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Operating & Financial Results Second Quarter 2026 September 8, 2026 1 Chairman & CEO CFO Nangeng Zhang Jin “James” Cheng
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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 and cash flow. These non-GAAP measures should be considered in addition to, and not as a substitute for, or in isolation from, GAAP results. You can find additional disclosures regarding these non-GAAP measures, including reconciliations with comparable GAAP results in our earnings press release, which is posted on the Company's website. This presentation contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “future,” “aim,” “estimate,” “intend,” “seek,” “plan,” “believe,” “potential,” “continue,” “ongoing,” “target,” “guidance,” “is/are likely to” and comparable terminology. In addition, statements that are not historical facts, including statements about the Company’s strategies and business plans, the Company’s beliefs, expectations and guidance regarding the growth of its business and revenue, financial guidance, as well as the Company’s strategic and operational plans and targets, are or contain forward-looking statements. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which theCompany cannot predict with accuracy and some of which the Company might not even anticipate and involve factors that may cause actual results to differ materially from those projected or suggested. The factors that could cause actual results to differ materially from those contained in any forward-looking statement include but are not limited to the following: the Company’s future business development; the ability of the company to execute against its goals; the expected growth of the bitcoin industry and the price of bitcoin; future demand for and market acceptance of the Company’s products, especially its bitcoin mining machines; the Company’s ability to maintain and strengthen its relationships with production partners and customers; the Company’s investment plans and strategies; fluctuations in the Company’s quarterly operating results; competition in the industry; changing macroeconomic and geopolitical conditions, including evolving international trade policies and the implementation of increased tariffs, import restrictions, and retaliatory trade actions; and relevant government policies and regulations relating to the Company and cryptocurrency. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading “Risk Factors” in the Company's Annual Reports on Form 20-F, as may be supplemented or amended by the Company’s other public filings. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise. Disclaimer Any financial information relating to the Company’s self-mining is not intended to be and should not be considered as forward-looking statements by the Company. It is impossible to forecast what the price of bitcoin, hash rate, or the difficulty rate will be on any specific date, including when the Company’s mining machines are expected to be installed or deployed. This presentation is for illustrative purposes only to provide the reader with an estimate of the Company's potential operational and financial results which might be attained if all mining machines were deployed as of a specific date and with certain parameters used, as set forth below. Investor Notice An investment in our ADSs involves a high degree of risk. You should carefully consider the risks, uncertainties and forward-looking statements described under "Risk Factors" in Item 3.D of our most recent Annual Report on Form 20-F, as amended, for the fiscal year ended December 31, 2025. If any of these risks were to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. NASDAQ: CAN Sep 2026 2
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QUARTERLY UPDATE 3
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4 Resilience Through the Bitcoin Market Cycle Total Revenue $31.9 Million • Slightly below our guidance of $35M-$45M • ASP $5.5 per TH/s • Self-mining revenue reached 55% of total revenue Numbers are rounded. BTC Price and Global Network Hashrate in Q2 Global Network Hashrate in EH/s Source: Blockchain.com 4/1/2026 5/1/2026 6/1/2026 Bitcoin Price in US$ 700 800 900 1000 1100 50000 55000 60000 65000 70000 75000 80000 85000 Global Network Hashrate BTC Price Installed Hashrate 10.1 EH/s • +23% Year-over-Year • -8% Quarter-over-Quarter NASDAQ: CAN Sep 2026 Strong Cash Balance of $66 Million (as of 6/30/26) • +52% Quarter-over-Quarter • Deployed $5.4 million toward share repurchases • Crypto treasury remains at 1,868 BTC, with a market value of ~$146 million as of 8/31/26 Monetized all 3,952 ETH & 54 BTC in August for total proceeds of $13.9 million
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$12.7 $1.0 $17.7 Q2 2026 Revenue Split $ in millions Industrial Mining Equipment Home Mining Equipment Self-mining • Generated 243 bitcoin* 5 Self-mining Reaches 55% of Revenue for the First Time • $17.7M in revenue Industrial Mining Equipment Home Mining Equipment Self-mining • $12.7M in revenue • Impacted by subdued BTC prices • 2.5 EH/s delivered, ASP $5.5 per TH/s • ~10,000 A15 series units delivered • $1.0M in revenue • ~1,200 home mining units delivered • 10.1 EH/s in quarter-end non-JV installed computing power, up 23% Year-over-Year Numbers are rounded. 85.3% 81.3% 68.1% 66.0% 70.3% 81.2% 63.2% 39.7% 2.0% 1.1% 1.5% 5.6% 8.1% 3.2% 4.3% 3.0% 12.2% 17.2% 29.3% 28.0% 20.3% 15.6% 30.5% 55.4% 0% 20% 40% 60% 80% 100% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q2 2026 Revenue Mix Industrial Mining Equipment Home Mining Equipment Self-mining *Including BTC obtained from hashrate leasing NASDAQ: CAN Sep 2026 Note: Revenue mix exclude a small portion of revenue from the hashrate leasing business.
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87.8 94.6 113.9 108.0 201.7 180.8 139.1 128.8 Q3'24 Q4'24 Q1'25 Q2‘25 Q3'25 Q4'25 Q1'26 Q2'26 Inventory Strengthening Liquidity Through Strong Cash Management $ in millions Source: Company data $ in millions Numbers are rounded. 71.8 96.5 96.8 65.9 119.2 80.8 43.5 66.0 0 20 40 60 80 100 120 140 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Cash 6NASDAQ: CAN Sep 2026 $ in millions 35.3 49.3 38.3 36.4 40.5 38.2 31.4 40.1 Operating Expenses • Including $9.2M impairment on mining machines and $2.7M bad debt • Represented approximately +52% increase QoQ • ~$54 million in cash from product sales • ~$15 million from value-added tax refunds, cash distributions from equity investments, and Bitcoin-backed financing Cash: liquidity strengthened Source: Company data Source: Company data
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CAPITAL ALLOCATION 7
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Share Repurchases Through Strategic Capital Allocation Capital Allocation Strategy 8NASDAQ: CAN Sep 2026 Our digital asset treasury and ongoing self-mining production provide additional flexibility to fund share repurchases when market conditions are compelling. • Share repurchases supported by our strategic digital asset treasury Share Repurchases Accelerated 0 4 8 12 16 1H26 3Q26 to Date YTD $2.0M $5.4M 16.4M $7.4M $13.9M Monetized 3,952 ETH & 54 BTC sold in August ADSs Repurchased (million) Total Consideration (USD million) 13.6M 2.8M * 3Q26 to Date includes repurchases made in late August 2026. Digital asset figures are rounded. $5.4M Deployed 13.6M ADSs repurchased in late August 1,868 BTC Bitcoin Treasury as of 8/31/2026
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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 underscores their commitment to expanding Canaan's footprint across mining infrastructure, energy-related initiatives, and emerging compute opportunities while creating sustainable, long-term value for shareholders. 9NASDAQ: CAN Sep 2026
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SELF-MINING 10
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Mining Revenue & Adjusted Mining Gross Margin Q2 Self-mining Overview (Non-JV) $ 9.0 $ 15.3 $ 24.3 $ 28.1 $ 30.6 $ 30.4 $ 19.1 $ 17.7 22.1% 41.9% 31.1% 23.3% 26.3% 17.8% 11.5% 20.5% -150% -130% -110% -90% -70% -50% -30% -10% 10% 30% $0 $5 $10 $15 $20 $25 $30 $35 $40 $45 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Mining Revenue Gross Margin Q2 Self-mining Key Updates Bitcoins Owned as of June 30, with a market value of ~$111M 1,915 Mining Revenue during Q2 2026, down 7.7% QoQ $17.7M Installed Computing Power globally as of June 30, 2026 10.1 EH/s $ in millions Source: Company data Adjusted Mining Gross Margin during Q2 2026 20.5% Bitcoins Mined* in Q2 2026, down 4% QoQ 243 Adjusted Mining Gross Margin is defined as the percentage ratio of mining revenue after the costs for energy and hosting are deducted, but without consideration of depreciation for the deployed machines. All numbers are based on Non-JV data and are rounded. 11NASDAQ: CAN Sep 2026 260 284 279 309 257 243 0 40 80 120 160 200 240 280 320 360 1Q25A 2Q25A 3Q25A 4Q25A 1Q26A 2Q26A Quarterly BTC Production * Including BTC obtained from hashrate leasing * Above: Canaan’s hosted miners in Pecos, TX Operated by Luna Square
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Q2 North America Self-mining Progress Hashrate in EH/S Source: Company data 0.76 3.67 4.61 4.79 5.88 4.90 6.60 8.15 9.30 9.91 10.97 10.05 1 6 11 1Q25A 2Q25A 3Q25A 4Q25A 1Q26A 2Q26A Quarterly Installed Computing Power (Non-JV) 12 *Including BTC obtained from hashrate leasing NASDAQ: CAN Sep 2026 North America Global North America % of Global 23% 45% 49% 48% 54% 49% 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 North America Non-JV installed hashrate 17.9 J/TH 88.7 MW North America Non-JV average fleet efficiency 4.81 EH/s North America JV installed hashrate All data as of June 30, 2026 North America Non-JV installed power capacity Joint venture June 2026 Operating Snapshot • JV operations substantially recovered by June following the May wildfire - related disruptions at Alborz, approached full-installed capacity. Month-end Installed Hashrate (EH/s) 4.81 EH/s Month-end Operating Hashrate (EH/s) 4.09 EH/s Month-end Average Miner Efficiency 25.2 J/TH
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Strategic Asset - Project ABC 13NASDAQ: CAN Sep 2026 Project ABC July Operating Snapshot 4.85 EH/s Installed Hashrate 4.20 EH/s Operating Hashrate 24.8 J/TH Average Fleet Efficiency 120 MW Installed Power Capacity As of July 31, 2026 Cash Generation Fleet Upgrade & Asset Optimization Upgrade legacy miners to improve fleet efficiency and asset quality The objective is to generate more computing power and stronger economic returns from the same energy resources. Project ABC | Alborz, Texas | Operated by WindHQ Our objective is to build mining and energy infrastructure assets with cost advantages and sustainable cash-flow generation. Cash received from Project ABC during Q2’26 ~$5M Sales proceeds and cash distributions Cumulative cash received from Project ABC as of August 31, 2026 ~$8.4M Sales proceeds and cash distributions
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Self-mining Progress in August 2026 Non-JV Self-mining Progress • 44 bitcoins mined in August 2026 • Month-end bitcoins owned: 1,868 BTC • Month-end installed hashrate: 10.05 EH/s • North American non-JV fleet average efficiency: 17.9 J/TH 14NASDAQ: CAN Sep 2026 Joint Venture Operations* • JV operations continued to stabilize and expand following the Alborz wildfire disruption • Installed Hashrate: 4.85 EH/s • Operating Hashrate: 4.20 EH/s • Average Miner Efficiency: 24.8 J/TH Bitcoin Holdings Month-end BTC holdings grew continuously through January 2026. 1,778 1,793 1,808 1,826 1,867 1,915 1,917 1,868 1,750 1,800 1,850 1,900 1,950 Jan. Feb. Mar. Apr. May. Jun. Jul. Aug. *Data as of end of July
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Non-JV Operating Computing Power Hits Record High (As of Sept 4, 2026) Installed Estimated Weighted Average Cost of Power5 1. Defined as the amount of computing power that could theoretically be generated if all mining machines that have been energized are currently in operation including mining machines that may be temporarily offline. 2. Defined as the sum of Operating Computing Power and computing power that has been installed but not yet energized, if any. 3. Defined as the amount of computing power that has been delivered to the country where each mining project is located in but not yet installed. 4. Defined as the sum of Installed Computing Power and Expected Computing Power. 5. Defined as the weighted average cost of power if 100% of the mining machines consisting of Installed Computing Power were energized. 6. Defined as the weighted average percentage that Canaan would share from the total revenues generated according to the applica ble joint mining arrangements if 100% of the mining machines consisting of Installed Computing Power were energized. 7. Canaan has paused its mining operations in Ethiopia, but its hashrate remains part of the Company's installed hashrate. Computing power and power consumption figures are estimates based on the manufacturer’s specifications; all figures are rounded. $0.043/kWh Numbers are rounded. Installed Estimated Weighted Average Revenue Split6 ~60.6% 15 Regions in alphabetical order (A to Z) Active Mining Projects Count Operating Computing Power1 Installed Computing Power2 Expected Computing Power (Onshore)3 Estimated Total Computing Power4 Global 10 10.05 EH/s 10.05 EH/s 0.27 EH/s 10.32 EH/s America 4 4.90 EH/s 4.90 EH/s 0.00 EH/s 4.90 EH/s Canada 2 0.06 EH/s 0.06 EH/s 0.27 EH/s 0.33 EH/s Ethiopia7 2 4.96 EH/s 4.96 EH/s 0.00 EH/s 4.96 EH/s Middle East 1 0.04 EH/s 0.04 EH/s 0.00 EH/s 0.04 EH/s Malaysia 1 0.08 EH/s 0.08 EH/s 0.00 EH/s 0.08 EH/s NASDAQ: CAN Sep 2026
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PRODUCT LINEUP 16
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17 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 - Operates smoothly from –5°C to 35°C due to durable construction NASDAQ: CAN Sep 2026
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18 Avalon Family – Industrial Mining Solutions Avalon ASIC Miners Avalon Box A15Pro A15HS A1566I Air-Cooled Hydro-Cooled Immersion-Cooled - Proprietary dual-fan design - Best-in-class durability - Extreme weather adaptability A15HU Air-Cooled (20&40ft) Immersion-Cooled (20&40ft) Hydro-Cooled (20&40ft) - Direct-to-chip cooling - Fits most server racks - Superior heat dissipation - Excellent online time - Wide tank & liquid compatibility NASDAQ: CAN Sep 2026
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19 Avalon Family – Home Mining Solutions Portable Heater Miner Baseboard Heater Miner Professional Home Miner Avalon Nano 3S Avalon Mini 3 AvalonQ - Heater & miner - Moderate power use - Home-friendly design - High performance - Adjustable power consumption - Extremely quiet - Compact & ultra quiet - Portable & efficient - Beginner-friendly NASDAQ: CAN Sep 2026
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EXPAND TO ENERGY 20
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Hash-to-Heat: 8 MW Into Nordic District Heating 21 • 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. • Parallel architecture delivers high-grade hot water at ~80°C and supports dynamic overclocking/underclocking for superior grid stability, easier maintenance, and higher efficiency compared to single-source boilers. • This deployment further demonstrates the commercial viability of the Company's hash-to-heat technology and its potential to accelerate the replacement of legacy heating systems, while creating value beyond traditional bitcoin mining applications through energy- efficient heating solutions. NASDAQ: CAN Sep 2026
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Extended Collaboration with Tether on New Form Factors for Mining and Compute Systems 22 • 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 units. • These modules are designed for flexible integration into Tether's next-generation immersion-cooled mining and compute systems, which optimizes thermal management and operational efficiency for large-scale mining. • Following a successful 2025 proof-of-concept with ACME Swisstech, these new units will be deployed at a Tether- affiliated mining facility in South America. NASDAQ: CAN Sep 2026
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Acquired Cipher’s Interest in Mining Projects Totaling ~4.4 EH/ 23 • 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 power rates (sub-3 cents/kWh) and proficient in demand response and energy arbitrage within the ERCOT grid, aligning with Canaan's initiative to stabilize power grids amid rising data center demand. • The transaction was completed through a non-cash issuance of approximately 806 million Class A ordinary shares, establishing Cipher Mining as a significant shareholder. NASDAQ: CAN Sep 2026
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FINANCIALS 24
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Revenue & Bitcoin Trends • Q2 total revenues of $31.9M • Q3 guidance of $11M-$15M • 1,915 bitcoin held as of Jun. 30, 2026 • 1,868 bitcoin held as of Aug. 31, 2026 $ in millions Source: Company data Numbers are rounded. $75 $100 $130 $175.0 $60-$70 $35-$45 $11-$15 $82.8 $100.2 $150.5 $196.3 $62.7 $31.9 0 20 40 60 80 100 120 140 160 180 200 2025Q1 2025Q2 2025Q3 2025Q4 2026Q1 2026Q2 2026Q3 Revenue Guidance Actual $ in millions Source: Company data 730 730 1,030 1,001 1,001 1,001 1,006 1,218 1,212 1,293 1,408 1,484 1,582 1,750 1,808 1,915 $77.0 $123.2 $117.5 $160.0 $179.0 $153.7 $120.5 $111.0 $0.0 $50.0 $100.0 $150.0 $200.0 0 300 600 900 1,200 1,500 1,800 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 #BTC Held and Market Value Number of self-owned Bitcoins Number of Bitcoins recorded as receivable Number of Bitcoins Owned Market Value 25NASDAQ: CAN Sep 2026
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Source: Company data 61,034 82,174 93,466 98,870 114,485 101,304 75,854 72,578 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1’26 Q2’26 Avg Revenue per BTC for Self-Mining $ in millions Source: Company data 35.3 49.3 38.3 36.4 40.5 38.2 31.4 40.1 Operating Expenses More Financial Data (19.1) (21.5) (6.4) 0.6 9.3 16.6 14.6 (22.9) (29.3) Gross Profit $ in millions Source: Company data • Q2 gross loss was $29M, including an inventory write-down of $25 million. 26NASDAQ: CAN Sep 2026 Including $9.2M impairment on mining machines and $2.7M bad debt
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Q&A 27