Canaan, Inc. Q2 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue: Reached record high of RMB1,081.8 million (USD $167.5 million), a 507.3% increase year-over-year and 168.6% quarter-over-quarter, driven by increased computing power sold.
  • Gross Profit: RMB427.1 million (USD $66.2 million), up 887% year-over-year and 119.9% quarter-over-quarter.
  • Non-GAAP Net Income: RMB320.1 million (USD $49.6 million), a record high since IPO.
  • Net Income to Shareholders: RMB245.0 million vs. RMB16.8 million loss in Q2 2020 and RMB1.2 million profit in Q1 2021.
  • R&D Expenses: RMB64 million (USD $9.9 million), up 145.4% year-over-year and 10% quarter-over-quarter. 45 new technological staff added (28% of R&D team).
  • Mining Machine Sales: Delivered 5.9 million terahash during Q2 2021, an all-time high; presale computing power reached 9.11 million terahash (as of September 10, 2021), with orders scheduled to June 2022.
  • Self-operated Mining: First batch in Kazakhstan operational and stable. Second batch (0.85 million terahash) to be deployed soon. Strategic focus to expand self-operated mining under legal compliance.

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Operator: Ladies and gentlemen, thank you for standing by, and welcome to Canaan Inc.'s Second Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the management's prepared remarks, we will have a question-and-answer session. Please note this event is being recorded. Now, I will like to hand the conference over to your speaker today, Ms. G. Zhang [ph], Investor Relations Manager of the company. Please go ahead, Ms. Zhang. Unidentified Company Representative: Thank you. Hello everyone, and welcome to our earnings conference call. The company's financial and operating results were released by our newswire services earlier today, and are currently available online. Joining us today are our Chairman and CEO, Mr. Nangeng Zhang; and our CFO, Mr. Jim Cheng -- James. In addition, Mr. Jingjie Wu, our SVP; and Mr. Shaoke Li, our Secretary of the Board will also be available during the question-and-answer session. Mr. Zhang will start the call by providing an overview of the company and performance highlights for the quarter. Mr. Cheng will then provide the detail on the company's operating and financial results for the period before we open the call up for your questions. Before we continue, I would like to refer you to our Safe Harbor statements in our earnings press release, which also applies to this call, as we will be making forward-looking statements. Please also note that we will discuss non-GAAP measures today, which are more t

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