Canaan Inc. Reports Unaudited Fourth Quarter and Full Year 2019 Financial Results
HANGZHOU, China, April 09, 2020 (GLOBE NEWSWIRE) — 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 HighlightsTotal 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 HighlightsTotal 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
Fourth Quarter 2019 Operating and Financial HighlightsTotal 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 HighlightsTotal 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
