Second Half of 2023 Financial Highlights
- Net revenue was
RMB26.1 million (US$3.7 million ) for the second half of 2023, compared toRMB603.0 million in the same period of 2022. - Gross loss was
RMB40.6 million (US$5.7 million ) for the second half of 2023, compared to a gross profit ofRMB53.8 million in the same period of 2022. - Loss from operations was
RMB124 million (US$17.6 million ) for the second half of 2023, compared to a loss from operations ofRMB86.9 million in the same period of 2022. - Net loss was
RMB120.0 million (US$16.9 million ) for the second half of 2023, compared to a net loss ofRMB80.3 million in the same period of 2022. - Net loss per share (both basic and diluted) was
RMB1.91 (US$0.27 ) for the second half of 2023, compared to a net loss per share (both basic and diluted) ofRMB1.47 in the same period of 2022.
Mr.
In terms of research and development, our Cuckoo series iterative products are currently undergoing intensive R&D efforts. Significant advancements were made in the latter half of 2023, and we anticipate the launch of enhanced versions of our products in 2024, which are expected to deliver substantially improved performance. Additionally, our company is concurrently upgrading our packaging technology and IP to enhance the efficiency of chip production. We are also laying the groundwork for research and development of AI computing, ZK computing, and other chips to seize emerging market opportunities.
Our metaverse business line, iPollo Metaverse, offers a photography studio service that includes 3D scanning and 3D printing services. This service has not only received high praise from athletes at the Asian Games but has also provided diverse digital application scenarios for various IPs. It assists in the digitalization of various types of IPs, helping them enter the metaverse track. Furthermore, the photography studio service offers personalized customization services to users, allowing a wide range of enthusiasts to experience the joy of DIY in the metaverse.”
Mr.
Second Half of 2023 Financial Results
Net Revenues
Net revenue was
Cost of Revenues
Cost of revenues was
The cost of 3D-printing products was
Operating Expenses
Total operating expenses decreased by 40.4% to
- Selling and marketing expenses decreased to
RMB5.8 million (US$0.8 million ) for the second half of 2023, fromRMB14.3 million for the same period of 2022. The decrease in selling and marketing expenses was primarily due to the decrease in advertising fee and marketing promotion expenses. - General and administrative expenses decreased by 38.4% to
RMB22.4 million (US$3.2 million ) for the second half of 2023, fromRMB36.3 million for the same period of 2022. The decrease in general and administrative expenses was primarily due to the decrease in professional fees and employee salary expenses as the number and salaries of general and administrative staff decreased. - Research and development expenses decreased by 38.3% to
RMB55.6 million (US$7.9 million ) for the second half of 2023, fromRMB90.2 million for the same period of 2022. The decrease in research and development expenses was primarily due to the decrease in equipment cost, salary expenses and share-based compensation expenses. The Company expects to continue its significant investment in research and development to support its future development, product iteration, and competitive strengths.
Loss from Operations
Loss from operations was
Finance Income
Finance income was
Net Loss
Net loss was
Basic and Diluted Loss Per Ordinary Share attributable to
Basic and diluted loss per share was
Cash and Cash Equivalents
As of
Exchange Rate
This press release contains translations of certain Renminbi (RMB) amounts into
Non-GAAP Financial Measures
In evaluating our business, we consider and use adjusted net income/(loss) as an additional non-GAAP measure to review and assess our operating performance. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with
We present the non-GAAP financial measure because they are used by our management to evaluate our operating performance and formulate business plans. Non-GAAP financial measures enable our management to assess our operating results without considering the impact of non-cash charges and non-operating items. We also believe that the use of the non-GAAP measure facilitates investors’ assessment of our operating performance.
The non-GAAP financial measure is not defined under
Conference Call
The Company will host an earnings conference call to discuss its financial results at
For participants who wish to join the call, please access the link provided below to complete the online registration process.
Registration Link: https://s1.c-conf.com/diamondpass/10037655-rw885f.html
Upon registration, participants will receive the dial-in number and unique PIN, which can be used to join the conference call. If participants register and forget their PIN or lose their registration confirmation email, they may simply re-register and receive a new PIN. All participants are encouraged to dial in 15 minutes prior to the start time.
A live and archived webcast of the conference call will be accessible on the Company's investor relations website at: https://ir.nano.cn/.
A telephone replay of the call will be available until
Dial-in Numbers:
US/ | 1855 883 1031 |
800 930 639 | |
400 1209 216 | |
Replay PIN: | 10037655 |
About
*According to an industry report prepared by
Forward-Looking Statements
This report contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the
For investor and media inquiries, please contact:
Email: ir@nano.cn
Ascent Investor Relations LLC
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
Consolidated Balance Sheets | ||||||||
(Unaudited) | ||||||||
As of | As of | |||||||
2022 | 2023 | |||||||
RMB | RMB | US$ | ||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | 87,811,272 | 48,164,664 | 6,800,325 | |||||
Restricted cash | 48,112 | 417,990 | 59,016 | |||||
Accounts receivable, net | - | 1,739,065 | 245,537 | |||||
Inventories, net | 102,201,746 | 12,874,986 | 1,817,808 | |||||
Prepayments | 71,314,254 | 24,386,010 | 3,443,039 | |||||
Other current assets | 27,275,215 | 37,908,092 | 5,352,209 | |||||
Total current assets | 288,650,599 | 125,490,807 | 17,717,934 | |||||
Non-current assets: | ||||||||
Property, plant and equipment, net | 21,426,955 | 169,653,582 | 23,953,236 | |||||
Intangible asset, net | 48,717,132 | 47,731,288 | 6,739,137 | |||||
Operating lease right-of-use assets | 8,447,978 | 7,424,554 | 1,048,266 | |||||
Total non-current assets | 78,592,065 | 224,809,424 | 31,740,639 | |||||
TOTAL ASSETS | 367,242,664 | 350,300,231 | 49,458,573 | |||||
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | ||||||||
Current liabilities: | ||||||||
Short-term debts | - | 20,000,000 | 2,823,782 | |||||
Current portion of long-term debts | 280,000 | 3,410,000 | 481,455 | |||||
Accounts payable | 15,292,843 | 16,875,586 | 2,382,649 | |||||
Advance from customers | 124,469,097 | 107,826,617 | 15,223,942 | |||||
Operating lease liabilities, current | 4,199,361 | 3,479,752 | 491,303 | |||||
Other current liabilities | 39,399,532 | 90,978,171 | 12,845,126 | |||||
Total current liabilities | 183,640,833 | 242,570,126 | 34,248,257 | |||||
Non-current liabilities: | ||||||||
Long-term debts | 16,673,316 | 120,260,783 | 16,979,511 | |||||
Operating lease liabilities, non-current | 2,514,115 | 3,730,672 | 526,730 | |||||
Total non-current liabilities | 19,187,431 | 123,991,455 | 17,506,241 | |||||
Total liabilities | 202,828,264 | 366,561,581 | 51,754,498 | |||||
Shareholders' equity (deficit): | ||||||||
Class A ordinary shares ( | 35,425 | 50,106 | 7,074 | |||||
Class B ordinary shares ( | 36,894 | 36,894 | 5,209 | |||||
Additional paid-in capital | 354,803,564 | 428,310,028 | 60,472,706 | |||||
Accumulated deficit | (199,207,921 | ) | (452,031,693 | ) | (63,821,945 | ) | ||
Statutory reserves | 6,647,109 | 6,647,109 | 938,499 | |||||
Accumulated other comprehensive income | 2,099,329 | 2,254,558 | 318,319 | |||||
164,414,400 | (14,732,998 | ) | (2,080,138 | ) | ||||
Noncontrolling interests | - | (1,528,352 | ) | (215,787 | ) | |||
Total shareholders' equity (deficit) | 164,414,400 | (16,261,350 | ) | (2,295,925 | ) | |||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | 367,242,664 | 350,300,231 | 49,458,573 |
*Giving effect of the 2-for-1 reverse stock split effective on
Consolidated Statements of Operations and Comprehensive Income (Loss) | ||||||||
(Unaudited) | ||||||||
For the six months ended | ||||||||
2022 | 2023 | |||||||
RMB | RMB | US$ | ||||||
Net revenues | 603,030,131 | 26,066,660 | 3,680,328 | |||||
Cost of revenues | 549,236,760 | 66,617,485 | 9,405,662 | |||||
Gross profit (loss) | 53,793,371 | (40,550,825 | ) | (5,725,334 | ) | |||
Operating expenses: | ||||||||
Selling and marketing expenses | 14,266,412 | 5,830,986 | 823,272 | |||||
General and administrative expenses | 36,311,852 | 22,360,766 | 3,157,096 | |||||
Research and development expenses | 90,159,028 | 55,648,133 | 7,856,910 | |||||
Total operating expenses | 140,737,292 | 83,839,885 | 11,837,278 | |||||
Loss from operations | (86,943,921 | ) | (124,390,710 | ) | (17,562,612 | ) | ||
Other expenses (income): | ||||||||
Finance income | (3,771,346 | ) | (680,536 | ) | (96,084 | ) | ||
Interest income | (144,938 | ) | (153,112 | ) | (21,618 | ) | ||
Other income | (2,752,999 | ) | (3,507,095 | ) | (495,164 | ) | ||
Total other income | (6,669,283 | ) | (4,340,743 | ) | (612,866 | ) | ||
Loss before income tax provision | (80,274,638 | ) | (120,049,967 | ) | (16,949,746 | ) | ||
Income tax provision | - | (17,394 | ) | (2,456 | ) | |||
Net loss | (80,274,638 | ) | (120,032,573 | ) | (16,947,290 | ) | ||
Less: net loss attributable to noncontrolling interests | - | (1,528,282 | ) | (215,777 | ) | |||
Net loss attributable to | (80,274,638 | ) | (118,504,291 | ) | (16,731,513 | ) | ||
Comprehensive income (loss): | ||||||||
Net loss | (80,274,638 | ) | (120,032,573 | ) | (16,947,290 | ) | ||
Other comprehensive income (loss): | ||||||||
Foreign currency translation adjustment | 3,229,764 | (1,616,096 | ) | (228,175 | ) | |||
Comprehensive Loss | (77,044,874 | ) | (121,648,669 | ) | (17,175,465 | ) | ||
Comprehensive loss attributable to noncontrolling interests | - | (1,528,352 | ) | (215,787 | ) | |||
Comprehensive loss attributable to | (77,044,874 | ) | (120,120,317 | ) | (16,959,678 | ) | ||
Net loss per ordinary share attributable to | ||||||||
Basic* | (1.47 | ) | (1.91 | ) | (0.27 | ) | ||
Diluted* | (1.47 | ) | (1.91 | ) | (0.27 | ) | ||
Weighted average number of shares used in per share calculation: | ||||||||
Basic* | 54,571,995 | 61,970,664 | 61,970,664 | |||||
Diluted* | 54,571,995 | 61,970,664 | 61,970,664 |
*Giving effect of the 2-for-1 reverse stock split effective on
Non-GAAP Reconciliation | |||||||
(Unaudited) | |||||||
For the Six Months Ended | |||||||
2022 | 2023 | ||||||
RMB | RMB | US$ | |||||
Net loss | (80,274,638 | ) | (120,032,573 | ) | (16,947,290 | ) | |
Add: | |||||||
Share-based compensation expenses | 4,673,674 | 580,813 | 82,004 | ||||
Non-GAAP adjusted net loss | (75,600,964 | ) | (119,451,760 | ) | (16,865,286 | ) |
Source:
2024 GlobeNewswire, Inc., source