Jianan Technology's stock price has been at historical lows for a long time.

Written by: Ma He, Foresight News

On July 15, Jianan Technology announced that it had received a written notice from Nasdaq, granting an additional 180-day grace period, extending the deadline to January 11, 2027. Previously, its ADS stock price had been below $1 for 30 consecutive trading days, triggering a compliance alert for Nasdaq's minimum bid requirement.

The market response was tepid, and as of the close, Jianan Technology's stock was at $0.29, with a total market value of approximately $217 million, shrinking over 90% from its market value peak when it was listed in November 2019. This company, once haloed as "the world's first blockchain stock," is now standing on the brink of delisting.

180 Days Countdown to Delisting

The tug of war between Jianan Technology and Nasdaq's compliance department began in May 2025. At that time, the company received a delisting warning due to its stock price consistently being below $1. It temporarily resolved the crisis with a rebound in Bitcoin prices. However, the good times were short-lived, as on January 14, 2026, Nasdaq issued another notice: Jianan Technology's ADS closing price had been below $1 for 30 consecutive trading days, and the company had to achieve compliance by July 13, meaning the closing price must be at or above $1 for ten consecutive trading days.

On July 13, the initial grace period expired, and Jianan Technology failed to meet the standards. On July 1, the company urgently transferred its listing from the Nasdaq Global Market to the Nasdaq Capital Market, which has relatively lower thresholds, and submitted an application for an additional 180 days.

On July 15, the application was approved, and the new lifeline was drawn for January 11, 2027.

According to Nasdaq rules, if compliance is not restored by that time, Jianan Technology may face the fate of being ultimately delisted. The company has stated that it will consider implementing a reverse stock split if necessary to boost the stock price, but this is typically viewed by the market as a sign of weakness.

2026 Q1 Financial Report: Total Revenue Down 24.3%, Net Loss of $88.7 Million

The depressed stock price of Jianan Technology is not without cause. Its latest financial report shows that the company is in a severe state of financial bleeding.

On May 19, 2026, Jianan Technology released its unaudited first-quarter financial report: total revenue was $62.7 million, a year-over-year decrease of 24.3%, and a quarter-over-quarter plunge of 68%; net loss was $88.7 million, further widening compared to the same period last year ($86.4 million). The company recorded a gross loss of $22.9 million, which includes about $25 million in non-cash inventory impairment—this means Jianan Technology had to massively write down the value of its mining machine inventory, reflecting a sharp contraction in market demand.

Even more severe is the company’s revenue guidance for the second quarter, which is only $35 million to $45 million, indicating that performance will still remain under pressure in the short term. As of March 31, 2026, the company had a cash balance of $43.5 million, a significant decline from $80.8 million at the end of 2025; however, the company collected about $42 million in customer receivables in April, easing liquidity somewhat.

It is worth noting that although the core business is losing money, Jianan Technology's cryptocurrency reserves have reached a historic high: by the end of the first quarter, the company held 1,807.60 bitcoins (valued at $142 million). These digital assets provide some hedge on the balance sheet, but also tightly bind its performance to fluctuations in coin prices.

According to the latest data, Jianan Technology's bitcoin reserves have risen to 1,915 bitcoins, but their total value has fallen to $120 million.

Broken Dreams of AI Chips and the "Selling Shovels" Dilemma

The plight of Jianan Technology partly stems from a costly strategic misjudgment.

On June 24, 2025, the company announced the termination of its non-core AI chip business, fully returning to Bitcoin mining machines and self-mining. Its years-long exploration of a "second curve" ended in failure. According to public information, Jianan Technology achieved only about $900,000 in revenue from edge computing products in the 2024 fiscal year, but related operating expenses reached about $21.42 million, accounting for 15% of the company's total annual operating expenses. Under the pressure of a $249.8 million net loss in the 2024 fiscal year, this "money-burning without producing grain" segment was decisively cut.

However, returning to its core business did not make things significantly easier for Jianan Technology. The mining machine industry is facing unprecedented competitive pressure. Compared to rivals like Bitmain, Jianan Technology’s market share continues to be squeezed. In the second quarter of 2025, the company’s total sales computing power was 6.4 million TH/s, a year-over-year increase of only 3%; by the first quarter of 2026, product revenue had plummeted to $42.9 million, a cliff-like decline from $164.9 million in the fourth quarter of 2024.

Jianan Technology founder Zhang Nengeng

The essence of mining machine manufacturers is to "sell shovels"—their fate is closely tied to the Bitcoin cycle. When prices are high and mining yields are substantial, miners have a strong willingness to invest in capital spending; once prices decline and overall network computing power competition intensifies, demand for mining machines cools rapidly. Since 2025, although Bitcoin prices have shown strong performance during certain periods, the overall mining industry has entered a stage of low marginal returns in the "post-halving" era, severely impacting Jianan Technology's traditional business model.

Faced with the dual pressures of delisting and losses, Jianan Technology's management is trying to transform from a pure hardware seller to a "computational infrastructure service provider," seeking opportunities through vertical integration and energy deployment.

Self-mining has become a key focus. As of the end of the first quarter of 2026, Jianan Technology's total computing power in 10 joint mining projects worldwide had reached approximately 11 EH/s, a year-over-year increase of 66% and a quarter-over-quarter growth of 10.7%. The company acquired a 49% stake in Texas ABC Projects under Cipher Mining, and additionally, the company launched a 3-megawatt mining pilot project in Canada, exploring the use of mining machine excess heat for greenhouse agriculture; it also signed a 4.5-megawatt contract with a Japanese power engineering company to participate in grid load regulation.

In terms of capital, in November 2025, Jianan Technology secured a total of $72 million in strategic investments from institutions such as BH Digital and Galaxy Digital, aimed at strengthening its balance sheet and infrastructure expansion. In December of the same year, the company's board approved a $30 million share buyback plan, attempting to convey confidence to the market.

However, its stock price movement shows that the market has not bought into it.

Conclusion

The predicament of Jianan Technology is a microcosm of the entire cryptocurrency mining winter.

Since 2025, the global capital market's narrative toward the cryptocurrency industry has undergone a significant shift. With the explosion of demand for artificial intelligence computing power, a large amount of capital originally directed toward mining machines and mining has shifted towards AI data centers and high-performance computing, leading miners to migrate their computing power to AI projects, directly compressing the demand space for Bitcoin mining machines.

Deeper challenges lie in the sustainability of the business model. As an ASIC chip design company, Jianan Technology needs to continuously invest in research and development to maintain product competitiveness.

From a more macro perspective, Jianan Technology is experiencing a brutal purging of excesses. When it was listed in 2019, the company enjoyed high valuations based on the concept of being the first blockchain stock; now, the market no longer buys into concepts but demands concrete cash flows and profitability.

Before the next bull market cycle for Bitcoin arrives, the profitability of mining companies will continue to be under pressure, and Jianan Technology must prove its ability to navigate through cycles within six months.