Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), a leading
high-performance computing solutions provider, today announced its
unaudited financial results for the three months and twelve months
ended December 31, 2020.
Fourth quarter 2020 Operating and
Financial Highlights
Total computing power sold was
0.2 million Thash/s, representing a year-over-year decrease of
93.1% from 2.9 million Thash/s in the same period of 2019 and a
quarter-over-quarter decrease of 93.1% from 2.9 million Thash/s in
the third quarter of 2020.Total net revenues
decreased to RMB38.2 million (US$5.9 million) from RMB463.2 million
in the same period of 2019 and RMB163.0 million in the third
quarter of 2020.Gross profit was RMB9.1 million
(US$1.4 million) compared to a gross loss of RMB673.4 million in
the same period of 2019 and a gross loss of RMB17.0 million in the
third quarter of 2020.Net loss narrowed to RMB72.0
million (US$11.0 million) from RMB798.2 million in the same period
of 2019 and RMB86.4 million in the third quarter of
2020.Non-GAAP adjusted net loss narrowed to
RMB73.1 million (US$11.2 million) from RMB750.5 million in the same
period of 2019 and RMB84.8 million in the third quarter of
2020.
Full Year 2020 Operating and Financial
Highlights
Total computing power sold was
6.6 million Thash/s, representing a year-over-year decrease of
37.1% from 10.5 million Thash/s in 2019.Total net
revenues decreased to RMB447.7 million (US$68.6 million)
from RMB1,422.6 million in 2019.Gross profit was
RMB37.8 million (US$5.8 million) compared to a gross loss of
RMB516.0 million in 2019. Net loss narrowed to
RMB215.1 million (US$33.0 million) from RMB1,034.5 million in
2019.Non-GAAP adjusted net loss narrowed to
RMB212.1 million (US$32.5 million) from RMB764.3 million in
2019.
Mr. Nangeng Zhang, Chairman and Chief Executive
Officer of Canaan, commented, “Although the outbreak of COVID-19
caused supply chain disruptions and thus negatively impacted our
revenues in the fourth quarter of 2020, our market leadership has
enabled us to attain US$174 million of contracted orders with US$66
million of cash advance from customers as of December 31, 2020,
thus laying a solid foundation for substantial revenue growth in
2021. During the fourth quarter, we fueled our overseas expansion,
invested in our R&D capabilities, refined our supply chain
management, and started mass production of our next-generation A12
series of bitcoin mining machines. All of those efforts have
enabled us to begin delivering the A12 series of products at a
large scale in the first quarter of 2021. In addition to fortifying
our core mining machine business, we also achieved meaningful
progress in our AI and Artificial IoT segments, both of which we
believe have solid growth potential. After deep analysis of
specific application use cases and the current market demand for
computing power, we designed two new series of AI chips that will
be in production in the second half of 2021.”
Mr. Tong He, Chief Financial Officer of Canaan,
stated, “Due to supply chain disruptions, as the price of Bitcoin
rallied in late 2020, we experienced a surge of demand for
high-quality mining machines both in and outside of China. By
leveraging our established market presence, we further optimized
our international customer base, secured a large number of
pre-orders from clients in both domestic and international markets,
and streamlined our supply chain management to optimize our cash
flow. Our abundant cash reserve gives us the confidence to expand
our global client service coverage and develop more first-rate
products going forward. Meanwhile, the rapid development of our new
business initiatives should help us to launch into a new growth
cycle and deliver increasing value to both our customer and
shareholders over the long term.”
Fourth quarter 2020 Financial
Results
Total net revenues in the
fourth quarter of 2020 decreased to RMB38.2 million (US$5.9
million) from RMB463.2 million in the same period of 2019 and
RMB163.0 million in the third quarter of 2020. The year-over-year
and quarter-over-quarter decreases were mainly due to the decreases
in total computing power sold. In the fourth quarter of 2020,
although the market demand increased significantly with the rising
of Bitcoin’s price, the Company did not have sufficient inventory
to deliver to its customers.
Cost of revenues in the fourth
quarter of 2020 decreased to RMB29.2 million (US$4.5 million) from
RMB1,136.7 million in the same period of 2019 and RMB180.0 million
in the third quarter of 2020. The year-over-year and
quarter-over-quarter decreases in cost of revenues were in line
with the changes in the Company’s Thash sales volume and cost per
Thash.
Gross profit in the fourth
quarter of 2020 was RMB9.1 million (US$1.4 million) compared to a
gross loss of RMB673.4 million in the same period of 2019 and a
gross loss of RMB17.0 million in the third quarter of 2020.
Total operating expenses in the
fourth quarter of 2020 were RMB80.1 million (US$12.3 million),
representing a decrease of 37.3% from RMB127.7 million in the same
period of 2019 and an increase of 5.6% from RMB75.9 million in the
third quarter of 2020.
Research and development expenses in the fourth
quarter of 2020 were RMB40.1 million (US$6.1 million), representing
a decrease of 37.0% from RMB63.6 million in the same period of 2019
and an increase of 24.7% from RMB32.1 million in the third quarter
of 2020. The year-over-year decrease mainly reflected the changes
in materials that the Company used for research and development
purposes. The quarter-over-quarter increase was primarily driven by
the increase in salary and welfare benefits for the Company’s
research and development personnel.
Selling and marketing expenses in the fourth
quarter of 2020 were RMB6.1 million (US$0.9 million) compared to
RMB7.7 million in the same period of 2019 and RMB3.2 million in the
third quarter of 2020. The year-over-year decrease was primarily
driven by lower travel expenses due to the travel restrictions
caused by the COVID-19 pandemic. The quarter-over-quarter increase
was primarily driven by salary in the Company’s sales and marketing
departments.
General and administrative expenses in the
fourth quarter of 2020 were RMB33.9 million (US$5.2 million),
representing a decrease of 40.0% from RMB56.4 million in the same
period of 2019 and a decrease of 16.5% from RMB40.6 million in the
third quarter of 2020. The decreases were mainly due to lower
share-based compensation expenses in the fourth quarter of
2020.
Loss from operations in the
fourth quarter of 2020 narrowed to RMB71.0 million (US$10.9
million) from RMB801.2 million in the same period of 2019 and
RMB92.9 million in the third quarter of 2020.
Net loss attributable to ordinary
shareholders in the fourth quarter of 2020 narrowed to
RMB72.0 million (US$11.0 million) from RMB798.2 million in the same
period of 2019 and RMB86.4 million in the third quarter of
2020.
Non-GAAP adjusted net loss in
the fourth quarter of 2020 narrowed to RMB73.1 million (US$11.2
million) from RMB750.5 million in the same period of 2019 and
RMB84.8 million in the third quarter of 2020. Non-GAAP adjusted net
loss excludes share-based compensation expense. For further
information, please refer to "Use of Non-GAAP Financial Measures"
in this release.
Basic and diluted net loss per
ADS in the fourth quarter of 2020 were both RMB0.46
(US$0.07). In comparison, basic and diluted net loss per ADS in the
same period of 2019 were both RMB5.34. Basic and diluted net loss
per ADS in the third quarter of 2020 were both RMB0.55. Each ADS
represents 15 of the Company's Class A ordinary shares.
Full Year 2020 Financial
Results
Total net revenues in the full
year of 2020 were RMB447.7 million (US$68.6 million) compared to
RMB1,422.6 million in 2019. The decrease was mainly due to the
year-over-year decline in total computing power sold and lower
average selling price per Thash/s during the first three quarters
of 2020. As the price of Bitcoin surged in the fourth quarter of
2020, the market demand for mining machines started to recover and
the Company had received a large number of orders which were mainly
scheduled for delivery in 2021.
Cost of revenues in the full
year of 2020 decreased by 78.9% to RMB409.9 million (US$62.8
million) from RMB1,938.6 million in the full year of 2019. The
year-over-year decreases in cost of revenues were in line with the
changes in the Company’s Thash sales volume and cost per Thash.
Gross profit in the full year
of 2020 was RMB37.8 million (US$5.8 million) compared to a gross
loss of RMB516.0 million in the full year of 2019.
Total operating expenses in the
full year of 2020 decreased by 45.8% to RMB291.6 million (US$44.7
million) from RMB538.5 million in the full year of 2019.
Research and development expenses in the full
year of 2020 decreased by 17.1% to RMB140.0 million (US$21.5
million) from RMB169.0 million in the full year of 2019, primarily
due to the changes in materials that the Company used for research
and development purposes.
Sales and marketing expenses in the full year of
2020 decreased by 8.8% to RMB20.0 million (US$3.1 million) from
RMB21.9 million in the full year of 2019. The reduction was mainly
driven by lower travel expenses.
General and administrative expenses in the full
year of 2020 decreased by 62.1% to RMB131.6 million (US$20.2
million) from RMB347.6 million in the full year of 2019. This
year-over-year decrease was mainly due to the higher general and
administrative expenses in the second quarter of 2019, during which
share-based compensation expenses under general and administrative
expenses were RMB213.1 million due to the excess of appraised fair
value over the transfer price of ordinary shares transferred from
existing shareholders to other existing shareholders who were also
employees of the Company.
Loss from operations in the
full year of 2020 narrowed to RMB253.9 million (US$38.9 million)
from RMB1,054.5 million in the full year of 2019.
Net loss attributable to ordinary
shareholders in the full year of 2020 narrowed to RMB215.1
million (US$33.0 million) from RMB1,034.5 million in the full year
of 2019.
Non-GAAP adjusted net loss in
the full year of 2020 narrowed to RMB212.1 million (US$32.5
million) from RMB764.3 million in the full year of 2019.
Basic and diluted net loss per
ADS in the full year of 2020 were both RMB1.38 (US$0.21).
In comparison, basic and diluted net loss per ADS in 2019 were both
RMB7.21.
Contract liabilities as of
December 31, 2020, increased to RMB430.4 million (US$66.0 million)
from RMB8.3 million as of December 31, 2019, mainly due to
increased down payments for the sales orders of Bitcoin mining
machines to be delivered in 2021 and beyond.
As of December 31, 2020, the Company had
cash and cash equivalents of RMB391.3 million
(US$60.0 million) compared to RMB516.6 million as of December 31,
2019. The decrease was also attributable to higher short-term
investments as the Company had invested RMB62.4 million (US$9.6
million) in short-term investments as of December 31, 2020,
compared with RMB11.0 million(US$1.69 million) in short-term
investments as of December 31, 2019. The Company purchased
short-term financial products to generate higher returns on its
capital. These investments are highly liquid and can be recouped at
any time.
Business OutlookAs the price of
Bitcoin started to move up in the fourth quarter of 2020, the
Company believes that its revenue will be substantially improved in
2021 and expects that its total net revenues in the first quarter
of 2021 will be not less than RMB400.0 million. This forecast
reflects the Company’s current and preliminary views on the market
and operational conditions, which are subject to changes,
particularly in regards to the potential fluctuations in the price
of Bitcoin as well as the impact of COVID-19 on the global
economy.
Conference Call Information
The Company’s management team will hold a Direct
Event conference call on Monday, April 12, 2021, at 8:00 A.M.
Eastern Time (or 8:00 P.M. Beijing Time on the same day) to discuss
the financial results. Details for the conference call are as
follows:
Event
Title: |
Canaan Inc.
Fourth Quarter and Full Year 2020 Earnings Conference Call |
Registration Link: |
http://apac.directeventreg.com/registration/event/8075184 |
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, the Direct Event passcode, and
a unique access PIN, which can be used to join the conference
call.
A replay of the conference call will be
accessible through April 20, 2021, by dialing the following
numbers:
International: |
+61-2-8199-0299 |
United States: |
+1-646-254-3697 |
Hong Kong, China: |
+852-3051-2780 |
Replay PIN: |
8075184 |
A live and archived webcast of the conference
call will also be available at the Company’s investor relations
website at investor.canaan-creative.com.
About Canaan Inc.
Established in 2013, Canaan Inc. provides
high-performance computing solutions to efficiently solve complex
problems. In 2016, Canaan successfully initiated the production of
its first 16nm chip and passed the test to receive China's national
high-tech enterprise certification. In 2018, Canaan achieved major
technological breakthroughs to launch the K210, the world's
first-ever RISC-V-based edge artificial intelligence (AI) chip,
which is now widely used for access control in situations such as
smart door locks and more. Canaan Inc. is currently focused on the
research and development of advanced technology, including such
areas as AI chips, AI algorithms, AI architectures, system on a
chip (SoC) integration and chip integration. Using the AI chip as
its base, Canaan Inc. has established an intellectual value chain.
Canaan Inc. also provides a suite of AI service solutions and is
able to tailor these solutions to the needs of its partners. For
more information, please visit: investor.canaan-creative.com.
Exchange Rate Information
This announcement contains translations of
certain RMB amounts into U.S. dollars ("US$") at specified rates
solely for the convenience of the reader. Unless otherwise stated,
all translations from RMB to US$ were made at the rate of RMB6.5250
to US$1.00, the noon buying rate in effect on December 31, 2020, in
the H.10 statistical release of the Federal Reserve Board. The
Company makes no representation that the RMB or US$ amounts
referred could be converted into US$ or RMB, as the case may be, at
any particular rate or at all.
Safe Harbor Statement
This announcement 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, 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, 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 in China; 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, including its
registration statement on Form F−1, as amended, and its annual
reports on Form 20−F. 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 NonGAAP Financial
Measures
In evaluating Canaan’s business, the Company
considers and uses adjusted net income as a supplemental measure to
review and assess its operating performance. The presentation of
this non-GAAP financial measure is not intended to be considered in
isolation or as a substitute for financial information prepared and
presented in accordance with U.S. GAAP. The Company defines
adjusted net loss as net loss excluding sharebased compensation
expense.
Canaan believes that adjusted net income helps
to identify underlying trends in the Company’s business that could
otherwise be distorted by the effect of the expenses that the
Company excludes in adjusted net income. The Company believes that
adjusted net income provides useful information about our operating
results, enhances the overall understanding of Canaan’s past
performance and future prospects and allows 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 measure “adjusted net
loss” is not defined under U.S. GAAP, is not presented in
accordance with U.S. GAAP and has limitations as an analytical
tool. One of the key limitations of using adjusted net loss is that
it does not reflect all of the items of income and expense that
affect the Company’s operations. Share-based compensation has been
and may continue to be incurred in Canaan’s business and is not
reflected in the presentation of adjusted net loss. Further, the
non-GAAP financial measure “adjusted net loss” may differ from the
non-GAAP information used by other companies, including peer
companies, and therefore their comparability may be limited.
Investor Relations Contact
Canaan Inc.Mr. Shaoke LiEmail:
IR@canaan-creative.com
ICR Inc.Jack WangTel: +1 (347) 396-3281Email:
canaan.ir@icrinc.com
|
CANAAN INC. UNAUDITED CONSOLIDATED BALANCE
SHEETS (all amounts in thousands of RMB, except
share and per share data, or as otherwise noted) |
|
|
As of December 31, |
|
2019 |
2020 |
2020 |
|
RMB |
RMB |
US$ |
ASSETS |
|
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
516,607 |
|
391,310 |
|
59,971 |
|
Restricted cash |
8,239 |
|
4,494 |
|
689 |
|
Short-term investments |
11,005 |
|
62,386 |
|
9,561 |
|
Accounts receivable |
2,872 |
|
7,128 |
|
1,092 |
|
Inventories |
196,067 |
|
225,522 |
|
34,563 |
|
Prepayments and other current
assets |
206,020 |
|
316,366 |
|
48,484 |
|
Total current
assets |
940,810 |
|
1,007,206 |
|
154,360 |
|
Non-current
assets: |
|
|
|
Property, equipment and
software |
22,602 |
|
12,193 |
|
1,869 |
|
Right-of-use assets, net |
22,764 |
|
14,422 |
|
2,210 |
|
Other non-current assets |
5,250 |
|
2,530 |
|
388 |
|
Non-current financial
investment |
- |
|
25 |
|
4 |
|
Total non-current
assets |
50,616 |
|
29,170 |
|
4,471 |
|
Total
assets |
991,426 |
|
1,036,376 |
|
158,831 |
|
LIABILITIES, AND
SHAREHOLDERS’ EQUITY |
|
|
|
Current
liabilities |
|
|
|
Short-term debts |
99,903 |
|
34,754 |
|
5,326 |
|
Accounts payable |
99,050 |
|
37,407 |
|
5,733 |
|
Notes payable |
27,462 |
|
13,963 |
|
2,140 |
|
Contract liabilities |
8,288 |
|
430,388 |
|
65,960 |
|
Accrued liabilities and other
current liabilities |
40,691 |
|
63,343 |
|
9,708 |
|
Lease liabilities,
current |
9,838 |
|
12,621 |
|
1,934 |
|
Total current
liabilities |
285,232 |
|
592,476 |
|
90,801 |
|
Non-current
liabilities: |
|
|
|
Lease liabilities,
non-current |
13,399 |
|
3,322 |
|
509 |
|
Other non-current
liabilities |
- |
|
8,020 |
|
1,229 |
|
Total non-current
liabilities |
13,399 |
|
11,342 |
|
1,738 |
|
Total
liabilities |
298,631 |
|
603,818 |
|
92,539 |
|
|
|
|
|
Shareholders’
equity: |
|
|
|
Ordinary shares (US$0.00000005
par value; 1,000,000,000,000 shares authorized,
2,372,222,222 shares issued, 2,350,123,270 and
2,328,326,132 shares outstanding as of December 31,
2019 and 2020, respectively) |
1 |
|
1 |
|
- |
|
Subscriptions receivable from
shareholders |
(1 |
) |
(1 |
) |
- |
|
Treasury stocks (US$0.00000005
par value; 22,098,952 and 43,896,090 shares as of
December 31, 2019 and 2020, respectively) |
- |
|
(23,915 |
) |
(3,665 |
) |
Additional paid-in
capital |
1,631,609 |
|
1,634,619 |
|
250,516 |
|
Statutory reserves |
97,307 |
|
97,307 |
|
14,913 |
|
Accumulated other
comprehensive loss |
(55,542 |
) |
(79,780 |
) |
(12,227 |
) |
Accumulated deficit |
(980,579 |
) |
(1,195,673 |
) |
(183,245 |
) |
Total shareholders’
equity |
692,795 |
|
432,558 |
|
66,292 |
|
Total liabilities and
shareholders’ equity |
991,426 |
|
1,036,376 |
|
158,831 |
|
|
|
|
|
|
|
|
|
CANAAN INC. UNAUDITED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE LOSS(all amounts in
thousands of RMB, except share and per share data, or as otherwise
noted) |
|
|
For the Three Months Ended |
|
December 31,2019 |
September 30,2020 |
December 31,2020 |
December 31,2020 |
|
RMB |
RMB |
RMB |
US$ |
Net
revenues |
|
|
|
|
Products revenue |
448,289 |
|
159,727 |
|
37,838 |
|
5,799 |
|
Leases revenue |
11,267 |
|
2,860 |
|
- |
|
- |
|
Service revenue |
1,877 |
|
151 |
|
68 |
|
10 |
|
Other revenues |
1,814 |
|
303 |
|
340 |
|
53 |
|
Total net
revenues |
463,247 |
|
163,041 |
|
38,246 |
|
5,862 |
|
Cost of revenues |
(1,136,676 |
) |
(180,033 |
) |
(29,155 |
) |
(4,468 |
) |
Gross
(loss)/profit |
(673,429 |
) |
(16,992 |
) |
9,091 |
|
1,394 |
|
Operating
expenses: |
|
|
|
|
Research and development
expenses |
(63,609 |
) |
(32,117 |
) |
(40,057 |
) |
(6,139 |
) |
Sales and marketing
expenses |
(7,684 |
) |
(3,181 |
) |
(6,147 |
) |
(942 |
) |
General and administrative
expenses |
(56,446 |
) |
(40,561 |
) |
(33,887 |
) |
(5,193 |
) |
Total operating
expenses |
(127,739 |
) |
(75,859 |
) |
(80,091 |
) |
(12,274 |
) |
Loss from
operations |
(801,168 |
) |
(92,851 |
) |
(71,000 |
) |
(10,880 |
) |
Interest income |
1,793 |
|
283 |
|
173 |
|
27 |
|
Investment income |
179 |
|
1,963 |
|
895 |
|
137 |
|
Interest expense and guarantee
fee |
(1,395 |
) |
(785 |
) |
(98 |
) |
(15 |
) |
Foreign exchange (loss)/gains,
net |
(1,392 |
) |
2,066 |
|
33 |
|
5 |
|
Value added tax refunds |
905 |
|
- |
|
- |
|
- |
|
Other income/(loss), net |
2,867 |
|
2,942 |
|
(2,054 |
) |
(315 |
) |
Loss before income tax
expenses |
(798,211 |
) |
(86,382 |
) |
(72,051 |
) |
(11,041 |
) |
Income tax expense |
- |
|
(24 |
) |
96 |
|
15 |
|
Net loss |
(798,211 |
) |
(86,406 |
) |
(71,955 |
) |
(11,026 |
) |
Foreign currency translation
adjustment, net of nil tax |
(3,272 |
) |
(15,402 |
) |
(15,238 |
) |
(2,335 |
) |
Total comprehensive
loss |
(801,483 |
) |
(101,808 |
) |
(87,193 |
) |
(13,361 |
) |
Weighted average
number of shares used in per share calculation: |
|
|
— Basic and diluted |
2,240,601,754 |
|
2,350,115,118 |
|
2,332,549,534 |
|
2,332,549,534 |
|
Net loss per share
(cent per share) |
|
|
|
|
— Basic and diluted |
(35.62 |
) |
(3.68 |
) |
(3.08 |
) |
(0.47 |
) |
|
|
|
Research and development
expenses |
17,649 |
|
1,025 |
|
(1,625 |
) |
(249 |
) |
Sales and marketing
expenses |
28 |
|
11 |
|
8 |
|
1 |
|
General and administrative
expenses |
30,018 |
|
600 |
|
457 |
|
70 |
|
|
|
|
|
|
|
|
|
|
The table below sets forth a reconciliation of net loss to
non-GAAP adjusted net loss for the period indicated:
|
For the Three Months Ended |
|
December 31,2019 |
September 30,2020 |
December 31,2020 |
December 31,2020 |
|
RMB |
RMB |
RMB |
US$ |
Net loss |
(798,211 |
) |
(86,406 |
) |
(71,955 |
) |
(11,026 |
) |
Share-based compensation
expense |
47,695 |
|
1,636 |
|
(1,160 |
) |
(178 |
) |
Non-GAAP adjusted net
loss |
(750,516 |
) |
(84,770 |
) |
(73,115 |
) |
(11,204 |
) |
CANAAN INC. UNAUDITED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE LOSS (CONTINUED)(all
amounts in thousands of RMB, except share and per share data, or as
otherwise noted) |
|
For the Years Ended |
|
December 31, 2019 |
December 31, 2020 |
December 31, 2020 |
|
RMB |
RMB |
US$ |
Net
revenues |
|
|
|
Products revenue |
1,392,859 |
|
427,522 |
|
65,521 |
|
Leases revenue |
24,548 |
|
18,963 |
|
2,906 |
|
Service revenue |
2,668 |
|
300 |
|
46 |
|
Other revenues |
2,548 |
|
901 |
|
139 |
|
Total net
revenues |
1,422,623 |
|
447,686 |
|
68,612 |
|
Cost of revenues |
(1,938,626 |
) |
(409,922 |
) |
(62,823 |
) |
Gross
(loss)/profit |
(516,003 |
) |
37,764 |
|
5,789 |
|
Operating
expenses: |
|
|
|
Research and development
expenses |
(168,982 |
) |
(140,041 |
) |
(21,462 |
) |
Sales and marketing
expenses |
(21,917 |
) |
(19,980 |
) |
(3,062 |
) |
General and administrative
expenses |
(347,633 |
) |
(131,624 |
) |
(20,172 |
) |
Total operating
expenses |
(538,532 |
) |
(291,645 |
) |
(44,696 |
) |
Loss from
operations |
(1,054,535 |
) |
(253,881 |
) |
(38,907 |
) |
Interest income |
3,853 |
|
3,153 |
|
483 |
|
Investment income |
3,055 |
|
5,844 |
|
896 |
|
Interest expense and guarantee fee |
(20,038 |
) |
(3,587 |
) |
(550 |
) |
Foreign exchange gains, net |
6,809 |
|
2,419 |
|
371 |
|
Value added tax refunds |
1,253 |
|
- |
|
- |
|
Other income, net |
25,093 |
|
30,958 |
|
4,745 |
|
Loss before income tax
expense |
(1,034,510 |
) |
(215,094 |
) |
(32,962 |
) |
Net Loss |
(1,034,510 |
) |
(215,094 |
) |
(32,962 |
) |
Foreign currency translation
adjustment, net of nil tax |
9,688 |
|
(24,238 |
) |
(3,715 |
) |
Total comprehensive
loss |
(1,024,822 |
) |
(239,332 |
) |
(36,677 |
) |
Weighted
average number of shares used in per share
calculation: |
|
|
— Basic and diluted |
2,153,172,769 |
|
2,345,703,779 |
|
2,345,703,779 |
|
Net loss per share
(cent per share) |
|
|
|
— Basic and diluted |
(48.05 |
) |
(9.17 |
) |
(1.41 |
) |
Share-based
compensation expenses were included in: |
|
|
|
Research and development
expenses |
22,465 |
|
652 |
|
100 |
|
Sales and marketing
expenses |
358 |
|
41 |
|
6 |
|
General and administrative
expenses |
247,419 |
|
2,257 |
|
346 |
|
The table below sets forth a reconciliation of net loss to
non-GAAP adjusted net loss for the years indicated:
|
For the Years Ended |
|
December 31, 2019 |
December 31, 2020 |
December 31, 2020 |
|
RMB |
RMB |
US$ |
Net loss |
(1,034,510 |
) |
(215,094 |
) |
(32,962 |
) |
Share-based compensation
expense |
270,242 |
|
2,950 |
|
452 |
|
Non-GAAP adjusted net
loss |
(764,268 |
) |
(212,144 |
) |
(32,510 |
) |
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