Market Newsdesk

TORONTO, Sept. 8, 2026 /PRNewswire/ — Mayfair Gold Corp. (“Mayfair”, “Mayfair Gold”, or the “Company”) (TSXV: MFG) (NYSE American: MINE) is pleased to report on its summer exploration program progress and mine geology advancement to further its operational readiness program.

2026 Summer Geology Program Highlights:

• Advanced South Block targets toward drill-ready status
• Mapped more than 95% of known outcrops and collected 127 grab samples
• Completed 23 condemnation holes totalling 6,184 metres, confirming the site General Arrangement
• Advanced the integrated 3D geological and multi-element geochemical model

Adree DeLazzer, P.Geo, Vice President, Exploration, commented, “this season’s work has strengthened our geological understanding of the North and South blocks and advanced priority targets on the South Block toward planned drilling in early 2027. Integrating our mapping, sampling and structural interpretation will help us refine these targets and focus the next phase of exploration. In parallel, we are developing an integrated geological and geochemical model at Fenn-Gib to better understand the deposit and guide exploration across the broader property. We are encouraged by the South Block’s potential and look forward to testing the targets developed through this work.

2026 Exploration Program

The 2026 exploration program focused on advancing the geological understanding of the North and South blocks (see figures 1 and 2 below) through systematic geological mapping, prospecting, sampling, and compilation of historical data. Over 95% of known outcrops across both blocks were reviewed, mapped and selectively sampled, providing extensive coverage of the property and adding significantly to the geological dataset available for ongoing interpretation and targeting.

A total of 127 grab samples were collected across the North and South blocks, including selected samples for gold assay and multi-element geochemical analysis. Geological and structural observations recorded during fieldwork focused on documenting structural features, lithology, alteration, and mineralization. The results of this work are being integrated with existing historical datasets to build a more complete understanding of the property.

A structural targeting program is also underway and has identified a number of areas for further evaluation. These targets are being integrated with the results of the summer mapping and sampling program to help refine areas for potential follow-up geological, geochemical, and geophysical work.

The Company is currently finalizing plans for its fall and winter exploration programs.

Infrastructure Condemnation Drilling Program

Mayfair has completed its 2026 condemnation drilling program, comprising 23 drill holes totalling 6,184 metres, including two redrills. The program was designed to test the proposed locations of key project infrastructure identified in the 2026 Pre-Feasibility Study Technical Report. The drilling results confirm that the tested locations remain suitable for the planned infrastructure, and no changes to the current site layout are required.

 

Mine Geology and Geochemical Modelling

Efforts are underway to build a comprehensive 3D model integrating geology and a multi-element database. To date, over 900 inductively coupled plasma mass spectrometry assays (ICP-MS) have been taken in and around the main Fenn-Gib deposit. Mayfair is continuing to expand the database and model key elements to strengthen the geo-metallurgy model. The final product will also serve in vectoring pathfinder elements to support exploration efforts on the property scale.

Acid-based accounting assays (ABA) are also being included to further support and strengthen the various environmental baseline studies.

Finally, the previously reported grade control program yielded favorable results (see news release dated June 18, 2026). Mayfair is currently considering options to capitalise on those results and potentially do targeted infill drilling to pursue that program.

Quality Assurance and Quality Control

Mayfair Gold maintains a Quality Assurance/Quality Control (QA/QC) program aligned with NI 43-101 requirements and industry best practices. NQ size surface drilling was carried out by Black Diamond Drilling of Matheson, Ontario, and by Wiijiiwaagan Drilling Limited Partnerships of Haileybury, Ontario, under the supervision of Mayfair Gold’s exploration team. The drill program includes detailed geological logging and systematic sampling of drill core at Mayfair’s secure facility in Matheson, Ontario.

Drill core selected for analysis was cut longitudinally using a diamond‑blade saw. One half of the core was retained in the core box for reference, and the other half was bagged, sealed, and prepared for shipment. Analytical work was completed by Swastika Laboratories Ltd. in Swastika, Ontario. Swastika Laboratories is independent of Mayfair Gold and accredited by the Canadian Association for Laboratory Accreditation Inc. (CALA) and meets the ISO/IEC 17025 standards for gold analysis by fire assay with gravimetric finish and fire assay with flame atomic absorption spectroscopy (FAAS) finish.

Samples were delivered directly to Swastika Laboratories by Mayfair personnel. Samples are crushed to minimum 80% passing 1,700 μm. Samples are then split to obtain a 300–500 g sample using a rotary divider. 300–500 g samples are pulverized to minimum 85% passing 74 μm. Gold assays were completed using a 30‑gram fire assay with FAAS finish. Samples returning gold grades greater than 10 g/t were re‑assayed using a 30‑gram fire assay with gravimetric finish. As part of Mayfair’s QA/QC protocol, one certified reference material (CRM), one coarse blank, and one coarse duplicate sample were inserted into the sequence of every 25 samples. Routine third‑party check assays are also performed.

True thickness for condemnation drilling is unknown.

Mayfair Gold is a Canadian development-stage gold company focused on advancing the 100% controlled Fenn-Gib Project in the Timmins region of Northern Ontario. Fenn-Gib hosts a 4.3 million ounce indicated mineral resource of gold (181.3Mt at an average grade of 0.74 g/t) and the expected strategy outlined in the 2026 Pre-Feasibility Study (the “PFS”)¹ is to develop the project under the provincial permitting process, targeting the higher-grade 1 million ounce probable mineral reserve (25.1Mt at an average grade of 1.29g/t) sitting near-surface, highlighting the optionality and scalability provided by the deposit. The PFS also outlines the potential to develop Fenn-Gib into a new Canadian gold producer, with initial development capital of C$450 million, a base-case payback period of 2.7 years, and cumulative free cash flow² of US$896 million over the first six years of production based on a US$3,100/oz gold price. The Company is advancing permitting activities, detailed engineering, and stakeholder engagement with the goal of starting construction in 2028 with initial production in 2030. The company also remains focused on exploration around the broader land package with the goal of enhancing mineral resource scale and growth opportunities.

The geological information contained in this news release has been reviewed and approved by Adree DeLazzer, P.Geo., Vice President, Exploration of Mayfair, and the remaining technical information has been reviewed and approved by Drew Anwyll, P.Eng., Chief Executive Officer of Mayfair. Ms. DeLazzer and Mr. Anwyll are Qualified Persons as defined by National Instrument 43-101.

Cautionary Note Regarding Forward-Looking Information

This news release contains certain forward-looking information within the meaning of applicable Canadian securities legislation and forward-looking statements within the meaning of applicable United States securities legislation (collectively, “forward-looking information”). The use of the words “will” and “expected” and similar expressions is intended to identify forward-looking information. Forward-looking information in this news release includes, but is not limited to, the expected strategy to develop the project under the provincial permitting process, de-risking of early years’ high-grade feed and cash flow profile, the potential to bring forward higher-grade production, targeting the higher-grade mineral reserve, building and operating the Fenn-Gib Project and all disclosure related to the PFS, including commencement of construction and production. Although Mayfair Gold believes that the expectations reflected in such forward-looking information is reasonable, readers are cautioned that actual results may vary from the forward-looking information. The Company has based the forward-looking information on the Company’s current expectations and assumptions about future events. This information also involves known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information, including the risks, uncertainties, and other factors identified in the annual information form and Form 40-F of the Company for the year ended December 31, 2025, available under the Company’s profiles on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov, respectively. Furthermore, the forward-looking information contained in this news release is as at the date of this news release, and Mayfair does not undertake any obligation to publicly update or revise any of this forward-looking information except as may be required by applicable securities laws. 

Neither the TSX Venture Exchange (“TSXV”) nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

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SOURCE Mayfair Gold Corp.

Reached a record 1,915 BTC and 3,952 ETHcryptocurrency treasury

^[1]


Mined 243 bitcoins in the Second Quarter 2026

Repurchased approximately 16.4 million ADSs for an Aggregate of US$7.4 million as of
September 8, 2026

SINGAPORE, Sept. 8, 2026 /PRNewswire/ — Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Company”), an innovator in compute and energy infrastructure, today announced its unaudited financial results for the three months ended June 30, 2026.

Second Quarter 2026 Operating and Financial Highlights

Nangeng Zhang, chairman, and chief executive officer of Canaan, commented, “Q2 2026 presented a difficult period for bitcoin mining, as renewed bitcoin price pressure, weaker mining economics, and seasonal power constraints weighed on equipment demand and profitability. Our team responded by staying close to customers, matching production to demand, and protecting liquidity. We generated US$31.9 million in total revenue with 2.5 EH/s of computing power sold during the second quarter. Our mining operations produced 243 bitcoins and continued to generate positive cash contribution before depreciation, supported by competitive power economics, while our digital asset treasury reached a record 1,915 BTC and 3,952 ETH at quarter-end. Beyond revenue generation, we kept our inventory lean, tightened spending and cash-flow management, and further streamlined our organization.

“Despite the quarter’s market headwinds, we focused on building the capabilities that we believe are necessary for Canaan’s next phase. Together with our partner, we advanced the fleet upgrade at Project ABC, where installed hashrate reached 4.85 EH/s by the end of July. We will continue to explore cost-advantaged sites that can support efficient deployment and cash generation, while advancing collaboration around compute-to-heat reuse applications. On the product side, we kept optimizing the A16 series, focusing on cost-effective air-cooled models and high-temperature water-cooled models, and developed new Avalon Home products for household heating applications, with mass-production preparations underway for the winter heating season. In parallel, we continued advancing our efforts on long-term power resources in North America with further progress. We will provide updates when we reach an appropriate stage for disclosure. As we expand beyond mining equipment and operations into compute-plus-energy infrastructure, these initiatives are designed to improve fleet efficiency, broaden our operating flexibility, and strengthen our foundation for long-term value creation as the industry evolves.”

Jin “James” Cheng, chief financial officer of Canaan, stated, “We navigated a demanding Q2 market and generated US$31.9 million in total revenue. Product revenue was US$13.6 million, reflecting softer demand for mining rigs and a lower average selling price for computing power, while mining revenue recorded US$17.7 million amidst bitcoin price pressure and seasonal curtailments. We kept mining-machine production costs relatively stable and held our all-in power cost at a competitive level of around US$0.04/kWh across our mining operations. Nevertheless, our reported results were also affected by several non-cash items, including a US$25.3 million inventory write-down, prepayment write-down, and provision for reserve for inventory purchase commitments, a US$9.2 million impairment of property and equipment, and a US$18.2 million loss of fair value change in cryptocurrency, all of which resulted from a decrease in cryptocurrency prices during the second quarter. These accounting charges weighed on our bottom line but did not alter our focus on cost control, liquidity, and operational efficiency.

“As we enter the second half of 2026, we intend to maintain disciplined inventory levels, preserve financial flexibility, and direct resources toward securing power capacity for our compute-energy infrastructure strategy. We are also applying a more active capital-allocation framework to monetize a portion of our digital asset treasury to fund stock repurchases under the existing program. The Company has deployed an aggregate US$7.4 million to repurchase 16.4 million ADSs under the current share repurchase plan as of today, alongside management’s continued share purchases using their personal funds. We believe the Company’s current equity valuation understates the combination of our digital asset treasury, cash liquidity, and our mining operations, which continue to generate bitcoin rewards. Repurchasing shares represents an attractive use of capital alongside the exploration of lower-cost power and infrastructure. We will continue balancing near-term resilience with opportunities that can strengthen per-share value and support Canaan’s long-term development.”

Second Quarter 2026 Financial Results

Total revenues in the second quarter of 2026 were US$31.9 million, compared to US$62.7 million in the first quarter of 2026 and US$100.2 million in the same period of 2025. Total revenues consisted of US$13.6 million in products revenue, US$17.7 million in mining revenue, and US$0.6 million in other revenues.

Products revenue in the second quarter of 2026 was US$13.6 million, compared to US$42.9 million in the first quarter of 2026 and US$71.9 million in the same period of 2025. The sequential and year-over-year decreases were mainly due to the decreased computing power sold and average selling price, resulting from a tightening of overall market demand led by the decline in the bitcoin price.

Mining revenue in the second quarter of 2026 was US$17.7 million, compared to US$19.1 million in the first quarter of 2026 and US$28.1 million in the same period of 2025. The sequential and year-over-year decreases were mainly due to the decrease in the average bitcoin price.

Cost of revenues in the second quarter of 2026 was US$61.2 million, compared to US$85.6 million in the first quarter of 2026 and US$90.9 million in the same period of 2025.

Products costs in the second quarter of 2026 were US$40.3 million, compared to US$62.4 million in the first quarter of 2026 and US$58.8 million in the same period of 2025. The sequential and year-over-year decreases were consistent with the decrease in computing power sold. The inventory write-down, prepayment write-down, and provision for reserve for inventory purchase commitments accrued for this quarter were US$25.3 million, compared to the inventory write-down, prepayment write-down, and provision for reserve for inventory purchase commitments amounting to US$24.5 million for the first quarter of 2026 and the inventory write-down of US$1.0 million for the same period of 2025. Products costs consist of direct production costs of mining machines, and indirect costs related to production, as well as inventory write-down, prepayment write-down, and provision for reserve for inventory purchase commitments.

Mining costs in the second quarter of 2026 were US$20.4 million, compared to US$22.7 million in the first quarter of 2026 and US$32.0 million in the same period of 2025. Mining costs herein consist of direct production costs of mining operations, including electricity and hosting, as well as depreciation of deployed mining machines. The sequential and year-over-year decreases were mainly due to the decreased energized computing power. The depreciation in this quarter for deployed mining machines was US$6.3 million, compared to US$5.8 million in the first quarter of 2026 and US$10.5 million in the same period of 2025.

Gross loss in the second quarter of 2026 was US$29.3 million, compared to a gross loss of US$22.9 million in the first quarter of 2026 and a gross profit of US$9.3 thousand in the same period of 2025.

Total operating expenses in the second quarter of 2026 were US$40.1 million, compared to US$31.4 million in the first quarter of 2026 and US$36.4 million in the same period of 2025.

Research and development expenses in the second quarter of 2026 were US$14.9 million, compared to US$15.4 million in the first quarter of 2026 and US$16.4 million in the same period of 2025. The sequential decrease was mainly due to a decrease of US$0.3 million in staff costs. The year-over-year decrease was mainly due to a decrease of US$4.1 million in staff costs, a decrease of US$0.7 million in share-based compensation expenses, partially offset by an increase of US$3.7 million in research and development expenditure. Research and development expenses in the second quarter of 2026 also included share-based compensation expenses of US$0.6 million.

Sales and marketing expenses in the second quarter of 2026 were US$1.9 million, compared to US$1.2 million in the first quarter of 2026 and US$4.5 million in the same period of 2025. The sequential increase was mainly due to an increase of US$0.6 million in staff costs. The year-over-year decrease was mainly attributable to a decrease of US$2.3 million in staff costs. Sales and marketing expenses in the second quarter of 2026 also included share-based compensation expenses of US$29 thousand.

General and administrative expenses in the second quarter of 2026 were US$15.1 million, compared to US$15.0 million in the first quarter of 2026 and US$16.4 million in the same period of 2025. General and administrative expenses remained stable sequentially. The year-over-year decrease was mainly due to a decrease of US$1.8 million in professional service fees, a decrease of US$0.9 million in share-based compensation expenses, and a decrease of US$0.6 million in staff costs, partially offset by an increase of US$2.6 million in credit loss expense. General and administrative expenses in the second quarter of 2026 also included share-based compensation expenses of US$3.8 million.

Impairment on property, equipment and software in the second quarter of 2026 was US$9.2 million, compared to nil in the first quarter of 2026 and nil in the same period of 2025.

Loss from operations in the second quarter of 2026 was US$69.5 million, compared to US$54.3 million in the first quarter of 2026 and US$27.1 million in the same period of 2025.

Change in fair value of cryptocurrencyand Change in fair value of financial derivatives in the second quarter of 2026 were a loss of US$9.3 million and a loss of US$8.9 million, respectively, compared to a loss of US$24.9 million and a loss of US$16.0 million in the first quarter of 2026, and a gain of US$10.6 million and a gain of US$23.4 million in the second quarter of 2025, respectively. The losses were mainly due to the decreased bitcoin price on June 30, 2026, compared to the bitcoin price on March 31, 2026.

Foreign exchange gains (losses), net in the second quarter of 2026 were a loss of US$3.0 million, compared to a loss of US$4.0 million in the first quarter of 2026 and a gain of US$0.3 million in the same period of 2025, respectively.

Loss before income tax expense in the second quarter of 2026 was US$92.2 million, compared to US$88.8 million in the first quarter of 2026 and US$10.3 million in the same period of 2025.

Equity in gains (losses) of equity investees in the second quarter of 2026 was a loss of US$4.1 million, compared to a gain of US$0.2 million in the first quarter of 2026 and nil in the same period of 2025.

Net loss in the second quarter of 2026 was US$97.6 million, compared to US$88.7 million in the first quarter of 2026 and US$11.1 million in the same period of 2025.

Non-GAAP adjusted EBITDA in the second quarter of 2026 was a loss of US$74.9 million, as compared to a loss of US$76.3 million in the first quarter of 2026 and a gain of US$25.3 million in the same period of 2025. For further information, please refer to “Use of Non-GAAP Financial Measures” in this press release.

Foreign currency translation adjustment, net of nil tax, in the second quarter of 2026 was a gain of US$3.8 million, compared to a gain of US$5.2 million in the first quarter of 2026 and a gain of US$1.4 million in the same period of 2025, respectively.

Basic and diluted net loss per American depositary share (“ADS”) in the second quarter of 2026 was US$0.13. In comparison, basic and diluted net loss per ADS in the first quarter of 2026 was US$0.13, while basic and diluted net loss per ADS in the same period of 2025 were US$0.03. Each ADS represents 15 of the Company’s Class A ordinary shares.

As of June 30, 2026, the Company held Cryptocurrency assets with a fair value of US$47.0 million and Cryptocurrency receivable with an aggregate fair value of US$70.9 million, respectively. Cryptocurrency assets primarily consist of 698.5 bitcoins owned by the Company. Cryptocurrency receivable consists of 1,117.0 bitcoins pledged for secured term loans and 100.0 bitcoins transferred to a fixed-term product. The classification of cryptocurrency receivable as current assets is consistent with the corresponding secured term loans. As of June 30, 2026, the Company held a total of 1,915.5 bitcoins.

As of June 30, 2026, the Company had cash of US$66.0 million, compared to US$80.8 million as of December 31, 2025.

Accounts receivable, net as of June 30, 2026, were US$1.7 million, compared to US$19.3 million as of December 31, 2025. Accounts receivable were mainly due to an installment policy implemented for some major customers who meet certain conditions.

Investment in equity investees as of June 30, 2026, was US$11.8 million.

ADSs Outstanding

As of June 30, 2026, the Company had a total of 690,594,191 ADSs outstanding, each representing 15 of the Company’s Class A ordinary shares.

Recent Developments

Share Repurchase Program Using Portion of Digital Asset Treasury

On December 17, 2025, the Company announced that its board of directors had renewed a share repurchase program authorizing the repurchase of up to US$30 million of its outstanding ADSs or Class A ordinary shares over a 12-month period beginning December 12, 2025 (the “Share Repurchase Program”). Repurchases may be made through open-market transactions, privately negotiated transactions, block trades, or a combination thereof, subject to market conditions and regulatory requirements.

On August 4, 2026, the Company announced that it had been authorized to monetize a portion of its digital asset treasury to fund repurchases under the Share Repurchase Program, reflecting a disciplined capital allocation approach that balances active treasury management with the Company’s long-term commitment to maintaining a strategic digital asset treasury.

In late August, the Company sold 3,952 ETH and 54 Bitcoins, generating approximately US$13.9 million in cash, a portion of which was used for share repurchases. The Company repurchased approximately 2.8 million ADSs for about US$2.0 million in the first half of 2026 and an additional 13.6 million ADSs for approximately US$5.4 million in late August.

As of September 8, 2026, the Company had repurchased approximately 16.4 million ADSs for a total consideration of US$7.4 million under the Share Repurchase Program.

The sale of a portion of the Company’s digital assets does not represent a change in its long-term digital asset strategy.

At-the-Market Offering (“ATM”) Program

On October 24, 2025, the Company established a new ATM equity offering program to replace the prior program, which had expired. The renewal was intended to broaden banking relationships and enhance financial flexibility for future growth initiatives.

The Company has not made any sales under the ATM Program since the beginning of the second quarter of 2026 to date.

Business Outlook

For the third quarter of 2026, the Company expects total revenues to be in the range of US$11 million to US$15 million, reflecting the near-term market conditions and evolving customer dynamics, which are subject to change.

The Company will continue to closely monitor the global policy environment and market developments, and may revise or update its outlook as appropriate, based on future clarity and business visibility.

Conference Call Information

The Company’s management team will hold a conference call at 8:00 A.M. U.S. Eastern Time on September 8, 2026 (or 8:00 P.M. Singapore Time on the same day) to discuss the financial results. Details for the conference call are as follows:

All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers and a unique access PIN, which can be used to join the conference call.

A live and archived webcast of the conference call will be available at the Company’s investor relations website at investor.canaan-creative.com.

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.

Use of Non-GAAP Financial Measures

In evaluating Canaan’s business, the Company uses non-GAAP measures, such as adjusted EBITDA, as supplemental measures to review and assess its operating performance. The Company defines adjusted EBITDA as net loss excluding income tax (benefit) expenses, interest income, interest expense, depreciation and amortization expenses, share-based compensation expenses, impairment on property, equipment and software, change in fair value of financial instruments other than derivatives and excess of fair value of convertible preferred shares. The Company believes that the non-GAAP financial measures provide useful information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools and investors should not consider them in isolation, or as a substitute for net loss, cash flows provided by operating activities or other consolidated statements of operations and cash flows data prepared in accordance with U.S. GAAP. One of the key limitations of using adjusted EBITDA is that it does not reflect all of the items of income and expense that affect the Company’s operations. Further, the non-GAAP financial measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

Investor Relations Contact

Canaan Inc.
Xi Zhang
Email: [email protected]

Christensen Advisory
Christian Arnell
Email: [email protected]

Media Contact

BlocksBridge Consulting
Jesse Colzani
Email: [email protected]

 

 

 

The table below sets forth a reconciliation of net loss to non-GAAP adjusted EBITDA for the period indicated:

 

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SOURCE Canaan Inc.

New partnership highlights the importance of finding cancer earlier through Caris Detect, a multi-cancer early detection blood test now available nationwide

IRVING, Texas, Sept. 8, 2026 /PRNewswire/ — Caris Life Sciences^® (NASDAQ: CAI), a leading TechBio company, today announced the launch of its new national campaign titled, “Math,” featuring the iconic, award-winning actor, producer and director, Kevin Costner. The partnership is designed to raise awareness of the critical importance of early cancer detection and introduce a national audience to Caris Detect™, Caris’ groundbreaking multi-cancer early detection (MCED) blood test.

At the heart of the “Math” campaign is a simple but powerful promise: when cancer is found earlier, patients may have more treatment options and better outcomes. Caris Detect is designed to help individuals gain earlier insight into their health through advanced blood-based testing powered by molecular science and artificial intelligence. By providing information that may help identify cancer-associated signals before symptoms appear, Caris Detect empowers people to take a more proactive role in their healthcare.

Caris Detect is a multi-cancer early detection blood test designed to identify cancer-associated molecular signals in the bloodstream. The test combines ultra-deep Whole Genome Sequencing (WGS), Whole Transcriptome Sequencing (WTS), and advanced artificial intelligence to analyze a broad range of biological signals associated with cancer. Caris Detect analyzes the entire genome and transcriptome to provide a more comprehensive view of molecular patterns associated with cancer compared to approaches that evaluate only a limited subset of biomarkers.

“Early detection remains one of the greatest opportunities to save lives-,” said David Dean Halbert, Founder, Chairman and Chief Executive Officer of Caris Life Sciences. “With Caris Detect, we are applying decades of leadership in molecular science and artificial intelligence to help create a future where cancer may be detected earlier, when treatment options are broader and survival rates are improved. Kevin’s authenticity, credibility, and ability to connect with people across generations will inspire more people to take a proactive approach to their health.”

Costner partnered with Caris because of the company’s mission to transform healthcare through earlier detection and advanced molecular science. The campaign highlights a simple belief: when people have access to better information earlier, they can make more informed healthcare decisions.

“Cancer has touched so many families, including people I know and care about,” said Kevin Costner, award-winning actor, director and producer. “What attracted me to a partnership with Caris was their commitment to helping people get information earlier and its belief that science and technology can help change what’s possible. If a conversation about early detection encourages even one person to become more proactive about their health, that’s meaningful. Get the test.”

Individuals interested in learning more about Caris Detect may visit CarisDetect.com.

About Caris Detect™

Caris Detect™ is a multi-cancer early detection blood test designed to identify cancer-associated molecular signals using ultra-deep Whole Genome Sequencing, Whole Transcriptome Sequencing and advanced artificial intelligence. The test analyzes a broad range of molecular information to help support earlier detection and more informed healthcare conversations. Caris Detect is designed to complement routine cancer screening and is now available nationwide.

About Caris Life Sciences 
Caris Life Sciences^® (Caris) is a leading TechBio company actively developing and commercializing innovative solutions to transform healthcare. Through comprehensive molecular profiling (Whole Genome, Whole Exome and Whole Transcriptome Sequencing), advanced AI and machine learning, Caris has created the large-scale, multimodal clinico-genomic database and computing capability needed to analyze and further unravel the molecular complexity of disease. This convergence of next-generation sequencing, AI and machine learning technologies and high-performance computing provides a differentiated platform for developing the latest generation of advanced precision medicine diagnostic solutions for early detection, diagnosis, monitoring, therapy selection and drug development.

Caris was founded with a vision to realize the potential of precision medicine to improve the human condition. Headquartered in Irving, Texas, Caris has offices in Phoenix, New York, Cambridge (MA), Tokyo, Japan and Basel, Switzerland. Caris or its distributor partners provide services in the U.S. and other international markets.

Forward Looking Statements
This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. All statements other than statements of historical facts contained in this press release are forward-looking statements, including statements regarding our business, solutions, plans, objectives, goals, industry trends, financial outlook and guidance. In some cases forward-looking statements can be identified by words such as “may,” “will,” “should,” “would,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “potential,” “contemplate,” “believe,” “estimate,” “predict,” or “continue” or similar expressions.

You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in these forward-looking statements are reasonable based on information currently available to us, we cannot guarantee that the future results, discoveries, levels of activity, performance or events and circumstances reflected in forward-looking statements will be achieved or occur. Forward-looking statements involve known and unknown risks and uncertainties, some of which are beyond our control. Risks and uncertainties that could cause our actual results to differ materially from those indicated or implied by the forward-looking statements in this press release include, among other things: our future financial performance, results of operations or other operational results or metrics; development, analytical and clinical validation, timing and performance of future solutions by us and our competitors; continued development, performance and commercialization of Caris Detect; commercial market acceptance for our solutions, including acceptance of preventive as well as diagnostic testing paradigms, and our ability to meet resulting demand; the rapidly evolving competitive environment in which we operate; third-party payer reimbursement and coverage decisions related to our solutions; risks related to data management, storage, and processing capabilities and our ability to integrate and deploy artificial intelligence and advanced data analytics technologies; our ability to protect and enhance our intellectual property; regulatory requirements, decisions or approvals (including the timing and conditions thereof) related to our solutions, including our application for New York State Department of Health approval for Caris Assure; reliance on third-party suppliers; risks related to data security, patient privacy, and compliance with healthcare data protection regulations as well as potential cybersecurity threats to our data platforms; our compliance with laws and regulations; the outcome of government investigations and litigation; risks related to our indebtedness; and our ability to hire and retain key personnel as well as risks, uncertainties; and other factors described in the section titled “Risk Factors” and elsewhere in our Annual Report on Form 10-K filed on March 3, 2026, and in our other filings we make with the SEC from time to time. We undertake no obligation to update any forward-looking statements to reflect changes in events, circumstances or our beliefs after the date of this press release, except as required by law.

Caris Life Sciences Media:
Corporate Communications
[email protected]
214.294.5606 

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SOURCE Caris Life Sciences