Jianan Technology Announces First Quarter Financial Report: Artificial Intelligence Revenue Growth Exceeds 68%

On May 26th, NetEase Technology reported that today, Jianan Technology released its financial report for the first quarter of 2023, which showed that operating losses narrowed by 31% month on month. Its total revenue is $55

On May 26th, NetEase Technology reported that today, Jianan Technology released its financial report for the first quarter of 2023, which showed that operating losses narrowed by 31% month on month. Its total revenue is $55.232 million, indicating signs of recovery in the Bitcoin mining industry. Sales computing power increased by 126.8% to 4.246 million TH/s. Jianan Technology stated that this is mainly due to the gradual increase in Bitcoin prices starting from January 2023. In addition, Jianan Technology has reached a futures order for 11000 A13 series products with Cipher, a North American listed institutional miner client.

According to the financial report, Jianan Technology's mining revenue increased by 130.2% under the premise of legal and compliant operations, from $4.817 million in the same period of 2022 to $11.089 million. This is due to the increase in computing power and the rise in Bitcoin prices. At the same time, its artificial intelligence revenue increased by 68.6% simultaneously, reaching $410000, mainly driven by AIoT customer sales. In addition, Jianan Technology has made significant progress in the A13 series of chips, which have entered the stage of large-scale mass production and have further improved yield and actual performance.

According to the financial report, Jianan Technology's negative gross profit was $47.546 million, a decrease of 26% from the previous quarter's $64.14 million. Meanwhile, its total operating expenses were $38.12 million, which is the same as the same period last year. However, research and development expenses increased by 25.6% to $19.058 million, to further promote technological innovation and product development.

Although operating losses still exist, they narrowed by 31.4% month on month, from $125 million in the previous quarter to $85.666 million. After non GAAP adjustments, Jianan Technology's net loss was $71.753 million, a decrease of 6.4% month on month. The basic net loss and diluted net loss per ADS were both $0.51.

As of March 31, 2023, Jianan Technology's cash and cash equivalents were $71.972 million, a decrease from $101.6 million at the end of last year. For the second quarter of 2023, Jianan Technology is cautious and expects a revenue of approximately $72 million. (Jiang Miao)