Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), a leading
high-performance computing solutions provider, today announced its
unaudited financial results for the fourth quarter of 2019 and full
year ended December 31, 2019.
Fourth Quarter 2019 Operating and
Financial Highlights
Total computing power sold
increased by 86.6% to 2.9 million Thash/s from 1.6 million Thash/s
in the same period of 2018.Total net revenues
increased 66.8% to RMB463.2 million (US$66.5 million) from RMB277.7
million in the same period of 2018.Gross loss was
RMB673.4 million (US$96.7 million) compared to a gross profit of
RMB11.6 million in the same period of 2018.Net
loss was RMB798.2 million (US$114.7 million) compared to
RMB27.5 million in the same period of 2018.Non-GAAP
adjusted net loss was RMB750.5 million (US$107.8 million)
compared to RMB23.1 million in the same period of 2018.
Full Year 2019 Operating and Financial
Highlights
Total computing power sold
increased by 47.1% to 10.5 million Thash/s from 7.2 million Thash/s
in 2018.Total net revenues were RMB1,422.6 million
(US$204.3 million) compared to RMB2,705.3 million in
2018.Gross loss was RMB516.0 million (US$74.1
million) compared to a gross profit of RMB508.2 million in
2018.Net loss was RMB1,034.5 million (US$148.6
million) compared to a net income of RMB122.4 million in
2018.Non-GAAP adjusted net loss was RMB764.3
million (US$109.8 million) compared to non-GAAP adjusted net income
of RMB141.0 million in 2018.
“The success of our initial public offering in
November 2019 has elevated the global recognition of our brand and
demonstrated the attractiveness of our value proposition to the
investment community,” commented Mr. Nangeng Zhang, Chairman and
Chief Executive Officer of Canaan. “During the fourth quarter of
2019, we recorded solid top-line year over year growth while
further solidifying our market leadership in spite of the increased
Bitcoin price volatility in the quarter. To fuel our growth in the
years to come, we will remain focused on the optimization of our
supply chains, enhancement of our product offerings, and execution
of our new business initiatives. We are confident that our efforts
in these areas will improve our ability to further diversify our
revenue streams, capture the tremendous growth opportunities within
the IC industry, and overcome any potential market obstacles in the
future.”
Mr. Quanfu Hong, Chief Financial Officer of
Canaan, stated, “Our total net revenues in the fourth quarter grew
by 66.8% year over year, driven by increases in total computing
power sold in the period. Looking forward, we will continue to
invest in the development of our core research and development
capabilities and expand into the fields of artificial intelligence
and supercomputing. We firmly believe that investment into these
new initiatives will position us well to capture those
opportunities that will inevitably arise in the wake of the
pandemic.”
Fourth Quarter 2019 Financial
Results
Total net revenues in the
fourth quarter of 2019 increased by 66.8% to RMB463.2 million
(US$66.5 million) from RMB277.7 million in the same period of 2018.
The growth was mainly driven by increases in total computing power
sold. During the fourth quarter of 2019, total computing power sold
increased by 86.6% year over year to 2.9 million Thash/s from 1.6
million Thash/s in the same period of 2018.
Cost of revenues in the fourth
quarter of 2019 was RMB1,136.7 million (US$163.3 million) compared
to RMB266.1 million in the same period of 2018. The increase was
primarily due to inventories and prepayments write down of RMB729.0
million (US$104.7 million), which was a result of the significant
drop in the Bitcoin price throughout the issue of the financial
statements, which drives the significant decrease in both the
demand and selling price, as well as the increase in sales volume
in terms of Thash.
Gross loss in the fourth
quarter of 2019 was RMB673.4 million (US$96.7 million) compared to
a gross profit of RMB11.6 million in the same period of 2018.
Total operating expenses in the
fourth quarter of 2019 were RMB127.7 million (US$18.3 million)
compared to RMB86.2 million in the same period of 2018.
Research and development expenses in the fourth
quarter of 2019 were RMB63.6 million (US$9.1 million) compared to
RMB51.1 million in the same period of 2018. The increase was mainly
due to higher share-based compensation expenses in the fourth
quarter of 2019. As a percentage of total net revenues, research
and development expenses in the fourth quarter of 2019 decreased to
13.7% from 18.4% in the same period of 2018 due to the increase in
revenue.
Sales and marketing expenses in the fourth
quarter of 2019 were RMB7.7 million (US$1.1 million) compared to
RMB4.4 million in the same period of 2018. The increase was
primarily due to a higher amount in compensation expenses paid to
the Company’s sales and marketing staff as a result of the increase
in product sales during the fourth quarter of 2019. As a percentage
of total net revenues, sales and marketing expenses in the fourth
quarter of 2019 increased slightly to 1.7% from 1.6% in the same
period of 2018.
General and administrative expenses in the
fourth quarter of 2019 were RMB56.4 million (US$8.1 million)
compared to RMB30.6 million in the same period of 2018. The
increase was mainly due to higher share-based compensation expenses
in the fourth quarter of 2019. As a percentage of total net
revenues, general and administrative expenses in the fourth quarter
of 2019 increased to 12.2% from 11.0% in the same period of
2018.
Loss from operations in the
fourth quarter of 2019 was RMB801.2 million (US$115.1million)
compared to RMB74.5 million in the same period of 2018.
Net loss attributable to ordinary
shareholders in the fourth quarter of 2019 was RMB798.2
million (US$114.7 million) compared to RMB27.5 million in the same
period of 2018.
Non-GAAP adjusted net loss in
the fourth quarter of 2019 was RMB750.5 million (US$107.8 million)
compared to RMB23.1 million in the same period of 2018. Non-GAAP
adjusted net loss excludes share-based compensation expense. For
further information, please refer to "Use of Non-GAAP Financial
Measures" in this release.
Basic and diluted net loss per
ADS for the fourth quarter of 2019 was RMB5.34 (US$0.77)
compared to RMB0.21 in the same period of 2018. Each ADS represents
15 of the Company's Class A ordinary shares.
As of December 31, 2019, the Company had
cash and cash equivalents of RMB516.6 million
(US$74.2 million) compared to RMB258.9 million as of December 31,
2018.
Full Year 2019 Financial
Results
Total net revenues in 2019 were
RMB1,422.6 million (US$204.3 million) compared to RMB2,705.3
million in 2018. The decrease was mainly due to the decline in ASP
per Thash sold, which in turn was the result of the Bitcoin price
drop that began in 2018. The decrease was partially offset by
increases in total computing power sold, which increased by 47.1%
year over year to 10.5 million Thash/s in 2019 from 7.2 million
Thash/s in 2018.
Cost of revenues in 2019
decreased by 11.8% to RMB1,938.6 million (US$278.5 million) from
RMB2,197.2 million in 2018 as a result of realization of
inventories and prepayments write down of RMB589.5 million which
was recorded in 2018, partially offset by the increase in sales
volume of Thash.
Gross loss in 2019 was RMB516.0
million (US$74.1 million) compared to a gross profit of RMB508.2
million in 2018.
Total operating expenses in
2019 were RMB538.5 million (US$77.4 million) compared to RMB375.1
million in 2018.
Research and development expenses in 2019
decreased by 10.9% to RMB169.0 million (US$24.3 million) from
RMB189.7 million in 2018, primarily due to the contraction of
research and development projects.
Sales and marketing expenses in 2019 decreased
by 43.4% to RMB21.9 million (US$3.1 million) from RMB38.7 million
in 2018, primarily due to the decrease in sales, as the
compensation of our sales and marketing personnel is linked to the
actual sales of products.
General and administrative expenses in 2019 were
RMB347.6 million (US$49.9 million) compared to RMB146.7 million in
2018. General and administrative expenses in 2019 included RMB247.4
million (US$35.5million) of share-based compensation expenses. The
higher share-based compensation was mainly due to the excess of
appraised fair value of ordinary shares transferred from existing
shareholders to other existing shareholders who were also
employees.
Loss from operations in 2019
was RMB1,054.5 million (US$151.5 million) compared to income from
operations of RMB133.0 million in 2018.
Net loss attributable to ordinary
shareholders in 2019 was RMB1,034.5 million (US$148.6
million) compared to net income attributable to ordinary
shareholders of RMB122.4 million in 2018.
Non-GAAP adjusted net loss in
2019 was RMB764.3 million (US$109.8 million) compared to non-GAAP
adjusted net income of RMB141.0 million in 2018. Non-GAAP adjusted
net loss and non-GAAP adjusted net income excludes share-based
compensation expense. For further information, please refer to "Use
of Non-GAAP Financial Measures" in this release.
Basic and diluted net loss per
ADS in 2019 was RMB7.21 (US$1.04) compared to basic and
diluted net income per ADS of RMB0.93 in 2018.
Business
Outlook
The first challenge that the Company is facing
in 2020 is the COVID-19 outbreak. At the current stage of
development, our top priority is the health and safety of our
employees. As a result of the impact of the COVID-19 outbreak, a
widespread health crisis that adversely affected general commercial
activities, the economies, financial markets, as well as the
cryptocurrency market activities, we have lowered our expectations
for business in the year of 2020. For the first quarter of 2020,
the Company expects total revenues not less than RMB60 million.
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 Direct
Event conference call on Thursday, April 9, 2020, at 8:00 A.M.
Eastern Time (or 8:00 P.M. Beijing Time on the same day) to discuss
the financial results. Details for the conference call are as
follows:
|
Event Title: |
Canaan Inc. Fourth Quarter and Full Year 2019 Earnings Conference
Call |
|
Conference ID: |
#2844497 |
|
Registration Link: |
http://apac.directeventreg.com/registration/event/2844497 |
All participants must use the link provided
above to complete the online registration process in advance of the
conference call. Upon registering, each participant will receive a
set of participant dial-in numbers, the Direct Event passcode, and
a unique access PIN, which can be used to join the conference
call.
A replay of the conference call will be
accessible through April 16, 2020, by dialing the following
numbers:
|
International: |
+61-2-8199-0299 |
|
United States Toll Free: |
+1-855-452-5696 |
|
Mainland China Toll Free: |
400-632-2162 |
|
Hong Kong, China Toll Free: |
800-963-117 |
A live and archived webcast of the conference
call will also be available at the Company’s investor relations
website at investor.canaan-creative.com.
About Canaan
Inc.
Established in 2013, Canaan Inc. provides
high-performance computing solutions to efficiently solve complex
problems. In 2016, Canaan successfully initiated the production of
its first 16nm chip and passed the test to receive China's national
high-tech enterprise certification. In 2018, Canaan achieved major
technological breakthroughs to launch the K210, the world's
first-ever RISC-V-based edge artificial intelligence (AI) chip,
which is now widely used for access control in situations such as
smart door locks and more. Canaan Inc. is currently focused on the
R&D of advanced technology, including such areas as AI chips,
AI algorithms, AI architectures, system on a chip (SoC) integration
and chip integration. Using the AI chip as its base, Canaan Inc.
has established an intellectual value chain. Canaan Inc. also
provides a suite of AI service solutions and is able to tailor
these solutions to the needs of its partners. For more information,
please visit: investor.canaan-creative.com.
Exchange Rate
Information
This announcement contains translations of
certain RMB amounts into U.S. dollars ("US$") at specified rates
solely for the convenience of the reader. Unless otherwise stated,
all translations from RMB to US$ were made at the rate of RMB6.9618
to US$1.00, the noon buying rate in effect on December 31, 2019, in
the H.10 statistical release of the Federal Reserve Board. The
Company makes no representation that the RMB or US$ amounts
referred could be converted into US$ or RMB, as the case may be, at
any particular rate or at all.
Safe Harbor
Statement
This announcement contains forward−looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward−looking statements can be identified by
terminology such as “will,” “expects,” “anticipates,” “future,”
“intends,” “plans,” “believes,” “estimates” and similar statements.
Among other things, the business outlook and quotations from
management in this announcement, as well as Canaan Inc.’s strategic
and operational plans, contain forward−looking statements. Canaan
Inc. may also make written or oral forward−looking statements in
its periodic reports to the U.S. Securities and Exchange Commission
(“SEC”) on Forms 20−F and 6−K, in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
statements about Canaan Inc.’s beliefs and expectations, are
forward−looking statements. Forward−looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward−looking statement, including but not limited to the
following: the Company’s goals and strategies; the Company’s future
business development, financial condition and results of
operations; the expected growth of the Bitcoin industry and the
price of Bitcoin; the Company’s expectations regarding demand for
and market acceptance of its products, especially its Bitcoin
mining machines; the Company’s expectations regarding maintaining
and strengthening its relationships with production partners and
customers; the Company’s investment plans and strategies,
fluctuations in the Company’s quarterly operating results;
competition in its industry in China; and relevant government
policies and regulations relating to the Company and
cryptocurrency. Further information regarding these and other risks
is included in the Company’s filings with the SEC, including its
registration statement on Form F−1, as amended, and its annual
reports on Form 20−F. All information provided in this press
release and in the attachments is as of the date of this press
release, and Canaan Inc. does not undertake any obligation to
update any forward−looking statement, except as required under
applicable law.
Use of
Non-GAAP Financial Measures
In evaluating Canaan’s business, the Company
considers and uses adjusted net income as a supplemental measure to
review and assess its operating performance. The presentation of
this non-GAAP financial measure is not intended to be considered in
isolation or as a substitute for financial information prepared and
presented in accordance with U.S. GAAP. The Company defines
adjusted net income (loss) as net income (loss) excluding
share-based compensation expense.
Canaan believes that adjusted net income helps
to identify underlying trends in the Company’s business that could
otherwise be distorted by the effect of the expenses that the
Company excludes in adjusted net income. The Company believes that
adjusted net income provides useful information about our operating
results, enhances the overall understanding of Canaan’s past
performance and future prospects and allows for greater visibility
with respect to key metrics used by the Company’s management in its
financial and operational decision-making.
The non-GAAP financial measure “adjusted net
income (loss)” is not defined under U.S. GAAP, is not presented in
accordance with U.S. GAAP and has limitations as an analytical
tool. One of the key limitations of using adjusted net income
(loss) is that it does not reflect all of the items of income and
expense that affect the Company’s operations. Share-based
compensation has been and may continue to be incurred in Canaan’s
business and is not reflected in the presentation of adjusted net
income (loss). Further, the non-GAAP financial measure “adjusted
net income (loss)” may differ from the non-GAAP information used by
other companies, including peer companies, and therefore their
comparability may be limited.
Investor Relations
Contact
Canaan Inc.Mr. Shaoke LiTel:
+86-137-5090-0683Email: IR@canaan-creative.com
ICR Inc.Jack WangTel: +1 (347) 396-3281Email:
canaan.ir@icrinc.com
CANAAN INC. UNAUDITED
CONSOLIDATED BALANCE SHEETS (all amounts in
thousands of RMB, except share and per share data, or as otherwise
noted)
|
|
|
As of December 31, |
|
|
|
|
2018 |
|
|
2019 |
|
|
2019 |
|
|
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
| Current
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
|
258,940 |
|
|
|
516,607 |
|
|
|
74,206 |
|
| Restricted cash |
|
|
286,270 |
|
|
|
8,239 |
|
|
|
1,183 |
|
| Short-term investments |
|
|
— |
|
|
|
11,005 |
|
|
|
1,581 |
|
| Accounts receivable |
|
|
23,687 |
|
|
|
2,872 |
|
|
|
413 |
|
| Inventories |
|
|
585,672 |
|
|
|
196,067 |
|
|
|
28,163 |
|
| Prepayments and other current
assets |
|
|
186,737 |
|
|
|
206,020 |
|
|
|
29,593 |
|
| Income tax receivable |
|
|
27,054 |
|
|
|
— |
|
|
|
— |
|
| Amounts due from related
parties |
|
|
68 |
|
|
|
— |
|
|
|
— |
|
| Total current
assets |
|
|
1,368,428 |
|
|
|
940,810 |
|
|
|
135,139 |
|
| Non-current
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| Property, equipment and
software |
|
|
27,926 |
|
|
|
22,602 |
|
|
|
3,247 |
|
| Right-of-use assets, net |
|
|
— |
|
|
|
22,764 |
|
|
|
3,270 |
|
| Other non-current assets |
|
|
6,340 |
|
|
|
5,250 |
|
|
|
754 |
|
| Total non-current
assets |
|
|
34,266 |
|
|
|
50,616 |
|
|
|
7,271 |
|
| Total
assets |
|
|
1,402,694 |
|
|
|
991,426 |
|
|
|
142,410 |
|
| LIABILITIES, AND
SHAREHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
| Current
liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Short-term debts |
|
|
1,049,011 |
|
|
|
99,903 |
|
|
|
14,350 |
|
| Accounts payable |
|
|
47,240 |
|
|
|
99,050 |
|
|
|
14,228 |
|
| Notes payable |
|
|
— |
|
|
|
27,462 |
|
|
|
3,945 |
|
| Contract liabilities |
|
|
6,904 |
|
|
|
8,288 |
|
|
|
1,190 |
|
| Income tax payable |
|
|
609 |
|
|
|
— |
|
|
|
— |
|
| Accrued liabilities and other
current liabilities |
|
|
57,952 |
|
|
|
40,691 |
|
|
|
5,845 |
|
| Lease liabilities, current |
|
|
— |
|
|
|
9,838 |
|
|
|
1,413 |
|
| Total current
liabilities |
|
|
1,161,716 |
|
|
|
285,232 |
|
|
|
40,971 |
|
| Non-current
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Lease liabilities,
non-current |
|
|
— |
|
|
|
13,399 |
|
|
|
1,925 |
|
| Total
liabilities |
|
|
1,161,716 |
|
|
|
298,631 |
|
|
|
42,896 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’
equity: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Ordinary shares (US$0.00000005
par value; 1,000,000,000,000 shares authorized, 2,000,000,000
and 2,372,222,222 shares issued, 1,948,376,000 and
2,350,123,270 shares outstanding as of December 31, 2018 and
2019, respectively) |
|
|
1 |
|
|
|
1 |
|
|
|
— |
|
| Subscriptions receivable from
shareholders |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
— |
|
| Treasury stocks (US$0.00000005
par value; 51,624,000 and 22,098,952 shares as of December
31, 2018 and 2019, respectively) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Additional paid-in capital |
|
|
154,970 |
|
|
|
1,631,609 |
|
|
|
234,366 |
|
| Statutory reserves |
|
|
97,307 |
|
|
|
97,307 |
|
|
|
13,977 |
|
| Accumulated other comprehensive
loss |
|
|
(65,230 |
) |
|
|
(55,542 |
) |
|
|
(7,978 |
) |
| Retained earnings (accumulated
deficit) |
|
|
53,931 |
|
|
|
(980,579 |
) |
|
|
(140,851 |
) |
| Total
shareholders’
equity |
|
|
240,978 |
|
|
|
692,795 |
|
|
|
99,514 |
|
| Total liabilities and
shareholders’
equity |
|
|
1,402,694 |
|
|
|
991,426 |
|
|
|
142,410 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
CANAAN INC. UNAUDITED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(LOSS)(all amounts in thousands of RMB, except
share and per share data, or as otherwise noted)
|
|
|
For the three months ended December
31， |
|
|
For the years ended December 31, |
|
|
|
|
2018 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2019 |
|
|
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
Net revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Products revenue |
|
|
276,948 |
|
|
|
448,289 |
|
|
|
64,393 |
|
|
|
2,698,594 |
|
|
|
1,392,859 |
|
|
|
200,072 |
|
| Leases revenue |
|
|
— |
|
|
|
11,267 |
|
|
|
1,618 |
|
|
|
— |
|
|
|
24,548 |
|
|
|
3,526 |
|
| Service revenue |
|
|
185 |
|
|
|
1,877 |
|
|
|
270 |
|
|
|
5,956 |
|
|
|
2,668 |
|
|
|
383 |
|
| Other revenues |
|
|
547 |
|
|
|
1,814 |
|
|
|
261 |
|
|
|
741 |
|
|
|
2,548 |
|
|
|
366 |
|
| Total net
revenues |
|
|
277,680 |
|
|
|
463,247 |
|
|
|
66,541 |
|
|
|
2,705,291 |
|
|
|
1,422,623 |
|
|
|
204,347 |
|
| Cost of revenues |
|
|
(266,055 |
) |
|
|
(1,136,676 |
) |
|
|
(163,273 |
) |
|
|
(2,197,172 |
) |
|
|
(1,938,626 |
) |
|
|
(278,466 |
) |
| Gross profit
(loss) |
|
|
11,625 |
|
|
|
(673,429 |
) |
|
|
(96,732 |
) |
|
|
508,119 |
|
|
|
(516,003 |
) |
|
|
(74,119 |
) |
| Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Research and development
expenses |
|
|
(51,140 |
) |
|
|
(63,609 |
) |
|
|
(9,137 |
) |
|
|
(189,680 |
) |
|
|
(168,982 |
) |
|
|
(24,273 |
) |
| Sales and marketing expenses |
|
|
(4,419 |
) |
|
|
(7,684 |
) |
|
|
(1,104 |
) |
|
|
(38,731 |
) |
|
|
(21,917 |
) |
|
|
(3,148 |
) |
| General and administrative
expenses |
|
|
(30,590 |
) |
|
|
(56,446 |
) |
|
|
(8,108 |
) |
|
|
(146,684 |
) |
|
|
(347,633 |
) |
|
|
(49,934 |
) |
| Total operating
expenses |
|
|
(86,149 |
) |
|
|
(127,739 |
) |
|
|
(18,394 |
) |
|
|
(375,095 |
) |
|
|
(538,532 |
) |
|
|
(77,355 |
) |
| Income (loss) from
operations |
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest income |
|
|
1,337 |
|
|
|
1,793 |
|
|
|
258 |
|
|
|
4,234 |
|
|
|
3,853 |
|
|
|
553 |
|
| Investment income |
|
|
911 |
|
|
|
179 |
|
|
|
26 |
|
|
|
3,162 |
|
|
|
3,055 |
|
|
|
439 |
|
| Interest expense and guarantee
fee |
|
|
(18,889 |
) |
|
|
(1,395 |
) |
|
|
(200 |
) |
|
|
(53,069 |
) |
|
|
(20,038 |
) |
|
|
(2,878 |
) |
| Foreign exchange (loss) gains,
net |
|
|
1,470 |
|
|
|
(1,392 |
) |
|
|
(200 |
) |
|
|
(1,178 |
) |
|
|
6,809 |
|
|
|
978 |
|
| Value added tax refunds |
|
|
7,111 |
|
|
|
905 |
|
|
|
130 |
|
|
|
110,231 |
|
|
|
1,253 |
|
|
|
180 |
|
| Other (loss) income, net |
|
|
(621 |
) |
|
|
2,867 |
|
|
|
412 |
|
|
|
3,838 |
|
|
|
25,093 |
|
|
|
3,604 |
|
| Income (loss) before
income tax expenses |
|
|
(83,205 |
) |
|
|
(798,211 |
) |
|
|
(114,656 |
) |
|
|
200,242 |
|
|
|
(1,034,510 |
) |
|
|
(148,598 |
) |
| Income tax expense |
|
|
55,689 |
|
|
|
— |
|
|
|
— |
|
|
|
(77,810 |
) |
|
|
— |
|
|
|
— |
|
| Net income
(loss) |
|
|
(27,516 |
) |
|
|
(798,211 |
) |
|
|
(114,656 |
) |
|
|
122,432 |
|
|
|
(1,034,510 |
) |
|
|
(148,598 |
) |
| Foreign currency translation
adjustment, net of nil tax |
|
|
2,306 |
|
|
|
(3,272 |
) |
|
|
(470 |
) |
|
|
(65,230 |
) |
|
|
9,688 |
|
|
|
1,392 |
|
| Total comprehensive
income (loss) |
|
|
(25,210 |
) |
|
|
(801,483 |
) |
|
|
(115,126 |
) |
|
|
57,202 |
|
|
|
(1,024,822 |
) |
|
|
(147,206 |
) |
| Weighted average number
of shares used in per share
calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| — Basic |
|
|
1,948,376,000 |
|
|
|
2,240,601,754 |
|
|
|
2,240,601,754 |
|
|
|
1,964,499,660 |
|
|
|
2,153,172,769 |
|
|
|
2,153,172,769 |
|
| — Diluted |
|
|
1,948,376,000 |
|
|
|
2,240,601,754 |
|
|
|
2,240,601,754 |
|
|
|
1,978,161,073 |
|
|
|
2,153,172,769 |
|
|
|
2,153,172,769 |
|
| Net earnings (loss) per
share (cent per share) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| — Basic |
|
|
(1.41 |
) |
|
|
(35.62 |
) |
|
|
(5.12 |
) |
|
|
6.23 |
|
|
|
(48.05 |
) |
|
|
(6.90 |
) |
| — Diluted |
|
|
(1.41 |
) |
|
|
(35.62 |
) |
|
|
(5.12 |
) |
|
|
6.19 |
|
|
|
(48.05 |
) |
|
|
(6.90 |
) |
| Share-based compensation
expenses were included in: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Research and development
expenses |
|
|
2,401 |
|
|
|
17,649 |
|
|
|
2,535 |
|
|
|
9,611 |
|
|
|
22,465 |
|
|
|
3,227 |
|
| Sales and marketing expenses |
|
|
215 |
|
|
|
28 |
|
|
|
4 |
|
|
|
1,088 |
|
|
|
358 |
|
|
|
51 |
|
| General and administrative
expenses |
|
|
1,779 |
|
|
|
30,018 |
|
|
|
4,312 |
|
|
|
7,887 |
|
|
|
247,419 |
|
|
|
35,540 |
|
The table below sets forth a reconciliation of net income (loss)
to adjusted net income (loss) for the years/period indicated:
|
|
|
For the three months ended December
31， |
|
|
For the years ended December 31, |
|
|
|
|
2018 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2019 |
|
|
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
Net income (loss) |
|
|
(27.5 |
) |
|
|
(798.2 |
) |
|
|
(114.7 |
) |
|
|
122.4 |
|
|
|
(1,034.5 |
) |
|
|
(148.6 |
) |
| Add: Share-based compensation
expense |
|
|
4.4 |
|
|
|
47.7 |
|
|
|
6.9 |
|
|
|
18.6 |
|
|
|
270.2 |
|
|
|
38.8 |
|
| Adjusted net income (loss) |
|
|
(23.1 |
) |
|
|
(750.5 |
) |
|
|
(107.8 |
) |
|
|
141.0 |
|
|
|
(764.3 |
) |
|
|
(109.8 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canaan (NASDAQ:CAN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Canaan (NASDAQ:CAN)
Historical Stock Chart
From Apr 2023 to Apr 2024
