What is Nano Labs Ltd's earnings per share (EPS)?

Nano Labs Ltd (NA) reported diluted earnings per share of $0.97 for fiscal year 2025. This represents a 149.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Nano Labs Ltd Financials

Source SEC Filings (10-K/10-Q) Data as of Dec 31, 2025 Currency USD FYE December

This page shows Nano Labs Ltd (NA) financial statements, including the 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).

Rhea AI NA FY2025 2026-04-22

External financing and investment activity now shape Nano Labs more than sales, as revenue shrank while assets expanded.

By FY2025, reported profit, cash flow, and gross economics pulled in opposite directions: net income was $19.3M, but operating cash flow was -$15.4M and gross profit was -$5.7M. Across FY2022-FY2025, revenue fell from $141.2M to $3.8M even as total assets climbed from $52.7M to $159.3M, showing the balance sheet is being driven more by capital movements than customer activity.

Liquidity looks better on paper than in cash terms: the current ratio improved to 2.1x and debt-to-equity fell to 0.2x in FY2025, yet cash ended at only $1.2M. That gap matters because the year still consumed -$15.4M in operating cash, so near-term flexibility rests on non-cash current assets or fresh funding rather than self-funding operations.

Investment outflows were not mainly routine reinvestment in FY2025: capital expenditures were just $7K while investing cash outflow was -$42.1M. Combined with $54.4M of financing inflow, that suggests the business is reallocating capital outside day-to-day production needs rather than spending heavily to support its current revenue base.

Financial Health Signals

Financial Health Score 21/100

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.

Profitability

Nano Labs Ltd has an operating margin of 264.4%, meaning the company retains $264 of operating profit per $100 of revenue. This below-average margin results in a low score of 21/100, suggesting thin profitability after operating expenses. This is up from -242.7% the prior year.

Growth

Nano Labs Ltd's revenue declined 32% year-over-year, from $5.6M to $3.8M. This contraction results in a growth score of 2/100.

Leverage

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.

Liquidity

Nano Labs Ltd's current ratio of 2.09 indicates adequate short-term liquidity, earning a score of 59/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While Nano Labs Ltd generated -$15.4M in operating cash flow, capex of $7K consumed most of it, leaving -$15.4M in free cash flow. This results in a low score of 3/100, reflecting heavy capital investment rather than weak cash generation.

Returns

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.

Altman Z-Score Distress

0.41

Nano Labs Ltd scores 0.41, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($42.0M) 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.

Piotroski F-Score Partial

4/8

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.

Earnings Quality Low Quality

-0.80x

For every $1 of reported earnings, Nano Labs Ltd generates $-0.80 in operating cash flow (-$15.4M OCF vs $19.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage Adequate

4.2x

Nano Labs Ltd earns $4.2 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

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Earnings & Revenue

Revenue

$3.8M

YoY-32.0%

Nano Labs Ltd generated $3.8M in revenue in fiscal year 2025. This represents a decrease of 32.0% from the prior year.

EBITDA

$11.7M

YoY+194.8%

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.

Net Income

$19.3M

YoY+222.4%

Nano Labs Ltd reported $19.3M in net income in fiscal year 2025. This represents an increase of 222.4% from the prior year.

EPS (Diluted)

$0.97

YoY+149.5%

Nano Labs Ltd earned $0.97 per diluted share (EPS) in fiscal year 2025. This represents an increase of 149.5% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$15.4M

YoY+37.0%

Nano Labs Ltd generated -$15.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 37.0% from the prior year.

Cash & Debt

$1.2M

YoY-73.2%

Nano Labs Ltd held $1.2M in cash against $24.3M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

-147.3%

YoY-175.9pp

Nano Labs Ltd's gross margin was -147.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 175.9 percentage points from the prior year.

Operating Margin

264.4%

YoY+507.0pp

Nano Labs Ltd's operating margin was 264.4% in fiscal year 2025, reflecting core business profitability. This is up 507.0 percentage points from the prior year.

Net Margin

501.6%

YoY+780.4pp

Nano Labs Ltd's net profit margin was 501.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 780.4 percentage points from the prior year.

Return on Equity

18.1%

YoY+67.1pp

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.

Capital Allocation

R&D Spending

$1.1M

YoY-83.6%

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.

Share Buybacks

$237K

Nano Labs Ltd spent $237K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$7K

YoY-99.9%

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

Metric	FY25	FY24	FY23	FY22
Revenue	$3.8M-32.0%	$5.6M-48.9%	$11.1M-92.2%	$141.2M
Cost of Revenue	$9.5M+135.6%	$4.0M-84.3%	$25.7M-76.3%	$108.1M
Gross Profit	-$5.7M-450.7%	$1.6M+111.1%	-$14.6M-144.2%	$33.0M
R&D Expenses	$1.1M-83.6%	$7.0M-44.2%	$12.5M-33.9%	$18.9M
SG&A Expenses	$7.8M+9.9%	$7.1M-6.2%	$7.5M-1.3%	$7.6M
Operating Income	$10.2M+174.1%	-$13.7M+62.8%	-$36.8M-1339.8%	$3.0M
Interest Expense	$2.4M+150.6%	$962K	N/A	N/A
Income Tax	N/A	N/A	-$2K	$0
Net Income	$19.3M+222.4%	-$15.7M+55.9%	-$35.7M-898.9%	$4.5M
EPS (Diluted)	$0.97+149.5%	$-1.96-221.3%	$-0.61-1625.0%	$0.04

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NA Balance Sheet

Metric	FY25	FY24	FY23	FY22
Total Assets	$159.3M+85.9%	$85.7M+73.2%	$49.5M-6.2%	$52.7M
Current Assets	$61.3M+20.2%	$51.0M+187.9%	$17.7M-57.2%	$41.4M
Cash & Equivalents	$1.2M-73.2%	$4.5M-33.7%	$6.8M-46.1%	$12.6M
Inventory	$1.9M-53.1%	$4.2M+128.6%	$1.8M-87.6%	$14.7M
Accounts Receivable	$40K-49.7%	$80K-67.5%	$246K	N/A
Goodwill	N/A	N/A	N/A	N/A
Total Liabilities	$53.9M+1.1%	$53.3M+3.0%	$51.8M+77.7%	$29.1M
Current Liabilities	$29.3M+0.6%	$29.1M-14.9%	$34.2M+29.9%	$26.4M
Long-Term Debt	$24.3M+2.4%	$23.7M+39.8%	$17.0M	N/A
Total Equity	$106.5M+231.6%	$32.1M+1643.4%	-$2.1M-108.8%	$23.6M
Retained Earnings	-$61.1M+22.2%	-$78.6M-23.2%	-$63.8M-123.1%	-$28.6M

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
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	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

NA Cash Flow Statement

Metric	FY25	FY24	FY23	FY22
Operating Cash Flow	-$15.4M+20.5%	-$19.4M-2.9%	-$18.8M+52.3%	-$39.5M
Capital Expenditures	$7K-99.9%	$5.1M-66.0%	$14.9M+491.7%	$2.5M
Free Cash Flow	-$15.4M+37.0%	-$24.4M+27.6%	-$33.7M+19.7%	-$42.0M
Investing Cash Flow	-$42.1M-18.0%	-$35.7M-139.8%	-$14.9M-212.6%	-$4.8M
Financing Cash Flow	$54.4M+4.0%	$52.3M+85.7%	$28.2M+21.9%	$23.1M
Dividends Paid	N/A	N/A	N/A	N/A
Share Buybacks	$237K	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NA Financial Ratios

Metric	FY25	FY24	FY23	FY22
Gross Margin	-147.3%-175.9pp	28.6%+160.6pp	-132.1%-155.5pp	23.4%
Operating Margin	264.4%+507.0pp	-242.7%+90.2pp	-332.9%-335.0pp	2.1%
Net Margin	501.6%+780.4pp	-278.8%+43.9pp	-322.8%-325.9pp	3.2%
Return on Equity	18.1%+67.1pp	-49.0%	N/A	18.9%
Return on Assets	12.1%+30.5pp	-18.4%+53.8pp	-72.2%-80.6pp	8.5%
Current Ratio	2.09+0.3	1.75+1.2	0.52-1.1	1.57
Debt-to-Equity	0.23-0.5	0.74+8.9	-8.16-9.4	1.23
FCF Margin	-401.1%+31.7pp	-432.8%-127.7pp	-305.0%-275.3pp	-29.8%

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	2.09+0.3	1.81+0.1	1.75+1.3	0.48-0.0	0.52-0.2	0.70-0.9	1.57
Debt-to-Equity	0.23-0.1	0.28-0.5	0.74+5.1	-4.37+3.8	-8.16-10.2	2.05+0.8	1.23
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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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% 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, with a net profit margin of 501.6%.

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 gross margin?

Nano Labs Ltd (NA) had a gross margin of -147.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Nano Labs Ltd's operating margin?

Nano Labs Ltd (NA) had an operating margin of 264.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Nano Labs Ltd's net profit margin?

Nano Labs Ltd (NA) had a net profit margin of 501.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

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) generated -$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) generated -$15.4M in operating cash flow during fiscal year 2025, representing cash generated from 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.

Does Nano Labs Ltd buy back shares?

Yes, Nano Labs Ltd (NA) spent $237K on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

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 cash runway?

Based on fiscal year 2025 data, Nano Labs Ltd (NA) had $1.2M in cash against an annual operating cash burn of $15.4M. This gives an estimated cash runway of approximately 1 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Nano Labs Ltd's Altman Z-Score?

Nano Labs Ltd (NA) has an Altman Z-Score of 0.41, 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?

Nano Labs Ltd (NA) has an earnings quality ratio of -0.80x, considered low quality (accrual-driven). 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 4.2x, 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 21 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.