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Canaan Inc. Provides July 2026 Bitcoin Production and Mining Operation Updates

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SINGAPORE, Aug. 17, 2026 /PRNewswire/ — Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Company”), an innovator in compute and energy infrastructure, today released its unaudited bitcoin mining update for the month ending July 31, 2026.

Management Commentary

“July was a month of continued operational discipline as we navigated a dynamic mining environment,” said Nangeng Zhang, chairman and chief executive officer of Canaan. “We mined 46 bitcoins during the period, bringing our cryptocurrency treasury to 1,917 BTC and 3,952 ETH at the month-end. Across our mining operations, our North American non-JV fleet maintained an average miner efficiency of 17.9 J/TH. Our joint venture operations continued to stabilize following the wildfire-related disruption at Alborz, with operating hashrate increasing steadily to 4.20 EH/s and installed hashrate reaching 4.85 EH/s at month-end.”

Zhang continued, “More broadly, our recently announced authorization for management to use a portion of our cryptocurrency treasury to fund share repurchases reflects a flexible and selective approach to treasury management. Bitcoin generated through our operations provides us with a strategic source of capital that can be monetized and redeployed when we believe market conditions make share repurchases an attractive use of capital and support long-term value creation on a per-share basis.”

“Looking ahead, we view our mining operations as more than a source of computing capacity. Combined with our disciplined approach to capital allocation, we believe Canaan is positioned to expand beyond computing hardware and to build a more integrated computing and energy platform, while creating additional opportunities to generate long-term value for our shareholders.”

July 2026 Bitcoin Mining Updates (unaudited)

Key Metrics

Results (Rounded Numbers)

Bitcoins Mined During the Month

46 BTC

Month-End Bitcoins and ETH Owned by Canaan
Inc. on Balance Sheet[1]

1,917 BTC

3,952 ETH

Month-End Installed Hashrate (EH/s)

Non-JV: 10.05 EH/s

JV[5]: 4.85 EH/s

Month-End Operating Hashrate (EH/s)[2]

 

Non-JV: 10.05 EH/s

JV[5]: 4.20 EH/s

Month-End Average Revenue Split[3]

60.6% (excluding JV ownership)

Average All-in Power Cost During the Month[4]

US$0.043/kWh

July 2026 Bitcoin Mining Infrastructure Updates (unaudited)

North America

Non-North America

Global

Month-End Average

Miner Efficiency

Non-JV: 17.9 J/TH

JV[5]: 24.8 J/TH

29.3 J/TH

 

Non-JV: 23.7 J/TH

JV[5]: 24.8 J/TH

Month-End Installed

Power Capacity

Non-JV: 88.7 MW

JV[5]: 120 MW

157.5 MW

 

Non-JV: 246.2 MW

JV[5]: 120 MW

Notes:

1. Defined as the total number of bitcoins and ETH owned by the Company on its balance sheet, including any bitcoins and ETH receivable, and excluding bitcoins and ETH received as customer deposits.

2. Defined as the operating hashrate that could theoretically be generated by all energized mining machines as of month-end, including machines that may be temporarily offline, and applies only to non-JV operations. 

3. Defined as the weighted average percentage that Canaan would receive from the total revenues generated according to the applicable joint mining arrangements if 100% of the mining machines consisting of Installed Computing Power (as defined below) were energized.

4. Defined as the weighted average cost of power if 100% of the mining machines consisting of Installed Computing Power were energized.

5. “JV” represents the Company’s 49% stake in the Alborz, Bear, and Chief Mountain facilities in West Texas. JV metrics are shown separately and are not included in bitcoin production or average all-in power cost calculations.

Current Mining Projects (As of July 31, 2026):

Regions
in alphabetical order
(A to Z)

Active
Mining
Projects
Count

Operating
Computing
Power[6]

Installed
Computing
Power[7]

Expected
Computing
Power[8]

Estimated
Total
Computing
Power[9]

Global

12

14.24 EH/s

14.89 EH/s

0.10 EH/s

14.99 EH/s

America

4

4.90 EH/s

4.90 EH/s

0.00 EH/s

4.90 EH/s

JV-WindHQ

3

4.20 EH/s

4.85 EH/s

0.00 EH/s

4.85 EH/s

Canada

1

0.06 EH/s

0.06 EH/s

0.10 EH/s

0.16 EH/s

Ethiopia[10]

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

Notes:

6. Defined as the amount of computing power that could theoretically be generated if all mining machines that have been energized were currently in operation, including mining machines that may be temporarily offline, and applies only to non-JV operations. 

7. Defined as the sum of Operating Computing Power and computing power that has been installed but not yet in operation, if any.

8. Defined as the amount of computing power that has been delivered to the country where each mining project is located, but not yet installed. 

9. Defined as the sum of Installed Computing Power and Expected Computing Power.

10. Canaan has paused its mining operations in Ethiopia, but its hashrate remains part of the Company’s installed hashrate.

Recent Corporate Updates:

Authorized Share Repurchase Using Portion of Digital Asset Treasury

On August 4, 2026, the Company announced that it authorized its management to monetize a portion of its digital asset treasury to fund repurchases of its American Depositary Shares (“ADSs”). The repurchases will be executed under the Company’s existing share repurchase program authorized by its board of directors on December 12, 2025. Based on its current market capitalization, the Company is trading below the combined value of its digital asset holdings and cash position as reported on March 31, 2026. Management believes the current market value does not fully reflect the Company’s underlying assets and performance, making the deployment of digital assets for share buybacks an allocation of capital that demonstrates confidence in its long-term prospects and could enhance shareholder value.

Completed Transfer to Nasdaq Capital Market and Received an Additional 180-day Compliance Period

On July 1, 2026, Canaan completed the transfer of the listing of its American Depositary Shares from the Nasdaq Global Market to the Nasdaq Capital Market. The Company also applied for an additional 180-day compliance period to regain compliance with Nasdaq’s minimum bid price requirement while continuing to execute its long-term energy-plus-compute strategy. On July 15, 2026, the Company announced that it received written notification from The Nasdaq Stock Market LLC granting the Company an additional 180-day compliance period, or until January 11, 2027, to regain compliance with Nasdaq’s minimum bid price requirement under Listing Rule 5550(a)(2). The Company satisfies the continued listing requirement for market value of publicly held shares and all other applicable listing requirements for initial listing on the Nasdaq Capital Market, except for the minimum bid price requirement. The notification has no immediate effect on the listing or trading of Canaan’s ADSs, which will continue trading on the Nasdaq Capital Market under the symbol “CAN.” To regain compliance, the closing bid price of the Company’s ADSs must reach at least US$1.00 per ADS for a minimum of ten consecutive business days during this period. Management plans to continue monitoring the closing bid price and evaluating all available options to rectify the deficiency while maintaining its current listing on the Nasdaq Capital Market.

About Canaan Inc.

Established in 2013, Canaan Inc. (NASDAQ: CAN), is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan has extensive experience in chip design and streamlined production in the ASIC field. In 2013, Canaan’s founding team shipped to its customers the world’s first batch of mining machines incorporating ASIC technology under the brand name Avalon. In 2019, Canaan completed its initial public offering on the Nasdaq Global Market. To learn more about Canaan, please visit https://www.canaan.io/.

Safe Harbor Statement

This press release 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 “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Canaan Inc.’s strategic and operational plans, contain forward-looking statements. Canaan Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Canaan Inc.’s beliefs and expectations, such as expectations with regard to revenue or mining hash rate deployment, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s goals and strategies; the Company’s future business development, the ability of the Company to execute against its goals, financial condition and results of operations; the expected growth of the bitcoin industry and the price of bitcoin; the Company’s expectations regarding demand for and market acceptance of its products, especially its bitcoin mining machines; the Company’s expectations regarding maintaining and strengthening its relationships with production partners and customers; the Company’s investment plans and strategies, fluctuations in the Company’s quarterly operating results; competition in its 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. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

Canaan Inc.
Xi Zhang
Email: IR@canaan-creative.com

Christensen Advisory
Christian Arnell
Email: canaan@christensencomms.com

Media Contact

BlocksBridge Consulting
Jesse Colzani
Email: canaan@blocksbridge.com

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Global Wisdom, Shared Future: Inaugural Global Energy Storage Colloquium Held in Xiamen

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XIAMEN, China, Nov. 13, 2026 /PRNewswire/ — The inaugural Global Energy Storage Colloquium was held in Xiamen under the theme “Frontiers in Dialogue•Powering Tomorrow’s Storage.” Hosted by HiTHIUM and co-organized by the Energy Storage Application Branch of China Industrial Association of Power Sources (CESA), the colloquium brought together leading international experts, scholars, and industry representatives. Participants discussed battery materials, energy storage technologies, power electronics, system applications and industrial innovation.

As energy storage develops toward longer durations, diverse technologies, larger capacity and greater system integration, the industry faces scientific and technical challenges involving battery materials, lifetime mechanisms, safety limits and power system integration. The colloquium provided a platform for experts to exchange views on these topics and explore how fundamental research and international collaboration can support continued innovation.

Participants came from Imperial College London, the University of Cambridge, Tsinghua University, Xiamen University, Huazhong University of Science and Technology, City University of Hong Kong and other institutions. Maochun Hong, Academician of the Chinese Academy of Sciences from the Fujian Institute of Research on the Structure of Matter, attended the event. Clare Grey, Dame Commander of the Order of the British Empire, Professor of Chemistry, University of Cambridge; Tim Green, Fellow of the Royal Academy of Engineering and Professor at Imperial College London; Shigang Sun, Academician of the Chinese Academy of Sciences and Professor at Xiamen University; Yong Yang, Distinguished Professor at Xiamen University; and Chongqing Kang, Professor at Tsinghua University served as co-chairs. Yunhui Huang, Professor at Huazhong University of Science and Technology served as chief advisor.

Jeff Wu, Founder and Chairman of HiTHIUM; Yong Liu, Vice Chair of CESA; and Kate Harrisson, His Majesty’s Trade Commissioner for China and Hong Kong, delivered remarks at the Colloquium.

According to Jeff Wu, energy storage is a systemic technology spanning multiple disciplines and sectors, and that its development depends on breakthroughs in fundamental research and international collaboration. He said HiTHIUM hopes to build on the colloquium to expand cooperation with leading universities and research institutions worldwide, deepen engagement between academia and industry, and help translate research into practical contributions. The company will continue supporting the colloquium as a lasting platform for exchange and collaboration.

Academic sessions covered battery mechanisms and characterization, degradation and lifetime prediction for grid-scale lithium-ion batteries, power system stability with high penetration of inverter-based resources, and the development of virtual power plants. Experts also discussed real-time, non-destructive battery testing, early warning of thermal runaway, energy storage opportunities at distribution transformer areas, and revenue streams from electricity market participation.

The three-day colloquium also included thematic sessions on energy storage materials and batteries, power and grids, systems and applications. Scholars visited HiTHIUM’s smart factory in Xiamen to learn about advanced manufacturing and industrial practices in China’s energy storage sector.

HiTHIUM looks forward to working with partners worldwide to advance energy storage technology and the industry’s development, supporting the global energy transition and a clean, sustainable future.

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SOURCE HiTHIUM

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Guangdong and Papua New Guinea: Taking roots across the Pacific

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GUANGZHOU, China, Nov. 13, 2026 /PRNewswire/ — A news report from South:

Few places on Earth feel as wild as Papua New Guinea. Spread across more than 600 islands, the Pacific nation is home to extraordinary cultural and biological diversity. But some of what comes from its waters is now travelling much further—all the way to dinner tables in China.

For local seafood exporter Tony Lan, China has transformed the scale of his business. His company buys wild-caught mud crabs from local fishermen before flying them to Chinese cities including Guangzhou.

“We used to sell a few hundred kilos a week to the local market,” Lan said. “But once we started exporting crabs to China, business just exploded. Now we’re moving 20 to 30 tons a week.”

The impact has spread beyond the company itself. Lan said families involved in the crab trade have been able to build better homes and buy televisions and generators.

But the connections between Papua New Guinea and Guangdong go far beyond seafood.

In Port Moresby, 21-year-old Maureen works as a receptionist for a Chinese company. Finding work is far from guaranteed. “A lot of degree holders, they don’t have jobs,” she said. “But you see me, I don’t have a degree, but I have a job.”

Her story leads back to Butuka Academy, the school she graduated from. Built with support from Shenzhen under its sister-city relationship with Port Moresby, the academy now accommodates around 3,000 students. Maureen says the computer skills she learned there—including Microsoft applications, web skills and Excel—are the same ones she now uses at work.

Another connection has taken root in soil.

Juncao, a grass-based agricultural technology developed in China, was introduced to Papua New Guinea in the 1990s. Initially used for mushroom cultivation, it has since found applications ranging from livestock feed to fibers and bioenergy. Over three decades, the technology has spread to more than 9,000 farming households, benefiting around 30,000 people.

For Georgina, whose family was among the early adopters, Juncao has shaped both family life and career. After struggling to find a job for two years, she returned to mushroom farming and helped local farmers find markets. That experience eventually led to her current work with a Shenzhen company exploring new uses for the grass.

“I want everyone to know about Juncao, the benefits of it,” she said. “It’s part of me.”

For National Capital District Governor Powes Parkop, such exchanges are part of Papua New Guinea’s wider development journey.

“Being a rural-based, traditional economy, now trying to become a modern economy, we can only learn from China,” Parkop said. He also stressed the importance of APEC for smaller economies, saying PNG does not always have the means to engage with economies across the Pacific individually, “and we have the opportunity at APEC.”

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SOURCE South

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Longsys and Lexar Showcase Industrial, Automotive and Edge AI Storage at electronica 2026

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MUNICH, Nov. 13, 2026 /PRNewswire/ — Longsys (301308.SZ/09976.HK) and its International high-end consumer storage brand Lexar are exhibiting at electronica 2026 in Munich, Germany, from November 10 to 13. Under the theme “Integrated Storage Empowering Edge AI,” Longsys is launching an industrial-grade wide-temperature mSSD and showcasing automotive storage and Edge AI solutions for industrial equipment, intelligent vehicles and smart devices.

Industrial Wide-Temperature mSSD

The new XP2390Mi industrial-grade wide temperature mSSD targets demanding edge applications such as industrial AI inspection, edge control, outdoor devices and embodied robotics. Supporting -40°C to 85°C and featuring PCIe Gen4×4 and NVMe 2.0, it offers 128GB to 1TB capacities, with sequential read/write speeds of up to 7,400/6,200MB/s.

Its SiP (System-in-Package) design integrates the controller, NAND flash and passive components in one package, reducing board-level solder joints and associated failure risks. It features IP57-rated dust and water resistance, shock and vibration resistance, anti-sulfuration protection, firmware-level power-loss protection and security features. The 1TB version delivers an endurance rating of 600–800 TBW. The product offers optional thermal management extensions and M.2 form factors, including 2230, 2242 and 2280, providing customers with greater flexibility for different device space and mechanical integration requirements.

Automotive Storage for Intelligent Vehicles

Longsys presents automotive-grade UFS, eMMC and LPDDR, as well as industrial/automotive-grade SPI NAND Flash. UFS 4.1 features Wisemem’s self-developed 5nm WM7400 controller, delivering sequential read/write speeds of up to 4,200/4,000MB/s and capacities from 128GB to 512GB. The portfolio supports in-vehicle systems, data logging and future onboard AI applications.

Longsys’ automotive storage capabilities are supported by AEC-Q100 reliability qualification, in-house packaging and testing, and collaboration with more than 20 chipset platforms, 20 automakers and 60 Tier 1 suppliers. Lexar is showcasing dashcam USB drives, memory cards and industrial-grade SD/microSD cards for sustained in-vehicle recording, including sentry-mode use.

Storage and Memory for Edge AI

For AI PCs, AI Boxes and other edge AI devices, Longsys is demonstrating an AMD-platform AI host powered by XP2380MA AISSD™ and AIDIMM™. The AISSD combines a 128GB Static SLC tier for demanding AI workloads with a 512GB/1.5TB QLC tier for models, applications and general data. With the iSA™ Storage Agent, it enables on-demand MoE expert loading and SSD-based data orchestration, helping extend model deployment beyond limited DRAM/VRAM capacity. AIDIMM, based on LPDDR5x, provides a 256-bit interface and bandwidth of up to 307.2GB/s.

Other highlights include AILPBGA™, a high-bandwidth embedded memory solution; HLCache™ UFS, co-optimized with Allwinner to improve multitasking on memory-constrained devices; and UFS 4.1 with iSA, adapted for Qualcomm’s 6th-generation Snapdragon 8 Super Edition platform. At the Snapdragon Summit, the solution powered local end-to-end inference for a 30B-parameter MoE assistant.

From industrial and automotive applications to AI computing at the edge, Longsys continues to advance integrated storage through product innovation and platform collaboration.

About Longsys

Founded in 1999, Longsys (301308.SZ/09976.HK) is a globally leading branded semiconductor memory enterprise, integrating R&D, design, packaging and testing, manufacturing, and sales services. For more information please visit https://www.longsys.com/, and follow Longsys on LinkedIn and Facebook .

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