Exhibit 99.2

CANAAN INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(all amounts in thousands, except share and per share data, or as otherwise noted)

	As of December 31,			As of December 31,
	2021			2022			2022
	RMB			RMB			US$
ASSETS
Current assets:
Cash and cash equivalents		2,684,342			707,261			102,543
Restricted cash		47,362			-			-
Accounts receivable, net		367			-			-
Inventories		812,363			1,473,990			213,708
Prepayments and other current assets		1,729,027			1,689,079			244,893
Total current assets		5,273,461			3,870,330			561,144
Non-current assets:
Cryptocurrency		20,310			87,273			12,653
Property, equipment and software		185,566			597,988			86,700
Right-of-use assets, net		30,920			29,600			4,292
Deferred tax assets		99,044			151,410			21,952
Other non-current assets		2,956			17,437			2,528
Non-current financial investment		20,000			20,000			2,900
Total non-current assets		358,796			903,708			131,025
Total assets		5,632,257			4,774,038			692,169
LIABILITIES, AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable		143,441			116,333			16,867
Contract liabilities		1,340,731			4,613			669
Income tax payable		148,719			50,340			7,299
Accrued liabilities and other current liabilities		437,394			336,705			48,814
Lease liabilities, current		14,819			16,118			2,337
Total current liabilities		2,085,104			524,109			75,986
Non-current liabilities:
Lease liabilities, non-current		16,292			10,039			1,456
Warrant liability		66,347			-			-
Other non-current liabilities		5,824			4,163			604
Total liabilities		2,173,567			538,311			78,046
Shareholders’ equity:
Ordinary shares (US$0.00000005 par value; 1,000,000,000,000 shares authorized, 2,804,138,492 shares issued, 2,577,386,552 and 2,496,001,757 shares outstanding as of December 31, 2021 and December 31, 2022, respectively)		1			1			-
Subscriptions receivable from shareholders		(1	)		(1	)		-
Treasury stocks (US$0.00000005 par value; 226,751,940 shares as of December 31, 2021 and 308,136,735 shares as of December 31, 2022, respectively)		(231,281	)		(380,538	)		(55,173	)
Additional paid-in capital		2,891,134			3,298,531			478,242
Statutory reserves		97,420			102,586			14,874
Accumulated other comprehensive loss		(101,925	)		(4,844	)		(702	)
Retained earnings		803,342			1,219,992			176,882
Total shareholders’ equity		3,458,690			4,235,727			614,123
Total liabilities and shareholders’ equity		5,632,257			4,774,038			692,169

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CANAAN INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

(all amounts in thousands of RMB, except share and per share data, or as otherwise noted)

	For the Three Months Ended
	December 31, 2021			September 30, 2022*			December 31, 2022			December 31, 2022
	RMB			RMB			RMB			US$
Revenues
Products revenue		2,168,908			915,992			319,558			46,332
Mining revenue		15,409			62,018			72,150			10,461
Other revenues		238			197			218			32
Total revenues		2,184,555			978,207			391,926			56,825
Cost of revenues		(697,606	)		(758,871	)		(822,979	)		(119,321	)
Gross profit/(loss)		1,486,949			219,336			(431,053	)		(62,496	)
Operating expenses:
Research and development expenses		(112,017	)		(118,084	)		(223,479	)		(32,401	)
Sales and marketing expenses		(30,712	)		(14,249	)		(7,629	)		(1,106	)
General and administrative expenses		(130,995	)		(142,690	)		(162,375	)		(23,542	)
Impairment on cryptocurrency		-			(11,290	)		(11,276	)		(1,635	)
Total operating expenses		(273,724	)		(286,313	)		(404,759	)		(58,684	)
Income/(loss) from operations		1,213,225			(66,977	)		(835,812	)		(121,180	)
Interest income		1,986			2,948			7,670			1,112
Change in fair value of warrant liability		22,148			-			-			-
Interest expense		246			-			-			-
Foreign exchange gains, net		4,190			101,197			26,583			3,854
Other income, net		4,492			1,719			14,037			2,035
Income/(loss) before income tax expenses		1,246,287			38,887			(787,522	)		(114,179	)
Income tax (expense)/benefit		(49,758	)		7,173			177,302			25,706
Net income/(loss)		1,196,529			46,060			(610,220	)		(88,473	)
Foreign currency translation adjustment, net of nil tax		(19,930	)		94,008			(47,226	)		(6,847	)
Total comprehensive income/(loss)		1,176,599			140,068			(657,446	)		(95,320	)
Weighted average number of shares used in per share calculation:
— Basic		2,602,142,223			2,560,879,920			2,515,312,493			2,515,312,493
— Diluted		2,635,116,905			2,580,542,499			2,515,312,493			2,515,312,493
Net earnings/(loss) per share (cent per share)
— Basic		45.98			1.80			(24.26	)		(3.52	)
— Diluted		45.41			1.78			(24.26	)		(3.52	)
Share-based compensation expenses were included in:
Cost of revenues		-			481			405			59
Research and development expenses		19,614			14,484			14,138			2,050
Sales and marketing expenses		2,123			5,370			4,383			635
General and administrative expenses		54,627			84,888			77,622			11,254

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The table below sets forth a reconciliation of net income/(loss) to non-GAAP adjusted net income/(loss) for the period indicated:

	For the Three Months Ended
	December  31, 2021			September 30, 2022		December  31, 2022			December  31, 2022
	RMB			RMB		RMB			US$
Net income/(loss)		1,196,529			46,060		(610,220	)		(88,473	)
Share-based compensation expenses		76,364			105,223		96,548			13,998
Change in fair value of warrant liability		(22,148	)		-		-			-
Non-GAAP adjusted net income/(loss)		1,250,745			151,283		(513,672	)		(74,475	)

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CANAAN INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(all amounts in thousands of RMB, except share and per share data, or as otherwise noted)

	For the Years Ended
	December 31, 2021			December 31, 2022			December 31, 2022
	RMB			RMB			US$
Revenues
Products revenue		4,956,891			4,159,563			603,080
Mining revenue		21,688			218,639			31,700
Other revenues		8,127			705			102
Total revenues		4,986,706			4,378,907			634,882
Cost of revenues		(2,135,961	)		(2,831,107	)		(410,472	)
Gross profit		2,850,745			1,547,800			224,410
Operating expenses:
Research and development expenses		(332,846	)		(546,642	)		(79,256	)
Sales and marketing expenses		(100,467	)		(62,966	)		(9,129	)
General and administrative expenses		(589,107	)		(580,523	)		(84,168	)
Impairment on cryptocurrency		-			(52,959	)		(7,678	)
Total operating expenses		(1,022,420	)		(1,243,090	)		(180,231	)
Income from operations		1,828,325			304,710			44,179
Interest income		7,310			15,938			2,311
Change in fair value of warrant liability		190,178			24,598			3,566
Investment income		277			-			-
Foreign exchange gains, net		17,890			242,957			35,225
Other income, net		6,410			22,156			3,212
Income before income tax expenses		2,050,390			610,359			88,493
Income tax expense		(50,108	)		(124,002	)		(17,979	)
Net income		2,000,282			486,357			70,514
Foreign currency translation adjustment, net of nil tax		(22,145	)		97,081			14,075
Total comprehensive income		1,978,137			583,438			84,589
Weighted average number of shares used in per share calculation:
— Basic		2,521,667,815			2,560,106,403			2,560,106,403
— Diluted		2,576,157,247			2,577,892,069			2,577,892,069
Net earnings per share (cent per share)
— Basic		79.32			19.00			2.75
— Diluted		77.65			18.87			2.74
Share-based compensation expenses were included in:
Cost of revenues		269			990			144
Research and development expenses		99,173			66,065			9,579
Sales and marketing expenses		8,240			16,263			2,358
General and administrative expenses		383,779			324,079			46,987

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The table below sets forth a reconciliation of net income to non-GAAP adjusted net income for the years indicated:

	For the Years Ended
	December  31, 2021			December  31, 2022			December  31, 2022
	RMB			RMB			US$
Net income		2,000,282			486,357			70,514
Share-based compensation expenses		491,461			407,397			59,068
Change in fair value of warrant liability		(190,178	)		(24,598	)		(3,566	)
Non-GAAP adjusted net income		2,301,565			869,156			126,016

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