- Total Computing Power Sold Achieved 6.1
Million Thash/s, up 45.2% QoQ -
- Bitcoin Mining
Revenues Reached US$15.9 Million, up
43.3% QoQ -
SINGAPORE, Aug. 29, 2023 /PRNewswire/ -- 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 ended June 30, 2023.
Second Quarter 2023 Operating and Financial
Highlights
Total computing power sold was 6.1 million Thash/s,
representing an increase of 44.2% from 4.2 million Thash/s in
the first quarter of 2023 and an increase of 11.7% from 5.5 million
Thash/s in the same period of 2022.
Revenues were US$73.9
million, as compared to US$55.2
million in the first quarter of 2023 and US$245.9 million in the same period of 2022.
Mining revenue was US$15.9
million, representing an increase of 43.3% from US$11.1 million in the first quarter of 2023 and
an increase of 105.1% from US$7.8
million in the same period of 2022.
Mr. Nangeng Zhang, Chairman and Chief Executive Officer of
Canaan, commented, "We navigated the challenges in the second
quarter of 2023, surpassing our topline guidance to achieve
US$73.9 million in revenue. Despite
the relatively stagnant bitcoin price in the second quarter, our
endeavor to drive sales across various fronts, including major
clients, channels, and retail, yielded encouraging results. This
effort propelled our total computing power sold to a remarkable
6.1EH/s, up 44% sequentially. Our partnerships with channel clients
proved fruitful, while our online retail store continued to capture
new clientele from diverse geographical regions. Our mining revenue
further set a new historic high in the second quarter of 2023.
Recently, we have expanded into new mining projects in Africa and South
America."
"Admittedly, we are still facing a market that has yet to
recover with soft purchasing power on the demand front, generating
continued pressure on our sales. Recently, we also encountered
adverse impacts from regional regulatory changes and a particular
partner's breach of agreement in respect of our mining operations.
However, our unwavering faith in bitcoin's potential remains
steadfast. We will intensify our sales efforts to secure a more
significant market share, enhance our product offerings to achieve
peak performance, and propel our mining operations to accumulate
valuable bitcoin assets. All of these efforts are geared towards
strengthening our presence and generating value for our
shareholders in the long run."
Mr. James Jin Cheng, Chief
Financial Officer of Canaan, stated, "In the second quarter of
2023, we observed improvement in both our sales and mining
activities, which contributed to our better-than-expected revenue
performance. Despite a decrease in average selling price, our
product sales grew by 31.3% quarter over quarter, driven by
increases in total computing power sold. This reflects our efforts
to solidify our market share, destock inventory, and promote cash
inflows in a fiercely competitive market environment. Besides our
sales performance, our mining operations also demonstrated growth,
resulting in a notable 115% increase in cryptocurrency assets on
our balance sheet compared sequentially, among which 747 bitcoins
were owned by the Company. This gain was attributed to improved
uptime and enhanced bitcoin rewards during this second quarter. In
the second quarter, we recorded a net loss of US$110.7 million, which included inventory
write-down, provision for commitment reserve and impairment of
property and equipment, totaling US$54.7
million. These non-cash accruals and provisions reflect our
consideration of the latest selling price change, regulation
changes in Kazakhstan, and the
default by the partner at a U.S. project, which did not influence
our cash flow."
"Above all, we recognize the severe emerging challenges that may
impede our business operations. These challenges encompass
regulatory shifts across countries, counterparty risks within this
evolving market, and the broader economic landscape's
unpredictability as well as unforeseen events that may pressure the
bitcoin price. As we navigate the market, we remain committed to
cautious investments in securing advanced wafer supply as well as
research and development for product performance enhancement. In
light of market headwinds, we will continue to focus on generating
cash inflows with prudent expense management to ensure operational
continuity and position us for future opportunities."
Second Quarter 2023 Financial Results
Revenues in the second quarter of 2023 were US$73.9 million, as compared to US$55.2 million in the first quarter of 2023 and
US$245.9 million in the same period
of 2022. Total revenues consisted of US$57.9
million in products revenue, US$15.9
million in mining revenue and US$17
thousand in other revenues.
Products revenue in the second quarter of 2023 was
US$57.9 million, compared to
US$44.1 million in the first quarter
of 2023 and US$238.1 million in the
same period of 2022. The increase compared to the first quarter of
2023 was mainly due to a sequential increase in total computing
power sold, despite the lower selling price which resulted from
overall soft purchasing power from the market demand front. The
decrease compared to the second quarter of 2022 was mainly due to
the lower selling price which resulted from the declining bitcoin
price. AI product revenue was US$0.1
million in the second quarter of 2023, as compared to
US$0.4 million in the first quarter
of 2023 and US$0.2 million in the
same period of 2022.
Mining revenue in the second quarter of 2023 was
US$15.9 million, representing an
increase of 43.3% from US$11.1
million in the first quarter of 2023 and an increase of
105.1% from US$7.8 million in the
same period of 2022. The sequential increase was mainly driven by
the bitcoin price recovery and increased bitcoin rewards across the
network during the quarter. The year-over-year increase was mainly
attributable to the increased computing power energized for
mining.
Cost of revenues in the second quarter of 2023 was
US$143.9 million, compared to
US$102.8 million in the first quarter
of 2023 and US$107.6 million in the
same period of 2022.
Products costs in the second quarter of 2023 were
US$113.3 million, compared to
US$75.4 million in the first quarter
of 2023 and US$96.0 million in the
same period of 2022. The year-over-year and the sequential increase
were mainly due to the increase in production cost of the A13
series and more inventory write-down, prepayment write-down and
provision for reserve for inventory purchase commitments accrued in
the second quarter of 2023, which resulted from lower subsequent
selling prices. The inventory write-down, prepayment write-down and
provision for reserve for inventory purchase commitments accrued
for this quarter was US$45.9 million,
compared to US$34.9 million for the
first quarter of 2023 and US$0.1
million for the same period of 2022. Products costs consist
of direct production costs of mining machines and AI products 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 2023 were
US$30.6 million, compared to
US$27.3 million in the first quarter
of 2023 and US$11.5 million in the
same period of 2022. Mining costs herein consist of direct
production costs of mining operations, including electricity and
hosting, as well as depreciation and amortization. The depreciation
in this quarter for deployed mining machines was US$16.2 million, compared to US$16.3 million in the first quarter of 2023 and
US$10.1 million in the same period of
2022. The year-over-year increase was mainly due to the increase in
mining capacity.
Gross loss in the second quarter of 2023 was US$70.1 million, compared to a gross loss of
US$47.5 million in the first
quarter of 2023 and a gross profit of US$138.3 million in the same period of 2022.
Total operating expenses in the second quarter of 2023
were US$49.0 million, compared to
US$38.1 million in the first
quarter of 2023 and US$45.4 million
in the same period of 2022.
Research and development expenses in the second quarter of 2023
were US$17.9 million, compared to
US$19.1 million in the first quarter
of 2023 and US$15.6 million in the
same period of 2022. The sequential decrease was primarily due to
the decrease in research and development expenditure in the second
quarter of 2023. The year-over-year increase was primarily
attributable to an increase of US$2.5
million in staff costs in technology-related departments.
Research and development expenses in the second quarter of 2023
also included share-based compensation expenses of US$2.5 million.
Sales and marketing expenses in the second quarter of 2023 were
US$2.4 million, compared to
US$1.5 million in the first quarter
of 2023 and US$3.2 million in the
same period of 2022. The sequential increase was mainly due to a
US$0.8 million increase in staff
costs and share-based compensation expenses. The year-over-year
decrease was mainly due to a decrease of US$0.5 million in share-based compensation
expenses. Sales and marketing expenses in the second quarter of
2023 also included share-based compensation expenses of
US$0.2 million.
General and administrative expenses in the second quarter of
2023 were US$26.4 million, compared
to US$17.6 million in the first
quarter of 2023 and US$22.1 million
in the same period of 2022. The sequential increase was mainly due
to US$8.8 million in impairment of
property and equipment, an increase of US$1.7 million in professional service fees and
an increase of US$0.9 million in
staff costs, partially offset by a decrease of US$2.1 million in share-based compensation
expenses. The year-over-year increase was mainly due to
US$8.8 million in impairment of
property and equipment and an increase of US$2.5 million in staff costs, partially offset
by US$3.6 million of realized gain on
bitcoin sold in the second quarter of 2023 and a decrease of
US$4.4 million in share-based
compensation expenses. General and administrative expenses in the
second quarter of 2023 also included share-based compensation
expenses of US$8.3 million.
Impairment on cryptocurrency in the second quarter of
2023 was US$2.4 million, compared to
nil in the first quarter of 2023 and US$4.5
million in the same period of 2022.
Loss from operations in the second quarter of 2023 was
US$119.1 million, compared to a loss
from operations of US$85.7 million in
the first quarter of 2023 and an income from operations of
US$93.0 million in the same period of
2022.
Non-GAAP loss from operations in the second quarter of
2023 was US$108.0 million, compared
to a non-GAAP loss from operations of US$73.1 million in the first quarter of 2023 and
a non-GAAP income from operations of US$109.1 million in the same period of 2022.
Non-GAAP income (loss) from operations excludes share-based
compensation expenses. For further information, please refer to
"Use of Non-GAAP Financial Measures" in this press release.
Foreign exchange gains, net in the second quarter of 2023
were US$2.6 million, compared with a
loss of US$2.6 million in the first
quarter of 2023 and a gain of US$17.0
million in the same period of 2022, respectively. The
foreign exchange gains were due to the US dollar appreciation
against the Renminbi during the second quarter of 2023.
Net loss in the second quarter of 2023 was US$110.7 million, compared to a net loss of
US$84.4 million in the first
quarter of 2023 and a net income of US$90.1 million in the same period of
2022.
Non-GAAP adjusted net loss in the second quarter of 2023
was US$99.6 million, as compared to a
non-GAAP adjusted net loss of US$71.8
million in the first quarter of 2023 and a non-GAAP adjusted
net income of US$102.4 million in the
same period of 2022. Non-GAAP adjusted net income (loss) excludes
share-based compensation expenses and change in fair value of
warrant liability. 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 2023 was a loss of US$23.5 million, compared with a gain of
US$9.2 million in the first quarter
of 2023 and a loss of US$25.6 million
in the same period of 2022, respectively.
Basic and diluted net loss per American depositary share
("ADS") in the second quarter of 2023 were US$0.65. In comparison, basic and diluted net
loss per ADS in the first quarter of 2023 were US$0.51, while basic and diluted net earnings per
ADS in the same period of 2022 were US$0.52. Each ADS represents 15 of the Company's
Class A ordinary shares.
As of June 30, 2023, the Company
held cryptocurrency assets that primarily comprised 1,125
bitcoins with a total carrying value of US$28.8 million, which consisted of 747 bitcoins
owned by the Company and 378 bitcoins received as customer
deposits.
As of June 30, 2023, the Company
had cash and cash equivalents of US$66.1 million, compared to US$101.6 million as of December 31, 2022.
Accounts receivable, net as of June 30, 2023 was US$10.1
million, compared to nil as of December 31, 2022. Account receivable was mainly
due to the installment policy implemented for some major customers
who meet certain conditions.
Shares Outstanding
As of June 30, 2023, the Company
had a total of 159,861,815 ADSs outstanding, each representing 15
of the Company's Class A ordinary shares.
Recent Developments
Kazakhstan Regulatory Changes for Cryptocurrency
Mining
In July 2023, the Rules for
Licensing of Digital Mining Activities (the "Rules") became
effective in Kazakhstan,
requesting that persons engaged in the mining of cryptocurrencies
must first obtain a specialized license. Subsequently, the Company
decided to temporarily shut down approximately 2.0 Exahash/s of its
mining computing power in Kazakhstan to ensure legal compliance, and has
been working actively to obtain a Type II license for mining
hardware owners since early July.
However, the Company must wait for one of its local partners to
obtain its Type I license for mining infrastructure possessors
before the Company can complete its license application. This local
partner has applied for a license, but its application remains
pending. The Company anticipates a continued suspension of its
mining operations in Kazakhstan
into the third quarter of 2023, resulting in an expected reduction
in bitcoin generation.
The Company and its local mining partners are actively pursuing
the necessary licenses, while exploring avenues to sustain its
collaboration with local miners by adjusting the present
cooperation arrangements to align with the local regulations.
Dispute Relating to Joint Mining Activities in the
U.S.
On August 3, 2023, Canaan U.S.
Inc., an operating subsidiary of the Company ("Canaan US"),
participated in a mediation with a partner that provides hosting
and management services for cryptocurrency mining machines, after
the partner breached the parties' Joint Mining Agreement (the
"Agreement") at a U.S.-based mining farm. Per the Agreement,
mediation was mandatory before the parties can proceed to
arbitration. Canaan US seeks to recover for, among other things:
(i) the partner's failure to install 13,000 of Canaan US's
cryptocurrency mining machines, of which we have also discovered
that a small number were returned damaged; (ii) the partner's
failure to refund Canaan US's $1.25
million deposit; (iii) the partner's failure to cause the
continued operation of another 13,000 cryptocurrency mining
machines that were installed, which have yet to be returned; (iv)
the partner's failure to pay Canaan US a substantial amount of the
bitcoin profits; (v) the partner, in violation of the agreement,
attempted to impose substantial off-contractual operating fees on
Canaan US; and (vi) the partner's failure to cause the selection of
a mining pool provider satisfactory to Canaan US and to seek Canaan
US's consent as to the selection of the mining pool provider.
Because no settlement was reached at the mediation, Canaan US
intends to file an arbitration demand and proceed to arbitrate the
parties' dispute.
The At-the-Market ("ATM") Offering
On April 8, 2022, the Company
entered into an at-the-market offering agreement (the "ATM
Agreement"), providing for a potential at-the-market ("ATM") equity
offering program, with H.C. Wainwright & Co., LLC ("HCW").
From May 26, 2023, the date the
Company reported its financial results for the first quarter of
2023, to August 29, 2023, the Company
did not utilize the ATM for fundraising.
The Company expects the ATM program to be a flexible mechanism
for the Company to access public capital markets in the future. The
timing and extent of the use of the ATM program will be at the
discretion of the Company, provided that the Company has satisfied
certain obligations set forth in the ATM agreements and the ATM
facility is duly established.
Business Outlook
For the third quarter of 2023, the Company expects total
revenues to be approximately US$30
million, considering the challenging market conditions
across the industry. This forecast reflects the Company's current
and preliminary views on the market and operational conditions,
which are subject to change.
Conference Call Information
The Company's management team will hold a conference call at
8:00 A.M. U.S. Eastern Time on August
29, 2023 (or 8:00 P.M.
Singapore Time on the same day) to discuss the financial results.
Details for the conference call are as follows:
Event
Title: Canaan
Inc. Second Quarter 2023 Earnings Conference Call
Registration
Link:
https://register.vevent.com/register/BI5f3485f660e14d70a2886332ea9eba6a
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's vision is "super computing is what we
do, social enrichment is why we do it." Canaan has extensive
experience in chip design and streamlined production in the ASIC
field. In 2013, under the leadership of Mr. Nangeng Zhang, founder
and CEO, Canaan's founding team shipped to its customers the
world's first batch of mining machines incorporating ASIC
technology in bitcoin's history under the brand name, Avalon. In
2018, Canaan released the world's first RISC-V architecture
commercial edge AI chip. 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 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. 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 income (loss) from operations and
adjusted net income (loss), as supplemental measures to review and
assess its operating performance. The Company defines adjusted
income (loss) from operations as income (loss) from operations
excluding share-based compensation
expenses and change in fair value of warrant liability, and
adjusted net income (loss) as net income (loss) excluding share-based compensation expenses and
change in fair value of warrant liability. 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 income, 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 net income is that it does not reflect all of the
items of income and expense that affect the Company's operations.
Share-based compensation and change in fair value of warrant
liability have been and may continue to be incurred in Canaan's
business and are not reflected in the presentation of adjusted net
income. 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.
Ms. Xi Zhang
Email: IR@canaan-creative.com
ICR, LLC.
Robin Yang
Tel: +1 (347) 396-3281
Email: canaan.ir@icrinc.com
CANAAN
INC.
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(all amounts in
thousands, except share and per share data, or as otherwise
noted)
|
|
|
As of December
31,
|
As of June
30,
|
|
2022
|
2023
|
|
USD
|
USD
|
ASSETS
|
|
|
Current
assets:
|
|
|
Cash and cash
equivalents
|
101,551
|
66,138
|
Accounts receivable,
net
|
-
|
10,098
|
Inventories
|
211,640
|
272,139
|
Prepayments and other
current assets
|
242,523
|
83,448
|
Total current
assets
|
555,714
|
431,823
|
Non-current
assets:
|
|
|
Cryptocurrency
|
12,531
|
28,765
|
Property, equipment and
software
|
85,350
|
50,485
|
Right-of-use assets,
net
|
4,250
|
2,896
|
Deferred tax
assets
|
21,740
|
19,959
|
Other non-current
assets
|
2,504
|
1,753
|
Non-current financial
investment
|
2,872
|
2,768
|
Total non-current
assets
|
129,247
|
106,626
|
Total
assets
|
684,961
|
538,449
|
LIABILITIES, AND
SHAREHOLDERS' EQUITY
|
|
|
Current
liabilities
|
|
|
Accounts
payable
|
16,703
|
27,335
|
Contract
liabilities
|
662
|
8,318
|
Income tax
payable
|
7,228
|
3,533
|
Accrued liabilities and
other current liabilities
|
48,349
|
69,008
|
Lease liabilities,
current
|
2,314
|
1,901
|
Total current
liabilities
|
75,256
|
110,095
|
Non-current
liabilities:
|
|
|
Lease liabilities,
non-current
|
1,441
|
514
|
Other non-current
liabilities
|
598
|
1,701
|
Total
liabilities
|
77,295
|
112,310
|
Shareholders'
equity:
|
|
|
Ordinary shares
(US$0.00000005 par value;
1,000,000,000,000 shares authorized, 2,804,138,492
and 2,827,121,777 shares issued, 2,496,001,757 and
2,550,564,197 shares outstanding as of December 31,
2022 and June 30, 2023, respectively)
|
-
|
-
|
Treasury stocks
(US$0.00000005 par value;
308,136,735 shares as of December 31, 2022 and
276,557,580 shares as of June 30, 2023, respectively)
|
(57,055)
|
(57,055)
|
Additional paid-in
capital
|
492,220
|
520,088
|
Statutory
reserves
|
14,892
|
14,892
|
Accumulated other
comprehensive loss
|
(36,913)
|
(51,273)
|
Retained earnings
(accumulated deficit)
|
194,522
|
(513)
|
Total shareholders'
equity
|
607,666
|
426,139
|
Total liabilities
and shareholders' equity
|
684,961
|
538,449
|
CANAAN
INC.
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(LOSS)
|
(all amounts in
thousands of USD, except share and per share data, or as otherwise
noted)
|
|
|
For the Three Months
Ended
|
|
June 30,
2022
|
March 31, 2023
|
June 30,
2023
|
|
USD
|
USD
|
USD
|
Revenues
|
|
|
|
Products
revenue
|
238,122
|
44,114
|
57,940
|
Mining
revenue
|
7,751
|
11,089
|
15,896
|
Other
revenues
|
22
|
29
|
17
|
Total
revenues
|
245,895
|
55,232
|
73,853
|
Cost of
revenues
|
(107,564)
|
(102,778)
|
(143,928)
|
Gross profit
(loss)
|
138,331
|
(47,546)
|
(70,075)
|
Operating
expenses:
|
|
|
|
Research and
development expenses
|
(15,577)
|
(19,058)
|
(17,857)
|
Sales and marketing
expenses
|
(3,174)
|
(1,485)
|
(2,437)
|
General and
administrative expenses
|
(22,133)
|
(17,577)
|
(26,369)
|
Impairment on
cryptocurrency
|
(4,467)
|
-
|
(2,363)
|
Total operating
expenses
|
(45,351)
|
(38,120)
|
(49,026)
|
Income (loss) from
operations
|
92,980
|
(85,666)
|
(119,101)
|
Interest
income
|
309
|
440
|
226
|
Change in fair value of
warrant liability
|
3,861
|
-
|
-
|
Foreign exchange
gains (losses), net
|
17,001
|
(2,559)
|
2,574
|
Other
income, net
|
889
|
1,078
|
176
|
Income (loss) before
income tax expenses
|
115,040
|
(86,707)
|
(116,125)
|
Income tax (expense)
benefit
|
(24,948)
|
2,341
|
5,456
|
Net income
(loss)
|
90,092
|
(84,366)
|
(110,669)
|
Foreign currency
translation adjustment, net of
nil tax
|
(25,610)
|
9,158
|
(23,518)
|
Total comprehensive
income (loss)
|
64,482
|
(75,208)
|
(134,187)
|
Weighted average
number of shares used in
per share calculation:
|
|
|
|
— Basic
|
2,584,644,729
|
2,502,558,388
|
2,547,999,846
|
— Diluted
|
2,585,684,866
|
2,502,558,388
|
2,547,999,846
|
Net earnings (loss)
per share (cent per share)
|
|
|
|
— Basic
|
3.49
|
(3.37)
|
(4.34)
|
— Diluted
|
3.48
|
(3.37)
|
(4.34)
|
Share-based
compensation expenses
were included
in:
|
|
|
|
Cost of
revenues
|
16
|
66
|
60
|
Research and
development expenses
|
2,715
|
2,324
|
2,452
|
Sales and marketing
expenses
|
684
|
(164)
|
233
|
General and
administrative expenses
|
12,742
|
10,387
|
8,323
|
|
|
|
|
|
|
The table below sets
forth a reconciliation of net income (loss) to non-GAAP adjusted
net income (loss) for the period indicated:
|
|
|
For the Three Months
Ended
|
|
June 30,
2022
|
March 31,
2023
|
June 30,
2023
|
|
USD
|
USD
|
USD
|
Net income
(loss)
|
90,092
|
(84,366)
|
(110,669)
|
Share-based
compensation expenses
|
16,157
|
12,613
|
11,068
|
Change in fair value of
warrant liability
|
(3,861)
|
-
|
-
|
Non-GAAP adjusted net
income (loss)
|
102,388
|
(71,753)
|
(99,601)
|
View original
content:https://www.prnewswire.com/news-releases/canaan-inc-reports-unaudited-second-quarter-2023-financial-results-301912308.html
SOURCE Canaan Inc.