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01/11 16:24
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call highlights a significant decline in net revenue and cash reserves, along with ongoing financial losses. Despite some improvement in gross profit, the lack of a shareholder return plan and unclear guidance in the Q&A section contribute to a negative outlook. The focus on Bitcoin and Web3.0 indicates strategic shifts, but without immediate financial benefits, the sentiment remains negative.
Net Revenue RMB15.86 million ($2.21 million), down from RMB26.07 million in the same period last year; decline due to decrease in sales volume of iPollo V Series product.
Gross Profit RMB11.57 million ($1.61 million), compared to a gross loss of RMB40.55 million in the same period of 2023; significant improvement due to reduced cost of revenue.
Cost of Revenue RMB4.28 million ($0.6 million), down from RMB66.62 million in the same period of 2023; decline mainly due to decrease in sales volume and last inventory write down.
Total Operating Expenses RMB51.39 million ($7.15 million), down 38.7% from RMB83.84 million in the same period of 2023; decrease attributed to lower overall expenses.
Selling and Marketing Expenses RMB4.8 million ($0.67 million), down 17.7% from RMB5.83 million in the same period of 2023; decrease mainly due to reduction in employee salary expenses.
General and Administrative Expenses RMB25.38 million ($3.83 million), up 30.5% from RMB22.38 million in the same period of 2023; increase primarily due to higher depreciation expenses.
Research and Development Expenses RMB28.93 million ($4.06 million), down 61.9% from RMB32.97 million in the same period of 2023; decrease due to lower salary expenses, material fees, and equipment fees.
Loss from Operations RMB39.82 million ($5.54 million), improved from a loss of RMB124.4 million in the same period of 2023.
Net Loss RMB60.39 million ($8.4 million), improved from a net loss of RMB120 million in the same period of 2023.
Basic and Diluted Loss per Share RMB6.01 ($0.84), improved from RMB19.12 in the same period of 2023.
Cash and Cash Equivalents RMB32.43 million ($4.51 million), down from RMB48.16 million as of December 31, 2023.
New Product Launch: In December 2024, we launched an upgraded complete machine equipped with a Cuckoo 3.0 iteration chip, which delivers enhanced performance that meets all leading standards.
Market Expansion: We have officially established the Bitcoin value investment as a new business sector and designated Bitcoin as our primary reserve asset. As of the date of this earnings conference call, the company holds about 400 BTC with a total purchase price of around $40 million.
Market Positioning: With the rapid evolution of AI, we plan to develop AI applications with the Web3.0 ecosystem, focusing on integration of AI and the Web3.0 technologies.
Operational Efficiency: Total operating expenses for the second half of fiscal year 2024 decreased by 38.7% to RMB51.39 million, $7.15 million, down from RMB83.84 million in the same period of 2023.
Strategic Shift: We remain committed to deepening our expertise in the Web3.0 space, believing these efforts will create substantial value and drive strong results for our stakeholders.
Competitive Pressures: The company faces competitive pressures in the digital currency and cryptocurrency market, particularly with the launch of upgraded products and the need to maintain market share.
Sales Volume Decline: There was a significant decline in sales volume of the iPollo V Series product, which contributed to a decrease in net revenue.
Regulatory Issues: The company operates in a highly regulated environment, particularly concerning cryptocurrency transactions, which may pose risks to its business activities.
Economic Factors: The overall economic conditions and market volatility in the cryptocurrency sector can impact the company's financial performance and investment strategies.
Supply Chain Challenges: The company may face supply chain challenges that could affect the production and delivery of its products, particularly in the context of technological upgrades.
Financial Losses: The company reported a net loss of $8.4 million for the second half of 2024, indicating ongoing financial challenges.
Cash Reserves: As of December 31, 2024, the company had cash and cash equivalents of $4.51 million, down from $6.83 million the previous year, which may limit operational flexibility.
Bitcoin Value Investment: Nano Labs has officially established Bitcoin as a new business sector and designated it as the primary reserve asset, holding about 400 BTC with a total purchase price of around $40 million.
Cuckoo 3.0 Iteration Chip: Launched an upgraded complete machine equipped with a Cuckoo 3.0 iteration chip, enhancing performance and providing competitive advantages.
AI and Web3.0 Integration: Plans to develop AI applications within the Web3.0 ecosystem, focusing on the integration of AI and Web3.0 technologies.
Revenue Expectations: Net revenue for the second half of 2024 was $2.21 million, a decline from $3.73 million in the same period last year.
Gross Profit: Gross profit for the second half of 2024 was $1.61 million, compared to a gross loss of $5.67 million in the same period of 2023.
Operating Loss: Loss from operations was $5.54 million for the second half of 2024, an improvement from a loss of $17.55 million in the same period of 2023.
Net Loss: Net loss for the second half of 2024 was $8.4 million, compared to a net loss of $17.04 million in the same period of 2023.
Cash Position: As of December 31, 2024, cash and cash equivalents were $4.51 million, down from $6.83 million as of December 31, 2023.
Shareholder Return Plan: The company has not announced any share buyback program or dividend program during the earnings call.
The earnings call presents a mixed picture with some improvements in financial metrics but significant challenges remain. Revenue has declined, and the company is facing competitive pressures and regulatory risks. The absence of a shareholder return plan and declining cash reserves are concerning. Although there are improvements in net loss and operating expenses, the weak revenue and lack of clear guidance on future income expectations suggest a negative sentiment. The Q&A section did not provide sufficient clarity on future growth, and the focus on Bitcoin investments introduces additional risk. Overall, the sentiment is negative.
The earnings call highlights a significant decline in net revenue and cash reserves, along with ongoing financial losses. Despite some improvement in gross profit, the lack of a shareholder return plan and unclear guidance in the Q&A section contribute to a negative outlook. The focus on Bitcoin and Web3.0 indicates strategic shifts, but without immediate financial benefits, the sentiment remains negative.
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