BEIJING, March 3, 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 and twelve months
ended December 31, 2021.
Fourth Quarter 2021 Operating and Financial
Highlights
Total computing power sold was 7.7 million Thash/s,
compared to 0.2 million Thash/s in the same period of 2020,
and up 15.5% from 6.7 million Thash/s in the third quarter of 2021,
setting a new record. The robust year-over-year and sequential
increases were mainly driven by the solid market demand and the
responsive delivery of Bitcoin mining machines.
As of December 31, 2021, the
Company had cash and cash equivalents of RMB2,684.3 million (US$421.2 million), up 586.0% compared to
RMB391.3 million as of December 31, 2020, primarily due to a larger
number of down payments received by the Company as a result of the
larger volume of sales orders of Bitcoin mining machines and
healthy profits from operations.
Total net revenues were RMB2,184.6
million (US$342.8 million),
compared to RMB38.2 million in
the same period of 2020, and RMB1,317.6
million in the third quarter of 2021, representing a
sequential increase of 65.8%.
Gross profit was RMB1,486.9
million (US$233.3 million),
compared to RMB9.1 million in the
same period of 2020, and RMB741.7
million in the third quarter of 2021, representing a
sequential growth of 100.5%.
Net income was RMB1,196.5
million (US$187.8 million),
compared to a net loss of RMB72.0 million in the same period of 2020,
and a net income of RMB557.6 million
in the third quarter of 2021, representing a sequential growth of
114.6%.
Non-GAAP adjusted net income was RMB1,250.7 million (US$196.3 million), compared to a non-GAAP
adjusted net loss of RMB73.1 million in the same period of 2020,
and a non-GAAP adjusted net income of RMB587.5 million in the third quarter of
2021, representing a sequential growth of 112.9%.
Full Year 2021 Operating and Financial Highlights
Total computing power sold was 22.3 million Thash/s,
representing a year-over-year increase of 238.5% from 6.6 million Thash/s in 2020.
Total net revenues increased to RMB4,986.7 million (US$782.5 million) from RMB447.7 million in 2020.
Gross profit increased to RMB2,850.7 million (US$447.3 million) from RMB37.8 million in 2020.
Net income was RMB2,000.3 million (US$313.9 million), compared to net loss of
RMB215.1 million in 2020.
Non-GAAP adjusted net income was RMB2,301.6 million (US$361.2 million), compared to a non-GAAP
adjusted net loss of RMB212.1 million
in 2020.
Mr. Nangeng Zhang, Chairman and Chief Executive Officer of
Canaan, commented, "Against the backdrop of Bitcoin price
fluctuations and challenging industry dynamics, we made encouraging
progress in our operations and finished the year with a strong
fourth-quarter performance. Total computing power sold reached 7.7
million Thash/s in the quarter, up 15.5% sequentially, as we
sustained the momentum of business development across a diversified
global market and solidified our presence in key geographic areas.
In addition, our Bitcoin mining business was enhanced by the
delivery of additional computing power in the fourth quarter. We
also continuously developed our AI business, expanding our partner
base in a broader ecosystem. Looking ahead to the year 2022, we
will keep carrying out our growth strategies through proactive
investment in our R&D efforts, solid execution in global
business development, agile operation to keep pace with industry
dynamics, and prudent deployment in our mining operations. By
leveraging our acumen, expertise, and our extensive experience in
the market, we will continue to capitalize on developing
opportunities in the industry."
Mr. James Jin Cheng, Chief
Financial Officer of Canaan, stated, "During the fourth quarter, we
delivered outstanding results, even as we overcame the headwinds
brought about by a volatile and unpredictable market. Our total net
revenues grew 65.8% sequentially to RMB2,184.6 million. The higher-than-expected
topline result was powered by our business development efforts,
which drove the growth of our customer base, enabling us to achieve
a larger proportion of spot sales with a higher averaging selling
price per Thash/s. In conjunction with our efficient cost and
expense management, we reported a substantial increase in net
income to RMB1,196.5 million, up
114.6% quarter over quarter. As of the end of 2021, we had garnered
contract advances of RMB1,340.7
million, ensuring stable revenue streams for the quarters to
come and delivering further cash flows to expand our supply
capabilities. Going forward, we will mitigate the negative effects
from fluctuations in the Bitcoin price, geopolitical volatility,
and regulatory uncertainties by staying vigilant and agile in our
operations. We remain confident that our strategy and execution
capabilities will sustain and further expand the Company's growth
trajectory."
Fourth Quarter 2021 Financial Results
Total net revenues in the fourth quarter of 2021
increased to RMB2,184.6 million
(US$342.8 million) from
RMB38.2 million in the same
period of 2020, and up 65.8% compared to RMB1,317.6 million in the third quarter of 2021.
The year-over-year and quarter-over-quarter increases were mainly
due to the continuous increase in total computing power sold and
average selling price per Thash/s.
Cost of revenues in the fourth quarter of 2021 was
RMB697.6 million (US$109.5 million), compared to RMB29.2 million in the same period of 2020,
and up 21.1% from RMB575.9 million in
the third quarter of 2021. The year-over-year and sequential
increases in cost of revenues were in line with revenue growth.
Gross profit in the fourth quarter of 2021 was
RMB1,486.9 million (US$233.3 million), compared to RMB9.1 million in the same period of 2020, and
RMB741.7 million in the third quarter
of 2021, representing a sequential growth of 100.5%.
Total operating expenses in the fourth quarter of
2021 were RMB273.7 million
(US$43.0 million), compared to
RMB80.1 million in the same
period of 2020 and RMB278.4 million in the third quarter of
2021, representing a sequential decrease of 1.7%.
Research and development expenses in the fourth quarter of 2021
were RMB112.0 million
(US$17.6 million), representing
an increase of 179.6% from RMB40.1 million in the same period of 2020
and an increase of 20.8% from RMB92.8 million in the third quarter of
2021. The increases were primarily attributable to the increased
research and development costs for new products, and the increased
staff costs in technology-related departments. Research and
development expenses in the fourth quarter of 2021 also included
share-based compensation expenses of RMB19.6 million (US$3.1 million).
Sales and marketing expenses in the fourth quarter of 2021 were
RMB30.7 million (US$4.8 million), representing an increase of
399.6% from RMB6.1 million in
the same period of 2020 and a decrease of 18.3% from RMB37.6 million in the third quarter of
2021. The year-over-year increase was mainly attributable to the
increased staff costs, while the sequential decrease was mainly due
to the favorable variance from the quarterly pace of advertising
expenses. Sales and marketing expenses in the fourth quarter of
2021 also included share-based compensation expenses of
RMB2.1 million (US$0.3 million).
General and administrative expenses in the fourth quarter of
2021 were RMB131.0 million
(US$20.6 million), representing
an increase of 286.6% from RMB33.9 million in the same period of 2020
and a decrease of 11.5% from RMB148.1 million in the third quarter of
2021. The year-over-year increase was mainly due to higher staff
costs, professional service fees, and depreciation expenses, while
the sequential decrease was mainly due to the decreased share-based
compensation expenses, partially offset by increased staff costs,
professional service fees, and depreciation expenses. General and
administrative expenses in the fourth quarter of 2021 also included
share-based compensation expenses of RMB54.6 million (US$8.6 million).
Income from operations in the fourth quarter of 2021
was RMB1,213.2 million
(US$190.4 million), compared to
a loss from operations of RMB71.0 million in the same period of 2020
and income from operations of RMB463.3
million in the third quarter of 2021, representing a
sequential increase of 161.9%.
Net income attributable to ordinary shareholders in
the fourth quarter of 2021 was RMB1,196.5 million (US$187.8 million), compared to a net loss of
RMB72.0 million in the same
period of 2020 and a net income of RMB557.6
million in the third quarter of 2021, representing a
sequential increase of 114.6%.
Non-GAAP adjusted net income in the fourth quarter
of 2021 was RMB1,250.7 million
(US$196.3 million), compared to
a non-GAAP adjusted net loss of RMB73.1 million in the same period of 2020
and a non-GAAP adjusted net income of RMB587.5 million in the third quarter of
2021, representing a sequential increase of 112.9%. Non-GAAP
adjusted net (loss)/income 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,
was a loss of RMB19.9 million
(US$3.1 million), compared with
a loss of RMB15.2 million in the same
period of 2020 and a gain of RMB5.7 million in the third quarter of 2021,
due to the US dollar depreciation against the Renminbi during the
fourth quarter of 2021.
Basic net earnings per American depositary share
("ADS") in the fourth quarter of 2021 was RMB6.90 (US$1.08). In comparison, basic net
loss per ADS in the same period of 2020 was RMB0.46, while basic net earnings per ADS in
the third quarter of 2021 was RMB3.20. Each ADS represents 15 of the Company's
Class A ordinary shares.
Diluted net earnings per ADS in the fourth quarter
of 2021 was RMB6.81 (US$1.07).
In comparison, diluted net loss per ADS in the same period of 2020
was RMB0.46, while diluted net
earnings per ADS in the third quarter of 2021 was RMB3.15. Each ADS represents 15 of the Company's
Class A ordinary shares.
Full Year 2021 Financial Results
Total net revenues in the full year of 2021
increased to RMB4,986.7 million
(US$782.5 million) from RMB447.7 million in 2020. The increase was mainly
due to the year-over-year increase in total computing power sold
and the higher average selling price per Thash/s in the full year
of 2021.
Cost of revenues in the full year of 2021 increased
to RMB2,136.0 million (US$335.2 million) from RMB409.9 million in the full year of 2020. The
year-over-year increase in cost of revenues was in line with the
changes in the Company's computing power sales volume and cost per
Thash/s.
Gross profit in the full year of 2021 increased to
RMB2,850.7 million (US$447.3 million) from RMB37.8 million in the full year of 2020.
Total operating expenses in the full year of 2021
increased to RMB1,022.4 million
(US$160.4 million) from RMB291.6 million in the full year of 2020.
Research and development expenses in the full year of 2021
increased by 137.7% to RMB332.8
million (US$52.2 million) from
RMB140.0 million in the full year of
2020, primarily due to the increased research and development costs
for new products and the increased staff costs in
technology-related departments.
Sales and marketing expenses in the full year of 2021 increased
to RMB100.5 million (US$15.8 million) from RMB20.0 million in the full year of 2020. The
increase was mainly attributable to increased staff costs, which
are in line with better net revenue performance.
General and administrative expenses in the full year of 2021
increased to RMB589.1 million
(US$92.4 million) from RMB131.6 million in the full year of 2020. This
year-over-year increase was mainly due to increased staff costs,
professional service fees, and depreciation expenses.
Income from operations in the full year of 2021 was
RMB1,828.3 million (US$286.9 million), compared to a loss from
operations of RMB253.9 million in the
full year of 2020.
Net income attributable to ordinary shareholders in
the full year of 2021 was RMB2,000.3
million (US$313.9 million),
compared to a net loss of RMB215.1
million in the full year of 2020.
Non-GAAP adjusted net income in the full year of
2021 was RMB2,301.6 million
(US$361.2 million), compared to a
non-GAAP adjusted net loss of RMB212.1
million in the full year of 2020.
Basic net income per ADS in the full year of 2021
was RMB11.90 (US$1.87), compared to basic net loss per ADS of
RMB1.38 in the full year of 2020.
Diluted net income per ADS in the full year of 2021
was RMB11.73 (US$1.84), compared to diluted net loss per ADS
of RMB1.38 in the full year of
2020.
As of December 31, 2021, the
cryptocurrencies held by the Company were 70.5 Bitcoins,
with the carrying value of RMB20.3
million (US$3.2 million).
Contract liabilities as of December 31, 2021, were RMB1,340.7 million (US$210.4 million), increasing from
RMB430.4 million as of December 31, 2020, mainly due to the increased
down payments for the sales orders of Bitcoin mining machines to be
delivered in the coming quarters.
As of December 31, 2021, the
Company had cash and cash equivalents of RMB2,684.3 million (US$421.2 million), up 586.0% compared to
RMB391.3 million as of December 31, 2020.
Shares Outstanding
As of December 31, 2021, the
Company had a total of 157,945,733 ADSs outstanding, each
representing 15 Class A ordinary shares.
Recent Developments
The Completion of the Company's Share Repurchase
Program
As of the date of this announcement, the Company has completed
its up to US$20 million share
repurchase program authorized on September
20, 2021, by buying back approximately 3.6 million ADSs with
an aggregate price of US$20 million.
Each ADS represents 15 Class A ordinary shares.
The early completion of the share buyback program demonstrates
the Company's commitment to driving shareholder value.
Management Changes
On March 3, 2022, Mr. Shaoke Li,
the Secretary to the Company's Board of Directors (the "Board"),
resigned from his position due to personal reasons and will
continue to serve as a consultant for the Company to ensure a
smooth transition. Ms. Lu Meng will
take Mr. Li's position as the Secretary to the Board.
Ms. Meng joined the Company in September
2018 as the assistant to the Chief Executive Officer. Prior
to joining Canaan, Ms. Meng took various managerial positions in
internet companies, including Kuaishou, and Baidu, Inc. The Board
would like to express its gratitude towards Mr. Li for his
unwavering commitment to Canaan over the past years and wish him
all the best in his future endeavors. The Board also looks forward
to working with Ms. Meng in her new role.
Business Outlook
The Company expects its total net revenues for the first quarter
of 2022 to be in the range of RMB1,500
million to RMB1,600 million,
representing a year-over-year increase of 275%-300%. 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 March 3, 2022, at
7:00 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 2021 Earnings Conference Call
|
Registration
Link:
|
http://apac.directeventreg.com/registration/event/6807069
|
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
March 9, 2022, by dialing the
following numbers:
International:
|
+61-2-8199-0299
|
United
States:
|
+1-646-254-3697
|
Hong Kong,
China:
|
+852-3051-2780
|
Replay
PIN:
|
6807069
|
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 (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 RMB6.3726 to US$1.00, the noon buying rate in effect on
December 30, 2021, in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the RMB or US$ 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 NonGAAP Financial Measures
In evaluating Canaan's business, the Company uses non-GAAP
measures, such as adjusted net (loss)/income, as supplemental
measures to review and assess its operating performance. The
Company defines adjusted net (loss)/income as net (loss)/income
excluding sharebased 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 (loss)/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 (loss)/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 (loss)/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 of RMB, except share and per share data, or as otherwise
noted)
|
|
|
|
As of December
31,
|
|
2020
|
2021
|
2021
|
|
RMB
|
RMB
|
US$
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
391,310
|
2,684,342
|
421,232
|
Restricted
cash
|
4,494
|
47,362
|
7,432
|
Short-term
investments
|
62,386
|
-
|
-
|
Accounts
receivable
|
7,128
|
367
|
58
|
Inventories
|
225,522
|
812,363
|
127,477
|
Prepayments and other
current assets
|
316,366
|
1,729,027
|
271,323
|
Total current
assets
|
1,007,206
|
5,273,461
|
827,522
|
Non-current
assets:
|
|
|
|
Cryptocurrencies
|
-
|
20,310
|
3,187
|
Property, equipment
and software
|
12,193
|
185,566
|
29,119
|
Right-of-use assets,
net
|
14,422
|
30,920
|
4,852
|
Other
investments
|
-
|
20,000
|
3,138
|
Deferred tax
assets
|
-
|
99,044
|
15,542
|
Other non-current
assets
|
2,530
|
2,956
|
464
|
Non-current financial
investment
|
25
|
-
|
-
|
Total non-current
assets
|
29,170
|
358,796
|
56,302
|
Total
assets
|
1,036,376
|
5,632,257
|
883,824
|
LIABILITIES, AND
SHAREHOLDERS' EQUITY
|
|
|
|
Current
liabilities
|
|
|
|
Short-term
debts
|
34,754
|
-
|
-
|
Accounts
payable
|
37,407
|
143,441
|
22,509
|
Notes
payable
|
13,963
|
-
|
-
|
Contract
liabilities
|
430,388
|
1,340,731
|
210,390
|
Income tax
payable
|
-
|
148,719
|
23,337
|
Accrued liabilities
and other current liabilities
|
63,343
|
437,394
|
68,637
|
Lease liabilities,
current
|
12,621
|
14,819
|
2,325
|
Total current
liabilities
|
592,476
|
2,085,104
|
327,198
|
Non-current
liabilities:
|
|
|
|
Lease liabilities,
non-current
|
3,322
|
16,292
|
2,557
|
Warrant
liability
|
-
|
66,347
|
10,411
|
Other non-current
liabilities
|
8,020
|
5,824
|
914
|
Total non-current
liabilities
|
11,342
|
88,463
|
13,882
|
Total
liabilities
|
603,818
|
2,173,567
|
341,080
|
Shareholders'
equity:
|
|
|
|
Ordinary shares
(US$0.00000005 par value;
1,000,000,000,000 shares authorized, 2,372,222,222 and
2,804,138,492 shares issued, 2,328,326,132 and
2,577,386,552 shares outstanding as of December 31,
2020 and December 31, 2021, respectively)
|
1
|
1
|
-
|
Subscriptions
receivable from shareholders
|
(1)
|
(1)
|
-
|
Treasury stocks
(US$0.00000005 par value; 43,896,090
shares as of December 31, 2020 and 226,751,940 shares
as of December 31, 2021, respectively)
|
(23,915)
|
(231,281)
|
(36,293)
|
Additional paid-in
capital
|
1,634,619
|
2,889,980
|
453,501
|
Statutory
reserves
|
97,307
|
97,420
|
15,287
|
Accumulated other
comprehensive loss
|
(79,780)
|
(101,925)
|
(15,994)
|
Retained earnings
(accumulated deficit)
|
(1,195,673)
|
804,496
|
126,243
|
Total
shareholders' equity
|
432,558
|
3,458,690
|
542,744
|
Total liabilities
and shareholders' equity
|
1,036,376
|
5,632,257
|
883,824
|
CANAAN
INC.
|
UNAUDITED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE
(LOSS)/INCOME
|
(all amounts in
thousands of RMB, except share and per share data, or as otherwise
noted)
|
|
|
For the Three
Months Ended
|
|
December 31,
2020
|
September
30,
2021*
|
December 31,
2021
|
December 31,
2021
|
|
RMB
|
RMB
|
RMB
|
US$
|
Net
revenues
|
|
|
|
|
Products
revenue
|
37,838
|
1,311,992
|
2,168,953
|
340,356
|
Service
revenue
|
68
|
-
|
-
|
-
|
Mining
income
|
-
|
5,624
|
15,364
|
2,411
|
Other
revenues
|
340
|
-
|
238
|
37
|
Total net
revenues
|
38,246
|
1,317,616
|
2,184,555
|
342,804
|
Cost of
revenues
|
(29,155)
|
(575,925)
|
(697,606)
|
(109,470)
|
Gross
profit
|
9,091
|
741,691
|
1,486,949
|
233,334
|
Operating
expenses:
|
|
|
|
|
Research and
development expenses
|
(40,057)
|
(92,763)
|
(112,017)
|
(17,578)
|
Sales and marketing
expenses
|
(6,147)
|
(37,597)
|
(30,712)
|
(4,819)
|
General and
administrative expenses
|
(33,887)
|
(148,053)
|
(130,995)
|
(20,556)
|
Total operating
expenses
|
(80,091)
|
(278,413)
|
(273,724)
|
(42,953)
|
(Loss)/income from
operations
|
(71,000)
|
463,278
|
1,213,225
|
190,381
|
Interest
income
|
173
|
2,917
|
1,986
|
312
|
Change in fair value
of warrant liability
|
-
|
90,354
|
22,148
|
3,476
|
Investment
income
|
895
|
-
|
-
|
-
|
Interest
expense
|
(98)
|
-
|
246
|
39
|
Foreign exchange
gains, net
|
33
|
1,248
|
4,190
|
658
|
Other
income/(expenses), net
|
(2,054)
|
(207)
|
4,492
|
705
|
(Loss)/income
before income tax expenses
|
(72,051)
|
557,590
|
1,246,287
|
195,571
|
Income tax
expense
|
96
|
(4)
|
(49,758)
|
(7,808)
|
Net
(loss)/income
|
(71,955)
|
557,586
|
1,196,529
|
187,763
|
Foreign currency
translation adjustment, net of nil tax
|
(15,238)
|
5,669
|
(19,930)
|
(3,127)
|
Total
comprehensive (loss)/income
|
(87,193)
|
563,255
|
1,176,599
|
184,636
|
Weighted average
number of shares used in per share
calculation:
|
|
|
— Basic
|
2,332,549,534
|
2,615,416,505
|
2,602,142,223
|
2,602,142,223
|
— Diluted
|
2,332,549,534
|
2,652,280,752
|
2,635,116,905
|
2,635,116,905
|
Net (loss)/earning
per share (cent per share)
|
|
|
|
|
— Basic
|
(3.08)
|
21.32
|
45.98
|
7.22
|
— Diluted
|
(3.08)
|
21.02
|
45.41
|
7.13
|
Share-based
compensation expenses
were
included in:
|
|
|
Research and
development expenses
|
(1,625)
|
25,911
|
19,614
|
3,078
|
Sales and marketing
expenses
|
8
|
1,248
|
2,123
|
333
|
General and
administrative expenses
|
457
|
93,157
|
54,628
|
8,572
|
|
*Unaudited
consolidated statements of comprehensive income for the three
months ended September 30, 2021 are restated hereby, as a result of
the
reassessment of the classification of the warrants financial
instrument.
|
The table below sets forth a reconciliation of net (loss)/income
to non-GAAP adjusted net (loss)/income for the period
indicated:
|
For the Three
Months Ended
|
|
December
31,
2020
|
September
30,
2021
|
December
31,
2021
|
December
31,
2021
|
|
RMB
|
RMB
|
RMB
|
US$
|
Net
(loss)/income
|
(71,955)
|
557,586
|
1,196,529
|
187,763
|
Share-based
compensation expenses
|
(1,160)
|
120,316
|
76,365
|
11,983
|
Change in fair value
of warrant liability
|
-
|
(90,354)
|
(22,148)
|
(3,476)
|
Non-GAAP adjusted net
(loss)/income
|
(73,115)
|
587,548
|
1,250,746
|
196,270
|
CANAAN
INC.
|
UNAUDITED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE
(LOSS)/INCOME
|
(all amounts in
thousands of RMB, except share and per share data, or as otherwise
noted)
|
|
|
For the Years
Ended
|
|
December 31,
2020
|
December 31,
2021
|
December 31,
2021
|
|
RMB
|
RMB
|
US$
|
Net
revenues
|
|
|
|
Products
revenue
|
427,522
|
4,956,936
|
777,851
|
Leases
revenue
|
18,963
|
7,556
|
1,186
|
Service
revenue
|
300
|
224
|
35
|
Mining
income
|
-
|
21,643
|
3,396
|
Other
revenues
|
901
|
347
|
54
|
Total net
revenues
|
447,686
|
4,986,706
|
782,522
|
Cost of
revenues
|
(409,922)
|
(2,135,961)
|
(335,179)
|
Gross
profit
|
37,764
|
2,850,745
|
447,343
|
Operating
expenses:
|
|
|
|
Research and
development expenses
|
(140,041)
|
(332,846)
|
(52,231)
|
Sales and marketing
expenses
|
(19,980)
|
(100,467)
|
(15,765)
|
General and
administrative expenses
|
(131,624)
|
(589,107)
|
(92,444)
|
Total operating
expenses
|
(291,645)
|
(1,022,420)
|
(160,440)
|
(Loss)/income from
operations
|
(253,881)
|
1,828,325
|
286,903
|
Interest
income
|
3,153
|
7,310
|
1,147
|
Change in fair value
of warrant liability
|
-
|
190,178
|
29,843
|
Investment
income
|
5,844
|
277
|
43
|
Interest
expense
|
(3,587)
|
-
|
-
|
Foreign exchange
gains, net
|
2,419
|
17,890
|
2,807
|
Other income,
net
|
30,958
|
6,410
|
1,006
|
(Loss)/income
before income tax expenses
|
(215,094)
|
2,050,390
|
321,749
|
Income tax
expense
|
-
|
(50,108)
|
(7,863)
|
Net
(loss)/income
|
(215,094)
|
2,000,282
|
313,886
|
Foreign currency
translation adjustment, net of nil tax
|
(24,238)
|
(22,145)
|
(3,475)
|
Total
comprehensive (loss)/income
|
(239,332)
|
1,978,137
|
310,411
|
Weighted average
number of shares used in per share
calculation:
|
|
|
— Basic
|
2,345,703,779
|
2,521,667,815
|
2,521,667,815
|
— Diluted
|
2,345,703,779
|
2,557,878,876
|
2,557,878,876
|
Net (loss)/earning
per share (cent per share)
|
|
|
|
— Basic
|
(9.17)
|
79.32
|
12.45
|
— Diluted
|
(9.17)
|
78.20
|
12.27
|
Share-based
compensation expenses
were
included in:
|
|
|
Cost of
revenues
|
-
|
269
|
42
|
Research and
development expenses
|
652
|
99,173
|
15,562
|
Sales and marketing
expenses
|
41
|
8,240
|
1,293
|
General and
administrative expenses
|
2,257
|
383,780
|
60,223
|
The table below sets forth a reconciliation of net (loss)/income
to non-GAAP adjusted net (loss)/income for the years indicated:
|
For the Years
Ended
|
|
December 31,
2020
|
December 31,
2021
|
December 31,
2021
|
|
RMB
|
RMB
|
US$
|
Net
(loss)/income
|
(215,094)
|
2,000,282
|
313,886
|
Share-based
compensation expenses
|
2,950
|
491,462
|
77,120
|
Change in fair value
of warrant liability
|
-
|
(190,178)
|
(29,843)
|
Non-GAAP adjusted net
(loss)/income
|
(212,144)
|
2,301,566
|
361,163
|
View original
content:https://www.prnewswire.com/news-releases/canaan-inc-reports-unaudited-fourth-quarter-and-full-year-2021-financial-results-301494901.html
SOURCE Canaan Inc.