Artificial Intelligence
Canaan Inc. Reports Unaudited Fourth Quarter and Full Year 2020 Financial Results
HANGZHOU, China, April 12, 2021 (GLOBE NEWSWIRE) — Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Company”), a leading high-performance computing solutions provider, today announced its unaudited financial results for the three months and twelve months ended December 31, 2020.
Fourth quarter 2020 Operating and Financial Highlights
Total computing power sold was 0.2 million Thash/s, representing a year-over-year decrease of 93.1% from 2.9 million Thash/s in the same period of 2019 and a quarter-over-quarter decrease of 93.1% from 2.9 million Thash/s in the third quarter of 2020.
Total net revenues decreased to RMB38.2 million (US$5.9 million) from RMB463.2 million in the same period of 2019 and RMB163.0 million in the third quarter of 2020.
Gross profit was RMB9.1 million (US$1.4 million) compared to a gross loss of RMB673.4 million in the same period of 2019 and a gross loss of RMB17.0 million in the third quarter of 2020.
Net loss narrowed to RMB72.0 million (US$11.0 million) from RMB798.2 million in the same period of 2019 and RMB86.4 million in the third quarter of 2020.
Non-GAAP adjusted net loss narrowed to RMB73.1 million (US$11.2 million) from RMB750.5 million in the same period of 2019 and RMB84.8 million in the third quarter of 2020.
Full Year 2020 Operating and Financial Highlights
Total computing power sold was 6.6 million Thash/s, representing a year-over-year decrease of 37.1% from 10.5 million Thash/s in 2019.
Total net revenues decreased to RMB447.7 million (US$68.6 million) from RMB1,422.6 million in 2019.
Gross profit was RMB37.8 million (US$5.8 million) compared to a gross loss of RMB516.0 million in 2019.
Net loss narrowed to RMB215.1 million (US$33.0 million) from RMB1,034.5 million in 2019.
Non-GAAP adjusted net loss narrowed to RMB212.1 million (US$32.5 million) from RMB764.3 million in 2019.
Mr. Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, commented, “Although the outbreak of COVID-19 caused supply chain disruptions and thus negatively impacted our revenues in the fourth quarter of 2020, our market leadership has enabled us to attain US$174 million of contracted orders with US$66 million of cash advance from customers as of December 31, 2020, thus laying a solid foundation for substantial revenue growth in 2021. During the fourth quarter, we fueled our overseas expansion, invested in our R&D capabilities, refined our supply chain management, and started mass production of our next-generation A12 series of bitcoin mining machines. All of those efforts have enabled us to begin delivering the A12 series of products at a large scale in the first quarter of 2021. In addition to fortifying our core mining machine business, we also achieved meaningful progress in our AI and Artificial IoT segments, both of which we believe have solid growth potential. After deep analysis of specific application use cases and the current market demand for computing power, we designed two new series of AI chips that will be in production in the second half of 2021.”
Mr. Tong He, Chief Financial Officer of Canaan, stated, “Due to supply chain disruptions, as the price of Bitcoin rallied in late 2020, we experienced a surge of demand for high-quality mining machines both in and outside of China. By leveraging our established market presence, we further optimized our international customer base, secured a large number of pre-orders from clients in both domestic and international markets, and streamlined our supply chain management to optimize our cash flow. Our abundant cash reserve gives us the confidence to expand our global client service coverage and develop more first-rate products going forward. Meanwhile, the rapid development of our new business initiatives should help us to launch into a new growth cycle and deliver increasing value to both our customer and shareholders over the long term.”
Fourth quarter 2020 Financial Results
Total net revenues in the fourth quarter of 2020 decreased to RMB38.2 million (US$5.9 million) from RMB463.2 million in the same period of 2019 and RMB163.0 million in the third quarter of 2020. The year-over-year and quarter-over-quarter decreases were mainly due to the decreases in total computing power sold. In the fourth quarter of 2020, although the market demand increased significantly with the rising of Bitcoin’s price, the Company did not have sufficient inventory to deliver to its customers.
Cost of revenues in the fourth quarter of 2020 decreased to RMB29.2 million (US$4.5 million) from RMB1,136.7 million in the same period of 2019 and RMB180.0 million in the third quarter of 2020. The year-over-year and quarter-over-quarter decreases in cost of revenues were in line with the changes in the Company’s Thash sales volume and cost per Thash.
Gross profit in the fourth quarter of 2020 was RMB9.1 million (US$1.4 million) compared to a gross loss of RMB673.4 million in the same period of 2019 and a gross loss of RMB17.0 million in the third quarter of 2020.
Total operating expenses in the fourth quarter of 2020 were RMB80.1 million (US$12.3 million), representing a decrease of 37.3% from RMB127.7 million in the same period of 2019 and an increase of 5.6% from RMB75.9 million in the third quarter of 2020.
Research and development expenses in the fourth quarter of 2020 were RMB40.1 million (US$6.1 million), representing a decrease of 37.0% from RMB63.6 million in the same period of 2019 and an increase of 24.7% from RMB32.1 million in the third quarter of 2020. The year-over-year decrease mainly reflected the changes in materials that the Company used for research and development purposes. The quarter-over-quarter increase was primarily driven by the increase in salary and welfare benefits for the Company’s research and development personnel.
Selling and marketing expenses in the fourth quarter of 2020 were RMB6.1 million (US$0.9 million) compared to RMB7.7 million in the same period of 2019 and RMB3.2 million in the third quarter of 2020. The year-over-year decrease was primarily driven by lower travel expenses due to the travel restrictions caused by the COVID-19 pandemic. The quarter-over-quarter increase was primarily driven by salary in the Company’s sales and marketing departments.
General and administrative expenses in the fourth quarter of 2020 were RMB33.9 million (US$5.2 million), representing a decrease of 40.0% from RMB56.4 million in the same period of 2019 and a decrease of 16.5% from RMB40.6 million in the third quarter of 2020. The decreases were mainly due to lower share-based compensation expenses in the fourth quarter of 2020.
Loss from operations in the fourth quarter of 2020 narrowed to RMB71.0 million (US$10.9 million) from RMB801.2 million in the same period of 2019 and RMB92.9 million in the third quarter of 2020.
Net loss attributable to ordinary shareholders in the fourth quarter of 2020 narrowed to RMB72.0 million (US$11.0 million) from RMB798.2 million in the same period of 2019 and RMB86.4 million in the third quarter of 2020.
Non-GAAP adjusted net loss in the fourth quarter of 2020 narrowed to RMB73.1 million (US$11.2 million) from RMB750.5 million in the same period of 2019 and RMB84.8 million in the third quarter of 2020. Non-GAAP adjusted net loss excludes share-based compensation expense. For further information, please refer to “Use of Non-GAAP Financial Measures” in this release.
Basic and diluted net loss per ADS in the fourth quarter of 2020 were both RMB0.46 (US$0.07). In comparison, basic and diluted net loss per ADS in the same period of 2019 were both RMB5.34. Basic and diluted net loss per ADS in the third quarter of 2020 were both RMB0.55. Each ADS represents 15 of the Company’s Class A ordinary shares.
Full Year 2020 Financial Results
Total net revenues in the full year of 2020 were RMB447.7 million (US$68.6 million) compared to RMB1,422.6 million in 2019. The decrease was mainly due to the year-over-year decline in total computing power sold and lower average selling price per Thash/s during the first three quarters of 2020. As the price of Bitcoin surged in the fourth quarter of 2020, the market demand for mining machines started to recover and the Company had received a large number of orders which were mainly scheduled for delivery in 2021.
Cost of revenues in the full year of 2020 decreased by 78.9% to RMB409.9 million (US$62.8 million) from RMB1,938.6 million in the full year of 2019. The year-over-year decreases in cost of revenues were in line with the changes in the Company’s Thash sales volume and cost per Thash.
Gross profit in the full year of 2020 was RMB37.8 million (US$5.8 million) compared to a gross loss of RMB516.0 million in the full year of 2019.
Total operating expenses in the full year of 2020 decreased by 45.8% to RMB291.6 million (US$44.7 million) from RMB538.5 million in the full year of 2019.
Research and development expenses in the full year of 2020 decreased by 17.1% to RMB140.0 million (US$21.5 million) from RMB169.0 million in the full year of 2019, primarily due to the changes in materials that the Company used for research and development purposes.
Sales and marketing expenses in the full year of 2020 decreased by 8.8% to RMB20.0 million (US$3.1 million) from RMB21.9 million in the full year of 2019. The reduction was mainly driven by lower travel expenses.
General and administrative expenses in the full year of 2020 decreased by 62.1% to RMB131.6 million (US$20.2 million) from RMB347.6 million in the full year of 2019. This year-over-year decrease was mainly due to the higher general and administrative expenses in the second quarter of 2019, during which share-based compensation expenses under general and administrative expenses were RMB213.1 million due to the excess of appraised fair value over the transfer price of ordinary shares transferred from existing shareholders to other existing shareholders who were also employees of the Company.
Loss from operations in the full year of 2020 narrowed to RMB253.9 million (US$38.9 million) from RMB1,054.5 million in the full year of 2019.
Net loss attributable to ordinary shareholders in the full year of 2020 narrowed to RMB215.1 million (US$33.0 million) from RMB1,034.5 million in the full year of 2019.
Non-GAAP adjusted net loss in the full year of 2020 narrowed to RMB212.1 million (US$32.5 million) from RMB764.3 million in the full year of 2019.
Basic and diluted net loss per ADS in the full year of 2020 were both RMB1.38 (US$0.21). In comparison, basic and diluted net loss per ADS in 2019 were both RMB7.21.
Contract liabilities as of December 31, 2020, increased to RMB430.4 million (US$66.0 million) from RMB8.3 million as of December 31, 2019, mainly due to increased down payments for the sales orders of Bitcoin mining machines to be delivered in 2021 and beyond.
As of December 31, 2020, the Company had cash and cash equivalents of RMB391.3 million (US$60.0 million) compared to RMB516.6 million as of December 31, 2019. The decrease was also attributable to higher short-term investments as the Company had invested RMB62.4 million (US$9.6 million) in short-term investments as of December 31, 2020, compared with RMB11.0 million(US$1.69 million) in short-term investments as of December 31, 2019. The Company purchased short-term financial products to generate higher returns on its capital. These investments are highly liquid and can be recouped at any time.
Business Outlook
As the price of Bitcoin started to move up in the fourth quarter of 2020, the Company believes that its revenue will be substantially improved in 2021 and expects that its total net revenues in the first quarter of 2021 will be not less than RMB400.0 million. This forecast reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to changes, particularly in regards to the potential fluctuations in the price of Bitcoin as well as the impact of COVID-19 on the global economy.
Conference Call Information
The Company’s management team will hold a Direct Event conference call on Monday, April 12, 2021, at 8:00 A.M. Eastern Time (or 8:00 P.M. Beijing Time on the same day) to discuss the financial results. Details for the conference call are as follows:
All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers, the Direct Event passcode, and a unique access PIN, which can be used to join the conference call.
A replay of the conference call will be accessible through April 20, 2021, by dialing the following numbers:
| International: | +61-2-8199-0299 |
| United States: | +1-646-254-3697 |
| Hong Kong, China: | +852-3051-2780 |
| Replay PIN: | 8075184 |
A live and archived webcast of the conference call will also be available at the Company’s investor relations website at investor.canaan-creative.com.
About Canaan Inc.
Established in 2013, Canaan Inc. provides high-performance computing solutions to efficiently solve complex problems. In 2016, Canaan successfully initiated the production of its first 16nm chip and passed the test to receive China’s national high-tech enterprise certification. In 2018, Canaan achieved major technological breakthroughs to launch the K210, the world’s first-ever RISC-V-based edge artificial intelligence (AI) chip, which is now widely used for access control in situations such as smart door locks and more. Canaan Inc. is currently focused on the research and development of advanced technology, including such areas as AI chips, AI algorithms, AI architectures, system on a chip (SoC) integration and chip integration. Using the AI chip as its base, Canaan Inc. has established an intellectual value chain. Canaan Inc. also provides a suite of AI service solutions and is able to tailor these solutions to the needs of its partners. For more information, please visit: investor.canaan-creative.com.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB6.5250 to US$1.00, the noon buying rate in effect on December 31, 2020, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.
Safe Harbor Statement
This announcement contains forward−looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward−looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Canaan Inc.’s strategic and operational plans, contain forward−looking statements. Canaan Inc. may also make written or oral forward−looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20−F and 6−K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Canaan Inc.’s beliefs and expectations, are forward−looking statements. Forward−looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward−looking statement, including but not limited to the following: the Company’s goals and strategies; the Company’s future business development, financial condition and results of operations; the expected growth of the Bitcoin industry and the price of Bitcoin; the Company’s expectations regarding demand for and market acceptance of its products, especially its Bitcoin mining machines; the Company’s expectations regarding maintaining and strengthening its relationships with production partners and customers; the Company’s investment plans and strategies, fluctuations in the Company’s quarterly operating results; competition in its industry in China; and relevant government policies and regulations relating to the Company and cryptocurrency. Further information regarding these and other risks is included in the Company’s filings with the SEC, including its registration statement on Form F−1, as amended, and its annual reports on Form 20−F. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. does not undertake any obligation to update any forward−looking statement, except as required under applicable law.
Use of NonGAAP Financial Measures
In evaluating Canaan’s business, the Company considers and uses adjusted net income as a supplemental measure to review and assess its operating performance. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for financial information prepared and presented in accordance with U.S. GAAP. The Company defines adjusted net loss as net loss excluding sharebased compensation expense.
Canaan believes that adjusted net income helps to identify underlying trends in the Company’s business that could otherwise be distorted by the effect of the expenses that the Company excludes in adjusted net income. The Company believes that adjusted net income provides useful information about our operating results, enhances the overall understanding of Canaan’s past performance and future prospects and allows for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.
The non-GAAP financial measure “adjusted net loss” is not defined under U.S. GAAP, is not presented in accordance with U.S. GAAP and has limitations as an analytical tool. One of the key limitations of using adjusted net loss is that it does not reflect all of the items of income and expense that affect the Company’s operations. Share-based compensation has been and may continue to be incurred in Canaan’s business and is not reflected in the presentation of adjusted net loss. Further, the non-GAAP financial measure “adjusted net loss” may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.
Investor Relations Contact
Canaan Inc.
Mr. Shaoke Li
Email: [email protected]
ICR Inc.
Jack Wang
Tel: +1 (347) 396-3281
Email: [email protected]
| CANAAN INC. UNAUDITED CONSOLIDATED BALANCE SHEETS (all amounts in thousands of RMB, except share and per share data, or as otherwise noted) |
||||||
| As of December 31, | ||||||
| 2019 | 2020 | 2020 | ||||
| RMB | RMB | US$ | ||||
| ASSETS | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | 516,607 | 391,310 | 59,971 | |||
| Restricted cash | 8,239 | 4,494 | 689 | |||
| Short-term investments | 11,005 | 62,386 | 9,561 | |||
| Accounts receivable | 2,872 | 7,128 | 1,092 | |||
| Inventories | 196,067 | 225,522 | 34,563 | |||
| Prepayments and other current assets | 206,020 | 316,366 | 48,484 | |||
| Total current assets | 940,810 | 1,007,206 | 154,360 | |||
| Non-current assets: | ||||||
| Property, equipment and software | 22,602 | 12,193 | 1,869 | |||
| Right-of-use assets, net | 22,764 | 14,422 | 2,210 | |||
| Other non-current assets | 5,250 | 2,530 | 388 | |||
| Non-current financial investment | – | 25 | 4 | |||
| Total non-current assets | 50,616 | 29,170 | 4,471 | |||
| Total assets | 991,426 | 1,036,376 | 158,831 | |||
| LIABILITIES, AND SHAREHOLDERS’ EQUITY | ||||||
| Current liabilities | ||||||
| Short-term debts | 99,903 | 34,754 | 5,326 | |||
| Accounts payable | 99,050 | 37,407 | 5,733 | |||
| Notes payable | 27,462 | 13,963 | 2,140 | |||
| Contract liabilities | 8,288 | 430,388 | 65,960 | |||
| Accrued liabilities and other current liabilities | 40,691 | 63,343 | 9,708 | |||
| Lease liabilities, current | 9,838 | 12,621 | 1,934 | |||
| Total current liabilities | 285,232 | 592,476 | 90,801 | |||
| Non-current liabilities: | ||||||
| Lease liabilities, non-current | 13,399 | 3,322 | 509 | |||
| Other non-current liabilities | – | 8,020 | 1,229 | |||
| Total non-current liabilities | 13,399 | 11,342 | 1,738 | |||
| Total liabilities | 298,631 | 603,818 | 92,539 | |||
| Shareholders’ equity: | ||||||
| Ordinary shares (US$0.00000005 par value; 1,000,000,000,000 shares authorized, 2,372,222,222 shares issued, 2,350,123,270 and 2,328,326,132 shares outstanding as of December 31, 2019 and 2020, respectively) |
1 | 1 | – | |||
| Subscriptions receivable from shareholders | (1 | ) | (1 | ) | – | |
| Treasury stocks (US$0.00000005 par value; 22,098,952 and 43,896,090 shares as of December 31, 2019 and 2020, respectively) |
– | (23,915 | ) | (3,665 | ) | |
| Additional paid-in capital | 1,631,609 | 1,634,619 | 250,516 | |||
| Statutory reserves | 97,307 | 97,307 | 14,913 | |||
| Accumulated other comprehensive loss | (55,542 | ) | (79,780 | ) | (12,227 | ) |
| Accumulated deficit | (980,579 | ) | (1,195,673 | ) | (183,245 | ) |
| Total shareholders’ equity | 692,795 | 432,558 | 66,292 | |||
| Total liabilities and shareholders’ equity | 991,426 | 1,036,376 | 158,831 | |||
| CANAAN INC. UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (all amounts in thousands of RMB, except share and per share data, or as otherwise noted) |
|||||||||
| For the Three Months Ended | |||||||||
| December 31, 2019 |
September 30, 2020 |
December 31, 2020 |
December 31, 2020 |
||||||
| RMB | RMB | RMB | US$ | ||||||
| Net revenues | |||||||||
| Products revenue | 448,289 | 159,727 | 37,838 | 5,799 | |||||
| Leases revenue | 11,267 | 2,860 | – | – | |||||
| Service revenue | 1,877 | 151 | 68 | 10 | |||||
| Other revenues | 1,814 | 303 | 340 | 53 | |||||
| Total net revenues | 463,247 | 163,041 | 38,246 | 5,862 | |||||
| Cost of revenues | (1,136,676 | ) | (180,033 | ) | (29,155 | ) | (4,468 | ) | |
| Gross (loss)/profit | (673,429 | ) | (16,992 | ) | 9,091 | 1,394 | |||
| Operating expenses: | |||||||||
| Research and development expenses | (63,609 | ) | (32,117 | ) | (40,057 | ) | (6,139 | ) | |
| Sales and marketing expenses | (7,684 | ) | (3,181 | ) | (6,147 | ) | (942 | ) | |
| General and administrative expenses | (56,446 | ) | (40,561 | ) | (33,887 | ) | (5,193 | ) | |
| Total operating expenses | (127,739 | ) | (75,859 | ) | (80,091 | ) | (12,274 | ) | |
| Loss from operations | (801,168 | ) | (92,851 | ) | (71,000 | ) | (10,880 | ) | |
| Interest income | 1,793 | 283 | 173 | 27 | |||||
| Investment income | 179 | 1,963 | 895 | 137 | |||||
| Interest expense and guarantee fee | (1,395 | ) | (785 | ) | (98 | ) | (15 | ) | |
| Foreign exchange (loss)/gains, net | (1,392 | ) | 2,066 | 33 | 5 | ||||
| Value added tax refunds | 905 | – | – | – | |||||
| Other income/(loss), net | 2,867 | 2,942 | (2,054 | ) | (315 | ) | |||
| Loss before income tax expenses | (798,211 | ) | (86,382 | ) | (72,051 | ) | (11,041 | ) | |
| Income tax expense | – | (24 | ) | 96 | 15 | ||||
| Net loss | (798,211 | ) | (86,406 | ) | (71,955 | ) | (11,026 | ) | |
| Foreign currency translation adjustment, net of nil tax | (3,272 | ) | (15,402 | ) | (15,238 | ) | (2,335 | ) | |
| Total comprehensive loss | (801,483 | ) | (101,808 | ) | (87,193 | ) | (13,361 | ) | |
| Weighted average number of shares used in per share calculation: | |||||||||
| — Basic and diluted | 2,240,601,754 | 2,350,115,118 | 2,332,549,534 | 2,332,549,534 | |||||
| Net loss per share (cent per share) | |||||||||
| — Basic and diluted | (35.62 | ) | (3.68 | ) | (3.08 | ) | (0.47 | ) | |
| Research and development expenses | 17,649 | 1,025 | (1,625 | ) | (249 | ) | |||
| Sales and marketing expenses | 28 | 11 | 8 | 1 | |||||
| General and administrative expenses | 30,018 | 600 | 457 | 70 | |||||
The table below sets forth a reconciliation of net loss to non-GAAP adjusted net loss for the period indicated:
| For the Three Months Ended | ||||||||
| December 31, 2019 |
September 30, 2020 |
December 31, 2020 |
December 31, 2020 |
|||||
| RMB | RMB | RMB | US$ | |||||
| Net loss | (798,211 | ) | (86,406 | ) | (71,955 | ) | (11,026 | ) |
| Share-based compensation expense | 47,695 | 1,636 | (1,160 | ) | (178 | ) | ||
| Non-GAAP adjusted net loss | (750,516 | ) | (84,770 | ) | (73,115 | ) | (11,204 | ) |
| CANAAN INC. UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (CONTINUED) (all amounts in thousands of RMB, except share and per share data, or as otherwise noted) |
|||||||
| For the Years Ended | |||||||
| December 31, 2019 | December 31, 2020 | December 31, 2020 | |||||
| RMB | RMB | US$ | |||||
| Net revenues | |||||||
| Products revenue | 1,392,859 | 427,522 | 65,521 | ||||
| Leases revenue | 24,548 | 18,963 | 2,906 | ||||
| Service revenue | 2,668 | 300 | 46 | ||||
| Other revenues | 2,548 | 901 | 139 | ||||
| Total net revenues | 1,422,623 | 447,686 | 68,612 | ||||
| Cost of revenues | (1,938,626 | ) | (409,922 | ) | (62,823 | ) | |
| Gross (loss)/profit | (516,003 | ) | 37,764 | 5,789 | |||
| Operating expenses: | |||||||
| Research and development expenses | (168,982 | ) | (140,041 | ) | (21,462 | ) | |
| Sales and marketing expenses | (21,917 | ) | (19,980 | ) | (3,062 | ) | |
| General and administrative expenses | (347,633 | ) | (131,624 | ) | (20,172 | ) | |
| Total operating expenses | (538,532 | ) | (291,645 | ) | (44,696 | ) | |
| Loss from operations | (1,054,535 | ) | (253,881 | ) | (38,907 | ) | |
| Interest income | 3,853 | 3,153 | 483 | ||||
| Investment income | 3,055 | 5,844 | 896 | ||||
| Interest expense and guarantee fee | (20,038 | ) | (3,587 | ) | (550 | ) | |
| Foreign exchange gains, net | 6,809 | 2,419 | 371 | ||||
| Value added tax refunds | 1,253 | – | – | ||||
| Other income, net | 25,093 | 30,958 | 4,745 | ||||
| Loss before income tax expense | (1,034,510 | ) | (215,094 | ) | (32,962 | ) | |
| Net Loss | (1,034,510 | ) | (215,094 | ) | (32,962 | ) | |
| Foreign currency translation adjustment, net of nil tax | 9,688 | (24,238 | ) | (3,715 | ) | ||
| Total comprehensive loss | (1,024,822 | ) | (239,332 | ) | (36,677 | ) | |
| Weighted average number of shares used in per share calculation: | |||||||
| — Basic and diluted | 2,153,172,769 | 2,345,703,779 | 2,345,703,779 | ||||
| Net loss per share (cent per share) | |||||||
| — Basic and diluted | (48.05 | ) | (9.17 | ) | (1.41 | ) | |
| Share-based compensation expenses were included in: | |||||||
| Research and development expenses | 22,465 | 652 | 100 | ||||
| Sales and marketing expenses | 358 | 41 | 6 | ||||
| General and administrative expenses | 247,419 | 2,257 | 346 | ||||
The table below sets forth a reconciliation of net loss to non-GAAP adjusted net loss for the years indicated:
| For the Years Ended | ||||||
| December 31, 2019 | December 31, 2020 | December 31, 2020 | ||||
| RMB | RMB | US$ | ||||
| Net loss | (1,034,510 | ) | (215,094 | ) | (32,962 | ) |
| Share-based compensation expense | 270,242 | 2,950 | 452 | |||
| Non-GAAP adjusted net loss | (764,268 | ) | (212,144 | ) | (32,510 | ) |
Artificial Intelligence
More than $9 Million Awarded to High School Scientists and Engineers at the Regeneron International Science and Engineering Fair 2024
Grace Sun, 16, receives $75,000 Top Award for a new kind of organic electrochemical transistor at the world’s largest pre-college science, technology, engineering and math (STEM) competition.
TARRYTOWN, N.Y. and WASHINGTON, May 17, 2024 /PRNewswire/ — Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) and Society for Science (the Society) announced that Grace Sun, 16, of Lexington, Kentucky, won the $75,000 top award, the George D. Yancopoulos Innovator Award, named in honor of the pioneering drug researcher and Regeneron co-Founder, Board co-Chair, President and Chief Scientific Officer, in the 2024 Regeneron International Science and Engineering Fair (Regeneron ISEF), the world’s largest pre-college science and engineering competition. Other top prizes went to projects in second-order cone programming, microplastics filtration and multi-sensory therapy for dementia.
The top winners were honored during two award ceremonies: the Special Awards on May 16 and the Grand Awards Ceremony on the morning of May 17. In total, over $9 million USD was awarded to the finalists based on their projects’ creativity, innovation and depth of scientific inquiry. The competition featured nearly 2,000 young scientists representing 49 U.S. states and nearly 70 countries, regions and territories across the world.
Grace Sun, 16, of Lexington, Kentucky, won first place and received the $75,000 George D. Yancopoulos Innovator Award for her research on building a better organic electrochemical transistor that she hopes will be used to develop new electronic devices that could help detect and treat serious illnesses like diabetes, epilepsy and organ failure. To overcome the problems that have previously prevented such devices from working effectively inside the body, Grace developed a new way of chemically treating their organic components, which greatly improved their laboratory performance.
Michelle Wei, 17, of San Jose, California, received one of two Regeneron Young Scientist Awards of $50,000 for her research to improve the speed and efficiency of a type of software that is useful in many fields such as machine learning, transportation and financial systems. Michelle’s new approach involved determining a quick approximate solution to the second-order cone programming problem, then splitting the initial cone into smaller cones, which enabled her new algorithm to greatly outperform previous approaches.
Krish Pai, 17, of Del Mar, California, received the second Regeneron Young Scientist Award of $50,000 for his machine-learning research to identify microbial genetic sequences that can be modified to biodegrade plastic. His new software, called Microby, scans databases of microorganisms and determines which ones can be changed genetically to biodegrade plastics. In tests, he identified two microorganisms that can be genetically modified to degrade plastic at a cost he believes would be ten times less than traditional recycling.
“Congratulations to the Regeneron International Science and Engineering Fair 2024 winners,” said Maya Ajmera, President and CEO, Society for Science and Executive Publisher, Science News. “I’m truly inspired by the ingenuity and determination shown by these remarkable students. Coming from around the world with diverse backgrounds and academic disciplines, these students have shown that it is possible to come together in unity to tackle some of the toughest challenges facing our world today, and I could not be prouder.”
Regeneron ISEF provides a global stage for the world’s best and brightest young scientists and engineers. Through this competition, Regeneron and the Society are fostering the next generation of STEM leaders who are pioneering solutions to improve our world. Since 2020, Regeneron has provided STEM experiences to approximately 2.4 million students, on track to meet its goal of 2.5 million by 2025.
“The talent, intelligence and potential of this year’s Regeneron ISEF finalists is truly inspiring, and I congratulate each on their remarkable achievements,” said George D. Yancopoulos, M.D., Ph.D., co-Founder, Board co-Chair, President and Chief Scientific Officer of Regeneron. “Science competitions like ISEF were pivotal in shaping my own career and fueling my passion to fight back against disease. I look forward to seeing these students continue to push the boundaries of science and technology to create positive and sustainable change for all humanity.”
Other top honors from the competition include:
Justin Huang and Victoria Ou, both 17, of Woodlands, Texas, received the Gordon E. Moore Award for Positive Outcomes for Future Generations of $50,000 for their new prototype filtration system that uses ultrasonic waves to remove microscopic plastic particles from water. In lab tests, the acoustic force from the high-frequency sound waves removed between 84% and 94% of the suspended microplastic particles in a single pass. The students are now working to scale up and fine-tune their experimental system.
Ingrid Wai Hin Chan, 17, of Hong Kong, China received the Craig R. Barrett Award for Innovation of $10,000 for her research on using a multi-sensory therapy for dementia patients. Her mixed therapy app would allow patients to practice physical and cognitive skills through a personalized, immersive environment using virtual reality headsets. Ingrid conducted an eight-week study with six people living with dementia and found that the cognitive function of patients who used her prototype improved in several areas. She believes her app could serve as a viable option for dementia patients with limited access to in-person professional therapy.
Tanishka Balaji Aglave, 15, of Valrico, Florida, received the H. Robert Horvitz Prize for Fundamental Research of $10,000 for her investigation into a natural alternative treatment against citrus greening, a disease that threatens citrus farming in many parts of the world and is currently only treated with antibiotics. Tanishka injected the trunks of infected trees with an extract from the curry leaf tree, and found through tests that this potential method could effectively and sustainably manage citrus greening disease.
Maddux Alexander Springer, 18, of Honolulu, Hawaii, received the Peggy Scripps Award for Science Communication of $10,000 for his research into fibropapillomatosis (FP), a disease that is the primary cause of death in green sea turtles. Some turtles he studied in Kaneohe Bay, Hawaii, were stricken with a disease that causes internal and external tumors that inhibit their everyday lives. After analyzing the turtles’ diet of green algae, Maddux concluded that this disease, wastewater, invasive algae and the amino acid arginine all pose a grave risk to these endangered sea creatures.
Ria Kamat, 17, of Hackensack, New Jersey; Anna Oliva, 17, of Houston, TX; and Shuhan Luo, 18, of Worcester, MA, received the Dudley R. Herschbach SIYSS Award, which provides finalists an all-expense paid trip to attend the Stockholm International Youth Science Seminar during Nobel Week in Stockholm, Sweden.
Jack Shannon, 18, of Clane, Kildare, Ireland, and Nikhil Vemuri, 17, of Cary, North Carolina, received the EU Contest for Young Scientists Award. Their projects will represent Regeneron ISEF at the EU Contest for Young Scientists to be held this September in Katowice, Poland.
For more information about the top winners and access to visual assets visit: https://www.societyforscience.org/isef-2024-media-kit.
The full list of Special Award ISEF 2024 Finalists can be found at https://www.societyforscience.org/press-release/regeneron-isef-2024-special-awards-winners.
In addition to the Top Award winners, more than 450 finalists received awards and prizes for their innovative research, including “First Award” winners, who each received a $5,000 prize.
The following lists the First Award winners for each of the 22 categories, from which the Top Awards were chosen:
Animal Sciences, sponsored by Society for ScienceMaddux Alexander Springer, Honolulu, Hawaii
Behavioral and Social Sciences, sponsored by Society for ScienceAndrew Y. Liang, San Jose, California
Biochemistry, sponsored by RegeneronAmy Hong Xiao, Garden City, New York
Biomedical and Health Sciences, sponsored by RegeneronRia Kamat, Hackensack, New Jersey; Kevin Xuan Lei, Shanghai, China
Biomedical Engineering, sponsored by Alfred E. Mann CharitiesAyush Garg, Dublin, California; Divij Motwani, Palo Alto, California; Akash Ashish Pai, Portland, Oregon
Cellular and Molecular Biology, sponsored by RegeneronLara and Maya Sarah Hammoud, Beverly Hills, Michigan
Chemistry, sponsored by Society for ScienceAkilan Sankaran, Albuquerque, New Mexico; Arjun Suresh Malpani and Siddharth Daniel D’costa, Portland, Oregon
Computational Biology and Bioinformatics, sponsored by RegeneronKun-Hyung Roh, Bronx, New York
Earth and Environmental Sciences, sponsored by Google.orgNikhil Vemuri, Durham, North Carolina; Justin Yizhou Huang and Victoria Ou, The Woodlands, Texas
Embedded Systems, sponsored by HPChloe Rae and Sophie Rose Filion, Welland, Ontario, Canada
Energy: Sustainable Materials and Design, sponsored by Siemens EnergyAlia Wahban, Hamilton, Ontario, Canada
Engineering Technology: Statics and Dynamics, sponsored by Howmet Aerospace FoundationChiyo Nakatsuji, Bunkyoku, Tokyo, Japan; Kevin Shen, Olympia, Washington
Environmental Engineering, sponsored by JacobsKrish Pai, San Diego, California; Jack Shannon, Clane, Kildare, Ireland
Materials Science, sponsored by Howmet Aerospace FoundationGrace Sun, Lexington, Kentucky
Mathematics, sponsored by Akamai FoundationAnna Oliva, Houston, Texas
Microbiology, sponsored by Schattner FoundationMatthew Chang, Irvine, California
Physics and Astronomy, sponsored by Richard F. Caris Charitable Trust IIHarini Thiagarajan and Vishal Ranganath Yalla, Bothell, Washington; Shuhan Luo, Worcester, Massachusetts
Plant Sciences, sponsored by Society for SciencePauline Estrada, Fresno, California; Tanishka Balaji Aglave, Dover, Florida
Robotics and Intelligent Machines, sponsored by RegeneronMichal Lajciak, Dubnica nad Vahom, Trenciansky kraj, Slovakia; Anthony Efthimiadis, Oakville, Ontario, Canada
Systems Software, sponsored by MicrosoftMichelle Wei, San Jose, California
Technology Enhances the Arts, sponsored by Society for ScienceAnant Khandelwal, Sritan Motati and Siddhant Sood, Alexandria, Virginia
Translational Medical Science, sponsored by RegeneronZheng-Chi Lee, West Lafayette, Indiana; Ingrid Wai Hin Chan, Hong Kong, China
The full list of all award-winning ISEF 2024 finalists is available here: https://www.societyforscience.org/press-release/regeneron-isef-2024-full-awards.
View all the finalists’ research here: https://projectboard.world/isef.
About the Regeneron International Science and Engineering FairThe Regeneron International Science and Engineering Fair (Regeneron ISEF), a program of Society for Science for over 70 years, is the world’s largest global science competition for high school students. Through a global network of local, regional and national science fairs, millions of students are encouraged to explore their passion for scientific inquiry. Each spring, a group of these students is selected as finalists and offered the opportunity to compete for approximately U.S. $9 million in awards and scholarships.
In 2019, Regeneron became the title sponsor of ISEF to help reward and celebrate the best and brightest young minds globally and encourage them to pursue careers in STEM to positively impact the world. Regeneron ISEF is supported by a community of additional sponsors, including Akamai Foundation, Alfred E. Mann Charities, Aramco, Caltech, Google.org, Gordon and Betty Moore Foundation, Howmet Aerospace Foundation, HP, , Jacobs, King Abdulaziz & his Companions Foundation for Giftedness and Creativity, Microsoft, National Geographic Society, Richard F. Caris Charitable Trust II, Rise, an initiative of Schmidt Futures and the Rhodes Trust, Schattner Foundation, Siemens Energy, Annenburg Foundation, Ballmer Group, Broadcom Foundation, Cesco Linguistic Services, Conrad N. Hilton Foundation, Edison International, Insaco, Oracle Academy, The Eli and Edythe Broad Foundation, The Ralph M. Parsons Foundation and US Army ROTC. Many are entrepreneurs across a wide range of industries. Learn more at https://www.societyforscience.org/isef/.
About Society for ScienceSociety for Science is a champion for science, dedicated to promoting the understanding and appreciation of science and the vital role it plays in human advancement. Established in 1921, Society for Science is best known for its award-winning journalism through Science News and Science News Explores, its world-class science research competitions for students, including the Regeneron Science Talent Search, the Regeneron International Science and Engineering Fair and the Thermo Fisher Scientific Junior Innovators Challenge, and its outreach and equity programming that seeks to ensure that all students have an opportunity to pursue a career in STEM. A 501(c)(3) membership organization, Society for Science is committed to inform, educate and inspire. Learn more at www.societyforscience.org and follow us on Facebook, Twitter, Instagram and Snapchat (Society4Science).
About RegeneronRegeneron (NASDAQ: REGN) is a leading biotechnology company that invents, develops and commercializes life-transforming medicines for people with serious diseases. Founded and led by physician-scientists, our unique ability to repeatedly and consistently translate science into medicine has led to numerous approved treatments and product candidates in development, most of which were homegrown in our laboratories. Our medicines and pipeline are designed to help patients with eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, neurological diseases, hematologic conditions, infectious diseases and rare diseases.
Regeneron believes that operating as a good corporate citizen is crucial to delivering on our mission. We approach corporate responsibility with three goals in mind: to improve the lives of people with serious diseases, to foster a culture of integrity and excellence and to build sustainable communities. Regeneron is proud to be included on the Dow Jones Sustainability World Index and the Civic 50 list of the most “community-minded” companies in the U.S. Throughout the year, Regeneron empowers and supports employees to give back through our volunteering, pro bono and matching gift programs. Our most significant philanthropic commitments are in the area of early science education, including the Regeneron Science Talent Search and the Regeneron International Science and Engineering Fair (ISEF).
For more information, please visit www.Regeneron.com or follow Regeneron on LinkedIn, Instagram, Facebook or X.
More information about the top winners and access to visual assets visit: https://www.societyforscience.org/isef-2024-media-kit.
Media ContactsJoseph Brown, [email protected]
Gayle Kansagor, Society for [email protected]
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Artificial Intelligence
J.P. Morgan Life Sciences Private Capital, Blue Horizon Advisors and United Al Saqer Announce Winner of Inaugural 2024 Life Sciences Innovation Summit
In conjunction with Abu Dhabi Global Healthcare Week 2024
ABU DHABI, UAE, May 17, 2024 /PRNewswire/ — J.P. Morgan Life Sciences Private Capital, Blue Horizon Advisors and United Al Saqer Group announced today Rayees Rahman of Harmonic Discovery as the winner of the inaugural J.P. Morgan Asset Management: Life Sciences Innovation Summit. Harmonic Discovery is a precision pharmacology company applying its generative chemistry platform to advance next-generation kinase inhibitors.
In partnership with the Department of Health – Abu Dhabi (DoH), the Summit took place on May 14-15, 2024 at Cleveland Clinic Abu Dhabi and showcased the 11 innovative finalists, as well as highlighted existing innovators and opportunities in the Emirate of Abu Dhabi. The event also featured keynote speeches from Dr. Laurie Glimcher of Dana-Farber Cancer Institute, Dr. Shahrukh Hashmi of the Department of Health – Abu Dhabi, and Dr. David Ho of Columbia University Medical Center and provided attendees networking opportunities to gain valuable insights into the future of life sciences innovation.
In addition, the jury designated Chun-Hao Huang of Algen Biotechnologies as honourable mention. Algen Biotechnologies is a platform therapeutics and drug discovery company using world-leading CRISPR and AI to find treatments for cancer, inflammation and metabolic diseases.
The winners were selected by an esteemed, international panel of judges, which included:Laurie Glimcher, MD, President and CEO at Dana-Farber Cancer InstituteJorge Guzman, MD, CEO at Cleveland Clinic Abu DhabiProf. Shahrukh Khurshid Hashmi, MD, Director of Research, Department of Health, Abu DhabiYasmine Hayek Kobeissi, PhD, CQF, BSc., Executive Director at Blue Horizon AdvisorsAnya Schiess, Managing Partner at J.P. Morgan Life Sciences Private CapitalWalid Zaher, PhD, Co-Founder and CEO, Carexso
Dr. Asma Al Mannaei, Executive Director of the Research and Innovation Centre at the Department of Health – Abu Dhabi said: “Under the directives of the UAE’s wise leadership, and renowned for its world-leading medical infrastructure, Abu Dhabi stands at the forefront of healthcare excellence, offering an unparalleled opportunity for advancement in healthcare for global partners. It was our utmost pleasure hosting the J.P. Morgan Asset Management Life Sciences Innovation Summit 2024 on the sidelines of Abu Dhabi Global Healthcare Week and we commend the winners for their pioneering efforts in driving impactful advancements in healthcare; their dedication to innovation not only transforms the landscape of medicine, but also holds the promise of improving lives worldwide.”
Stephen Squinto, PhD, Chief Investment Officer, J.P. Morgan Life Sciences Private Capital said: “We are thrilled with the level of biotech passion and innovation that we observed at this year’s Summit in Abu Dhabi. The energy was truly palpable we are thrilled to announce Rayees Rahman as the winner of our first Life Sciences Innovation Summit. Harmonic Discovery’s approach embodies the next generation of drug discovery and development. We appreciate the time and effort of all participants and cannot wait for our next event in the region.”
Nabil Kobeissi, Chief Executive Officer of Blue Horizon Advisors, said: “As the main sponsor, we are committed to nurturing and fostering the growth of all 11 finalists in this vibrant biotech ecosystem. This Summit marks the beginning of a transformative journey, and we are confident that it will pave the way for a flourishing hub in the region. We are also pleased to announce that we will commit to invest in and partner with the winner, Harmonic Discovery, to support its future growth in the region.”
Sponsors for the event included J.P. Morgan Life Sciences Private Capital, J.P. Morgan Commercial Bank, Blue Horizon Advisors, United Al Saqer Group, Thermo Fisher Scientific, and Salam Capital. The Summit organisation, logistics and finalist recruitment were facilitated by Lyfebulb.
Of importance, at the Summit, Mr. Mohamed Al Breiki, Executive Director of Sustainable Development at Masdar City, announced that Masdar City Free Zone would award all 11 Finalists complimentary business licenses to further support their establishment in the region. Masdar City is one of the world’s most sustainable urban developments and innovation hubs with a growing focus on life science entrepreneurship in Abu Dhabi.
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Artificial Intelligence
Congregating in the Lion City for a Win-Win Future of Intelligent Computing at the Global Data Center Facility Summit 2024
SINGAPORE, May 17, 2024 /PRNewswire/ — On May 17, 2024, the Global Data Center Facility Summit 2024 was held in Singapore with the theme of “Power the Digital Era Forward.” At the summit, over 600 data center industry leaders, technical experts, and ecosystem partners gathered to discuss new trends and opportunities of the global data center industry in the intelligent computing era. The attendees also got to experience all-scenario, all-ecosystem, and all-service end-to-end (E2E) solutions, share innovative practices of green data centers in the Asia Pacific and Europe, and experience the exhibition vehicle to unveil the mystery of Outdoor PowerPOD that features one power system per container. By fully embracing the intelligent computing era, Huawei strives to power the digital era forward.
Seizing Opportunities Brought by AI and Jointly Building Green & Reliable Computing Infrastructure
At the opening speech, Charles Yang, Senior Vice President of Huawei and President of Marketing, Sales and Services, Huawei Digital Power, noted that since ChatGPT ushered in the AI era, large models keep pushing the limits of computing power and the intelligent computing industry is witnessing an unprecedented construction boom. As predicted, 100 GW will be added to the global data center installed capacity and the market value will exceed US$600 billion in the next five years.
According to Charles, with opportunities come challenges. The primary challenge concerning the data center industry is reliability and electricity. Data centers are scaling up from the MW-level to the GW-level. E2E reliability of data centers is becoming even more important than ever. In response to the opportunities, Huawei will work with customers and partners to expand the industry space.
Steering Data Centers to the AI Era with Product + Service + Ecosystem
During the summit, Sun Xiaofeng, President of Huawei Data Center Facility & Critical Power Business, delivered a speech titled “Power the Digital Era Forward. ” He stated that as AI large models are penetrating, the surging compute demands drive the expansive growth in data center.
To address the challenges, Huawei strives to build product + service + ecosystem E2E data center solutions that feature fast deployment, flexible cooling, green energy, and ultimate reliability.
Fast deployment: Data centers are fully modularized and prefabricated to ensure high quality and efficient construction.Flexible cooling: Air-liquid fusion and integrated cooling source emerges as the optimal cooling architecture for intelligent computing.Green energy: New generation-grid-load-storage integrated solution is built to ensure the sound operations of intelligent computing centers.Ultimate reliability: Data centers are safeguarded through reliable products and preventive protection.Currently, Huawei’s global service network covers more than 170 countries with over 1800 professional engineers, providing 24/7 technical support. With N+ flagship service centers, Huawei has built a one-hour service radius for its customers.
The ecosystem is a key part for a win-win future of intelligent computing. Huawei works with partners to develop comprehensive E2E solutions and provide customers with one-stop data center services.
During the summit, Huawei and the ASEAN Centre for Energy released a white paper on “Building Next Generation Data Center Facility in ASEAN.” The document provides insights into the status quo, challenges, and trends of data centers in the ASEAN region, and emphasizes that efficient and energy-saving products and solutions should be applied. It also proposes future-oriented policy recommendations for data center markets.
In the ecosystem exhibition area, Huawei showcased scenario-based solutions for large-, medium-, and small-sized data centers, and demonstrated data center consulting, design, integrated development, and delivery capabilities with dozens of ecosystem partners including CIMC, Weichai, CSCEC, and Huashi.
On a special note, the Huawei Outdoor PowerPOD exhibition vehicle made its global debut. The Huawei Outdoor PowerPOD features one power system per container, outdoor deployment, plug-and-play, and high protection rating and reliability. It has become the preferred choice for decoupling the power supply architecture.
A single tree cannot make a forest.
AI is presenting great opportunities. By delving into the industry, aggregating partner ecosystems, and making innovations applicable to transformations, Huawei will continue to help customers build reliable computing infrastructure, accelerating the industry to embrace AI and powering the digital era forward.
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