Jia Nan Technology Q2 revenue was 31.9 million USD, mining 243 bitcoins

Jia Nan Technology (NASDAQ: CAN) announced its unaudited financial results for the three months ended June 30, 2026. Total revenue for the second quarter was $31.9 million, down from $62.7 million in the first quarter and $100.2 million in the same period of 2025, with product revenue of $13.6 million, mining revenue of $17.7 million, and other revenue of $600,000.

Cost of revenue for the quarter was $61.2 million, resulting in a gross loss of $29.3 million, operating expenses of $40.1 million, an operating loss of $69.5 million, and a net loss of $97.6 million. Non-GAAP adjusted EBITDA loss was $74.9 million. Losses from changes in the fair value of cryptocurrency amounted to $9.3 million, with impairment of property, equipment, and software at $9.2 million, and a total of $25.3 million for inventory write-downs, prepaid expenses write-downs, and inventory purchase commitment reserves.

The company's self-operated installed mining capacity (non-joint venture) was 10.05 EH/s, an increase of 23.3% year-on-year, with an all-in electricity cost of approximately $0.043 per kilowatt-hour, mining 243 bitcoins during the quarter. Cryptocurrency reserves reached 1,915 bitcoins and 3,952 ethers. As of September 8, 2026, the company repurchased approximately 16.4 million ADS, totaling $7.4 million. The ABC project holds a 49% stake, with installed capacity of 4.85 EH/s as of the end of July 2026.