BTIG analyst Gregory Lewis reiterated a Buy rating and $3.00 price target on Canaan Inc. (NASDAQ: CAN).

The analyst commented: "CAN reported 1Q26 earnings this morning (BMO) with revenue of ~$63M coming in ~3% below consensus of ~$65M but within the previous guidance range of $60M-$70M. The slight miss was driven by mining revenue of ~$19M coming in ~9% below consensus while product sales were in line with consensus at ~$43M. Product sales for the quarter were down ~74% sequentially, driven by drops in both computing power sold and ASPs as struggling BTC prices created demand headwinds. Turning to mining, CAN grew its footprint during the quarter through its all-stock acquisition of Cipher's (CIFR, Buy, $25 PT) interest in the Alborz, Bear, and Chief JV. This acquisition gave CAN a ~49% stake in the JV, which owns ~120MW of power and operates ~4.8EH of capacity. When including its ownership in the JV, CAN has grown its self-mining hashrate ~35% YTD. Looking forward, management gave 2Q26 revenue guidance of ~$35M-$45M (consensus ~$97M) as the company anticipates near-term demand headwinds to persist, but we note that improvements in BTC prices would likely provide upside to this guidance. Bottom line: CAN has continued to opportunistically grow its self mining footprint, providing optionality for deployment of its leading-edge mining rigs. We reiterate our Buy rating and $3 PT."

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Shares of Canaan Inc. closed at $0.48 yesterday.