Canaan Inc (CAN) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to Canaan Inc.'s, first-quarter 2026 earnings conference call.

各位女士、先生，感謝您稍候並歡迎參加嘉楠科技（Canaan Inc.）2026 年第一季度財報電話會議。

(Operator Instructions) Please note that this event is being recorded.

（接線員指示）請注意，本活動將被錄音。

Now, I'd like to hand the conference over to your speaker today, Gwyn Lauber, Investor Relations for the company. Please go ahead, Gwyn.

現在，我想把會議交給今天的發言人——公司投資者關係負責人 Gwyn Lauber。Gwyn，請開始。

Thank you, operator. Hello, everyone. Welcome to our earnings conference call.

謝謝接線員。各位好，歡迎參加我們的財報電話會議。

Joining us today are our Chairman and CEO, Nangeng Zhang; and our CFO, Jin James Cheng. Leo Wang, Vice President of Capital Markets and Corporate Development; and Xi Zhang, Senior IR Manager, will also be available during the question-and-answer session.

今天與會的有我們的董事長兼執行長張楠賡先生，以及我們的財務長金·詹姆斯·程先生。資本市場與企業發展副總裁 Leo Wang，以及資深投資者關係經理 Xi Zhang 也將在問答環節提供協助。

Our CEO will start the call by providing an overview of the company and performance highlights for the quarter. Our CFO will then provide details on the company's operating and financial results for the period, before we open up the call for your questions.

我們的執行長將先就公司概況與本季度的業績亮點作概述。接著，我們的財務長將就本期的營運與財務結果提供細節，之後我們將開放提問。

Before we begin, I would like to refer you to our Safe Harbor statement in our earnings press release.

在開始之前，我想請各位參考我們財報新聞稿中的「安全港聲明」。

Today's call will include forward-looking statements. These statements include, but are not limited to, our outlook for the company and statements that estimate or project future operating results and the performance of the company.

今天的電話會議將包含前瞻性陳述。這些陳述包括但不限於我們對公司前景的展望，以及對未來營運結果與公司表現的估計或預測。

These statements speak only as of today. The company assumes no obligation to revise any forward-looking statements that may be made in today's press release, call, or webcast, except as required by law.

這些陳述僅截至今日為準。除法律要求外，公司不承擔在今日新聞稿、電話會議或網路直播中所作任何前瞻性陳述的修訂義務。

These statements do not guarantee future performance and are subject to risks, uncertainties, and assumptions.

這些陳述不保證未來表現，並受風險、不確定性與假設影響。

Please refer to the press release and the risk factors and documents we file with the Securities and Exchange Commission, including our most recent annual report on Form 20-F for information on risks, uncertainties, and assumptions that may cause actual results to differ materially from those set forth in such statements.

有關可能導致實際結果與該等陳述所載內容存在重大差異的風險、不確定性與假設，請參閱新聞稿以及我們向美國證券交易委員會提交的風險因素與文件，包括我們最近一期的 Form 20-F 年度報告。

In addition, during today's call, we will discuss both GAAP financial measures and certain non-GAAP financial measures, which we believe are useful as supplemental measures of the company's performance.

此外，在今天的電話會議中，我們將同時討論 GAAP 財務衡量指標以及若干非 GAAP 財務衡量指標；我們認為後者可作為公司表現的補充性衡量。

These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from, GAAP results.

這些非 GAAP 指標應與 GAAP 結果一併考量，不應取代 GAAP 結果，亦不應單獨或孤立地使用。

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.

您可在公司網站發布的財報新聞稿中，查閱有關這些非 GAAP 指標的更多揭露資訊，包括與可比 GAAP 結果的調節表。

With that, I will now turn the call over to our Chairman and CEO, Nangeng Zhang. [NG], please go ahead.

接下來，我將把電話會議交給我們的董事長兼執行長張楠賡先生。[NG]，請開始。

Thank you, Gwyn. Hello, everyone. This is NG, CEO of Canaan. Thank you for joining our earnings conference call today.

謝謝你，Gwyn。各位好，我是嘉楠的執行長 NG。感謝各位今天參加我們的財報電話會議。

James, our CFO; and I are here at our Singapore headquarters to share our financial results and recent business updates for the first quarter of 2026.

我與我們的財務長 James 目前在新加坡總部，向各位分享 2026 年第一季度的財務結果與近期業務更新。

Q1 of 2026 was a very challenging quarter. Bitcoin prices dropped sharply from the highs at the beginning of the year. The hashprice fell to very low levels. As a result, miners around the world became much more cautious with their investments.

2026 年第一季度是一個非常具挑戰的季度。比特幣價格自年初高點大幅下跌，hashprice 也降至非常低的水準。因此，全球礦工在投資上變得更加謹慎。

After entering the second quarter, the market saw some recovery. But the recovery has still been limited. At the same time, uncertainties related to the Middle East situation, energy prices, global liquidity, and the policies continue to keep the industry in a cautious environment.

進入第二季度後，市場出現了一些回升，但回升幅度仍然有限。同時，中東局勢、能源價格、全球流動性以及政策相關的不確定性，持續使產業處於謹慎的環境之中。

For us, a company going through a transition period, this environment created a lot of pressure. But, today, I want to focus less on the difficulties we faced and more on what we did during the difficult times.

對於正處於轉型期的我們而言，這樣的環境帶來了很大壓力。不過今天，我想少談我們面臨的困難，多談我們在困難時期做了什麼。

I believe investors want to see whether we have strong execution, disciplined operations, and ability to navigate through market cycles.

我相信投資人希望看到的是：我們是否具備強勁的執行力、嚴謹自律的營運，以及穿越市場週期的能力。

In the first quarter, we completed several concrete tasks:

在第一季度，我們完成了幾項具體工作：

First, we completed the final stage of production, delivery, and revenue recognition for our large order from a leading North American customer, while entering the market downturn with a relatively light inventory position.

第一，我們完成了來自北美一位領先客戶的大額訂單之最終階段生產、交付與收入確認，並在市場下行之際以相對較輕的庫存水位進入。

Second, we continued expanding our mining business, which still generated positive cash contribution, even under extremely low hashprice conditions, while further increasing our digital asset treasury.

第二，我們持續擴大挖礦業務；即使在 hashprice 極低的情況下，該業務仍帶來正向現金貢獻，同時我們進一步增加了數位資產庫存。

Third, we completed the acquisition of ABC Projects through a share-exchange transaction, obtaining a 49% equity interest in three energized and operating mining sites, with low power costs, in West Texas.

第三，我們透過換股交易完成對 ABC Projects 的收購，取得位於德州西部三個已通電並投入營運、且電力成本較低的礦場之 49% 股權。

Fourth, we continue to advance in the R&D of A16 series and our next-generation products to prepare for the next mining equipment update cycle.

第四，我們持續推進 A16 系列及下一代產品的研發，為下一輪礦機更新週期做好準備。

Fifth, we continue shifting the company's strategic focus from a pure-mining machine business towards energy-plus-computing infrastructure.

第五，我們持續將公司的策略重心，從純礦機業務轉向「能源＋算力」基礎設施。

Taken together, these actions show that, during a difficult market environment, we did not simply wait for the market to recover. Instead, we actively strengthened our survivability, improved our asset quality, and expanded our long-term strategic options.

綜合來看，這些行動表明：在艱難的市場環境中，我們並非只是等待市場復甦；相反，我們主動強化生存能力、提升資產品質，並擴大長期策略選項。

In the quarter, we generated total revenues of USD62.7 million, in line with our previous guidance range. As of the end of the quarter, we held 1,808 bitcoins and 3,952 Ethereum. Our digital asset treasury reached another record-high.

本季度我們實現總營收 6,270 萬美元，符合我們先前的指引區間。截至季度末，我們持有 1,808 枚比特幣與 3,952 枚以太幣。我們的數位資產庫存再創新高。

In Mining Machine sales, industry demand was clearly under pressure in the first quarter. We sold 4.1 exahash per second of computing power, with an average selling price of about USD10.5 per terahash, generating USD42.9 million in revenue.

在礦機銷售方面，第一季度產業需求明顯承壓。我們銷售了 4.1 exahash/秒的算力，平均售價約為每 terahash 10.5 美元，實現營收 4,290 萬美元。

Many customers delayed purchases due to low hashprice and high market uncertainty. The market pricing also came under pressure.

由於 hashprice 偏低且市場不確定性高，許多客戶延後採購，市場定價也面臨壓力。

In this environment, we did not pursue short-term scale growth through aggressive inventory build-up or lower-quality orders. Instead, we placed higher priority on inventory control, cash flow management, and order quality. This also reflects the operating discipline we have emphasized over the past several quarters.

在此環境下，我們並未透過激進的庫存堆積或較低品質的訂單來追求短期規模成長；相反，我們更優先重視庫存控制、現金流管理與訂單品質。這也反映了我們在過去幾個季度所強調的營運自律。

In Q4 of 2025, we captured the market window and secured a large North American order, with most of the deliveries completed. In the first quarter of this year, we completed the final stage of execution. Through this -- the successful completion of this project -- we further strengthened our brand reputation and customer base in the North American market.

在 2025 年第四季度，我們把握市場窗口並取得一筆北美大額訂單，且大部分交付已完成。今年第一季度，我們完成了最後階段的執行。透過——成功完成該專案——我們進一步強化了在北美市場的品牌聲譽與客戶基礎。

Mining Machine business may not be the hottest story in the capital market today but it remains the foundation of Canaan. As long as the bitcoin network continues to operate and the low-cost power resources continue to exist around the world, miners will continue to need machines that are more efficient, more reliable, and easy to deploy.

礦機業務或許不是當前資本市場最熱門的故事，但它仍是嘉楠的基礎。只要比特幣網路持續運行、全球仍存在低成本電力資源，礦工就會持續需要更高效率、更可靠且易於部署的設備。

Our job is to run the Mining Machine business with stronger discipline and stay closer to the real needs of our customers.

我們的工作是以更強的自律來經營礦機業務，並更貼近客戶的真實需求。

In the first quarter, we continued advancing customized products and the system-level solutions. Recently, we expanded our collaboration with Tether by providing customized high-density hash board modules for its next-generation immersion mining and compute systems.

第一季度，我們持續推進客製化產品與系統級解決方案。近期，我們擴大了與 Tether 的合作，為其下一代浸沒式挖礦與運算系統提供客製化高密度算力板（hash board）模組。

This type of partnership shows that leading customers are shifting from purchasing single-standard miners to seeking integrated systems that are modular, maintainable, upgradable, and adaptable to different operating scenarios.

此類合作顯示，領先客戶正從採購單一標準礦機，轉向尋求模組化、可維護、可升級，並可適配不同營運情境的整合式系統。

For Canaan, this is exactly where our long-term strengths in ASIC design, system engineering, supply-chain management, and the global product delivery can create value.

對嘉楠而言，這正是我們在 ASIC 設計、系統工程、供應鏈管理以及全球產品交付方面的長期優勢能夠創造價值之處。

In addition, as we announced earlier today, we sold approximately 8 megawatts of hydro-cooled equipment to a Nordic heating service provider to produce high-grade hot water for district heating systems. Projects like this show that Mining Machines are gradually expanding beyond pure-mining use cases into broader energy-utilization scenarios.

此外，正如我們今天稍早宣布的，我們向一家北歐供熱服務供應商出售了約 8 兆瓦的水冷設備，用於生產高品質熱水以供區域供熱系統使用。此類專案顯示，礦機正逐步從純挖礦用途擴展到更廣泛的能源利用情境。

The combination of computing power, heat recovery, and the local energy infrastructure is also an area we will continue to explore, going forward.

算力、餘熱回收與在地能源基礎設施的結合，也是我們未來將持續探索的方向。

In the consumer and [SMB] market, the main focus of having an Avalon Home series in the first half year has been channel expansion, customer reach, and service system development. Since the beginning of this year, Avalon Home products have entered platforms, including Best Buy Canada's online channel and Amazon.

在消費者與 [SMB] 市場方面，上半年推出 Avalon Home 系列的主要重點在於通路拓展、觸達客戶以及服務體系建設。自今年年初以來，Avalon Home 產品已進入包括 Best Buy Canada 的線上通路與 Amazon 等平台。

The consumer market is very different from the industrial mining machine market. Customers are not only about hashrate but also about noise level, stability, product design, easy for installation, and after-sale service.

消費者市場與工業級礦機市場截然不同。客戶不僅關注算力，還關注噪音水準、穩定性、產品設計、安裝便利性以及售後服務。

We are currently working on the product upgrades for several Avalon Home models and hope to launch them in the second half this year. We hope that better products, stronger sales channels, and the year-end shopping season, together, can help this business line contribute to higher-quality revenue.

我們目前正在為多款 Avalon Home 型號進行產品升級，並希望在今年下半年推出。我們希望更好的產品、更強的銷售通路以及年末購物季三者結合，能夠幫助這條業務線貢獻更高品質的營收。

Now, let me move to our Mining business, the mining environment in the first quarter was also very challenging. In January, during severe winter storm across North America, we voluntarily powered down the hotel operations in the certain regions to prioritize electricity supply to local residents and the power grid.

接下來我談談我們的挖礦業務。第一季的挖礦環境同樣非常具挑戰性。1 月北美遭遇嚴重冬季風暴期間，我們在部分地區主動關閉了礦場（hotel）營運，以優先保障當地居民與電網的供電。

We want to be a trusted and responsible partner, with a flexible computing load for the grid, rather than adding additional pressure during period of grid stress.

我們希望成為值得信賴且負責任的合作夥伴，為電網提供具彈性的運算負載，而不是在電網承壓期間增加額外壓力。

More importantly, even under a low hashprice environment, our Mining business continued to show strong competitiveness. During the quarter, we generated 257 bitcoins, in total; and recognized USD19.12 million in Mining revenue.

更重要的是，即使在 hashprice 偏低的環境下，我們的挖礦業務仍持續展現強勁競爭力。本季我們合計產出 257 枚比特幣，並確認挖礦收入 1,912 萬美元。

From a cash-operating perspective, this business continued to contribute positive liquidity inflow to the company. By the end of the quarter, our global installed hashrate reached 11 exahash per second, up 66%, year over year; and 11%, quarter over quarter.

從現金營運角度來看，該業務持續為公司帶來正向的流動性流入。截至本季末，我們全球已安裝算力達到每秒 11 exahash（EH/s），年增 66%，季增 11%。

Our operating base continued to expand, while our power and hosting costs remained relatively competitive. In April, our non-JV installed hashrate remained around 11 exahash per second, with an average all-in power cost of about USD0.044 per kilowatt hour.

我們的營運基地持續擴張，同時電力與託管成本仍維持相對具競爭力。4 月，我們非合資（non-JV）的已安裝算力維持在約每秒 11 exahash，平均全包電力成本約為每度電（kWh）0.044 美元。

At the same time, the ABC JV Project also adds 4.82 exahash per second of installed hashrate and 120 megawatts of installed power capacity.

同時，ABC 合資（JV）專案亦新增每秒 4.82 exahash 的已安裝算力，以及 120 兆瓦的已安裝電力容量。

I believe these numbers show one important thing: The Mining business still has value, even during the low point of the cycle. It help us to accumulate [BTC]; and help us better understand the real operational needs and the pain points of miners.

我認為這些數字說明了一件重要的事：即使在週期低點，挖礦業務仍然有價值。它幫助我們累積 [BTC]；也幫助我們更好地理解礦工真實的營運需求與痛點。

More importantly, it help us to build real power consumption and operational capabilities, as we continue to (inaudible) -- advancing in energy and the computing infrastructure in the future.

更重要的是，它幫助我們建立真實的用電與營運能力，因為我們將持續（聽不清）——在未來推進能源與運算基礎設施。

The most important development this quarter was the ABC Project. In late February, we acquired 49% equity interest in Alborz, Bear, and the Chief Mountain projects in West Texas from Cipher through a share-exchange transaction, together with 6,840 Avalon A15pro mining machines.

本季最重要的進展是 ABC 專案。2 月下旬，我們透過換股交易自 Cipher 收購其位於德州西部的 Alborz、Bear 與 Chief Mountain 專案 49% 的股權，同時取得 6,840 台 Avalon A15pro 礦機。

The biggest advantage of the ABC Project is the highly competitive power cost, which is below USD0.03 per kilowatt hour. Because of this cost advantage, the projects maintain a strong profitability and a high uptime, even during period of bitcoin price volatility.

ABC 專案最大的優勢是極具競爭力的電力成本，低於每度電 0.03 美元。憑藉此成本優勢，即使在比特幣價格波動期間，這些專案仍能維持強勁獲利能力與高開機率（uptime）。

Among the ABC Projects, the Alborz site has successfully completed grid interconnection and now operates under a hybrid model, combining behind-the-meter wind power and grid power, which significantly improved over uptime.

在 ABC 專案中，Alborz 場址已成功完成電網併網，目前以混合模式運作，結合表後（behind-the-meter）風電與電網供電，顯著提升了開機率。

We have also been working closely with our partner, WindHQ, to steadily upgrade the mining fleets at the site. At the end of April, the project's installed hashrate increased from about 4.4 exahash per second to 4.82 exahash per second.

我們也與合作夥伴 WindHQ 緊密合作，穩步升級該場址的礦機機隊。截至 4 月底，該專案的已安裝算力由約每秒 4.4 exahash 提升至每秒 4.82 exahash。

In addition, the JV project also has potential for future power-load expansion. We are currently evaluating related opportunities.

此外，該合資專案在未來也具備擴大電力負載的潛力。我們目前正在評估相關機會。

Overall, the ABC projects operate under a hybrid mining-power model, combining wind power and grid electricity, with a total installed capacity of 120 megawatts and the power cost below USD0.03 per kilowatt hour. The projects currently have an installed hashrate of approximately 4.82 exahash per second.

整體而言，ABC 專案採用混合式「挖礦—電力」模式，結合風電與電網電力，總已安裝容量為 120 兆瓦，電力成本低於每度電 0.03 美元。目前專案已安裝算力約為每秒 4.82 exahash。

We have maintained a strong long-term relationship with Cipher over the past years. The completion of the ABC Projects transaction also reflects our ability to take over high-quality assets released during the Cipher's business transaction, based on our longstanding cooperation with these high-quality power resources.

過去數年我們與 Cipher 維持了穩固的長期合作關係。ABC 專案交易的完成，也反映出我們基於與這些高品質電力資源的長期合作，具備承接 Cipher 業務交易中釋出的優質資產的能力。

The infrastructure capabilities will become increasingly important, competitive, advanced advantages in the industry over the long term. The completion of ABC Projects not only future-strengthened our footprint in North American energy and infrastructure but also represented an important step in the advancing our long-term energy-plus-computing infrastructure strategy.

長期來看，基礎設施能力將在產業中變得愈發重要，並形成具競爭力的先進優勢。ABC 專案的完成，不僅在未來強化了我們在北美能源與基礎設施的佈局，也代表我們推進長期「能源＋運算」基礎設施策略的重要一步。

Following the transaction, Cipher also became an important shareholder of Canaan, laying the foundation for deeper cooperation between the two parties in the future.

交易完成後，Cipher 也成為嘉楠（Canaan）的重要股東，為雙方未來更深度的合作奠定基礎。

This project has three important meaning for us:

這個專案對我們有三個重要意義：

First, these are low-cost power assets that are already energized, already operating, and already generating computing power. In today's North American market, assets with real operations are much more valuable than pipeline opportunities on paper.

第一，這些是低成本電力資產，已通電、已營運，且已在產生算力。在當前北美市場，具備實際營運的資產遠比紙面上的管線（pipeline）機會更有價值。

Second, the project is a concrete result of our energy strategy. It further strengthens our access to low-cost power resources, mining operation, experience, and local partnership networks in the United States.

第二，該專案是我們能源策略的具體成果。它進一步強化了我們在美國取得低成本電力資源、挖礦營運經驗以及在地合作夥伴網路的能力。

Third, it also provides us with stronger infrastructure capabilities and greater strategy flexibilities, as we continue to explore future AI and HPC opportunities.

第三，隨著我們持續探索未來 AI 與 HPC 機會，它也為我們提供更強的基礎設施能力與更大的策略彈性。

Regarding our energy pipeline, we have, indeed, made some meaningful and encouraging progress. However, as a responsible public company, we do not believe these developments have yet reached the disclosure milestones required for us to provide more specific details publicly.

關於我們的能源管線，我們確實取得了一些有意義且令人鼓舞的進展。然而，作為一家負責任的上市公司，我們認為這些進展尚未達到需要對外披露的里程碑，因此目前無法公開提供更具體的細節。

At this stage, I cannot share too much additional information. But I can reaffirm our strategic view:

在此階段，我無法分享太多額外資訊。但我可以再次重申我們的策略觀點：

High-quality power resources will become one of the most important barriers in future computing infrastructure.

高品質電力資源將成為未來運算基礎設施最重要的壁壘之一。

Our goal is to secure power infrastructure that is controllable, developable, and [opera-upgradable] in regions that are compliant, close to major customer markets; large in scale; capable for long-term grid connection; and expandable, over time.

我們的目標是在合規、靠近主要客戶市場、規模大、具備長期併網能力且可隨時間擴張的地區，取得可控、可開發且可[opera-upgradable]的電力基礎設施。

The United States remains one of our most important markets.

美國仍然是我們最重要的市場之一。

We hope that, in the future, once project conditions become more mature and the disclosure requirements are met, we will be able to provide the market with more concrete and substantial updates.

我們希望未來在專案條件更成熟且符合披露要求後，能向市場提供更具體且更實質的更新。

Now, let me talk about our R&D end products. In the fourth quarter of last year, we officially launched the Avalon A16 XP. It delivers up to 300 terahash per second per machine, with energy efficiency as low as 12.8 joules per terahash.

接下來我談談我們研發端的產品。去年第四季，我們正式推出 Avalon A16 XP。單機算力最高可達每秒 300 terahash，能效低至每 terahash 12.8 焦耳。

During the first quarter, some customers received simple units and began testing. Based on the feedback we have received, so far, the A16 series has performed well in hashrate stability, energy efficiency, noise control, and deployment capability.

第一季期間，部分客戶已收到樣機並開始測試。根據目前收到的回饋，A16 系列在算力穩定性、能效、噪音控制與部署能力方面表現良好。

We have also seen growing attention from the mining community and the third-party reviewers toward the A16 series, which has been very encouraging for our team.

我們也看到礦業社群與第三方評測者對 A16 系列的關注度持續提升，這對我們團隊而言非常鼓舞。

The A16 series will become the core of our future industrial Mining Machine product line. It is not only a performance upgrade but also represents our overall capabilities in system engineering, thermal design, firmware, reliability, and cost control.

A16 系列將成為我們未來工業級礦機產品線的核心。它不僅是性能升級，也代表我們在系統工程、散熱設計、韌體、可靠性與成本控制方面的整體能力。

Advanced semiconductor process are becoming increasingly expensive. Simply pursuing the lowest joules per terahash does not always deliver the best returns on investment for customers.

先進半導體製程正變得愈來愈昂貴。單純追求最低的每 terahash 焦耳數，未必總能為客戶帶來最佳投資報酬。

We pay more attention to the product's full life cycle economics for customers, including machine pricing, power costs, operational stability, maintenance costs, delivery certainty, and resale value.

我們更關注客戶在產品全生命週期的經濟性，包括礦機定價、電力成本、營運穩定性、維護成本、交付確定性以及轉售價值。

Because we have secured part of our key product capacity early and have maintained long-term cooperation with our foundry and supply chain partners, we are still able to move forward with A16 series mass production and future product introductions in a more stable and a cost-controlled way, even under the current environment, where AI-related demands is competing for advanced semiconductor capacity.

由於我們已提前鎖定部分關鍵產品產能，並與晶圓代工廠及供應鏈夥伴維持長期合作，即使在當前 AI 相關需求競逐先進半導體產能的環境下，我們仍能以更穩定且成本可控的方式推進 A16 系列量產與後續產品導入。

For our Mining Machine delivery, we leverage manufacturing capacity across Malaysia, the United States, and Mainland China. This allow us to remain compliant, while responding more flexibility to changes in the global trade environment and the tariff policies.

針對我們的礦機交付，我們運用馬來西亞、美國及中國大陸的製造產能。這使我們能在保持合規的同時，更靈活地因應全球貿易環境與關稅政策的變化。

In -- particularly, during the delivery of our large North American order, our manufacturing, quality control, and the logistics teams worked closely together and successfully handled the pressure from concentrated shipments and tight delivery schedules, demonstrating the resilience and execution capabilities of our supply chain team.

尤其是在交付我們北美大型訂單期間，我們的製造、品質管控與物流團隊緊密協作，成功承受集中出貨與緊迫交期帶來的壓力，展現了供應鏈團隊的韌性與執行能力。

In addition, assembly capacity for our Avalon Home series has also been expanded to our Malaysia facility.

此外，我們也已將 Avalon Home 系列的組裝產能擴充至馬來西亞廠區。

Beyond the current A16 series, the R&D of our next-generation products has also entered the final stage. Some products have recently completed tape-outs for technical validation.

除現有 A16 系列外，我們下一代產品的研發也已進入最後階段。部分產品近期已完成 tape-out（流片），以進行技術驗證。

After we complete product testing and the real operation -- operating conditions -- we will disclose more detailed technical specifications to the market.

在我們完成產品測試與實際運行——運行條件——之後，將向市場披露更詳細的技術規格。

We are confident in the performance improvements of our next-generation products. We will continue to follow our principle: Customers are not just buying specifications but systems that can operate stably by -- deployed over the long term; and generate stable and reliable returns.

我們對下一代產品的效能提升充滿信心。我們將持續遵循我們的原則：客戶購買的不僅是規格，而是能夠長期部署並穩定運行的系統，並產生穩定且可靠的回報。

Today, I also want to talk more systematically about our AI and HPC strategy. As AI computing demand continues to grow rapidly, power resources, data centers, and the computing infrastructure are becoming increasingly important.

今天，我也想更系統性地談談我們的 AI 與 HPC 策略。隨著 AI 算力需求持續快速成長，電力資源、資料中心與運算基礎設施正變得愈發重要。

The market is also paying close attention to mining companies moving into AI and HPC. We understand this interest. Many companies are talking about AI and HPC. But I hope investors will see Canaan's approach, which will be steadier and more practical.

市場也高度關注礦業公司切入 AI 與 HPC。我們理解這份關注。許多公司都在談 AI 與 HPC，但我希望投資人能看到嘉楠的做法——會更穩健、更務實。

For AI and HPC, our long-term strategy has two major pillars:

在 AI 與 HPC 方面，我們的長期策略有兩大支柱：

The first pillar is energy. The completion of the ABC Projects shows that we have already make real progress in energy and infrastructure. These are not conceptual pipeline projects but assets that are already energized, already operating, and already generating computing power and cash flow.

第一個支柱是能源。ABC 專案的完成顯示，我們已在能源與基礎設施方面取得實質進展。這些不是概念性的儲備專案，而是已通電、已運行，並已產生算力與現金流的資產。

At the same time, we are also advancing large scale and a more controllable power resource development. Our goal is to gradually build power-infrastructure capabilities that are financeable, developable, and operable by the company in compliant regions that are close to key markets and have long-term expansion potential.

同時，我們也在推進更大規模且更可控的電力資源開發。我們的目標是在靠近關鍵市場、具備長期擴張潛力且合規的地區，逐步建立公司可融資、可開發、可運營的電力基礎設施能力。

Energy infrastructures projects usually take a long time. The process from permitting land acquisition and the grid connection to construction and operational all requires time. Therefore, we will not make over-aggressive promises, based on the short-term market sentiment.

能源基礎設施專案通常需要很長時間。從許可、土地取得與併網，到建設與投運，都需要時間。因此，我們不會基於短期市場情緒做出過於激進的承諾。

But once these projects are completed step by step, we believe they will become one of the most important long-term modes for our future computing-infrastructure strategy.

但一旦這些專案逐步完成，我們相信它們將成為我們未來運算基礎設施策略中最重要的長期模式之一。

The second pillar is computing systems. Over the past decade, Canaan has been deeply involved in ASIC design, mining machine development, large-scale delivery, and real-world mining operations.

第二個支柱是運算系統。過去十年，嘉楠深度參與 ASIC 設計、礦機研發、大規模交付以及真實場景的挖礦運營。

We are familiar with turning high-density computing equipment into products that are standardized, modularized, mass-producible, remotely manageable, and easy to deploy at scale. We believe broader AI and HPC infrastructure in the future will increasingly require these same capabilities.

我們熟悉如何將高密度運算設備打造為標準化、模組化、可量產、可遠端管理、且易於規模化部署的產品。我們相信，未來更廣泛的 AI 與 HPC 基礎設施將愈來愈需要同樣的能力。

Our thinking is, how to gradually make AI computing systems, which may become the largest source of new computing demand in the future; more like mining machines, with scalable development, standardized operations, and clear economic models?

我們的思考是：如何逐步讓 AI 運算系統——其可能成為未來最大的新增算力需求來源——更像礦機一樣，具備可擴展的開發、標準化的運營，以及清晰的經濟模型？

This process will not happen overnight. But we believe the direction is becoming increasingly clear.

這個過程不會一蹴可幾，但我們相信方向正變得愈來愈清晰。

I don't believe BTC mining and AI-HPC are completely separate businesses.

我不認為 BTC 挖礦與 AI-HPC 是完全割裂的兩門生意。

For Canaan, blockchain computing is a proven workload today that already generates cash contribution and help us validate power assets and operational capabilities.

對嘉楠而言，區塊鏈運算是當下已被驗證的工作負載，已能帶來現金貢獻，並幫助我們驗證電力資產與運營能力。

AI and HPC represent future computing demand, with larger scale and higher infrastructure standards.

AI 與 HPC 代表未來的運算需求，規模更大，且對基礎設施標準要求更高。

The company's transformation is already fully underway, internally. Our power-infrastructure planning is being designed for long-term and higher-density computing demand, while our chip and system capabilities are also gradually expanding toward broader computing platforms.

公司內部的轉型已全面展開。我們的電力基礎設施規劃正以長期與更高密度的運算需求為設計目標；同時，我們的晶片與系統能力也在逐步擴展至更廣泛的運算平台。

But, at this stage, we prefer to spend less time talking about concepts and more time building real assets, products, and engineering capabilities.

但在現階段，我們更願意少談概念，多打造真實資產、產品與工程能力。

What we want to do is gradually expand our existing strengths in mining, energy, chip and system engineering into broader AI and blockchain computing infrastructure.

我們想做的是，逐步把我們在挖礦、能源、晶片與系統工程方面的既有優勢，擴展到更廣泛的 AI 與區塊鏈運算基礎設施。

We believe the right approach is to, first, build a strong foundation in power resources and operations; and then, gradually integrate new types of computing system, when the timing is right.

我們認為正確的做法是：先在電力資源與運營上打下堅實基礎；然後在時機成熟時，逐步整合新型態的運算系統。

In this way, the company can continue benefiting from the cash contribution and the flexible load value of BTC mining, while also creating long-term opportunities in AI-HPC and in variable and settlement-enabled digital economic network in the future.

如此一來，公司既能持續受益於 BTC 挖礦帶來的現金貢獻與可彈性調度的負載價值，也能在未來於 AI-HPC 以及具備可變性與可結算的數位經濟網路中創造長期機會。

This path fits well with the foundation we have built over the years. We believe we already know where the industry is heading.

這條路徑與我們多年來建立的基礎高度契合。我們相信我們已經知道產業將走向何方。

In the future, scarce resources will gradually shift from GPUs themselves to compliant low-cost power, dispatchable loads, domain-specific architecture-based AI computing systems, and long-term operational capabilities.

未來，稀缺資源將逐步從 GPU 本身，轉向合規的低成本電力、可調度負載、基於領域專用架構的 AI 運算系統，以及長期運營能力。

The hardest part is finding the right path from where we are today to the future.

最難的是，從我們今天所在的位置找到通往未來的正確路徑。

What we do now, including the ABC Projects, direct power pipeline development, chip design, system engineering, and organizational efficiency improvements, this, essentially, is building the foundation for that path.

我們現在所做的一切，包括 ABC 專案、直供電力管線開發、晶片設計、系統工程，以及組織效率提升，本質上都是在為那條路徑打基礎。

Finally, I want to talk about our organization and the cost structure. Since the fourth quarter of last year, we have continued optimizing our organization. In Q1 of 2026, the result of these efforts already started to appear in our operating expenses.

最後，我想談談我們的組織與成本結構。自去年第四季以來，我們持續優化組織。在 2026 年第一季，這些努力的成果已開始反映在我們的營運費用上。

Going forward, we will continue to focus our resources on core products, key projects, and areas that can build long-term competitive advantages.

展望未來，我們將持續把資源聚焦於核心產品、關鍵專案，以及能建立長期競爭優勢的領域。

At the same time, we are also introducing AI tools more deeply across the company, including R&D collaboration; coding and testing; supply-chain planning; financial analysis; customer support; and operational measurement.

同時，我們也在公司內更深入導入 AI 工具，涵蓋研發協作、程式撰寫與測試、供應鏈規劃、財務分析、客戶支援，以及營運衡量。

My view on AI is very practical. AI is not only a market that we may serve in the future but, also, a tool that helps us to improve our own organizational efficiency today.

我對 AI 的看法非常務實。AI 不僅是我們未來可能服務的市場，同時也是幫助我們在今天提升自身組織效率的工具。

We want to achieve more, go deeper, and deliver higher-quality work with our linear organization.

我們希望在精簡的組織架構下，做到更多、做得更深，並交付更高品質的工作。

Going forward, we will continue managing expenses with stronger discipline, while improving business responsiveness and execution efficiency. We believe these are critical capabilities for the company to successfully navigate industry cycles.

展望未來，我們將以更強的紀律持續管理費用，同時提升業務反應速度與執行效率。我們相信，這些是公司成功穿越產業週期的關鍵能力。

In March this year, James and I also purchased company's ADS in the open market using our own personal funds. The amount itself is not a key point. What matters is that management stands on the same side as all shareholders.

今年 3 月，James 和我也使用個人資金在公開市場買入公司 ADS。金額本身不是重點；重要的是管理層與所有股東站在同一陣線。

Today's market environment is, indeed, challenging. But we remain confident in the company's long-term direction and our ability to execute.

當前的市場環境確實充滿挑戰，但我們仍對公司的長期方向與我們的執行能力保持信心。

Looking ahead to the second quarter, we remain cautious. Although bitcoin price and the hashprice have recovered, somewhat, from the lows in the first quarter, miners, globally, are still taking a conservative approach to the investment.

展望第二季，我們仍保持審慎。儘管比特幣價格與 hashprice 已從第一季低點有所回升，但全球礦工在投資上仍採取保守態度。

In addition, energy prices; and the geographic and the geopolitical uncertainties may continue to affect customer decisions. Therefore, we expect total revenues for the second quarter of 2026 to be between USD35 million and USD45 million.

此外，能源價格以及地緣與地緣政治不確定性，可能持續影響客戶決策。因此，我們預期 2026 年第二季總營收將介於 3,500 萬美元至 4,500 萬美元之間。

This outlook is based on the current market and operating conditions. Actual results may differ due to changes in the market conditions, policies, bitcoin prices, and customer demand.

此展望基於目前的市場與營運狀況。實際結果可能因市場狀況、政策、比特幣價格與客戶需求的變化而有所不同。

In the short term, Canaan is still going through a difficult transition period. We do not avoid this reality.

短期內，嘉楠仍處於艱難的轉型期。我們不迴避這個現實。

But I also want to make it clear that the company is not standing still. We are reducing inventory, controlling costs, advancing new products, expanding sales channels, strengthening mining operations, securing low-cost power resources, advancing our US power-infrastructure pipeline, and exploring long-term opportunities in AI and HPC computing systems.

但我也想明確表示，公司並未停滯不前。我們正在降低庫存、控制成本、推進新產品、擴展銷售通路、強化挖礦運營、取得低成本電力資源、推進我們在美國的電力基礎設施管線，並探索 AI 與 HPC 運算系統的長期機會。

The industry cycle will continue to fluctuate. The market sentiment will continue to change.

產業週期將持續波動，市場情緒也將持續變化。

But what we can control are our execution, discipline, cost structure, products, asset quality, and long-term direction. As long as we continue improving in these areas, we believe Canaan will become stronger in the next cycle.

但我們能夠掌控的是我們的執行力、紀律、成本結構、產品、資產品質以及長期方向。只要我們持續在這些方面精進，我們相信嘉楠在下一個週期將會變得更強。

That concludes my remarks. Thank you, again, for your continuous support.

以上是我的發言。再次感謝各位持續的支持。

I will now turn the call over to our CFO, James, to discuss our financial results in more detail. Go ahead, James.

接下來我把電話會議交給我們的財務長 James，請他更詳細地說明我們的財務結果。James，請。

Thank you, NG. Good day, everyone. This is James, speaking in our Singapore headquarters.

謝謝你，NG。各位好。我是 James，現在在我們的新加坡總部發言。

As NG highlighted, the first quarter of 2026 was defined by significant volatility. Global liquidity was tightening. The Middle East geopolitical conflicts were escalated during the quarter, together with energy price rises and regulation bumps.

如 NG 所強調，2026 年第一季的特徵是顯著的波動。全球流動性正在收緊。中東地緣政治衝突在本季升級，同時伴隨能源價格上漲與監管方面的顛簸。

Bitcoin entered the year trading near $95,000 level in the middle of January, before experiencing a quick decline and a bottoming at approximately $66,000 in early March. This fluctuation of bitcoin price directly impacted industry-wide mining economics and hash price, forcing a cautious wait-and-see posture across the institutional sector.

比特幣在年初於 1 月中旬一度在 95,000 美元附近交易，之後快速下跌，並於 3 月初在約 66,000 美元附近觸底。比特幣價格的這種波動直接影響全行業的挖礦經濟性與 hash price（算力價格），迫使機構端普遍採取謹慎觀望的態度。

Despite these headwinds, our operational performance demonstrates our resilience of going through industry cycles.

儘管面臨這些逆風，我們的營運表現展現了我們穿越產業週期的韌性。

We successfully delivered the total revenue within our guided range. We increased the revenue from our North American sales. We strengthened our mining operations by securing a 49% membership interest in three high-quality mining projects.

我們成功將總營收交付在指引區間內。我們提升了北美銷售帶來的營收。我們透過取得三個高品質挖礦專案 49% 的會員權益，強化了挖礦業務布局。

At the same time, we also de-risked our inventory position through the accrued write-down, continuing to optimize our operational efficiency by continuous expense control.

同時，我們也透過計提存貨跌價損失來降低存貨部位風險，並藉由持續的費用管控，持續優化營運效率。

Collectively, these actions allow us to remain lean and agile, positioning us to navigate ongoing market volatility and prepare to capture future high-margin opportunities, as the cycle eventually turns.

綜合而言，這些行動使我們得以維持精實與敏捷，讓我們能在持續的市場波動中前行，並在週期最終反轉時，做好把握未來高毛利機會的準備。

Moving on to our financial performance, we delivered a total revenue of $63 million in the first quarter, which was within our guided range.

接著談我們的財務表現，第一季我們實現總營收 6,300 萬美元，落在我們的指引區間內。

Our product revenue contributed $43 million to the top line. This represents a sequential decline because of the market environment change from Q4 to Q1.

我們的產品營收為 4,300 萬美元。由於市場環境從第四季到第一季的變化，這一數字較上一季下滑。

North American customers contributed over 80% of total product sales, which increased from 75% in the last quarter.

北美客戶貢獻了超過 80% 的產品總銷售額，高於上一季的 75%。

During the quarter, we sold 4.1 exahash per second of computing power at an average price of $10.5 per terahash per second. Within product revenue, our Avalon Home series generated $2.7 million, as we continue to invest in channel development for this segment.

本季我們售出 4.1 exahash/秒的算力，平均售價為每 terahash/秒 10.5 美元。在產品營收中，Avalon Home 系列貢獻 270 萬美元；我們持續投入該細分市場的通路建設。

Our Mining business generated $19 million in revenue. While this figure reflects the lower bitcoin prices during the quarter, the business continues to serve as a consistent engine for our asset accumulation.

我們的挖礦業務帶來 1,900 萬美元營收。雖然該數字反映了本季較低的比特幣價格，但該業務仍持續作為我們累積資產的穩定引擎。

By maintaining our mining activities throughout the market cycle, we are effectively strengthening our digital asset treasury and building long-term value for our shareholders.

透過在整個市場週期中維持挖礦活動，我們有效強化了數位資產庫存（treasury），並為股東建立長期價值。

Turning to our Mining operations, we concluded the first quarter with a total installed hashrate of 11 exahash per second, up 11% from Q4 last year. This indicates a year-on-year growth of 66%. The growth is mainly driven by our developments in North America.

談到我們的挖礦營運，第一季末我們的總已安裝算力達到 11 exahash/秒，較去年第四季成長 11%，同比成長 66%。成長主要由我們在北美的發展所帶動。

In Q1 '26, we have expanded our installed mining hash rate in North America 7.7 times of Q1 '25.

在 2026 年第一季，我們在北美的已安裝挖礦算力擴張至 2025 年第一季的 7.7 倍。

North America's occupation increased from 11.5% to 53.6% in our quarterly global hash rate. This is fully aligned with our set strategy of continuously investing in mining operations in North America. This has not even included another 4.4 exahash installed hashrate in the JV cooperation, acquired from Cipher Digital in February, as we own 49% of the interest.

北美在我們季度全球算力中的占比由 11.5% 提升至 53.6%。這與我們持續投資北美挖礦營運的既定策略完全一致。這還未包含我們在 2 月自 Cipher Digital 收購、並以 JV 合作方式取得的另外 4.4 exahash 已安裝算力（我們持有 49% 權益）。

As part of our HODL strategy, we ended the quarter with 1,808 bitcoins and 3,952 Ethereums on our balance sheet. With the production of 257 bitcoins in this quarter, the total market value of our bitcoin holdings stood at $121 million, as of March 31, 2026.

作為我們 HODL 策略的一部分，本季末我們資產負債表上持有 1,808 枚比特幣與 3,952 枚以太幣。本季產出 257 枚比特幣後，截至 2026 年 3 月 31 日，我們比特幣持倉的總市值為 1.21 億美元。

This growing reserve serves as a key pillar of our balance-sheet strength. With the recent price recovery toward $77,000 level, the market value of bitcoin holdings has increased to nearly $140 million.

這一持續成長的儲備是我們資產負債表強度的關鍵支柱。隨著近期價格回升至 77,000 美元附近，比特幣持倉的市值已增加至接近 1.40 億美元。

I would like to address our gross loss of $23 million this quarter, which was entirely driven by a $25 million non-cash inventory write-down entering product cost.

我想說明本季 2,300 萬美元的毛損，這完全是由計入產品成本的 2,500 萬美元非現金存貨跌價損失所致。

Excluding this impact, our adjusted gross profit was approximately $1 million, representing a break-even adjusted gross margin. This accounting treatment was due to continuous pricing pressure and aligned our inventory cost structure with the market environment.

若排除此影響，我們的調整後毛利約為 100 萬美元，調整後毛利率約為損益兩平。此一會計處理源於持續的定價壓力，並使我們的存貨成本結構與市場環境一致。

Moving to our financial efficiency, total operating expenses for the first quarter were $31 million, an 11% reduction from last quarter and an 18% reduction from $38 million in the same period last year. This improvement reflects our efforts to streamline the organization across all functions and our set discipline to control expenses.

再看我們的財務效率，第一季營業費用合計為 3,100 萬美元，較上一季下降 11%，較去年同期的 3,800 萬美元下降 18%。這項改善反映了我們在各職能面向精簡組織的努力，以及我們對費用控管的既定紀律。

Specifically, research and development expenses were $15 million, down 19%, year over year. Selling expenses were lowered to $1 million, down 59%, year over year. The general and administrative expenses were reduced to $15 million, down 11%, year over year.

具體而言，研發費用為 1,500 萬美元，同比下降 19%。銷售費用降至 100 萬美元，同比下降 59%。一般及行政費用降至 1,500 萬美元，同比下降 11%。

These expenditure reductions are the direct result of our ongoing commitment to eliminating non-essential spending and focusing our resources on core strategic priorities. By all methods, we have built a leaner and more cycle-resilient organization.

這些支出下降，直接源於我們持續致力於剔除非必要支出，並將資源聚焦於核心策略優先事項。透過各種方式，我們打造出更精實、且更能抵禦週期波動的組織。

Now, I would like to provide more details on the non-cash items that impacted our bottom-line results. This quarter, we recorded a $41 million fair-value loss on our digital-assets holding. This reflects the significant bitcoin price fluctuation, which declined from approximately $87,000 by the year end of 2025 to $67,000 by the end of the first quarter of 2026.

接下來，我想就影響我們最終盈虧結果的非現金項目提供更多細節。本季我們就數位資產持倉確認了 4,100 萬美元的公允價值損失。這反映了比特幣價格的大幅波動：從 2025 年底約 87,000 美元下跌至 2026 年第一季末約 67,000 美元。

I want to emphasize that this is a market-to-market accounting adjustment and does not represent a realized cash loss, as we continue to hold these assets on our balance sheet.

我想強調，這是按市價計量（mark-to-market）的會計調整，並不代表已實現的現金損失，因為我們仍在資產負債表上持有這些資產。

Consistent with industry practice, these fair-value changes are included in our adjusted EBITDA calculation. Consequently, our adjusted EBITDA loss for the quarter was $76 million, reflecting the combined impact of the operational environment and the period-end re-evaluation of our digital assets.

依照行業慣例，這些公允價值變動會納入我們的調整後 EBITDA 計算。因此，本季調整後 EBITDA 虧損為 7,600 萬美元，反映了營運環境與期末對數位資產重新估值的綜合影響。

Regarding our liquidity, we ended the first quarter with a cash balance of $43 million. On the cash outflow side, we allocated $57 million during the quarter for manufacturing and operation to support our global supply chain; $6 million in wafer procurement payments to secure future production capacity; and $2 million for share repurchases.

就流動性而言，第一季末我們的現金餘額為 4,300 萬美元。在現金流出方面，本季我們配置了 5,700 萬美元用於製造與營運以支援全球供應鏈；6 百萬美元用於晶圓採購付款以確保未來產能；以及 2 百萬美元用於股份回購。

These strategic expenditures were partially offset by $28 million in total cash inflows, which mainly consisted of sales collection, [ADR] rebate, and value-added tax refund.

這些策略性支出部分被 2,800 萬美元的現金流入所抵銷，流入主要來自銷售回款、[ADR] 返利，以及增值稅退稅。

The sequential decrease in our cash balance from $81 million last quarter was primarily driven by collection timing and our planned capital outlets.

我們的現金餘額較上一季的 8,100 萬美元出現環比下降，主要是由回款時點以及我們計畫性的資本支出所驅動。

This position has already been changed, as we have collected $42 million in cash receivables from miner sales in April.

這一狀況已經改變，因為我們在 4 月已收回來自礦機銷售的 4,200 萬美元應收現金。

This post-quarter cash recovery demonstrates that our liquidity remains healthy and provides a solid foundation to navigate near-term market conditions, while remaining prepared to capture future opportunities.

這一季後現金回升顯示我們的流動性仍然健康，並為我們應對短期市場狀況提供堅實基礎，同時也讓我們保持把握未來機會的準備。

I would also like to provide more details on the Project ABC acquisition that closed in late February. This transaction was structured as a share for asset exchange, where we issued approximately 54 million ADSs, with a total fair value of $25 million.

我也想就 2 月下旬完成交割的 Project ABC 收購提供更多細節。該交易採用以股換資產的架構，我們發行約 5,400 萬股 ADS，總公允價值為 2,500 萬美元。

This consideration was allocated between two key assets:

該對價在兩項關鍵資產之間進行分配：

$14 million as equity investment for 49% of stake in the JV comprising Alborz and Chief Mountain; and $11 million for the 6,840 A15pro mining units now recognized as a part of our PPE -- property, plant, and equipment.

1,400 萬美元作為股權投資，用於取得由 Alborz 與 Chief Mountain 組成之 JV 的 49% 持股；以及 1,100 萬美元用於 6,840 台 A15pro 礦機，現已作為我們 PPE（property, plant, and equipment，固定資產）的一部分入帳。

By utilizing an entirely share-based structure, we secured 100 megawatts of high-quality North American power infrastructure, with electricity costs below $0.03 per kilowatt without cash outlay. This approach allowed us to preserve our liquidity, while onboarding Cipher as a strategic shareholder.

透過採用完全以股份為基礎的交易架構，我們在不動用現金的情況下，取得了100兆瓦的高品質北美電力基礎設施，且電力成本低於每千瓦時0.03美元。此作法使我們得以保留流動性，同時引入Cipher作為策略性股東。

We view this project as a highly capital-efficient deployment of our equity that significantly strengthens our North American footprint and cements our long-term partnership with Cipher.

我們認為此專案是對我們股權的高度資本效率部署，能顯著強化我們在北美的布局，並鞏固與Cipher的長期合作夥伴關係。

We remain anchored in long-term strategy that prioritizes structural resilience and asset quality over short-term market fluctuations, while we maintain a cautious and disciplined stance for the upcoming quarter.

我們仍以長期策略為核心，優先考量結構韌性與資產品質而非短期市場波動，同時對即將到來的季度維持審慎且自律的立場。

The fundamental value of our linear cost structure and de-risked balance sheet will become increasingly evident, as this industry cycle evolves.

隨著本產業循環演進，我們線性成本結構與已去風險化的資產負債表之基本價值將愈發明顯。

By securing critical infrastructure and optimizing our manufacturing operations, we have built a platform that is prepared to capture the next wave of institutional growth.

透過取得關鍵基礎設施並優化我們的製造營運，我們已建立一個平台，準備好把握下一波機構型成長。

Moving forward, we will continue to safeguard our liquidity and leverage our technological edge to drive sustainable value.

展望未來，我們將持續守護流動性，並運用我們的技術優勢來驅動可持續的價值。

Given the headwinds and uncertainties in Q2, we are taking a very prudent approach to provide our guidance. We estimate our revenue would be $35 million to $45 million.

鑑於第二季的逆風與不確定性，我們在提供指引時採取非常審慎的作法。我們預估營收將為3,500萬至4,500萬美元。

This concludes our prepared remarks. We will now open the floor for questions. Thank you.

以上為我們事先準備的發言。接下來我們將開放提問。謝謝。

Thank you. We will now begin the question-and-answer session.

謝謝。現在我們開始問答環節。

(Operator Instructions)

（接線員指示）

Logan Hennen, Northland Capital Markets.

Logan Hennen，Northland Capital Markets。

Hey, guys. Good morning. Thanks for taking our question.

嗨，各位。早安。謝謝讓我們提問。

First, can you just help us -- educate us, again -- on how Canaan is strategically positioned to secure and develop power for HPC infrastructure? Will you be making any upcoming hires or working with a development partner to make this transition?

首先，能否請你們再幫我們——再教育我們一次——Canaan在為HPC基礎設施取得並開發電力方面，策略上是如何定位的？你們是否會在近期進行招募，或與開發合作夥伴合作，以完成這項轉型？

Thank you.

謝謝。

Thank you. Good morning.

謝謝。早安。

Let me start with the vision because that is the most important part. We want to do this. We are building power resources.

我先從願景談起，因為那是最重要的部分。我們想做這件事。我們正在建置電力資源。

In short term, I think mining is the best immediate load for the power. It is simple, fast to deploy, and flexible. In long term, these power resources and our partner network can become our entry point into AI-HPC infrastructure.

短期來看，我認為挖礦是電力最好的即時負載。它簡單、部署快且具彈性。長期來看，這些電力資源與我們的合作夥伴網路，可以成為我們切入AI-HPC基礎設施的入口。

This is already underway. On the last earning call, I said Canaan was in transformation. Only three months has passed. We already have a future progress. We believe we will continue to show progress, step by step.

這件事已經在進行中。在上一季的財報電話會議上，我說Canaan正在轉型。才過了三個月，我們已經有了後續進展。我們相信我們會持續一步一步展現進度。

On chips, we have long -- personally, I have long been looking for a way to turn large scale, highly dedicated AI workloads into ASIC-friendly workloads closer to the mining computation today.

在晶片方面，長期以來——就我個人而言，我一直在尋找一種方法，將大規模、高度專用的AI工作負載，轉換成更接近今天挖礦運算、且更適合ASIC的工作負載。

For the end state, I think that direction is most -- almost certain. For many years, we were searching for the right path. Now, the path is -- that can truly use our ASIC design strengths. It's becoming much clear.

就最終狀態而言，我認為那個方向幾乎——幾乎是確定的。多年來我們一直在尋找正確的路徑。現在，這條路——真正能發揮我們ASIC設計優勢的路徑——正變得更加清晰。

In summary -- for question, the summary is very simple: We want to build around energy, computing infrastructure, and, specialized ASIC design.

總結一下——針對你的問題，結論很簡單：我們希望圍繞能源、運算基礎設施，以及專用ASIC設計來建構。

Mining give us the starting load. AI-HPC give us the long-term opportunity.

挖礦為我們提供起始負載。AI-HPC為我們提供長期機會。

Yeah. About the partners, yeah, I think the specific sites will always have their own design. But the dual deployment and the cooperation with other partners is an important model for us.

對。關於合作夥伴，我認為不同的具體場址都會有各自的設計。但雙重部署以及與其他合作夥伴的協作，對我們而言是一個重要模式。

The value is not only about putting money and AI-HPC in the same place. The bigger value is time-based load management.

其價值不僅在於把資金與AI-HPC放在同一個地方。更大的價值在於以時間為基礎的負載管理。

When AI-HPC needs power or when total power is limited, mining can release load. When there is excess power, low pricing, or AI-HPC demand is in a low use period, mining can rev up and, in some cases, run at a higher performance.

當AI-HPC需要電力、或總電力受限時，挖礦可以釋放負載。當電力過剩、電價較低，或AI-HPC需求處於低使用期時，挖礦可以提高運轉，在某些情況下以更高效能運行。

The economic benefit is clear because Mining Machine is relatively low cost and a clean load. More importantly, it has social value; grids, like, stable, controllable loads. This model can help power assets, the grid, and computing customers to work together more efficiently.

經濟效益很明確，因為礦機相對低成本，且是乾淨的負載。更重要的是，它具有社會價值；電網偏好穩定、可控的負載。這個模式能幫助電力資產、電網與運算客戶更有效率地協同運作。

I hope I answered your question. Thank you.

希望我回答了你的問題。謝謝。

Yeah. Yeah. Thank you. That was very helpful. One more:

有。有。謝謝。非常有幫助。再一個問題：

Is there any additional color you can provide into your pipeline? Maybe, how many sites are in that gigawatt? What stage are these sites in? Are they under exclusivity, development, due diligence?

你們能否就你們的專案儲備（pipeline）提供更多細節？例如，那1吉瓦大概包含多少個場址？這些場址目前處於什麼階段？是在獨家洽談、開發中、還是在盡職調查？

Any color there in the current steps being made would be great. Thank you.

若能分享目前正在推進的步驟細節會很棒。謝謝。

I really want to say more but we sit down with our Compliance Advisors and agree that it's better to announce details after some important commercial and legal documents are formally signed with the grid and our partners.

我真的很想多說一些，但我們與合規顧問討論後一致認為，等到與電網及合作夥伴的一些重要商業與法律文件正式簽署後，再公布細節會比較好。

There is certainly still uncertainty, as always, with large-power projects. But our target, what we are working on, is very clear.

當然，和所有大型電力專案一樣，仍然存在不確定性。但我們的目標、我們正在推進的方向非常清楚。

We want to -- we want sites that can support both mining and AI-HPC and also have scale, have a low power cost; and give us enough control to lead the project ourselves.

我們希望——我們希望找到能同時支援挖礦與AI-HPC、且具規模、電力成本低，並且能讓我們有足夠控制權以自行主導專案的場址。

Today, I will not disclose the site count, capacity by stage or status. But I can say the work is moving faster; very quick. Our direction is unchanged.

今天我不會披露場址數量、各階段的容量或狀態。但我可以說，工作推進得更快；非常迅速。我們的方向沒有改變。

Thank you.

謝謝。

Thanks, guys. I'll hop back on the queue.

謝謝各位。我回到隊列後面。

Ben Sommers, BTIG.

Ben Sommers，BTIG。

Hey. Good morning. Thank you for taking my question. Appreciate all the color on the ABC acquisition.

嗨，早安。謝謝讓我提問。也感謝你們就ABC收購案提供的所有補充說明。

Was just curious, talking about the power pipeline. If you could talk about, maybe, if there are potential opportunities out there similar to that one to maybe acquire whether it's a stake or a full project from a previous miner or someone that was mining bitcoin there; and of what you're seeing in the market for potential opportunities similar to that one.

我想問的是，談到電力專案儲備，如果可以的話，能否談談市場上是否存在類似的潛在機會——例如從先前的礦工或曾在當地挖比特幣的業者手上，收購股權或整個專案？以及你們目前在市場上看到哪些類似的機會。

Thank you.

謝謝。

Yeah. I think the ABC acquisition has been very good for us. It gives us, directly, exposure to high-quality, low-cost power; invest access.

對。我認為ABC的收購對我們非常有利。它讓我們直接取得高品質、低成本電力的曝險；並獲得投資進入的管道。

The electricity cost is below $0.03 per kilowatt hour so the project remains resilient, even when the bitcoin hashprice's volatile.

電力成本低於每千瓦時0.03美元，因此即使比特幣hashprice波動，該專案仍具韌性。

Operationally, ABC has been one of our strongest sites with very high uptime. We also been upgrading our miners with WindHQ. By the end of April, the hashrate had increased from 4.4 to 4.82 exahash per second.

在營運面，ABC一直是我們表現最強的場址之一，正常運轉時間（uptime）非常高。我們也一直與WindHQ一起升級我們的礦機。截至4月底，算力已從每秒4.4提升至4.82艾赫（exahash）。

Also, the Alborz site also added grid connection, which improves uptimes through a hybrid wind-plus-grid structure. This project provides our low-cost power and distribution matter.

另外，Alborz場址也新增了電網連接，透過風電加電網的混合架構提升正常運轉時間。這個專案體現了我們低成本電力與配電的重要性。

We will keep looking for similar assets and larger upstream opportunities. Yeah. Thank. You.

我們會持續尋找類似資產以及更大型的上游機會。對。謝謝。

Super helpful. My next question: Just given the current market conditions and the outlook you guys provided, how do you think about the future growth for the Avalon Home series?

非常有幫助。我的下一個問題：考量目前的市場狀況以及你們提供的展望，你們如何看待Avalon Home系列未來的成長？

Just curious on what you're seeing from the demand profile for those rigs. Thank you.

也想了解你們看到這些設備的需求輪廓是什麼樣子。謝謝。

Yeah. I think for the -- currently, I think, we are under some pressure. Let me see.

對。我想就——目前來看，我認為我們承受了一些壓力。我看看。

Yeah. But, this year, Avalon Home was hit by some policy changes in some important markets. For example, China strengthened restricts on mining products later last year. Other countries also had policy changes. This made us more aware that compliance and a stable market must be our main battlefield.

對。不過，今年Avalon Home在一些重要市場受到政策變動影響。例如，中國在去年稍晚加強了對挖礦產品的限制。其他國家也有政策變動。這讓我們更意識到，合規與穩定的市場必須成為我們的主戰場。

This year, our focus has been channel building and product development. In the second half, we have plans to launch several new products and several existing models upgrades.

今年，我們的重點一直是通路建設與產品開發。下半年，我們計畫推出數款新產品，並對數個既有機型進行升級。

We are also building channels that match a more complete product line.

我們也在建立能匹配更完整產品線的通路。

We hope that can support higher revenue in the second half.

我們希望這能支撐下半年更高的營收。

Overall, the growth market is still good on our product quality. I encourage you to look at the community and the [KOL] reviews on YouTube.

整體而言，成長型市場對我們的產品品質仍有不錯的回饋。我建議你去看看社群以及YouTube上的[KOL]評測。

I think, in Home mining product line, we believe we are far ahead. Also, about the expansion in Home series, we have plans.

我認為在家用挖礦產品線方面，我們相信我們領先很多。另外，關於Home系列的擴張，我們也有計畫。

Great. Thank you for taking my questions. Thanks for the update.

太好了。感謝您回答我的問題。也謝謝這次的更新。

Mark Palmer, The Benchmark Company.

Mark Palmer，Benchmark Company。

Yes. Good morning.

是的。早安。

You mentioned that we have seen a pick-up in the price of bitcoin during the second quarter. That that had caused some recovery in the bitcoin mining equipment market but it has been limited.

您提到我們在第二季看到比特幣價格回升。這帶動了比特幣礦機設備市場的一些復甦，但幅度有限。

If you could just provide some perspective on this. In the past, when we've seen significant drawdowns in the price of bitcoin and then, a recovery -- to what extent does bitcoin need to recover and then, stay at higher levels before you begin to see an increase in demand for your products?

如果可以的話，請您提供一些觀點。過去當我們看到比特幣價格大幅回撤，之後又出現反彈——比特幣需要反彈到什麼程度，並且在較高水準維持多久，您才會開始看到對貴公司產品需求的增加？

Thank you.

謝謝。

I think -- first, we're talking a little bit about the bitcoin price. I think the two new highs last year have partly related to a weak US dollar last year. It's not a very typical break-out cycle.

我想——首先，我們先談一下比特幣價格。我認為去年兩次創新高，部分與去年美元走弱有關。那不是一個非常典型的突破循環。

This year, from a technical perspective, bitcoin has shown some patterns of falling to break higher and then, pulling back.

今年從技術面來看，比特幣呈現出一些先下跌、再向上突破、然後回檔的型態。

Yeah. I think, currently, the In Q1, our ASP is about $10.5 per dollar per terahash, currently, because the demand supply imbalance and the hashprice decrease, the ASP is really under pressure.

是的。我想，目前在第一季，我們的ASP大約是每TH/s 10.5美元；目前因為供需失衡以及hashprice下降，ASP確實承受很大壓力。

But, in my experience, there are some index I can tell you to observe the recovery of the machines market. I think it's about the hashprice.

但以我的經驗，有一些指標可以提供您觀察礦機市場的復甦。我認為關鍵在於hashprice。

Currently, I think the hashprice is about $30 some per exahash per day. It's quite low. When the hashprice grows to, like, $40 to $45, then you will observe a significant market recovery for the Mining Machines.

目前我認為hashprice大約是每天每EH/s 30多美元，這相當低。當hashprice回升到例如40到45美元時，您就會觀察到礦機市場出現明顯復甦。

The market will went crazy, when the hashprice hit $55. You can check the number on website in real time. Yeah.

當hashprice達到55美元時，市場會變得非常瘋狂。您可以在網站上即時查看這些數據。是的。

I think, in the last month, before the Middle Eastern situation, the hashprice is climbing slowly but steadily to close to $40. It's dropped back in the last few weeks.

我想在上個月、中東局勢發生之前，hashprice正緩慢但穩定地攀升，接近40美元。但在過去幾週又回落了。

I think that the market still needs some more time to have a real recovery. Yeah. Thank you.

我認為市場仍需要更多時間才能真正復甦。是的。謝謝。

Thanks very much.

非常感謝。

Michael Donovan, Compass Point.

Michael Donovan，Compass Point。

Hi, NG and James. Thanks for taking my questions.

嗨，NG和James。感謝讓我提問。

Can you discuss how much A15 series inventory remains in terms of exahash? How should we think about the timeline for ramping A16 production?

您能否談談A15系列庫存以EH/s計還剩多少？另外，我們應該如何看待A16產能爬坡的時間表？

Yeah. This question is about inventory.

是的。這個問題是關於庫存。

To be very honest, this time, we entered the bear market with a relatively light inventory compared to the previous cycles, like at the end of 2022 or early 2023.

坦白說，這次我們進入熊市時的庫存相對較輕，與之前的週期相比，例如2022年底或2023年初。

At that time, our inventory was higher than this cycle just because, in Q4, we locked the giant order. We deliver in Q4 and early quarter one. Actually, our inventory is not high.

當時我們的庫存比這一輪更高，主要是因為在第四季我們鎖定了一筆很大的訂單。我們在第四季以及第一季初交付。其實我們目前的庫存並不高。

But for certain older-generation machines, we still have some inventory. We lower down the price. We try to clear that inventory within quarter two. I think that's the plan.

但對於某些較舊世代的機型，我們仍有一些庫存。我們已經下調價格，並嘗試在第二季內清理這些庫存。我想這就是計畫。

It seems like the semiconductor sector is in a fierce competition with the AI-related applications. They are occupying more and more wafer capacity.

看起來半導體產業在AI相關應用方面競爭非常激烈，它們占用越來越多的晶圓產能。

That's why, for the second half, we still need to prepare for the wafers for our supply and make sure the demand can be covered.

因此，對於下半年，我們仍需要為供應端準備晶圓，並確保能覆蓋需求。

We don't believe the market will continue to be very quiet, like the quarter one and quarter two. With all this news, like CLARITY be approved by the Banking Committee. We will see CLARITY go to the senator. Eventually, we will see, second half, the Bitcoin price has the possibility of going up.

我們不認為市場會像第一季和第二季那樣持續非常安靜。隨著各種消息，例如CLARITY獲銀行委員會通過，我們將看到CLARITY提交到參議院。最終，我們會看到下半年比特幣價格有上行的可能性。

At that time, the machine demand could recover so we better prepare for that. Even currently, our inventory structure is not bad. It's quite light. Cash flow is good. But, still, we would like to prepare for second half.

到那時，礦機需求可能會復甦，所以我們最好提前準備。即使目前我們的庫存結構不差、相當輕，現金流也良好，但我們仍希望為下半年做好準備。

Yeah. I will add some parts on this.

是的。我再補充一些。

Our production preparation for A16 is already ready. The tests are public. You can check it on YouTube, I mentioned. Also, the product performance is real and strong. Yeah.

我們針對A16的量產準備已經就緒。測試是公開的，您可以在YouTube上查看，我之前提過。另外，產品性能是真實且很強的。是的。

Another information is most of our prepared wafers are for A16. Even currently, we have low inventory. But, when the -- if the market improves, we are in a good position to respond.

另一個資訊是，我們準備的大部分晶圓都是用於A16。即使目前我們庫存偏低，但如果市場改善，我們也處於能夠快速回應的有利位置。

Yeah. Thank you.

是的。謝謝。

Appreciate that. What are you seeing miner demand outside the US? Which international markets are showing strongest today?

感謝。您看到美國以外的礦工需求如何？目前哪些國際市場表現最強？

I think, after US, we have some customers from Europe. Like, we have cooperated with district -- hot water, providing for their homes.

我想在美國之後，我們有一些來自歐洲的客戶。例如，我們與地方供熱——熱水供應給住家的——有合作。

I think we just announced, today, about 8 megawatts orders from our European customers. Also, we have same -- like, the customers from other country -- they don't want to mention.

我想我們今天剛宣布，來自歐洲客戶約8兆瓦的訂單。另外，我們也有同樣——例如來自其他國家的客戶——他們不希望被提及。

But, I think, today, other regions still have alternatives.

但我認為目前其他地區仍然有一些替代選項。

Near term, the US is still the main focus. Because this is where we see that most important. They have power, mining fleets, and AI-HPC infrastructure.

短期內，美國仍是主要重點。因為我們認為那裡最重要。他們有電力、礦場機隊，以及AI-HPC基礎設施。

Yeah. They remain the most important part for miner sales. Yeah. Thank you.

是的。對於礦機銷售而言，美國仍是最重要的部分。是的。謝謝。

Appreciate it, NG and James.

感謝，NG和James。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

Nick Giles, B Riley Securities.

Nick Giles，B Riley Securities。

Thanks, operator. Hi, NG. Hi, James. Just wondering if you could speak to (multiple speakers) --

謝謝，接線員。嗨，NG。嗨，James。我想請問你們是否可以談談（多位發言者）——

Hi, Nick.

嗨，Nick。

Yeah. Hi.

是的。嗨。

I was wondering if you could speak to the Tether relationship; and just touch on, maybe, just a little bit more on the economics of that deal and how could this expand?

我想請你們談談與Tether的合作關係；並且再多提一點這筆交易的經濟性，以及未來可能如何擴大？

I believe that the agreement includes an option for additional volume. But just wanted to get a better sense for the overall revenue opportunity in this partnership.

我相信協議中包含追加採購量的選擇權。但我想更清楚了解這項合作整體的營收機會。

Thanks.

謝謝。

Yeah. I think we already cooperate with the tech -- the technical line and their R&D department -- from Tether for some really long times. Yeah.

是的。我想我們與Tether的技術線以及他們的研發部門合作已經很長一段時間了。是的。

I think, to customize development service, like Tether, you just mentioned, they need that -- they need more than standard machines. We built -- we do co-R&D and build specialized, customized modules, using the different boards to our mass-production model.

我想就客製化開發服務而言，像您提到的Tether，他們需要的——他們需要的不只是標準機型。我們共同研發，並打造專用、客製化的模組，使用不同的板卡，並以我們的量產機型為基礎。

Also, we provide software and hardware system-level solutions for them.

此外，我們也為他們提供軟硬體的系統級解決方案。

Also, they take the development by themselves for very significant part. Yeah.

同時，他們自己也承擔了非常重要的一部分開發工作。是的。

By this, I think we are close -- quite close -- to have some mass-production contracts. Yeah. This is what we are here today.

透過這些合作，我認為我們已經非常——相當接近——簽下一些量產合約。是的。這也是我們今天在這裡的原因。

I hope we can do some announcements, after the last one. Yeah.

我希望在上一次公告之後，我們還能再做一些公告。是的。

The other thing is we are doing open source. We have already released the code. We will continue to improve the quality of our open-source work.

另一點是我們正在推動開源。我們已經釋出程式碼，並會持續提升我們開源工作的品質。

Tether is the pioneer customer. But, sure, I think they are not the last.

Tether是先行者客戶。但當然，我認為他們不會是最後一個。

For the third-party solutions, I think Canaan is clearly one of the friendliest manufacturer. We provide open-source code for software. We, also, can sell chips.

就第三方解決方案而言，我認為嘉楠（Canaan）顯然是最友善的製造商之一。我們提供軟體的開源程式碼，也可以銷售晶片。

We provide the most-easy way for our partners to build their own system. I think it will be more and more friendly in the future.

我們為合作夥伴提供最容易的方式來建立他們自己的系統。我認為未來會越來越友善。

Yeah. Thank you.

是的。謝謝。

Great. Thank you so much, NG. I really appreciate the update this morning.

太好了。非常感謝你，NG。我非常感謝今天早上的更新。

Thank you. As there are no further questions now, we would like to close the call.

謝謝。由於目前沒有進一步的問題，我們將結束本次電話會議。

Thank you, once again, for joining today.

再次感謝各位今天的參與。

If you have further questions, please feel free to reach the company through the contact information provided on its IR website.

若您還有其他問題，歡迎透過公司IR網站所提供的聯絡資訊與公司聯繫。