Nano Labs Ltd Financials
Nano Labs Ltd (NA) reported $3.8M in revenue for fiscal year 2025, down 32.0% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Nano Labs’ dominant mechanic is externally funded balance-sheet expansion while reported profits remain disconnected from operating cash generation.
In FY2025, net income of$19.3M coexisted with operating cash flow of-$15.4M , so reported profitability did not convert into cash from operations. Free cash flow was-$15.4M while financing cash flow reached$54.4M , indicating that the period’s cash position was shaped more by financing than by the operating model.
By FY2025, total assets of
The financing structure changed materially: liabilities were about
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Nano Labs Ltd's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Nano Labs Ltd's reported operating margin for fiscal year 2025 is above the highest share of revenue this page publishes, so the figure is not shown here. This dimension scores 22/100.
Nano Labs Ltd's revenue declined 32.0% year-over-year, from $5.6M to $3.8M. This contraction results in a growth score of 2/100.
Nano Labs Ltd has a moderate D/E ratio of 0.23. This balance of debt and equity financing earns a leverage score of 31/100.
Nano Labs Ltd's current ratio of 2.09 indicates adequate short-term liquidity, earning a score of 60/100. The company can meet its near-term obligations, though with limited headroom.
Nano Labs Ltd's reported free cash flow margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 3/100.
Nano Labs Ltd generates a 18.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 12/100. This is up from -49.0% the prior year.
Nano Labs Ltd scores 0.51, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($51.5M) relative to total liabilities ($53.9M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Nano Labs Ltd passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Nano Labs Ltd used $0.80 of operating cash (-$15.4M OCF vs $19.3M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.
Nano Labs Ltd earns $4.21 in operating income for every $1 of interest expense ($10.2M vs $2.4M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Nano Labs Ltd generated $3.8M in revenue in fiscal year 2025. This represents a decrease of 32.0% from the prior year.
Nano Labs Ltd's EBITDA was $11.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 194.8% from the prior year.
Nano Labs Ltd reported $19.3M in net income in fiscal year 2025. This represents an increase of 222.4% from the prior year.
Cash & Balance Sheet
Nano Labs Ltd recorded an outflow of $15.4M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 37.0% from the prior year.
Nano Labs Ltd held $1.2M in cash against $24.3M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Nano Labs Ltd's ROE was 18.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 67.1 percentage points from the prior year.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is above 100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is above 100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Nano Labs Ltd invested $1.1M in research and development in fiscal year 2025. This represents a decrease of 83.6% from the prior year.
Nano Labs Ltd spent $237K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Nano Labs Ltd invested $7K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 99.9% from the prior year.
NA Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'25 | Q2'25 | Q4'24 | Q2'24 | Q4'23 | Q2'23 | Q4'22 |
|---|
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, Interest Expense, Income Tax, Net Income, EPS (Diluted).
NA Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'25 | Q2'25 | Q4'24 | Q2'24 | Q4'23 | Q2'23 | Q4'22 |
|---|---|---|---|---|---|---|---|
| Total Assets | $159.3M-22.8% | $206.4M+140.9% | $85.7M+67.3% | $51.2M+3.5% | $49.5M+20.4% | $41.1M-22.1% | $52.7M |
| Current Assets | $61.3M-64.5% | $172.9M+239.0% | $51.0M+228.1% | $15.5M-12.3% | $17.7M-7.8% | $19.2M-53.6% | $41.4M |
| Cash & Equivalents | $1.2M-97.6% | $50.8M+1025.3% | $4.5M+36.8% | $3.3M-51.5% | $6.8M+191.8% | $2.3M-81.5% | $12.6M |
| Inventory | $1.9M-61.1% | $5.0M+20.5% | $4.2M+237.3% | $1.2M-32.2% | $1.8M-68.7% | $5.8M-60.5% | $14.7M |
| Accounts Receivable | $40K-43.5% | $71K-11.0% | $80K+16.8% | $68K-72.2% | $246K+19.5% | $205K | N/A |
| Total Liabilities | $53.9M-55.1% | $119.9M+125.1% | $53.3M-3.8% | $55.4M+7.0% | $51.8M+41.3% | $36.6M+25.8% | $29.1M |
| Current Liabilities | $29.3M-69.3% | $95.4M+227.5% | $29.1M-10.5% | $32.6M-4.9% | $34.2M+24.8% | $27.4M+4.1% | $26.4M |
| Long-Term Debt | $24.3M+0.3% | $24.2M+2.1% | $23.7M+6.7% | $22.3M+31.1% | $17.0M+86.6% | $9.1M | N/A |
| Total Equity | $106.5M+22.6% | $86.8M+170.5% | $32.1M+730.9% | -$5.1M-144.7% | -$2.1M-147.0% | $4.4M-81.2% | $23.6M |
| Retained Earnings | -$61.1M+23.5% | -$79.9M-1.7% | -$78.6M-10.0% | -$71.5M-12.0% | -$63.8M-38.3% | -$46.2M-61.4% | -$28.6M |
Not reported in any period shown, so not listed: Goodwill.
NA Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'25 | Q2'25 | Q4'24 | Q2'24 | Q4'23 | Q2'23 | Q4'22 |
|---|
Not reported in any period shown, so not listed: Operating Cash Flow, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
NA Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q4'25 | Q2'25 | Q4'24 | Q2'24 | Q4'23 | Q2'23 | Q4'22 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 2.09+0.3x | 1.81+0.1x | 1.75+1.3x | 0.480.0x | 0.52-0.2x | 0.70-0.9x | 1.57 |
| Debt-to-Equity | 0.23-0.1x | 0.28-0.5x | 0.74 | N/A | N/A | 2.05+0.8x | 1.23 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, FCF Margin.
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Where Nano Labs Ltd Ranks
Frequently Asked Questions
What is Nano Labs Ltd's annual revenue?
Nano Labs Ltd (NA) reported $3.8M in total revenue for fiscal year 2025. This represents a -32.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Nano Labs Ltd's revenue growing?
Nano Labs Ltd (NA) revenue declined by 32.0% year-over-year, from $5.6M to $3.8M in fiscal year 2025.
Is Nano Labs Ltd profitable?
Yes, Nano Labs Ltd (NA) reported a net income of $19.3M in fiscal year 2025.
What is Nano Labs Ltd's EBITDA?
Nano Labs Ltd (NA) had EBITDA of $11.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Nano Labs Ltd have?
As of fiscal year 2025, Nano Labs Ltd (NA) had $1.2M in cash and equivalents against $24.3M in long-term debt.
What is Nano Labs Ltd's return on equity (ROE)?
Nano Labs Ltd (NA) has a return on equity of 18.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Nano Labs Ltd's free cash flow?
Nano Labs Ltd (NA) recorded an outflow of $15.4M in free cash flow during fiscal year 2025. This represents a 37.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Nano Labs Ltd's operating cash flow?
Nano Labs Ltd (NA) recorded an outflow of $15.4M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Nano Labs Ltd's total assets?
Nano Labs Ltd (NA) had $159.3M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Nano Labs Ltd's capital expenditures?
Nano Labs Ltd (NA) invested $7K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Nano Labs Ltd spend on research and development?
Nano Labs Ltd (NA) invested $1.1M in research and development during fiscal year 2025.
What is Nano Labs Ltd's current ratio?
Nano Labs Ltd (NA) had a current ratio of 2.09 as of fiscal year 2025, which is generally considered healthy.
What is Nano Labs Ltd's debt-to-equity ratio?
Nano Labs Ltd (NA) had a debt-to-equity ratio of 0.23 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Nano Labs Ltd's return on assets (ROA)?
Nano Labs Ltd (NA) had a return on assets of 12.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Nano Labs Ltd's Altman Z-Score?
Nano Labs Ltd (NA) has an Altman Z-Score of 0.51, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Nano Labs Ltd's Piotroski F-Score?
Nano Labs Ltd (NA) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Nano Labs Ltd's earnings high quality?
For every $1 of reported earnings, Nano Labs Ltd (NA) used $0.80 of operating cash (-$15.4M OCF vs $19.3M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Nano Labs Ltd cover its interest payments?
Nano Labs Ltd (NA) has an interest coverage ratio of 4.21x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Nano Labs Ltd?
Nano Labs Ltd (NA) scores 22 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.