SINGAPORE, Nov. 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)
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/canaan-inc-reports-unaudited-third-quarter-2023-financial-results-301999094.html
SOURCE Canaan Inc.