Market Snapshot

S&P Futures
4,161.00
Dow Futures
34,003.00
NASDAQ Futures
13,905.00

Canaan Inc. (CAN) earnings results highlighted big losses amid covid-19 pandemic

Related Topics

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on whatsapp
WhatsApp

A leading supplier of high-performance computing technologies, Canaan Inc. (NASDAQ: CAN) officially revealed its unaudited financial results for the three months ended 30 September 2020.

In the third quarter of 2020, the overall processing capacity sold was 2.9 million Thash/s, reflecting a decline of 20.7 percent year-over-year from 3.7 million Thash/s in the same period in 2019 and a 13.4 percent rise quarter-over-quarter from 2.6 million Thash/s in the second quarter of 2020.

Total net sales was RMB163.0 million (US$24.0 million) in the third quarter of 2020, reflecting a decline of 75.7 percent year-over-year from RMB670.6 million in the same timeframe in 2019 and a drop of 8.5 percent quarter-over-quarter from RMB178.1 million in the second quarter of 2020.

Compared to a gross profit of RMB146.2 million in the same period in 2019 and a gross profit of RMB43.3 million in the second quarter of 2020, the gross loss in the third quarter of 2020 was RMB17.0 million (US$2.5 million).

Compared to net sales of RMB94.6 million in the same period in 2019 and net losses of RMB16.8 million in the second quarter of 2020, the net loss in the third quarter of 2020 amounted to RMB86.4 million (US$12.7 million).

In the third quarter of 2020, adjusted net loss for non-GAAP amounted to RMB84.8 million (US$12.5 million) relative to adjusted net loss for non-GAAP of RMB96.2 million in the same period of 2019 and adjusted net loss for non-GAAP of RMB16.0 million in the second quarter of 2020.

The Organization said that it will not provide any financial guidance in the near term due to the continuing volatility of the increasingly evolving global climate connected to the COVID-19 pandemic and the corresponding economic slowdown.

Mr. Quanfu Hong, Chief Financial Officer of Canaan, mentioned in a statement that in the Q3 of 2020, the pandemic and the resulting macroeconomic uncertainty continued to influence the global IC industry’s maximum yield. Nevertheless, during the Q3, demand for mining machines on the market started to recover, and we received a substantial number of pre-sale orders scheduled for delivery beginning in the fourth quarter of 2020.

Leave a Comment

Your email address will not be published. Required fields are marked *

Sign up for our FREE Newsletter and get:
Sign up for our FREE Newsletter and get:

SOCIAL LINKS

Latest Posts