UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2023
Commission File Number: 001-39127
Canaan Inc.
28 Ayer Rajah Crescent
#06-08
Singapore 139959
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F x
Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
Exhibit Index
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
Canaan Inc. |
| |
| |
By: |
/s/ Nangeng Zhang |
| |
Name: Nangeng Zhang
Title: Chairman and Chief Executive Officer |
Date: November 28, 2023
Exhibit 99.1
Canaan Inc. Reports Unaudited
Third Quarter 2023 Financial Results
Singapore, November 28,
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 September 30, 2023.
Third Quarter
2023 Operating and Financial Highlights
Total
computing power sold was 3.8 million Thash/s, representing a decrease of 38.7% from 6.1 million
Thash/s in the second quarter of 2023 and an increase of 8.7% from 3.5 million Thash/s in the same period of 2022.
Revenues
were US$33.3 million, as compared to US$73.9 million in the second quarter of 2023 and US$145.5 million in the same period of 2022.
Mining
revenue was US$3.3 million, representing a decrease of 79.5% from US$15.9 million in the second quarter of 2023 and a decrease
of 64.6% from US$9.2 million in the same period of 2022.
Mr. Nangeng Zhang, Chairman and Chief Executive
Officer of Canaan, commented, “During the third quarter of 2023, the stagnant bitcoin price and further interest rate hikes by the
Federal Reserve presented us with significant challenges. Despite these headwinds, we have stayed committed to our strategic plan. In
mid-September, we launched and opened pre-sales for our new A14 product series, featuring computing power of 150Thash/s with superior
energy efficiency of 21J/Thash/s. Besides the positive customer feedback on our new products, we delivered 3.8 million Thash/s of total
computing power sold, marking an 8.6% increase year over year. This growth has been a driving force behind our total revenue for the quarter,
which reached US$33.3 million, exceeding our guidance. Furthermore, we have actively expanded our mining operations, launching additional
pilot projects in South and North America, thereby further diversifying our global footprint.”
“Overall, we faced increased pricing competition
and a noticeable softening in purchasing power on the demand front, which have posed severe challenges to our sales. In response, we have
been focusing on driving product iteration, building a multifaceted sales system, and exploring mining collaborations, making relentless
efforts to adapt and find business opportunities in tough market conditions. As a provider of crucial bitcoin infrastructure, we believe
in the long-term prospects of the bitcoin system and are poised to leverage our experience to navigate these turbulent times, capturing
value from the future upswings in the bitcoin price.”
Mr. James Jin Cheng, Chief Financial Officer
of Canaan, stated, “Our performance in the third quarter of 2023 exhibited both resilience and adaptability in the face of a challenging
market. While total revenue beat our guidance, it was reflective of the ongoing market dynamics characterized by soft demand and price
concessions in computing power. As anticipated, our mining business was impacted by the suspension of operations in Kazakhstan due to
new local policies and counterparty default at a U.S. project. However, we remain dedicated to expanding our presence in other mining
projects, and this commitment is reflected in the continued growth of our bitcoin balance, which stood at a historical high of 860 bitcoins
owned by the Company as of September 30, 2023, with a current market value of over US$30 million.”
“Our net loss for the third quarter amounted
to US$80.1 million. This figure includes a US$53.9 million inventory write-down, prepayment write-down, and provision for reserve for
inventory purchase commitments accrued during this quarter. These actions align with our proactive destocking strategy in response to
the challenging market conditions and should be noted as non-cash items. To bolster our financial position, we have implemented stringent
expense control measures, including a headcount cut to enhance operational efficiency. We remain committed to maintaining cash reserve
through diversified sales efforts and prudent expense management, ensuring operational continuity, and positioning ourselves to seize
future opportunities.”
Third Quarter 2023 Financial Results
Revenues
in the third quarter of 2023 were US$33.3 million, as compared to US$73.9 million in the second quarter of 2023 and US$145.5 million in
the same period of 2022. Total revenues consisted of US$29.9 million in products revenue, US$3.3 million in mining revenue and US$118
thousand in other revenues.
Products
revenue in the third quarter of 2023 was US$29.9 million, compared to US$57.9 million in the second quarter of 2023 and US$136.3
million in the same period of 2022. The decrease compared to the second quarter of 2023 was mainly due to a reduction in total computing
power sold and lower selling prices, which resulted from overall softening in market demand. The decrease compared to the third quarter
of 2022 was mainly due to lower selling prices, which resulted from overall softening in market demand, despite a gradual recovery in
the price of bitcoin and an increase in total computing power sold. AI product revenue was US$0.2 million in the third quarter of 2023,
as compared to US$0.1 million in the second quarter of 2023 and US$0.4 million in the same period of 2022.
Mining
revenue in the third quarter of 2023 was US$3.3 million, representing a decrease of 79.5% from US$15.9 million in the second
quarter of 2023 and a decrease of 64.6% from US$9.2 million in the same period of 2022. The sequential and year-over-year decrease was
mainly attributable to the decrease of mining computing power which resulted from the temporary shutdown of approximately 2.0 Exahash/s
computing power in Kazakhstan to ensure legal compliance.
Cost
of revenues in the third quarter of 2023 was US$102.4 million, compared to US$143.9 million in the second quarter of 2023 and
US$112.9 million in the same period of 2022.
Products
costs in the third quarter of 2023 were US$83.7 million, compared to US$113.3 million in the second quarter of 2023 and US$97.1
million in the same period of 2022. The sequential and year-over-year decreases were consistent with the decrease of computing power sold.
The inventory write-down, prepayment write-down and provision for reserve for inventory purchase commitments accrued for this quarter
was US$53.9 million, compared to US$45.9 million for the second quarter of 2023 and US$33.1 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 third quarter of 2023 were US$18.7 million, compared to US$30.6 million in the second quarter of 2023 and US$15.8
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. The depreciation in this quarter for deployed mining machines was US$15.8 million,
compared to US$16.2 million in the second quarter of 2023 and US$7.7 million in the same period of 2022. The year-over-year increase was
mainly due to the increase in deployed computing power for the Company's mining operations.
Gross
loss in the third quarter of 2023 was US$69.1 million, compared to a gross loss of US$70.1 million in the second quarter of
2023 and a gross profit of US$32.6 million in the same period of 2022.
Total
operating expenses in the third quarter of 2023 were US$43.8 million, compared to US$49.0 million in the second quarter of
2023 and US$43.1 million in the same period of 2022.
Research and development expenses in the third
quarter of 2023 were US$17.2 million, compared to US$17.9 million in the second quarter of 2023 and US$17.6 million in the same period
of 2022. The sequential and year-over-year decreases were mainly due to a decrease of US$1.9 million and US$1.7 million in staff costs,
respectively, partially offset by an increase in research and development expenditure in the third quarter of 2023. Research and development
expenses in the third quarter of 2023 also included share-based compensation expenses of US$2.4 million.
Sales and marketing expenses in the third quarter
of 2023 were US$2.5 million, compared to US$2.4 million in the second quarter of 2023 and US$2.1 million in the same period of 2022. The
sequential and year-over-year increases were attributable to an increase in promotion expenses. Sales and marketing expenses in the third
quarter of 2023 also included share-based compensation expenses of US$86 thousand.
General and administrative expenses in the third
quarter of 2023 were US$21.9 million, compared to US$26.4 million in the second quarter of 2023 and US$21.7 million in the same period
of 2022. The sequential decrease was mainly due to a decrease of US$3.4 million in impairment of property and equipment, a decrease of
US$1.8 million in staff costs, a decrease of US$1.1 million in share-based compensation expenses, and a decrease of US$1.0 million in
professional service fees, partially offset by a decrease of US$3.3 million of realized gain on bitcoin sold in the third quarter of 2023.
The general and administrative expenses remained stable year-over-year, with a decrease of US$5.9 million in share-based compensation
expenses partially offset by an increase of US$5.7 million in impairment of property and equipment. General and administrative expenses
in the third quarter of 2023 also included share-based compensation expenses of US$7.2 million.
Impairment
on cryptocurrency in the third quarter of 2023 was US$2.2 million, compared to US$2.4 million in the second quarter of 2023
and US$1.7 million in the same period of 2022.
Loss
from operations in the third quarter of 2023 was US$112.8 million, compared to a loss from operations of US$119.1 million in
the second quarter of 2023 and a loss from operations of US$10.5 million in the same period of 2022.
Non-GAAP
loss from operations in the third quarter of 2023 was US$103.1 million, compared to a non-GAAP loss from operations of US$108.0
million in the second quarter of 2023 and a non-GAAP income from operations of US$5.7 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 third quarter of 2023 were US$10.9 million, compared with a gain of US$2.6 million in the second
quarter of 2023 and a gain of US$15.1 million in the same period of 2022, respectively. The foreign exchange gains were due to the US
dollar appreciation against the Renminbi during the third quarter of 2023.
Net
loss in the third quarter of 2023 was US$80.1 million, compared to a net loss of US$110.7 million in the second quarter of
2023 and a net income of US$6.3 million in the same period of 2022.
Non-GAAP
adjusted net loss in the third quarter of 2023 was US$70.4 million, as compared to a non-GAAP adjusted net loss of US$99.6
million in the second quarter of 2023 and a non-GAAP adjusted net income of US$22.5 million in the same period of 2022. Non-GAAP adjusted
net income (loss) excludes share-based compensation expenses. 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 third quarter of 2023 was a gain of US$7.7 million, compared with a
loss of US$23.5 million in the second quarter of 2023 and a loss of US$25.9 million in the same period of 2022, respectively.
Basic
and diluted net loss per American depositary share (“ADS”) in the third quarter of 2023 were US$0.47. In comparison,
basic and diluted net loss per ADS in the second quarter of 2023 were US$0.65, while basic and diluted net earnings per ADS in the same
period of 2022 were US$0.04. Each ADS represents 15 of the Company’s Class A ordinary shares.
As
of September 30, 2023, the Company held cryptocurrency assets that primarily comprised 1,238.5 bitcoins with a total
carrying value of US$30.5 million, which consisted of 860 bitcoins owned by the Company and 378.5 bitcoins received as customer deposits.
As
of September 30, 2023, the Company had cash and cash equivalents of US$40.6 million, compared to US$101.6 million as
of December 31, 2022.
Accounts
receivable, net as of September 30, 2023 was US$9.8 million, compared to nil as of December 31, 2022. Accounts receivable
was mainly due to an installment policy implemented for some major customers who meet certain conditions.
Shares Outstanding
As of September 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
Obtained License for Bitcoin Mining in Kazakhstan
under the New Regulation
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.
In mid-November 2023, the Company obtained
the Type II license for mining hardware owners to conduct bitcoin mining in Kazakhstan. The Company and its local partners are working
together to accelerate the resumption of local mining operations and expects to energize part of the deployed mining power around the
end of 2023.
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. Because no settlement was reached at the mediation, Canaan US filed an arbitration demand on October 19,
2023, to arbitrate the parties’ dispute.
As of the date of this press release, the Company
has taken possession of approximately all 26,000 units of mining machines deployed in this project and has reallocated about half of the
collected machines for customer orders.
AI Business Updates
The Company is in the process of conducting an
internal reorganization to enable the AI business to operate and obtain potential financing on a standalone basis.
Execution of a Securities Purchase Agreement
On November 27, 2023, the Company entered
into a Securities Purchase Agreement (the “Agreement”) with an institutional investor (the “Buyer”), pursuant
to which the Company shall issue and sell to the Buyer up to 125,000 Series A Convertible Preferred Shares (the "Preferred Shares")
at the price of US$1,000.00 for each Preferred Share. The closing of the sale of Preferred Shares under the Agreement was conditioned
upon general customary closing conditions.
The Company has adopted a Certificate of Designations
(the “Certificate of Designations”) of Preferred Shares, par value US$0.00000005 per share, creating the Preferred Shares
and providing for the designations, preferences and relative, participating, optional or other rights, and the qualifications, limitations
or restrictions thereof, of the Preferred Shares, which has become effective upon such adoption.
The Company intends to use the net proceeds from
the sale of the securities for research and development, expansion of production scale, and other general corporate purposes.
The At-the-Market (“ATM”) Offering
On November 10, 2023, the Company entered
into an At Market Issuance Sales Agreement (the “ATM Agreement”) with B. Riley Securities, Inc. as a sales agent (the
“sales agent”).
The Company has filed a new prospectus supplement,
dated November 13, 2023, Eastern Standard Time (the “Prospectus Supplement”) setting up the new at-the-market equity
offering program (the “ATM Program” or “ATM”), under which the Company may sell up to an aggregate of US$148 million
of its American depositary shares (“ADSs”), each representing 15 of our Class A ordinary shares, through or to the sales
agent. The timing and extent of the use of the ATM Program will be at the discretion of the Company.
On November 27, 2023, the Company filed an
Amendment no. 1 which amends the prospectus supplement dated November 13, 2023, under which the Company may sell up to US$68,000,000
of the ADSs, each one representing 15 of our Class A ordinary shares.
From November 10, 2023 to November 28,
2023, the Company did not utilize the ATM for fundraising.
Effective November 10, 2023, the Company
terminated its at-the-market offering agreement with H.C. Wainwright & Co., LLC, dated as of April 8, 2022 (as amended by
the amendment No. 1 to the at-the-market offering agreement dated as of November 23, 2022) related to the offer and sale of
the Company’s ADSs in at-the-market offerings. The Company only executed the above sales within ten trading days in March 2023
and did not utilize the ATM after March 31, 2023. At the time of such termination, the Company had received net proceeds of approximately
US$4.2 million from the sale of 1,532,219 ADSs.
Business Outlook
For the fourth quarter of 2023, the Company expects
total revenues to be approximately US$34 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 November 28, 2023 (or 9:00 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. Third Quarter 2023 Earnings Conference Call |
| Registration Link: |
https://register.vevent.com/register/BI3e86e540c7aa4f699fa1958a1ce15dc4 |
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 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 adjusted net income (loss) as net income (loss) excluding
share-based compensation expenses. 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 September 30, | |
| | |
2022 | | |
2023 | |
| | |
| USD | | |
| USD | |
| ASSETS | |
| | | |
| | |
| Current assets: | |
| | | |
| | |
| Cash and cash equivalents | |
| 101,551 | | |
| 40,574 | |
| Accounts receivable, net | |
| - | | |
| 9,778 | |
| Inventories | |
| 211,640 | | |
| 217,128 | |
| Prepayments and other current assets | |
| 242,523 | | |
| 81,743 | |
| Total current assets | |
| 555,714 | | |
| 349,223 | |
| Non-current assets: | |
| | | |
| | |
| Cryptocurrency | |
| 12,531 | | |
| 30,453 | |
| Property, equipment and software | |
| 85,350 | | |
| 34,002 | |
| Right-of-use assets, net | |
| 4,250 | | |
| 2,300 | |
| Deferred tax assets | |
| 21,740 | | |
| 43,959 | |
| Other non-current assets | |
| 2,504 | | |
| 1,396 | |
| Non-current financial investment | |
| 2,872 | | |
| 2,786 | |
| Total non-current assets | |
| 129,247 | | |
| 114,896 | |
| Total assets | |
| 684,961 | | |
| 464,119 | |
| LIABILITIES, AND SHAREHOLDERS’ EQUITY | |
| | | |
| | |
| Current liabilities | |
| | | |
| | |
| Accounts payable | |
| 16,703 | | |
| 19,223 | |
| Contract liabilities | |
| 662 | | |
| 5,634 | |
| Income tax payable | |
| 7,228 | | |
| 3,524 | |
| Accrued liabilities and other current liabilities | |
| 48,349 | | |
| 60,958 | |
| Lease liabilities, current | |
| 2,314 | | |
| 1,553 | |
| Total current liabilities | |
| 75,256 | | |
| 90,892 | |
| Non-current liabilities: | |
| | | |
| | |
| Lease liabilities, non-current | |
| 1,441 | | |
| 362 | |
| Other non-current liabilities | |
| 598 | | |
| 9,428 | |
| Total liabilities | |
| 77,295 | | |
| 100,682 | |
| 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 2,565,694,112 shares outstanding as of December 31, 2022 and September 30, 2023, respectively) | |
| - | | |
| - | |
| Treasury stocks (US$0.00000005 par value; 308,136,735 shares as of December 31, 2022 and 261,427,665 shares as of September 30, 2023, respectively) | |
| (57,055 | ) | |
| (57,055 | ) |
| Additional paid-in capital | |
| 492,220 | | |
| 529,827 | |
| Statutory reserves | |
| 14,892 | | |
| 14,892 | |
| Accumulated other comprehensive loss | |
| (36,913 | ) | |
| (43,611 | ) |
| Retained earnings (accumulated deficit) | |
| 194,522 | | |
| (80,616 | ) |
| Total shareholders’ equity | |
| 607,666 | | |
| 363,437 | |
| Total liabilities and shareholders’ equity | |
| 684,961 | | |
| 464,119 | |
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 | |
| | |
September 30, 2022 | | |
June 30, 2023 | | |
September 30, 2023 | |
| | |
USD | | |
USD | | |
USD | |
| Revenues | |
| | | |
| | | |
| | |
| Products revenue | |
| 136,288 | | |
| 57,940 | | |
| 29,937 | |
| Mining revenue | |
| 9,227 | | |
| 15,896 | | |
| 3,264 | |
| Other revenues | |
| 30 | | |
| 17 | | |
| 118 | |
| Total revenues | |
| 145,545 | | |
| 73,853 | | |
| 33,319 | |
| Cost of revenues | |
| (112,911 | ) | |
| (143,928 | ) | |
| (102,409 | ) |
| Gross profit (loss) | |
| 32,634 | | |
| (70,075 | ) | |
| (69,090 | ) |
| Operating expenses: | |
| | | |
| | | |
| | |
| Research and development expenses | |
| (17,642 | ) | |
| (17,857 | ) | |
| (17,152 | ) |
| Sales and marketing expenses | |
| (2,112 | ) | |
| (2,437 | ) | |
| (2,491 | ) |
| General and administrative expenses | |
| (21,711 | ) | |
| (26,369 | ) | |
| (21,914 | ) |
| Impairment on cryptocurrency | |
| (1,680 | ) | |
| (2,363 | ) | |
| (2,199 | ) |
| Total operating expenses | |
| (43,145 | ) | |
| (49,026 | ) | |
| (43,756 | ) |
| Loss from operations | |
| (10,511 | ) | |
| (119,101 | ) | |
| (112,846 | ) |
| Interest income | |
| 439 | | |
| 226 | | |
| 61 | |
| Foreign exchange gains, net | |
| 15,057 | | |
| 2,574 | | |
| 10,890 | |
| Other income, net | |
| 255 | | |
| 176 | | |
| 1,349 | |
| Income (loss) before income tax expenses | |
| 5,240 | | |
| (116,125 | ) | |
| (100,546 | ) |
| Income tax benefit | |
| 1,067 | | |
| 5,456 | | |
| 20,443 | |
| Net income (loss) | |
| 6,307 | | |
| (110,669 | ) | |
| (80,103 | ) |
| Foreign currency translation adjustment, net of nil tax | |
| (25,887 | ) | |
| (23,518 | ) | |
| 7,662 | |
| Total comprehensive loss | |
| (19,580 | ) | |
| (134,187 | ) | |
| (72,441 | ) |
| Weighted average number of shares used in per share calculation: | |
| | | |
| | | |
| | |
| — Basic | |
| 2,560,879,920 | | |
| 2,547,999,846 | | |
| 2,562,542,847 | |
| — Diluted | |
| 2,580,542,499 | | |
| 2,547,999,846 | | |
| 2,562,542,847 | |
| Net earnings (loss) per share (cent per share) | |
| | | |
| | | |
| | |
| — Basic | |
| 0.25 | | |
| (4.34 | ) | |
| (3.13 | ) |
| — Diluted | |
| 0.24 | | |
| (4.34 | ) | |
| (3.13 | ) |
Share-based
compensation expenses were included in: | |
| | | |
| | | |
| | |
| Cost of revenues | |
| 72 | | |
| 60 | | |
| 67 | |
| Research and development expenses | |
| 2,227 | | |
| 2,452 | | |
| 2,411 | |
| Sales and marketing expenses | |
| 791 | | |
| 233 | | |
| 86 | |
| General and administrative expenses | |
| 13,112 | | |
| 8,323 | | |
| 7,176 | |
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 | |
| | |
September 30, 2022 | | |
June 30, 2023 | | |
September 30, 2023 | |
| | |
USD | | |
USD | | |
USD | |
| Net income (loss) | |
| 6,307 | | |
| (110,669 | ) | |
| (80,103 | ) |
| Share-based compensation expenses | |
| 16,202 | | |
| 11,068 | | |
| 9,740 | |
| Non-GAAP adjusted net income (loss) | |
| 22,509 | | |
| (99,601 | ) | |
| (70,363 | ) |
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