Canaan Inc. Reports Unaudited Fourth Quarter and Full Year 2024 Financial Results
Canaan Inc. (NASDAQ: CAN) reported strong Q4 2024 financial results, with total revenues of US$88.8 million, exceeding guidance and up 80.9% YoY. The company achieved record-breaking computing power sold of 9.1 million TH/s, a 65.9% YoY increase.
Q4 mining revenue surged 312.5% YoY to US$15.3 million, with 186 Bitcoins mined. While the company reported a net loss of US$92.9 million, this represented an improvement from US$139.0 million in Q4 2023. Non-GAAP adjusted EBITDA turned positive at US$19.3 million.
For full-year 2024, total revenues increased 27.4% to US$269.3 million, with total computing power sold up 32.6% to 26.0 million TH/s. The company expanded its mining operations in North America through new projects in Pennsylvania and Texas, targeting 10EH/s in North America and 15EH/s globally by mid-2025.
Canaan Inc. (NASDAQ: CAN) ha riportato risultati finanziari solidi per il quarto trimestre del 2024, con ricavi totali di 88,8 milioni di dollari USA, superiori alle previsioni e in aumento dell'80,9% su base annua. L'azienda ha raggiunto un record di potenza di calcolo venduta di 9,1 milioni di TH/s, con un incremento del 65,9% rispetto all'anno precedente.
I ricavi da mining del quarto trimestre sono aumentati del 312,5% su base annua, raggiungendo 15,3 milioni di dollari USA, con 186 Bitcoin estratti. Sebbene l'azienda abbia riportato una perdita netta di 92,9 milioni di dollari USA, ciò rappresenta un miglioramento rispetto ai 139,0 milioni di dollari USA del quarto trimestre del 2023. L'EBITDA rettificato non-GAAP è diventato positivo a 19,3 milioni di dollari USA.
Per l'intero anno 2024, i ricavi totali sono aumentati del 27,4% a 269,3 milioni di dollari USA, con la potenza di calcolo totale venduta in aumento del 32,6% a 26,0 milioni di TH/s. L'azienda ha ampliato le sue operazioni di mining in Nord America attraverso nuovi progetti in Pennsylvania e Texas, puntando a 10EH/s in Nord America e 15EH/s a livello globale entro metà del 2025.
Canaan Inc. (NASDAQ: CAN) reportó resultados financieros sólidos para el cuarto trimestre de 2024, con ingresos totales de 88,8 millones de dólares estadounidenses, superando las expectativas y un aumento del 80,9% interanual. La compañía alcanzó un récord de potencia de cálculo vendida de 9,1 millones de TH/s, un incremento del 65,9% en comparación con el año anterior.
Los ingresos por minería del cuarto trimestre se dispararon un 312,5% interanual, alcanzando 15,3 millones de dólares estadounidenses, con 186 Bitcoins minados. Aunque la compañía reportó una pérdida neta de 92,9 millones de dólares estadounidenses, esto representó una mejora con respecto a los 139,0 millones de dólares estadounidenses del cuarto trimestre de 2023. El EBITDA ajustado no-GAAP se volvió positivo en 19,3 millones de dólares estadounidenses.
Para el año completo 2024, los ingresos totales aumentaron un 27,4% a 269,3 millones de dólares estadounidenses, con la potencia de cálculo total vendida aumentando un 32,6% a 26,0 millones de TH/s. La compañía amplió sus operaciones de minería en América del Norte a través de nuevos proyectos en Pennsylvania y Texas, apuntando a 10EH/s en América del Norte y 15EH/s a nivel global para mediados de 2025.
카나안 주식회사 (NASDAQ: CAN)은 2024년 4분기 재무 결과를 발표했으며, 총 수익은 8,880만 달러로 예상치를 초과하고 전년 대비 80.9% 증가했습니다. 이 회사는 판매된 컴퓨팅 파워에서 910만 TH/s라는 기록을 달성했으며, 이는 전년 대비 65.9% 증가한 수치입니다.
4분기 채굴 수익은 전년 대비 312.5% 증가하여 1,530만 달러에 달했으며, 186 비트코인이 채굴되었습니다. 회사는 9290만 달러의 순손실을 보고했지만, 이는 2023년 4분기의 1억 3,900만 달러에 비해 개선된 수치입니다. 비-GAAP 조정 EBITDA는 1,930만 달러로 긍정적인 결과를 보였습니다.
2024년 전체 연도 동안 총 수익은 2억 6,930만 달러로 27.4% 증가했으며, 판매된 총 컴퓨팅 파워는 32.6% 증가하여 2,600만 TH/s에 달했습니다. 이 회사는 펜실베이니아와 텍사스에서 새로운 프로젝트를 통해 북미에서의 채굴 작업을 확장했으며, 2025년 중반까지 북미에서 10EH/s, 전 세계적으로 15EH/s를 목표로 하고 있습니다.
Canaan Inc. (NASDAQ: CAN) a annoncé des résultats financiers solides pour le quatrième trimestre de 2024, avec des revenus totaux de 88,8 millions de dollars américains, dépassant les prévisions et augmentant de 80,9% par rapport à l'année précédente. L'entreprise a atteint un record de puissance de calcul vendue de 9,1 millions de TH/s, soit une augmentation de 65,9% par rapport à l'année précédente.
Les revenus miniers du quatrième trimestre ont grimpé de 312,5% par rapport à l'année précédente pour atteindre 15,3 millions de dollars américains, avec 186 Bitcoins extraits. Bien que l'entreprise ait déclaré une perte nette de 92,9 millions de dollars américains, cela représente une amélioration par rapport à 139,0 millions de dollars américains au quatrième trimestre 2023. L'EBITDA ajusté non-GAAP est devenu positif à 19,3 millions de dollars américains.
Pour l'année complète 2024, les revenus totaux ont augmenté de 27,4% pour atteindre 269,3 millions de dollars américains, la puissance de calcul totale vendue ayant augmenté de 32,6% pour atteindre 26,0 millions de TH/s. L'entreprise a élargi ses opérations de minage en Amérique du Nord grâce à de nouveaux projets en Pennsylvanie et au Texas, visant 10EH/s en Amérique du Nord et 15EH/s à l'échelle mondiale d'ici la mi-2025.
Canaan Inc. (NASDAQ: CAN) hat starke Finanzzahlen für das vierte Quartal 2024 gemeldet, mit einem Gesamtumsatz von 88,8 Millionen US-Dollar, der die Prognosen übertraf und im Jahresvergleich um 80,9% gestiegen ist. Das Unternehmen erzielte einen Rekordverkauf von Rechenleistung von 9,1 Millionen TH/s, was einem Anstieg von 65,9% im Vergleich zum Vorjahr entspricht.
Die Einnahmen aus dem Mining im vierten Quartal stiegen im Jahresvergleich um 312,5% auf 15,3 Millionen US-Dollar, mit 186 geschürften Bitcoins. Obwohl das Unternehmen einen Nettoverlust von 92,9 Millionen US-Dollar meldete, stellt dies eine Verbesserung gegenüber 139,0 Millionen US-Dollar im vierten Quartal 2023 dar. Das nicht-GAAP bereinigte EBITDA wurde positiv mit 19,3 Millionen US-Dollar.
Für das gesamte Jahr 2024 stiegen die Gesamteinnahmen um 27,4% auf 269,3 Millionen US-Dollar, wobei die insgesamt verkaufte Rechenleistung um 32,6% auf 26,0 Millionen TH/s zunahm. Das Unternehmen erweiterte seine Mining-Aktivitäten in Nordamerika durch neue Projekte in Pennsylvania und Texas und strebt bis Mitte 2025 10EH/s in Nordamerika und 15EH/s weltweit an.
- Record-high computing power sold of 9.1 million TH/s, up 65.9% YoY
- Mining revenue increased 312.5% YoY to US$15.3 million
- Total revenue exceeded guidance, up 80.9% YoY to US$88.8 million
- Non-GAAP adjusted EBITDA turned positive at US$19.3 million in Q4
- Bitcoin holdings increased to 1,292.5 BTC by year-end
- Net loss of US$92.9 million in Q4 2024
- Gross loss of US$6.4 million in Q4 2024
- Full-year net loss of US$249.8 million
- Income tax expense increased to US$85.3 million in Q4
- Full-year adjusted EBITDA remained negative at US$71.5 million
Insights
Canaan's Q4 2024 financial results demonstrate significant top-line growth with total revenue reaching
The company's mining segment has emerged as a substantial secondary revenue stream, generating
Despite improved operational metrics, Canaan still reported a net loss of
Notably, Canaan achieved positive non-GAAP adjusted EBITDA of
Total revenues of
Total computing power sold achieves record high of 9.1 million TH/s, up
Bitcoin mining revenues reach
Fourth Quarter 2024 Operating and Financial Highlights
Total revenues were
Total computing power sold was 9.1 million Terahash per second (TH/s), representing a year-over-year increase of
Mining revenue was
Net loss was
Non-GAAP adjusted EBITDA was a gain of
Full Year 2024 Operating and Financial Highlights
Total revenues were
Total computing power sold was 26.0 million TH/s, representing a year-over-year increase of
Mining revenue was
Net loss was
Non-GAAP adjusted EBITDA was a loss of
Nangeng Zhang, chairman, and chief executive officer of Canaan, commented, "We closed out 2024 on a strong note, delivering robust results in the fourth quarter that exceeded our guidance, with total revenue reaching
"Looking back on the past year, we remained steadfast in our commitment to delivering high-quality, customized mining solutions, such as our high-performance A15 series and the dual-function Avalon Home Series, catering to a diverse global customer base. In key markets like
Jin "James" Cheng, chief financial officer of Canaan, stated, "We achieved excellent results in Q4, with total revenue significantly surpassing our guidance. This exceptional performance was driven by the ramp-up in A15 series bulk deliveries, leading to products revenue of
"The large-scale production and delivery of the A15 series contributed to our cash inflows and optimized our inventory structure as the model became our primary inventory component. As bitcoin prices climbed in Q4, generating fair value gains, our balance sheet was further strengthened, underscoring the advantages of our mining business and our HODL strategy. Looking ahead, we remain focused on executing advanced product deliveries, expanding our mining hash rate, and capitalizing on the anticipated market momentum to enhance our market presence."
Fourth Quarter 2024 Financial Results
Total revenues in the fourth quarter of 2024 were
Products revenue in the fourth quarter of 2024 was
Mining revenue in the fourth quarter of 2024 was
Cost of revenues in the fourth quarter of 2024 was
Products costs in the fourth quarter of 2024 were
Mining costs in the fourth quarter of 2024 were
Gross loss in the fourth quarter of 2024 was
Total operating expenses in the fourth quarter of 2024 were
Research and development expenses in the fourth quarter of 2024 were
Sales and marketing expenses in the fourth quarter of 2024 were
General and administrative expenses in the fourth quarter of 2024 were
Impairment on property and equipment in the fourth quarter of 2024 was
Loss from operations in the fourth quarter of 2024 was
Change in fair value of cryptocurrency and Change in fair value of financial derivative in the fourth quarter of 2024 were a gain of
Change in fair value of financial instruments in the fourth quarter of 2024 was a gain of
Excess of fair value of Convertible Preferred Shares in the fourth quarter of 2024 was
Foreign exchange gains, net in the fourth quarter of 2024 were
Other income, net in the fourth quarter of 2024 was
Loss before income tax expense in the fourth quarter of 2024 was
Income tax expense in the fourth quarter of 2024 was
Net loss in the fourth quarter of 2024 was
Non-GAAP adjusted EBITDA in the fourth quarter of 2024 was a gain of
Foreign currency translation adjustment, net of nil tax, in the fourth quarter of 2024 was a loss of
Basic and diluted net loss per American depositary share ("ADS") in the fourth quarter of 2024 were
Full Year 2024 Financial Results
Total revenues in the full year of 2024 increased to
Products revenue in the full year of 2024 increased to
Mining revenue in the full year of 2024 increased to
Cost of revenues in the full year of 2024 decreased to
Products costs in the full year of 2024 were
Mining costs in the full year of 2024 were
Gross Loss in the full year of 2024 was
Total operating expenses in the full year of 2024 decreased to
Research and development expenses in the full year of 2024 decreased to
Sales and marketing expenses in the full year of 2024 decreased to
General and administrative expenses in the full year of 2024 decreased to
Gain on disposal of property, equipment and software in the full year of 2024 increased to
Impairment on property and equipment in the full year of 2024 was
Loss from operations in the full year of 2024 was
Change in fair value of cryptocurrency and Change in fair value of financial derivative in the full year of 2024 were a gain of
Change in fair value of financial instruments in the full year of 2024 was a gain of
Excess of fair value of Convertible Preferred Shares in the full year of 2024 was
Foreign exchange gains, net, in the full year of 2024 were
Net loss in the full year of 2024 was
Non-GAAP adjusted EBITDA in the full year of 2024 was a loss of
Foreign currency translation adjustment, net of nil tax, in the full year 2024 was a loss of
Basic and diluted net loss per American depositary share ("ADS") in the full year of 2024 was
As of December 31, 2024, the Company held Cryptocurrency assets with a fair value of
As of December 31, 2024, the Company had cash of
Accounts receivable, net as of December 31, 2024 was
Contract liabilities as of December 31, 2024, were
Shares Outstanding
As of December 31, 2024, the Company had a total of 344,283,329 ADSs outstanding, each representing 15 of the Company's Class A ordinary shares.
Recent Developments
Expanded Mining Footprint in
On March 26, 2025, the Company announced that its wholly-owned subsidiaries have signed agreements with two new partners for mining operations at the partners' facilities in
The Company entered into a three-year master colocation agreement with Mawson Hosting LLC, an affiliate of Mawson Infrastructure Group Inc. (NASDAQ: MIGI), for joint mining operations at its facility in
New Series A-1 Preferred Shares Financing
On March 6, 2025, the Company entered into a Securities Purchase Agreement with an institutional investor (the "Buyer"), pursuant to which the Company agreed to issue and sell to the Buyer up to 200,000 Series A-1 Convertible Preferred Shares (the "Series A-1 Preferred Shares") at the price of
On March 10, 2025, the Company closed the first tranche of the Series A-1 Preferred Shares financing (the "First Tranche Preferred Shares Closing"), raising total net proceeds of
The net proceeds from the financing will be used to fund activities necessary to support the Company's growth, including research and development, expansion of production scale, manufacturing or investing in digital mining sites and equipment for deployment in
As of the date of the Company's earnings release for the fourth quarter of 2024, the Company has 5,526,522,198 Class A ordinary shares, 314,624,444 Class B ordinary shares, 50,000 Series A Preferred Shares and 92,250 Series A-1 Preferred Shares issued and outstanding. The increase in the outstanding Class A ordinary shares compared to the end of 2024 was due to the conversion from part of convertible preferred shares to Class A ordinary shares by the Buyer and the issuance of the Pre-delivery Shares.
Secured A15XP Order from New United States Customer
On January 6, 2025, the Company entered into a purchase agreement with a new, strategic
According to the purchase agreement, Canaan
The At-the-Market ("ATM") Offering
On December 23, 2024, the Company entered into a sales agreement (the "ATM Agreement") with Macquarie Capital Limited ("Macquarie Capital"), Keefe, Bruyette & Woods, Inc. ("KBW"), China Renaissance Securities (
From December 23, 2024, to March 26, 2025, the date of the Company's earnings release for the fourth quarter of 2024, the Company utilized the ATM for fundraising and sold 21,088,579 ADSs with net proceeds of approximately
The Company expects the ATM program to be a flexible mechanism for the Company to access public capital markets. The timing and extent of the use of the ATM program will be at the discretion of the Company, provided that the Company has satisfied certain obligations set forth in the ATM agreements and the ATM facility is duly established.
Secured Term Loans
In January 2025, the Company pledged 300 Bitcoins for secured term loans with an aggregate carrying value of
Business Outlook
For fiscal year 2025, the Company maintains its guidance, expecting total revenues to be in the range of
Conference Call Information
The Company's management team will hold a conference call at 8:00 A.M.
Event Title: Canaan Inc. Fourth Quarter and Full Year 2024 Earnings Conference Call
Registration Link: https://register-conf.media-server.com/register/BI839fbea95f8f4e68ab774d74fbb1e449
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 has extensive experience in chip design and streamlined production in the ASIC field. In 2013, 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
Use of Non-GAAP Financial Measures
In evaluating Canaan's business, the Company uses non-GAAP measures, such as adjusted EBITDA, as supplemental measures to review and assess its operating performance. The Company defines adjusted EBITDA as net loss excluding income tax expenses (benefit), interest income, depreciation and amortization expenses, share-based compensation expenses, impairment on property, equipment and software, change in fair value of financial instruments and excess of fair value of Convertible Preferred Shares. 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
Investor Relations Contact
Canaan Inc.
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, | ||
2023 | 2024 | |
USD | USD | |
ASSETS | ||
Current assets: | ||
Cash | 96,154 | 96,488 |
Accounts receivable, net | 2,997 | 1,514 |
Inventories | 142,287 | 94,620 |
Prepayments and other current assets | 122,242 | 90,874 |
Cryptocurrency receivable, current | - | 50,525 |
Total current assets | 363,680 | 334,021 |
Non-current assets: | ||
Cryptocurrency | 28,342 | 61,821 |
Cryptocurrency receivable, non-current | - | 19,057 |
Property, equipment and software, net | 29,466 | 40,163 |
Intangible asset | - | 901 |
Operating lease right-of-use assets | 1,690 | 3,495 |
Deferred tax assets | 66,809 | 295 |
Other non-current assets | 486 | 476 |
Non-current financial investment | 2,824 | 2,782 |
Total non-current assets | 129,617 | 128,990 |
Total assets | 493,297 | 463,011 |
LIABILITIES, AND SHAREHOLDERS' | ||
Current liabilities | ||
Short-term loans | - | 16,658 |
Accounts payable | 6,245 | 13,975 |
Contract liabilities | 19,614 | 24,248 |
Income tax payable | 3,534 | 10,932 |
Accrued liabilities and other current | 64,240 | 43,406 |
Operating lease liabilities, current | 1,216 | 1,237 |
Preferred Shares forward contract liability | 40,344 | - |
Series A Convertible Preferred Shares | - | 68,113 |
Total current liabilities | 135,193 | 178,569 |
Non-current liabilities: | ||
Long-term loans | - | 7,279 |
Operating lease liabilities, non-current | 210 | 1,701 |
Deferred tax liabilities | - | 153 |
Other non-current liabilities | 9,707 | 9,055 |
Total liabilities | 145,110 | 196,757 |
Shareholders' equity: | ||
Ordinary shares ( | - | - |
Treasury stocks ( | (57,055) | (57,055) |
Additional paid-in capital | 653,860 | 816,363 |
Statutory reserves | 14,892 | 14,892 |
Accumulated other comprehensive loss | (43,879) | (57,456) |
Accumulated deficit | (219,631) | (450,490) |
Total shareholders' equity | 348,187 | 266,254 |
Total liabilities and shareholders' equity | 493,297 | 463,011 |
CANAAN INC. | |||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF | |||
(all amounts in thousands of USD, except share and per share data, or as otherwise | |||
For the Three Months Ended | |||
December 31, | September 30, | December 31, | |
USD | USD | USD | |
Revenues | |||
Products revenue | 44,907 | 64,584 | 73,452 |
Mining revenue | 3,708 | 8,959 | 15,295 |
Other revenues | 458 | 65 | 20 |
Total revenues | 49,073 | 73,608 | 88,767 |
Cost of revenues | |||
Products cost | (95,764) | (81,625) | (80,215) |
Mining cost | (6,001) | (13,476) | (14,904) |
Other cost | (1,377) | (18) | - |
Total cost of revenues | (103,142) | (95,119) | (95,119) |
Gross loss | (54,069) | (21,511) | (6,352) |
Operating expenses: | |||
Research and development expenses | (10,778) | (14,761) | (16,572) |
Sales and marketing expenses | (1,762) | (1,719) | (1,338) |
General and administrative expenses | (22,173) | (13,206) | (27,784) |
Impairment on property and equipment | (6,324) | (6,462) | (4,043) |
Impairment on cryptocurrency | (144) | - | - |
Gain on disposal of property, | 1,982 | 815 | 448 |
Total operating expenses | (39,199) | (35,333) | (49,289) |
Loss from operations | (93,268) | (56,844) | (55,641) |
Interest income | 229 | 158 | 107 |
Interest expense | - | (247) | (260) |
Change in fair value of | - | (1,672) | 15,641 |
Change in fair value of financial | - | 4,202 | 23,411 |
Change in fair value of financial | (10,918) | 1,243 | 17,213 |
Excess of fair value of Convertible | (59,199) | (28,297) | (22,052) |
Foreign exchange gains (losses), net | 1,404 | (1,036) | 5,650 |
Other income (expense), net | (363) | 206 | 8,330 |
Loss before income tax expenses | (162,115) | (82,287) | (7,601) |
Income tax benefit (expense) | 23,100 | 6,710 | (85,301) |
Net loss | (139,015) | (75,577) | (92,902) |
Foreign currency translation | (268) | 5,129 | (9,720) |
Total comprehensive loss | (139,283) | (70,448) | (102,622) |
Weighted average number of shares | |||
— Basic | 2,706,024,111 | 4,163,053,834 | 4,285,731,465 |
— Diluted | 2,706,024,111 | 4,163,053,834 | 4,285,731,465 |
Net loss per share (cent per share) | |||
— Basic | (5.14) | (1.82) | (2.17) |
— Diluted | (5.14) | (1.82) | (2.17) |
Share-based compensation expenses were included in: | |||
Cost of revenues | 14 | 53 | 143 |
Research and development expenses | 1,911 | 1,882 | 1,840 |
Sales and marketing expenses | 79 | 55 | 45 |
General and administrative expenses | 6,649 | 4,694 | 7,769 |
The table below sets forth a reconciliation of net loss to non-GAAP adjusted EBITDA for the period indicated:
For the Three Months Ended | |||
December 31, 2023 | September 30, 2024 | December 31, 2024 | |
USD | USD | USD | |
Net loss | (139,015) | (75,577) | (92,902) |
Income tax (benefit) expense | (23,100) | (6,710) | 85,301 |
Interest income | (229) | (158) | (107) |
Interest expense | - | 247 | 260 |
EBIT | (162,344) | (82,198) | (7,448) |
Depreciation and amortization | 7,807 | 7,855 | 8,038 |
EBITDA | (154,537) | (74,343) | 590 |
Share-based compensation expenses | 8,653 | 6,684 | 9,797 |
Impairment on property, equipment | 6,324 | 6,462 | 4,043 |
Change in fair value of financial | 10,918 | (1,243) | (17,213) |
Excess of fair value of Convertible | 59,199 | 28,297 | 22,052 |
Non-GAAP adjusted EBITDA | (69,443) | (34,143) | 19,269 |
CANAAN INC. | ||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF | ||
(all amounts in thousands of USD, except share and per share data, or as otherwise | ||
For the Years Ended | ||
December 31, | December 31, | |
USD | USD | |
Revenues | ||
Products revenue | 176,898 | 223,233 |
Mining revenue | 33,957 | 44,022 |
Other revenues | 622 | 2,069 |
Total revenues | 211,477 | 269,324 |
Cost of revenues | ||
Products cost | (368,116) | (301,258) |
Mining cost | (81,833) | (51,569) |
Other cost | (2,308) | (817) |
Total cost of revenues | (452,257) | (353,644) |
Gross loss | (240,780) | (84,320) |
Operating expenses: | ||
Research and development expenses | (64,845) | (61,323) |
Sales and marketing expenses | (8,175) | (5,708) |
General and administrative expenses | (73,316) | (71,691) |
Impairment on property and equipment | (21,126) | (11,303) |
Impairment on cryptocurrency | (4,706) | - |
Gain on disposal of property, equipment and | 2,067 | 7,215 |
Total operating expenses | (170,101) | (142,810) |
Loss from operations | (410,881) | (227,130) |
Interest income | 956 | 536 |
Interest expense | - | (521) |
Change in fair value of cryptocurrency | - | 42,427 |
Change in fair value of financial derivative | - | 17,606 |
Change in fair value of financial instruments | (10,918) | 20,571 |
Excess of fair value of Convertible Preferred | (59,199) | (50,725) |
Foreign exchange gains, net | 12,309 | 14,135 |
Other income, net | 2,240 | 10,832 |
Loss before income tax expenses | (465,493) | (172,269) |
Income tax benefit (expense) | 51,340 | (77,483) |
Net loss | (414,153) | (249,752) |
Foreign currency translation adjustment, net of | (6,966) | (13,577) |
Total comprehensive loss | (421,119) | (263,329) |
Weighted average number of shares used in | ||
— Basic | 2,579,202,596 | 4,072,386,826 |
— Diluted | 2,579,202,596 | 4,072,386,826 |
Net loss per share (cent per share) | ||
— Basic | (16.06) | (6.13) |
— Diluted | (16.06) | (6.13) |
Share-based compensation expenses were included in: | ||
Cost of revenues | 207 | 312 |
Research and development expenses | 9,098 | 7,289 |
Sales and marketing expenses | 234 | 156 |
General and administrative expenses | 32,535 | 23,159 |
The table below sets forth a reconciliation of net income to non-GAAP adjusted net income for the years indicated:
For the Years Ended | ||
December 31, | December 31, | |
USD | USD | |
Net loss | (414,153) | (249,752) |
Income tax (benefit) expense | (51,340) | 77,483 |
Interest income | (956) | (536) |
Interest expense | - | 521 |
EBIT | (466,449) | (172,284) |
Depreciation and amortization expenses | 59,444 | 28,416 |
EBITDA | (407,005) | (143,868) |
Share-based compensation expenses | 42,074 | 30,916 |
Impairment on property, equipment and software | 21,126 | 11,303 |
Change in fair value of financial instruments | 10,918 | (20,571) |
Excess of fair value of Convertible Preferred | 59,199 | 50,725 |
Non-GAAP adjusted EBITDA | (273,688) | (71,495) |
View original content:https://www.prnewswire.com/news-releases/canaan-inc-reports-unaudited-fourth-quarter-and-full-year-2024-financial-results-302411873.html
SOURCE Canaan Inc.
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