 19: Turning Flaring Into Power: Gas-to-computing Pilot
Turning Flaring Into Power: Gas-to-computing Pilot • Partnered with Aurora AZ Energy Ltd to launch a 2.5 MW gas-to- computing pilot in Alberta, Canada, converting stranded or flared gas into reliable, low-cost power using 700 Avalon® A15 Pro miners installed directly at the wellhead. • Strengthened
Slide 20: Financials
FINANCIALS 20
Slide 21: Revenue & Bitcoin Trends
Revenue & Bitcoin Trends Revenue #BTC Held and Market Value $196.3 1,750 1,808 200 1,800 1,582 180 $175.0 $200.0 1,484 $150.5 1,408 $179.0 160 1,500 1,293 1,212 $160.0 $153.7 140 1,114 $150.0 $130 1,200 1,001 120 $117.5 $120.5 $100.2 $123.2 1,001 100 $100 730 1,001 1,006 $82.8 900 530 730 1,030 $100
Slide 22: Balance Sheet
Balance Sheet Inventory Cash 250 140 119.2 201.7 120 200 180.8 96.5 96.8 100 139.1 80.8 150 131.3 80 71.8 113.9 66.8 65.9 108.0 87.8 94.6 60 100 43.5* 40 50 20 0 0 Q2'24 Q3'24 Q4'24 Q1'25 Q2‘25 Q3'25 Q4'25 Q1'26 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 $ in millions $ in millions Source: Comp
Slide 23: More Financial Data
More Financial Data Avg Revenue per BTC for Self-Mining Loss from Operations 114,485 98,870 101,304 93,466 82,174 75,854 (23.9) (23.6) 65,992 (27.1) 61,034 (37.6) (46.6) (56.8) (55.6) (54.3) (68.0) Q2’24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1’26 Source: Company data $ in millions Source: Company dat
Slide 24: Open Market Share Purchases by CEO and CFO
Open Market Share Purchases by CEO and CFO On March 3, 2026, the Company announced that its CEO, Nangeng Zhang, and CFO, James Cheng, purchased a total of 1,456,547 of its ADSs in the open market. The purchases were made at an average price of US$0.51 per ADS, funded by the executives to align with
Slide 25: Q&A
Ca c canaan Q&A