← Canaan Inc.
| Annual Trend | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | ||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
| Net Income From Continuing Operations | — | — | — | — | — | $69.9m | ($414.2m) | ($249.8m) | ($210.3m) | |
| Net Income (Loss) Attributable to Parent | — | $122.4m | ($148.6m) | ($33.0m) | $313.9m | $70.5m | ($414.2m) | ($249.8m) | ($210.3m) | |
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | — | $122.4m | ($148.6m) | ($33.0m) | $313.9m | $70.5m | ($414.2m) | ($249.8m) | ($210.3m) | |
| Amortization of Intangible Assets | — | — | — | — | — | — | — | $159k | $212k | |
| Depreciation and amortization of property, equipment and software | $9.1m | $13.1m | $13.7m | $11.9m | $11.0m | $226.4m | $59.6m | $28.3m | $47.3m | |
| Amortization Cash Flow | — | — | — | — | — | $0 | $0 | $159k | $212k | |
| Amortization Of Intangibles | — | — | — | — | — | $0 | $0 | $159k | $212k | |
| Depreciation | — | — | — | — | — | $33.7m | $59.6m | $28.3m | $47.3m | |
| Depreciation Amortization Depletion | — | — | — | — | — | $33.7m | $59.6m | $28.4m | $47.6m | |
| Deferred Income Tax Expense (Benefit) | — | $1.1m | — | $0 | ($15.5m) | ($93.9m) | ($45.7m) | $66.2m | $72k | |
| Deferred income tax (benefit) expense | ($10k) | $1.1m | $0 | $0 | ($99.0m) | ($7.8m) | ($45.7m) | $66.2m | $72k | |
| Deferred Income Tax | — | — | — | — | — | ($7.8m) | ($45.7m) | $73.1m | $996k | |
| Deferred Tax | — | — | — | — | — | ($7.8m) | ($45.7m) | $73.1m | $996k | |
| Share-based Payment Arrangement, Noncash Expense | — | $18.6m | $38.8m | $452k | $77.1m | $59.1m | $42.1m | $30.9m | $22.8m | |
| Share-based Payment Arrangement, Expense | — | $18.6m | $270.2m | $3.0m | — | — | — | — | — | |
| Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount | — | — | — | — | — | — | $0 | $0 | $0 | |
| Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | — | — | — | — | ($1.1m) | $7.7m | $4.7m | — | — | |
| Share-based compensation expense | $95.5m | $18.6m | $270.2m | $3.0m | $491.5m | $407.4m | $42.1m | $30.9m | $22.8m | |
| Impairment loss of cryptocurrency | — | — | $0 | $0 | $1.1m | $53.0m | $4.7m | — | — | |
| Asset Impairment Charge | — | — | — | — | — | $92.5m | $208.8m | $113.8m | $26.6m | |
| Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $13.8m | ($2.0m) | $0 | ($15k) | ($7k) | ($39k) | ($18k) | $7.2m | $1.6m | |
| Gain (Loss) on Disposition of Intangible Assets | — | — | — | — | — | ($169k) | $6.1m | — | — | |
| Gain (Loss) on Disposition of Property Plant Equipment | $13.8m | $211k | $0 | $637k | $146.9m | $485.5m | $24.1m | $7.2m | $1.6m | |
| Income Tax Expense (Benefit) | — | $77.8m | — | $0 | $7.9m | $18.0m | ($51.3m) | $77.5m | $2.8m | |
| Interest Expense Nonoperating | — | — | — | — | — | — | — | $521k | $2.0m | |
| Operating Lease, Lease Income | — | — | $3.5m | $2.9m | $1.2m | — | — | — | — | |
| Other Nonoperating Income (Expense) | — | $3.8m | $3.6m | $4.7m | $1.0m | $3.2m | $2.2m | ($5.0m) | ($337k) | |
| Reduction in the carrying amount of the operating lease right-of-use assets | — | — | $10.9m | $13.4m | $17.6m | $15.7m | $2.5m | $1.9m | $1.7m | |
| Interest of operating lease liabilities | — | — | $1.7m | $1.9m | $1.6m | $1.3m | $115k | $90k | $101k | |
| Operating lease liabilities | — | — | ($11.2m) | ($14.3m) | ($20.5m) | ($20.7m) | ($2.4m) | ($2.1m) | ($1.4m) | |
| Changes in operating assets and liabilities: | ||||||||||
| Additional Financial Items | ||||||||||
| Increase (Decrease) in Accounts Receivable | — | $20.2m | ($3.0m) | $690k | ($1.1m) | ($53k) | $3.0m | ($97k) | $17.7m | |
| Increase (Decrease) in Inventories | — | $325.8m | ($53.0m) | $7.5m | $123.6m | $226.1m | $123.7m | $129.3m | $138.3m | |
| Foreign Currency Transaction Gain (Loss), before Tax | — | ($1.2m) | $978k | $371k | $2.8m | $35.2m | $12.3m | $14.1m | ($3.5m) | |
| Gain (Loss) on Investments | — | $3.2m | $439k | $896k | $43k | $0 | — | — | — | |
| General and Administrative Expense | — | $146.7m | $49.9m | $20.2m | $92.4m | $84.2m | $71.2m | $71.7m | $68.1m | |
| Inventory Write-down | — | $427.2m | $526.5m | $44.9m | $8.0m | $67.7m | $174.8m | $90.8m | $14.1m | |
| Investment Income, Interest | — | $4.2m | $553k | $483k | $1.1m | $2.3m | $956k | $536k | $266k | |
| Operating Expenses | — | $375.1m | $77.4m | $44.7m | $160.4m | $180.2m | $170.1m | $142.8m | $153.4m | |
| Payments for Repurchase of Warrants | — | — | — | — | — | $6.4m | — | — | — | |
| Net loss | $375.8m | $122.4m | ($1.0b) | ($215.1m) | $2.0b | $486.4m | ($414.2m) | ($249.8m) | ($210.3m) | |
| Revenue recognized on acceptance of cryptocurrency | — | — | — | $0 | $21.7m | $238.6m | $59.0m | ($90.3m) | ($152.9m) | |
| Cost recognized on payment of cryptocurrency | — | — | — | — | — | $56.9m | $8.9m | $9.8m | $55.9m | |
| (Receipt) return of cryptocurrency as customer deposits | — | — | — | — | — | — | ($4.9m) | $5.1m | $1.7m | |
| Change in fair value of cryptocurrency | — | — | — | — | — | — | — | ($42.4m) | $11.4m | |
| Change in fair value of financial derivatives | — | — | — | — | — | — | — | ($17.6m) | $9.5m | |
| Other income, net | — | — | — | — | — | ($316k) | ($337k) | $5.0m | $337k | |
| Realized loss on sale of cryptocurrency | — | — | — | — | — | $1.2m | ($6.1m) | — | — | |
| Foreign exchange (loss) gain | $1.3m | $2.2m | ($9.6m) | ($14.1m) | ($9.7m) | ($13.5m) | ($9.3m) | $12.0m | $477k | |
| Provision of allowance for doubtful receivables | ($543k) | ($2.2m) | $0 | $4.8m | $911k | $90k | $14k | $3.0m | $85k | |
| Change in fair value of financial instruments other than derivatives | — | — | — | — | ($29.5m) | ($3.8m) | $10.9m | ($20.6m) | $46.6m | |
| Excess of fair value of convertible preferred shares | — | — | — | — | — | — | $59.2m | $50.7m | $28.2m | |
| Interest of long-term loan | — | — | — | — | — | — | — | $521k | $628k | |
| Write-down of inventories | — | — | $526.5m | $44.9m | $50.7m | $467.3m | $174.8m | $90.8m | $14.1m | |
| Write-down of prepayments | — | — | — | — | $0 | $86.2m | $5.6m | $9.7m | $694k | |
| Provision for reserve for inventory purchase commitments | — | — | — | — | $0 | $75.8m | $9.8m | $0 | $3.9m | |
| Unrecognized tax benefit | — | — | — | — | — | — | — | $6.9m | $924k | |
| Accounts receivable | $11.5m | ($20.2m) | $20.8m | ($4.5m) | $6.8m | $367k | ($3.0m) | $97k | ($17.7m) | |
| Inventories | ($123.9m) | ($325.8m) | $369.1m | ($48.8m) | ($787.6m) | ($1.6b) | ($123.7m) | ($129.3m) | ($138.3m) | |
| Prepayments and other current assets | ($587.1m) | $449.7m | ($20.3m) | ($99.1m) | ($1.4b) | $26.6m | $122.5m | $43.3m | ($8.1m) | |
| Other non-current assets | ($3.4m) | ($2.1m) | $1.1m | $2.7m | ($426k) | ($14.1m) | $2.0m | $3k | ($3k) | |
| Accounts payable | $27.6m | ($3.2m) | $51.8m | ($61.6m) | $106.0m | ($95.2m) | ($10.2m) | $7.2m | $10.8m | |
| Contract liabilities | $201.0m | ($195.6m) | $1.4m | $422.1m | $910.3m | ($1.4b) | $19.0m | $4.8m | ($15.1m) | |
| Income tax payable | $23.8m | ($23.3m) | ($609k) | — | $148.7m | ($98.5m) | ($3.6m) | $588k | ($701k) | |
| Accrued liabilities and other current liabilities | $63.9m | ($11.3m) | ($24.5m) | $29.6m | $247.9m | ($97.3m) | $6.3m | ($26.2m) | $6.8m | |
| Other non-current liabilities | — | — | — | $8.0m | ($2.2m) | ($1.7m) | $9.2m | ($517k) | $370k | |
| Proceeds from sale of cryptocurrency | — | — | — | — | — | $64.8m | $40.6m | $71.5m | $93.1m | |
| Payment for repurchase of ordinary shares | — | — | $0 | ($23.9m) | ($103.5m) | ($234.3m) | $0 | $0 | ($5.0m) | |
| Proceeds from issuance of ordinary shares, net of issuance costs | — | — | $669.6m | — | $0 | $0 | $65.4m | $0 | $169.7m | |
| Proceeds from issuance of convertible preferred shares, net of issuance costs | — | — | — | — | $0 | $0 | $24.6m | $129.8m | $99.7m | |
| Proceeds from resale of treasury stock | — | — | — | — | $45.7m | $70.4m | $2.4m | $768k | $1.6m | |
| Repurchase for tax withholdings on vesting of restricted share units | — | — | — | — | ($24.5m) | ($157.3m) | ($2.4m) | ($768k) | ($1.6m) | |
| Cash at the beginning of year | $176.5m | $545.2m | $524.8m | $395.8m | $2.7b | $707.3m | $96.2m | $96.5m | $80.8m | |
| Issuance of ordinary shares pursuant to share lending arrangement | — | — | — | — | — | — | $511k | $236k | $944k | |
| Beginning Cash Position | — | — | — | — | — | $428.5m | $101.6m | $96.2m | $96.5m | |
| Cash Flow From Continuing Financing Activities | — | — | — | — | — | ($56.2m) | $90.0m | $139.7m | $197.9m | |
| Cash Flow From Continuing Investing Activities | — | — | — | — | — | ($8.1m) | $39.6m | $61.0m | $56.7m | |
| Change In Account Payable | — | — | — | — | — | $47.3m | ($10.2m) | $7.2m | $10.8m | |
| Change In Accrued Expense | — | — | — | — | — | $60.3m | $6.3m | ($26.2m) | $6.8m | |
| Change In Income Tax Payable | — | — | — | — | — | ($14.7m) | ($3.6m) | $588k | ($701k) | |
| Change In Inventory | — | — | — | — | — | ($232.2m) | ($123.7m) | ($129.3m) | ($138.3m) | |
| Change In Other Current Assets | — | — | — | — | — | ($2.0m) | $2.0m | ($1.8m) | ($3k) | |
| Change In Other Current Liabilities | — | — | — | — | — | ($2.2m) | $6.8m | ($2.6m) | ($1.0m) | |
| Change In Other Working Capital | — | — | — | — | — | ($198.7m) | $19.0m | $4.8m | ($15.1m) | |
| Change In Payable | — | — | — | — | — | $32.6m | ($13.8m) | $7.8m | $10.1m | |
| Change In Payables And Accrued Expense | — | — | — | — | — | $92.9m | ($7.5m) | ($18.4m) | $16.9m | |
| Change In Prepaid Assets | — | — | — | — | — | ($70.3m) | $122.5m | $43.3m | ($8.1m) | |
| Change In Receivables | — | — | — | — | — | $58k | ($3.0m) | $97k | ($17.7m) | |
| Change In Tax Payable | — | — | — | — | — | ($14.7m) | ($3.6m) | $588k | ($701k) | |
| Change In Working Capital | — | — | — | — | — | ($412.5m) | $16.1m | ($103.9m) | ($163.3m) | |
| Changes In Account Receivables | — | — | — | — | — | $58k | ($3.0m) | $97k | ($17.7m) | |
| Changes In Cash | — | — | — | — | — | ($246.9m) | $6.0m | $1.5m | ($16.6m) | |
| End Cash Position | — | — | — | — | — | $101.6m | $96.2m | $96.5m | $80.8m | |
| Financing Cash Flow | — | — | — | — | — | ($56.2m) | $90.0m | $139.7m | $197.9m | |
| Free Cash Flow | — | — | — | — | — | ($200.3m) | ($126.9m) | ($218.6m) | ($308.2m) | |
| Gain Loss On Investment Securities | — | — | — | — | — | ($3.6m) | ($6.1m) | ($17.6m) | $9.5m | |
| Gain Loss On Sale Of PPE | — | — | — | — | — | $363k | $18k | ($7.2m) | ($1.6m) | |
| Investing Cash Flow | — | — | — | — | — | ($8.1m) | $39.6m | $61.0m | $56.7m | |
| Issuance Of Capital Stock | — | — | — | — | — | $10.4m | $92.4m | $130.6m | $221.5m | |
| Net Foreign Currency Exchange Gain Loss | — | — | — | — | — | ($2.0m) | ($9.3m) | $12.0m | $477k | |
| Net Intangibles Purchase And Sale | — | — | — | — | — | $9.6m | $40.6m | $71.5m | $80.7m | |
| Net PPE Purchase And Sale | — | — | — | — | — | ($17.7m) | ($1.0m) | ($10.5m) | ($23.9m) | |
| Net Preferred Stock Issuance | — | — | — | — | — | $0 | $24.6m | $129.8m | $99.7m | |
| Operating Gains Losses | — | — | — | — | — | ($1.6m) | ($15.4m) | ($12.8m) | $8.4m | |
| Other Non Cash Items | — | — | — | — | — | ($26.8m) | ($54.9m) | ($112.2m) | ($82.8m) | |
| Preferred Stock Issuance | — | — | — | — | — | $0 | $24.6m | $129.8m | $99.7m | |
| Proceeds From Stock Option Exercised | — | — | — | — | $0 | ($6.6m) | $0 | $0 | — | |
| Provisionand Write Offof Assets | — | — | — | — | — | $10.9m | $9.8m | $3.0m | $4.0m | |
| Purchase Of Intangibles | — | — | — | — | — | — | $0 | $0 | ($12.4m) | |
| Purchase Of PPE | — | — | — | — | — | ($17.7m) | ($3.3m) | ($19.3m) | ($24.6m) | |
| Repurchase Of Capital Stock | — | — | — | — | — | ($37.4m) | $0 | $0 | ($5.0m) | |
| Sale Of Intangibles | — | — | — | — | — | $9.6m | $40.6m | $71.5m | $93.1m | |
| Sale Of PPE | — | — | — | — | — | $0 | $2.3m | $8.8m | $686k | |
| Stock Based Compensation | — | — | — | — | — | $63.0m | $42.1m | $30.9m | $22.8m | |
| Unrealized Gain Loss On Investment Securities | — | — | — | — | — | ($3.8m) | $70.1m | $30.2m | $74.8m | |
| Net Cash Provided by (Used in) Operating Activities | $91.2m | ($12.7m) | ($40.2m) | $6.5m | $225.8m | ($246.0m) | ($123.6m) | ($199.3m) | ($271.2m) | |
| Cash flows from investing activities: | ||||||||||
| Payments to Acquire Property, Plant, and Equipment | ($12.7m) | $24.9m | $1.2m | $333k | $5.9m | $13.8m | $3.3m | $19.3m | $24.6m | |
| Net Investment Purchase And Sale | — | — | — | — | $6.5m | $0 | $0 | — | — | |
| Purchase Of Investment | — | — | — | — | ($3.1m) | $0 | $0 | — | — | |
| Sale Of Investment | — | — | — | — | $9.6m | $0 | $0 | — | — | |
| Net Cash Provided by (Used in) Investing Activities | — | $84.0m | ($2.3m) | ($7.6m) | $803k | ($4.4m) | $39.6m | $61.0m | $56.7m | |
| Cash flows from financing activities: | ||||||||||
| Issuance Of Debt | — | — | — | — | — | $0 | $0 | $9.9m | $0 | |
| Long Term Debt Issuance | — | — | — | — | — | $0 | $0 | $9.9m | $0 | |
| Net Issuance Payments Of Debt | — | — | — | — | — | $0 | $0 | $9.9m | ($17.0m) | |
| Net Long Term Debt Issuance | — | — | — | — | — | $0 | $0 | $9.9m | ($17.0m) | |
| Repayments of Long-term Debt | — | — | — | — | — | — | — | — | $17.0m | |
| Long Term Debt Payments | — | — | — | — | — | $0 | $0 | $0 | ($17.0m) | |
| Repayment Of Debt | — | — | — | — | — | $0 | $0 | $0 | ($17.0m) | |
| Proceeds from Issuance of Common Stock | — | — | $96.2m | — | — | — | $65.4m | — | — | |
| Common Stock Issuance | — | — | — | — | — | $10.4m | $67.8m | $768k | $121.8m | |
| Net Common Stock Issuance | — | — | — | — | — | ($27.0m) | $67.8m | $768k | $116.8m | |
| Payments for Repurchase of Common Stock | — | — | — | $3.7m | $16.2m | $34.0m | — | — | $5.0m | |
| Common Stock Payments | — | — | — | — | — | ($37.4m) | $0 | $0 | ($5.0m) | |
| Net Other Financing Charges | — | — | — | — | — | ($22.6m) | ($2.4m) | ($768k) | ($1.6m) | |
| Net Cash Provided by (Used in) Financing Activities | $150.0m | $295.2m | $39.9m | ($17.2m) | $142.1m | ($53.0m) | $90.0m | $139.7m | $197.9m | |
| Effect of exchange rate changes on cash | ($1.3m) | $2.3m | ($1.9m) | ($9.8m) | ($13.9m) | $68.1m | ($11.4m) | ($1.1m) | $897k | |
| Effect Of Exchange Rate Changes | — | — | — | — | — | ($80.0m) | ($11.4m) | ($1.1m) | $897k | |
| Net increase (decrease) in cash | $154.4m | $366.4m | ($18.4m) | ($119.2m) | $2.3b | ($2.1b) | $6.0m | $1.5m | ($16.6m) | |
| Supplemental disclosure of cash flow information: | ||||||||||
| Change In Cash Supplemental As Reported | — | — | — | — | — | ($246.9m) | $6.0m | $1.5m | ($16.6m) | |
| Interest Paid, Excluding Capitalized Interest, Operating Activities | — | $35.8m | $1.7m | $573k | $39k | $0 | $0 | $370k | $1.3m | |
| Income Taxes Paid, Net | $1.4m | $127.2m | $3.5m | — | $433k | $316.3m | $2.9m | $52k | $1.4m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.