Q2 2024 Canaan Inc Earnings Call Transcript
Key Points
- Canaan Inc (CAN) achieved a total revenue of around USD 72 million, marking a sequential growth of around 105%.
- The company successfully launched and began large-scale deliveries of its new A14 and A15 series products.
- Canaan Inc (CAN) saw a significant 84% sequential growth in total computing power sales, driven by the A14 series.
- The company expanded its global sales network, securing large orders in North America and the Middle East.
- Canaan Inc (CAN) maintained a stable mining gross margin of 33% and increased its self-mining operational hash rate to 4.5 exahash per second.
- Despite revenue growth, Canaan Inc (CAN) reported a net loss of USD 42 million for the quarter.
- The company faced a USD 10 million reduction in cryptocurrency fair value on the income statement due to the decline in Bitcoin prices.
- Mining revenue decreased by 11% quarter over quarter, impacted by the Bitcoin halving event.
- Canaan Inc (CAN) accrued USD 17.3 million for inventory write-downs and provisions, affecting gross profit.
- The company is exiting operations in Kazakhstan and Paraguay, indicating challenges in certain regional markets.
Ladies and gentlemen, thank you for standing by and welcome to Canaan Inc's second quarter 2024 earnings conference call. (Operator Instructions) Please note that this event is being recorded.
Now, I'd like to hand the conference over to your speaker host today, Ms. Gwyn Lauber, Investor Relations Director of the company. Please go ahead, Gwyn.
Thank you, operator. Hello, everyone, and welcome to our earnings conference call. Joining us today are our Chairman and CEO, Mr. Nangeng Zhang, and our CFO, Mr. Jin Cheng or James. In addition, Mr. Leo Wang, Head of Capital Markets; and Ms. Xi Zhang, IR Manager, will 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 details on the company's operating and financial results for the period before we open the call up for your questions.
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