Half Year 2024 Nano Labs Ltd Earnings Call Transcript
Key Points
- Successful mass production of the Cuckoo 3.0 chip, which features significantly enhanced performance compared to the Cuckoo 2.0 chip.
- Significant growth in revenue from 3D printing products, increasing to RMB459,200 from RMB22,000.
- Total operating expenses decreased by 20.1% to RMB58.72 million, indicating improved cost management.
- Selling and marketing expenses dropped by 54.4%, mainly due to reduced sales commissions and product shipping expenses.
- The company has established profound collaborations with various institutions and organizations, laying the groundwork for substantial growth potential.
- Net revenue for the first half of 2024 was RMB24.7 million, a significant decline from RMB52.27 million in the same period last year.
- Cost of revenues for the first half of 2024 were RMB24.71 million, indicating a high cost relative to revenue.
- Net loss for the first half of 2024 was RMB59.50 million, compared to a net loss of RMB134.3 million in the same period of 2023.
- Cash and cash equivalents decreased to RMB23.51 million as of June 30, 2024, from RMB48.16 million as of December 31, 2023.
- Research and development expenses decreased by 12.2%, which could impact future innovation and product development.
Ladies and gentlemen, thank you for standing by. Welcome to Nano Labs' first half of 2024 earnings conference call. (Operator Instructions) This conference is being recorded today, Wednesday, September 18, 2024.
Joining us today from Nano Labs are the company's Chairman and Chief Executive Officer, Mr. Jianping Kong; and company's Chief Financial Officer, Mr. Bing Chen. On our call today, Mr. Kong will give you an overview of the company's performance. Mr. Chen will share the details of the company's financial results. After that, we will conduct a question-and-answer session to take your questions.
Before we continue, I would like to remind you that some information discussed on this call will contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended and as defined in the US Private Securities Litigation Reform Act of 1995. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties, and other factors. All
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
