BEIJING, Aug. 18,
2022 /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,
2022.
Second Quarter 2022 Operating and Financial
Highlights
Total computing power sold was 5.5 million Thash/s,
representing an increase of 27.5% from 4.3 million Thash/s in the
first quarter of 2022 and a decrease of 7.7% from 5.9 million
Thash/s in the same period of 2021.
Revenues were RMB1,652.7
million (US$246.7 million),
representing an increase of 21.9% from RMB1,356.1 million in the first quarter of 2022
and an increase of 52.8% from RMB1,081.8
million in the same period of 2021.
Gross profit was RMB929.7
million (US$138.8 million),
representing an increase of 12.0% from RMB829.8 million in the first quarter of 2022 and
an increase of 117.3% from RMB427.9
million in the same period of 2021.
Net income was RMB608.9
million (US$90.9 million),
representing an increase of 37.9% from RMB441.6 million in the first quarter of 2022 and
an increase of 148.6% from RMB245.0
million in the same period of 2021.
Non-GAAP adjusted net income was RMB688.2 million (US$102.7
million), representing an increase of 26.6% from
RMB543.4 million in the first quarter
of 2022 and an increase of 115.0% from RMB320.1 million in the same period of
2021.
Mr. Nangeng Zhang, Chairman and Chief Executive Officer of
Canaan, commented, "We went through a challenging second quarter as
the Bitcoin price continued to tumble down to under US$20 thousand. The COVID-19 containment lockdown
in key cities in China also
brought severe disruptions to our daily operations and demand for
our AI chips. Facing these obstacles, we strived to deliver for our
clients and achieved total computing power sold of 5.5 million
Thash/s, up 27.5% sequentially. In order to support our global
expansion, we further integrated operations overseas in our
Singapore international
headquarters, which now features a Research and Development team
and other operational functions. Leveraging our Singapore office, we extended our supply chain
into Southeast Asia during the
second quarter and completed the initial batch of deliveries.
During the second quarter, we continued to collaborate with mining
farm partners to ramp up our mining business, and generated an
increasing number of Bitcoins with an improved power supply. As of
June 30, 2022, we held a total of
346.84 Bitcoins. Overall, we are fully aware of the downward
pressure from the Bitcoin price since the last fourth quarter and
expect it to bring prolonged headwinds to our performance in the
coming quarters. Nevertheless, we believe in the unique value of
Bitcoin and its long-term prospects. We are committed to developing
our supercomputing technology on more advanced nodes and providing
competitive products and best-of-class services to clients around
the world."
Mr. James Jin Cheng, Chief
Financial Officer of Canaan, stated, "In the second quarter of
2022, we generated total revenue of RMB1,652.7 million, in line with our guidance
range. The solid topline performance primarily resulted from the
sequentially increased computing power sold and relatively high
average selling price we secured with contract sales from previous
quarters where the Bitcoin price was at a higher level. As the
Bitcoin price further decreased in the second quarter, we
responsively lowered our product price for spot sales to shoulder
the pressure with our clients. On the other hand, wafer price stays
high on the cost front. Therefore, we expect the gross margin to
decrease dramatically in the second half of this year. Looking
forward to the coming quarters, we see a tougher market environment
from the lower Bitcoin price level, overall increased energy price,
and various pandemic and geopolitical uncertainties globally, which
may all jeopardize the demand and price for our products. Being
prepared for this difficult time, we endeavor to maintain healthy
cash flows and strengthen our supply chain for smooth delivery. In
addition to our diligent business operations, we continued to
execute our share repurchase program to drive value for our
shareholders."
Second Quarter 2022 Financial Results
Revenues in the second quarter of 2022 were
RMB1,652.7 million (US$246.7 million), representing an increase of
21.9% from RMB1,356.1 million in the
first quarter of 2022 and an increase of 52.8% from RMB1,081.8 million in the same period of
2021.
Products revenue in the second quarter of 2022 was
RMB1,600.4 million (US$238.9 million), representing an increase of
20.9% from RMB1,323.6 million in the
first quarter of 2022 and an increase of 48.3% from RMB1,079.4 million in the same period of 2021.
The increase over the first quarter of 2022 was mainly attributable
to the increase in total computing power sold, and the increase
over the second quarter of 2021 was mainly attributable to the
increase in the average selling price per Thash/s. The increases
over the first quarter of 2022 and the second quarter of 2021 were
partially offset by the decreases in AI revenue from RMB3.7 million in the first quarter of 2022 and
RMB3.8 million in the second quarter
of 2021 to RMB1.6 million
(US$0.2 million) in the second
quarter of 2022, respectively.
Mining revenue in the second quarter of 2022 was
RMB52.1 million (US$7.8 million), representing an increase of
60.9% from RMB32.4 million in the
first quarter of 2022 and an increase of 7,853.6% from RMB0.7 million in the same period of 2021. The
increases in mining revenue over the first quarter of 2022 and the
second quarter of 2021 were mainly attributable to the improved
electricity supply of mining machines.
Cost of revenues in the second quarter of 2022 was
RMB722.9 million (US$107.9 million), representing an increase
of 37.4% from RMB526.3 million in the
first quarter of 2022 and an increase of 10.6% from RMB653.9 million in the same period of 2021. The
sequential and year-over-year increases in cost of revenues were in
line with revenue growth.
Gross profit in the second quarter of 2022 was
RMB929.7 million (US$138.8 million), representing an increase
of 12.0% from RMB829.8 million
in the first quarter of 2022 and an increase of 117.3% from
RMB427.9 million in the same period
of 2021.
Total operating expenses in the second quarter of
2022 were RMB270.5 million
(US$40.4 million), representing
an increase of 7.7% from RMB251.2 million in the first quarter of
2022 and an increase of 3.1% from RMB262.4
million in the same period of 2021.
Research and development expenses in the second quarter of 2022
were RMB103.9 million
(US$15.5 million), representing
an increase of 2.7% from RMB101.2 million in the first quarter of
2022 and an increase of 48.7% from RMB69.9 million in the same period of 2021.
The sequential increase was primarily attributable to the increased
staff costs in technology-related departments. The year-over-year
increase was primarily attributable to the increased staff costs in
technology-related departments, partially offset by the decreased
share-based expenses. Research and development expenses in the
second quarter of 2022 also included share-based compensation
expenses of RMB17.5 million
(US$2.6 million).
Sales and marketing expenses in the second quarter of 2022 were
RMB21.1 million (US$3.2 million), representing an increase of
5.8% from RMB20.0 million in the
first quarter of 2022 and a decrease of 18.3% from RMB25.9 million in the same period of 2021.
The sequential increase was mainly due to the increased share-based
expenses. The year-over-year decrease was mainly driven by
decreased staff costs, partially offset by the increased
share-based expenses. Sales and marketing expenses in the second
quarter of 2022 also included share-based compensation expenses of
RMB4.4 million (US$0.7 million).
General and administrative expenses in the second quarter of
2022 were RMB145.4 million
(US$21.7 million), representing
an increase of 11.8% from RMB130.0 million in the first quarter of
2022 and a decrease of 12.7% from RMB166.6 million in the same period of 2021.
The sequential increase was mainly due to the increase in
professional service fees. The year-over-year decrease was mainly
due to decreased share-based compensation expenses, partially
offset by increased professional fees and staff costs. General and
administrative expenses in the second quarter of 2022 also included
share-based compensation expenses of RMB82.3
million (US$12.3 million).
Income from operations in the second quarter of 2022
was RMB659.3 million
(US$98.4 million), representing
an increase of 13.9% from RMB578.6 million in the first quarter of
2022 and an increase of 298.4% from RMB165.5 million in the same period of
2021.
Impairment on cryptocurrency in the second quarter
of 2022 was RMB30.0 million
(US$4.5 million), compared to
RMB0.4 million in the first quarter
of 2022 and nil in the same period of 2021. The sequential and
year-over-year increases were mainly due to the decreased Bitcoin
price at the end of the second quarter of 2022.
Net income attributable to ordinary shareholders in
the second quarter of 2022 was RMB608.9 million (US$90.9 million), representing an increase
of 37.9% from RMB441.6 million
in the first quarter of 2022 and an increase of 148.6% from
RMB245.0 million in the same
period of 2021.
Non-GAAP adjusted net income in the second quarter
of 2022 was RMB688.2 million
(US$102.7 million), representing an
increase of 26.6% from RMB543.4 million in the first quarter of
2022 and an increase of 115.0% from RMB320.1 million in the same period of 2021.
Non-GAAP adjusted net income 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 2022 was an income of
RMB55.1 million (US$8.2 million), compared with a loss of
RMB4.8 million in the first
quarter of 2022 and a loss of RMB10.2
million in the same period of 2021, due to the US dollar
appreciation against the Renminbi during the second quarter of
2022.
Basic net earnings per American depositary share
("ADS") in the second quarter of 2022 was RMB3.53 (US$0.53). In comparison, basic net
earnings per ADS in the first quarter of 2022 and in the same
period of 2021 were RMB2.57 and
RMB1.46, respectively. Each ADS
represents 15 of the Company's Class A ordinary shares.
Diluted net earnings per ADS in the second quarter
of 2022 was RMB3.53 (US$0.53).
In comparison, diluted net earnings per ADS in the first quarter of
2022 and in the same period of 2021 were RMB2.57 and RMB1.40, respectively. Each ADS represents 15 of
the Company's Class A ordinary shares.
As of June 30, 2022, the Company
held cryptocurrency assets that comprised 346.84 Bitcoins,
with a carrying value of RMB51.3
million (US$7.7 million).
Contract liabilities as of June 30, 2022, were RMB1,017.5 million (US$151.9 million), decreasing from
RMB1,340.7 million as of December 31, 2021, mainly due to decreased
customer advances from sales orders of Bitcoin mining machines.
As of June 30, 2022, the Company
had cash and cash equivalents of RMB2,640.7 million (US$394.2 million), compared to RMB2,684.3 million as of December 31, 2021.
Shares Outstanding
As of June 30, 2022, the Company
had a total of 158,329,596 ADSs outstanding, each representing 15
of the Company's Class A ordinary shares.
Recent Developments
The Company's Share Repurchase Update
On March 16, 2022, the Company
announced that its board of directors authorized a share repurchase
program (the "Share Repurchase Program") under which the Company
may repurchase up to US$100 million
worth of its outstanding (i) ADSs, each representing 15 Class A
ordinary shares, and/or (ii) Class A ordinary shares over the next
24 months starting from March 16,
2022.
As of August 12, 2022, the Company
has repurchased a total of 2.8 million ADSs with an aggregate value
of US$10.3 million and an average
repurchase price of US$3.63 per ADS
under the Share Repurchase Program.
The Repurchase of Outstanding Warrants
On June 23, 2022, the Company
announced that it has entered into agreements with certain warrant
holders to repurchase over 4.72 million outstanding warrants of the
Company for an aggregate purchase price of approximately
US$6.61 million. The Warrants were
issued by the Company in May 2021
pursuant to (i) certain Securities Purchase Agreement between the
Company and the purchasers party thereto, dated April 29, 2021, and (ii) certain placement agent
agreement between the Company and the placement agents thereto,
dated April 29, 2021.
The Company has made full payment for the repurchase
transactions and is in the process of canceling the warrants. The
completion of the warrant repurchase eliminates all outstanding
warrants and streamlines the capital structure of the Company,
which enables the Company more financing flexibility in the capital
markets.
Business Outlook
For the third quarter of 2022, the Company expects total net
revenues to be in the range of RMB900
million (US$134.4 million) to
RMB1,100 million (US$164.2 million), representing a decrease of 17%
to 32% from the third quarter of 2021. 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
18, 2022 (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. Second Quarter 2022 Earnings Conference Call
Registration
Link: https://register.vevent.com/register/BIe6433722372f49d8bdb6579d1dc929fe
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 (NASDAQ: CAN), is a technology
company focusing on ASIC high-performance computing chip design,
chip research and development, computing equipment production, and
software services. The company's vision is "super computing is what
we do, social enrichment is why we do it." Canaan has a rich
experience in chip design and streamlined production in the ASIC
field. In 2013, it released and mass produced its first ASIC
Bitcoin mining machine. In 2018, Canaan released the world's first
7nm ASIC chip, providing energy efficient computing equipment to
the cryptocurrency mining industry. In the same year, Canaan
released the world's first RISC-V architecture commercial edge AI
chip, further harnessing the potential of ASIC technology in the
field of high-performance computing and artificial
intelligence.
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 RMB6.6981 to US$1.00, the noon buying rate in effect on
June 30, 2022, in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the RMB or US$ 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, as amended. 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 net income, as supplemental measures to
review and assess its operating performance. The Company defines
adjusted net income as net income 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
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,
|
|
2021
|
2022
|
2022
|
|
RMB
|
RMB
|
US$
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
2,684,342
|
2,640,687
|
394,244
|
Restricted
cash
|
47,362
|
-
|
-
|
Accounts receivable,
net
|
367
|
-
|
-
|
Inventories
|
812,363
|
1,626,240
|
242,791
|
Prepayments and other
current assets
|
1,729,027
|
1,420,322
|
212,048
|
Total current
assets
|
5,273,461
|
5,687,249
|
849,083
|
Non-current
assets:
|
|
|
|
Cryptocurrency
|
20,310
|
51,340
|
7,665
|
Property, equipment and
software
|
185,566
|
327,029
|
48,824
|
Right-of-use assets,
net
|
30,920
|
30,172
|
4,505
|
Deferred tax
assets
|
99,044
|
50,685
|
7,567
|
Other non-current
assets
|
2,956
|
28,262
|
4,219
|
Non-current financial
investment
|
20,000
|
20,000
|
2,986
|
Total non-current
assets
|
358,796
|
507,488
|
75,766
|
Total
assets
|
5,632,257
|
6,194,737
|
924,849
|
LIABILITIES, AND
SHAREHOLDERS' EQUITY
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
143,441
|
96,991
|
14,480
|
Contract
liabilities
|
1,340,731
|
1,017,468
|
151,904
|
Income tax
payable
|
148,719
|
184,637
|
27,566
|
Accrued liabilities and
other current liabilities
|
437,394
|
161,726
|
24,145
|
Lease liabilities,
current
|
14,819
|
15,233
|
2,274
|
Total current
liabilities
|
2,085,104
|
1,476,055
|
220,369
|
Non-current
liabilities:
|
|
|
|
Lease liabilities,
non-current
|
16,292
|
11,813
|
1,764
|
Warrant
liability
|
66,347
|
-
|
-
|
Other non-current
liabilities
|
5,824
|
5,080
|
758
|
Total
liabilities
|
2,173,567
|
1,492,948
|
222,891
|
Shareholders'
equity:
|
|
|
|
Ordinary shares
(US$0.00000005 par value;
1,000,000,000,000
shares authorized, 2,804,138,492
shares issued,
2,577,386,552 and 2,572,534,112 shares
outstanding as of
December 31, 2021 and June 30,
2022,
respectively)
|
1
|
1
|
-
|
Subscriptions
receivable from shareholders
|
(1)
|
(1)
|
-
|
Treasury stocks
(US$0.00000005 par value;
226,751,940 shares as
of December 31, 2021 and
231,604,380 shares as
of June 30, 2022, respectively)
|
(231,281)
|
(230,081)
|
(34,350)
|
Additional paid-in
capital
|
2,891,134
|
3,096,760
|
462,334
|
Statutory
reserves
|
97,420
|
97,420
|
14,544
|
Accumulated other
comprehensive loss
|
(101,925)
|
(51,626)
|
(7,708)
|
Retained
earnings
|
803,342
|
1,789,316
|
267,138
|
Total shareholders'
equity
|
3,458,690
|
4,701,789
|
701,958
|
Total liabilities
and shareholders' equity
|
5,632,257
|
6,194,737
|
924,849
|
CANAAN
INC.
UNAUDITED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(all amounts in
thousands, except share and per share data, or as otherwise
noted)
|
|
|
For the Three Months
Ended
|
|
June 30,
2021
|
March 31,
2022
|
June 30,
2022
|
June 30,
2022
|
|
RMB
|
RMB
|
RMB
|
US$
|
Revenues
|
|
|
|
|
Product
revenue
|
1,079,429
|
1,323,593
|
1,600,420
|
238,936
|
Mining
revenue
|
655
|
32,375
|
52,096
|
7,778
|
Leases
revenue
|
1,634
|
-
|
-
|
-
|
Others
|
43
|
145
|
145
|
22
|
Total
revenues
|
1,081,761
|
1,356,113
|
1,652,661
|
246,736
|
Cost of
revenues
|
(653,874)
|
(526,319)
|
(722,938)
|
(107,932)
|
Gross
profit
|
427,887
|
829,794
|
929,723
|
138,804
|
Operating
expenses:
|
|
|
|
|
Research and
development expenses
|
(69,905)
|
(101,155)
|
(103,924)
|
(15,515)
|
Sales and marketing
expenses
|
(25,860)
|
(19,966)
|
(21,122)
|
(3,153)
|
General and
administrative expenses
|
(166,633)
|
(130,039)
|
(145,419)
|
(21,710)
|
Total operating
expenses
|
(262,398)
|
(251,160)
|
(270,465)
|
(40,378)
|
Income from
operations
|
165,489
|
578,634
|
659,258
|
98,426
|
Interest
income
|
1,977
|
3,244
|
2,076
|
310
|
Change in fair value of
warrant liability
|
77,676
|
(445)
|
25,042
|
3,739
|
Impairment on
cryptocurrency
|
-
|
(368)
|
(30,025)
|
(4,483)
|
Investment
income
|
93
|
-
|
-
|
-
|
Interest
expense
|
(15)
|
-
|
-
|
-
|
Foreign exchange gains,
net
|
(556)
|
913
|
114,264
|
17,059
|
Other income,
net
|
636
|
423
|
5,976
|
892
|
Income before income
tax expenses
|
245,300
|
582,401
|
776,591
|
115,943
|
Income tax
expense
|
(337)
|
(140,799)
|
(167,677)
|
(25,034)
|
Net
income
|
244,963
|
441,602
|
608,914
|
90,909
|
Foreign currency
translation
adjustment, net of nil
tax
|
(10,241)
|
(4,789)
|
55,089
|
8,225
|
Total comprehensive
income
|
234,722
|
436,813
|
664,003
|
99,134
|
Weighted average
number of shares
used in per Class A
and Class B
ordinary share
calculation:
|
|
|
|
|
— Basic
|
2,523,225,188
|
2,580,294,054
|
2,584,644,729
|
2,584,644,729
|
— Diluted
|
2,621,690,830
|
2,582,735,151
|
2,585,684,866
|
2,585,684,866
|
Net earnings per
Class A and Class B
ordinary share (cent
per share)
|
|
|
|
|
— Basic
|
9.71
|
17.11
|
23.56
|
3.52
|
— Diluted
|
9.34
|
17.10
|
23.55
|
3.52
|
Share-based
compensation expenses
were included
in:
|
|
|
|
|
Cost of
revenues
|
92
|
-
|
104
|
16
|
Research and
development expenses
|
29,589
|
19,962
|
17,482
|
2,610
|
Sales and marketing
expenses
|
1,889
|
2,118
|
4,392
|
656
|
General and
administrative expenses
|
121,235
|
79,267
|
82,301
|
12,287
|
|
The table below sets
forth a reconciliation of net income to non-GAAP adjusted net
income for the period indicated:
|
|
|
For the Three Months
Ended
|
|
June 30,
2021
|
March 31,
2022
|
June 30,
2022
|
June 30,
2022
|
|
RMB
|
RMB
|
RMB
|
US$
|
Net income
|
244,963
|
441,602
|
608,914
|
90,909
|
Share-based
compensation expenses
|
152,805
|
101,347
|
104,279
|
15,569
|
Change in fair value of
warrant liability
|
(77,676)
|
445
|
(25,042)
|
(3,739)
|
Non-GAAP adjusted net
income
|
320,092
|
543,394
|
688,151
|
102,739
|
View original
content:https://www.prnewswire.com/news-releases/canaan-inc-reports-unaudited-second-quarter-2022-financial-results-301608365.html
SOURCE Canaan Inc.