Canaan Q1 Financial Report: Total Computing Power Has Increased 18.4% than 2019

ChainDD
ChainDD

May 23

摘要: In the first quarter, the total computing power of Canaan's sales increased from 700,000 Thash/s in Q1 2019 to 900,000 Thash/s in the same period of this year, an increase of 18.4%.

Canaan Technology (CAN), one of the biggest Bitcoin miner manufacturers of China, released the unaudited financial statements for the first quarter of this year on May 23.

The financial report shows that in the first three months ended March 31, 2020, the company's total net revenue was 68.3 million yuan, a year-on-year increase of 44.6% in Q1 2019.

Besides, the company's gross profit reached 2.4 million yuan, a year-on-year increase of 417.0%, and the gross profit margin increased from 1.0% in the same period in 2019 to 3.5% in 2020.

The net loss for the first quarter narrowed from 67.9 million yuan in the same period in 2019 to 39.9 million yuan (US $5.6 million). Non-GAAP adjusted net loss was 38.2 million yuan ($5.4 million), compared with 63.9 million yuan in the same period in 2019.

In the first quarter, the total computing power of Canaan's sales increased from 700,000 Thash/s in Q1 2019 to 900,000 Thash/s in the same period of this year, an increase of 18.4%.

Also, Canaan continued to increase R&D investment in the first quarter. The R&D expenses in the first quarter of 2020 were 41.8 million yuan, an increase of 33.5% from the first quarter of 2019, accounting for 61.2% in the total net revenue in the first quarter of this year.

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