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

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 August 31, 2026.Management Commentary"August was a month of steady execution and active capital allocation for the Company," said Nangeng Zhang, chairman and chief executive officer of Canaan. "We mined 44 BTC during the month and maintained our non-JV installed hashrate at 10.05 EH/s, supported by the competitive all-in power cost. Our joint venture installed hashrate continued to advance, reaching 4.92 EH/s at month-end."Zhang continued, "In late August, we began converting a portion of our digital asset treasury into shareholder value. We sold our entire Ethereum position of 3,952 ETH along with 54 BTC at average prices of approximately US$2,400 per ETH and US$79,000 per BTC, respectively, reflecting the relatively favorable market conditions at the time and generating approximately US$13.9 million in cash. We used a portion of the proceeds to repurchase approximately 13.6 million American Depositary Shares ("ADSs"), bringing total repurchased ADSs to approximately 16.4 million since the beginning of the year. At month-end, we hold 1,868 BTC and remain committed to a strategic digital asset treasury. Our ability to produce bitcoin at a competitive cost provides a source of capital generated through our own operations, giving us flexibility in allocating capital toward long-term per-share value.""We continue to build toward a more integrated computing and energy platform. At our compute heat recovery greenhouse project in Canada, the computing equipment has arrived on site, with installation now underway ahead of the winter heating season. Through disciplined capital allocation and continued execution of our energy efficiency initiatives, we remain focused on building a more resilient platform and creating sustainable value for our shareholders."August 2026 Bitcoin Mining Updates (unaudited) Key Metrics Results (Rounded Numbers) Bitcoins Mined During the Month 44 BTC Month-End Bitcoins and ETH Owned by Canaan Inc. on Balance Sheet[1] 1,868 BTC 0 ETH Month-End Installed Hashrate (EH/s) Non-JV: 10.05 EH/s JV[5]: 4.92 EH/s Month-End Operating Hashrate (EH/s)[2] Non-JV: 10.05 EH/s JV[5]: 4.11 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 August 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]: 24.7 J/TH 29.3 J/TH Non-JV: 23.7 J/TH JV[5]: 24.7 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 August 31, 2026): Regionsin alphabetical order(A to Z) ActiveMining Projects Count OperatingComputing Power[6] InstalledComputing Power[7] Expected Computing Power[8] Estimated Total Computing Power[9] Global 13 14.15 EH/s 14.96 EH/s 0.27 EH/s 15.23 EH/s America 4 4.90 EH/s 4.90 EH/s 0.00 EH/s 4.90 EH/s JV-WindHQ 3 4.11 EH/s 4.92 EH/s 0.00 EH/s 4.92 EH/s Canada 2 0.06 EH/s 0.06 EH/s 0.27 EH/s 0.33 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 TreasuryOn 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 ADSs. The repurchases will be executed under the Company's existing share repurchase program authorized by its board of directors on December 12, 2025. Management believes the current market value does not fully reflect the Company's underlying assets and performance. The decision to allocate a portion of digital asset treasury toward ADS repurchases reflects management's confidence in the Company's strategy and represents a disciplined approach to capital allocation, focused on enhancing long-term shareholder value.As of September 14, 2026, the Company had monetized 3,952 ETH and 54 BTC for US$13.9 million in cash and deployed US$5.4 million to repurchase 13.6 million ADSs in late August.

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

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