Nano Labs Announces First Half of 2026 Financial Results
Rhea-AI Summary
Nano Labs (Nasdaq: NA) reported unaudited first-half 2026 results with net revenue of RMB2.8 million (US$0.4 million), down from RMB8.3 million a year earlier. Net loss expanded to RMB316.7 million (US$46.5 million) from RMB11.8 million, mainly due to a RMB250.5 million loss on change in fair value of cryptocurrencies versus a prior-period gain of RMB48.6 million.
Gross loss narrowed to RMB5.8 million from RMB10.7 million, but loss from operations widened to RMB291.7 million from a profit of RMB10.6 million as total operating expenses rose to RMB285.8 million. Cash and cash equivalents were RMB9.0 million at June 30, 2026, while total assets declined to RMB736.7 million and shareholders’ equity to RMB385.6 million. The company highlighted a long-term reserve of 70,000 BNB, the launch of its iPollo ClawPC A1 Mini AI/Web3 terminal, and completion of US$3.2 million of share repurchases under its program.
Positive
- Gross loss reduced to RMB5.8 million in H1 2026 from RMB10.7 million in H1 2025
- Cash and cash equivalents slightly increased to RMB9.0 million at June 30, 2026 from RMB8.5 million at December 31, 2025
- Short-term debts decreased to RMB23.0 million at June 30, 2026 from RMB43.0 million at December 31, 2025
- Inventories fell to RMB4.3 million at June 30, 2026 from RMB13.7 million at December 31, 2025
- Share repurchases of Class A ordinary shares totaled US$3.2 million as of August 26, 2026
- Launch of iPollo ClawPC A1 Mini adds an AI- and Web3-focused hardware product to the portfolio
Negative
- Net revenue declined to RMB2.8 million in H1 2026 from RMB8.3 million in H1 2025
- Net loss widened sharply to RMB316.7 million in H1 2026 from RMB11.8 million a year earlier
- Loss from operations reached RMB291.7 million in H1 2026 versus a profit of RMB10.6 million in H1 2025
- Cryptocurrency fair value swung to a RMB250.5 million loss in H1 2026 from a RMB48.6 million gain
- Total operating expenses were RMB285.8 million in H1 2026 versus prior-period operating income of RMB21.3 million
- Total assets and shareholders’ equity declined to RMB736.7 million and RMB385.6 million, respectively, from RMB1,119.5 million and RMB740.9 million at December 31, 2025
News Explained
As of
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HONG KONG, Aug. 28, 2026 (GLOBE NEWSWIRE) -- Nano Labs Ltd (Nasdaq: NA) (“we,” the “Company” or “Nano Labs”), a leading Web 3.0 infrastructure provider and crypto treasury company, today announced its unaudited financial results as of June 30, 2026 and for the first half of 2026 then ended.
First Half of 2026 Financial Summary
- Net revenue was RMB2.8 million (US
$0.4 million ) for the first half of 2026, compared to RMB8.3 million in the same period of 2025. - Gross loss was RMB5.8 million (US
$0.9 million ) for the first half of 2026, compared to gross loss of RMB10.7 million in the same period of 2025. - Loss from operations was RMB291.7 million (US
$42.8 million ) for the first half of 2026, compared to an income from operations of RMB10.6 million in the same period of 2025. - Loss on change in fair value of cryptocurrencies was RMB250.5 million (US
$36.8 million ) for the first half of 2026, compared to gain of RMB48.6 million on change in fair value of cryptocurrencies in the same period of 2025. - Net loss was RMB316.7 million (US
$46.5 million ) for the first half of 2026, compared to RMB11.8 million in the same period of 2025. - Net loss per share (both basic and diluted) was RMB13.65 (US
$2.00) for the first half of 2026, compared to net loss per share (both basic and diluted) of RMB0.43 in the same period of 2025.
Mr. Jianping Kong, Chairman and Chief Executive Officer of the Company, commented: “In the first half of fiscal 2026, as the Web3.0 industry continued to mature and the global digital asset market evolved, Nano Labs identified significant opportunities arising from the convergence of artificial intelligence (“AI”) and Web3.0. The Company believes these technologies have the potential to enhance blockchain infrastructure and unlock new applications, reinforcing its long-term strategic positioning.
“During the period, the Company launched its next-generation product, the iPollo ClawPC A1 Mini, designed to support the OpenClaw AI Agent system while also serving a broad range of applications, including gaming and entertainment, professional content creation, and intelligent office scenarios. The product is intended to provide users with an efficient, seamless, and localized AI experience.
“Building on this launch, the Company plans to further expand the OpenClaw ecosystem through its proprietary iPollo Claw OS and Skill Hub platform, with the objective of creating an integrated ecosystem spanning intelligent terminals, operating systems, hardware, software, and applications.
“The Company also continued advancing its digital asset reserve strategy. Based on its long-term assessment of the digital asset market and the broader blockchain ecosystem, management has incorporated digital assets as a strategic component of the Company’s capital allocation framework. As of the date of this interim report, the Company held a long-term reserve of 70,000 BNB.
“The Company believes that a disciplined approach to digital asset allocation will further strengthen its balance sheet, support ecosystem partnerships, and provide greater flexibility for future strategic initiatives.
“In order to enhance the shareholder’s beneficial, as of August 26, 2026, pursuant to the Repurchase Program, the Company had completed repurchases of Class A ordinary shares for a total consideration of US
Mr. Bing Chen, Chief Financial Officer, added: “For the first half of 2026, we recorded net revenue of RMB2.8 million (US
“Looking ahead, we intend to continue exploring opportunities created by advances in AI, Web3.0, and next-generation computing infrastructure. Through technology innovation, strategic partnerships, and ecosystem development, the Company seeks to strengthen its competitive position and enhance long-term shareholder value.”
First Half of 2026 Financial Results
Net Revenues
Net revenue was RMB2.8 million (US
Cost of Revenues
Cost of revenues was RMB8.6 million (US
Operating Expenses
Total operating expenses were RMB285.8 million (US
- Selling and marketing expenses increased by
17.0% to RMB3.1 million (US$0.4 million ) for the first half of 2026, from RMB2.6 million for the same period of 2025. The increase in selling and marketing expenses was primarily due to the increase in sales market expansion. - General and administrative expenses increased by
29.5% to RMB27.9 million (US$4.1 million ) for the first half of 2026, from RMB21.5 million for the same period of 2025. The increase in general and administrative expenses was primarily due to the increase in professional fees and real estate related taxes. - Research and development expenses increased by
39.8% to RMB4.4 million (US$0.6 million ) for the first half of 2026, from RMB3.2 million for the same period of 2025. The increase in research and development expenses was primarily due to the increase in service fees of system development. - Change in fair value of cryptocurrencies was a loss of RMB250.5 million (US
$36.8 million ) for the first half of 2026, compared to a gain of RMB48.6 million for the same period of 2025. The increase in loss from change in fair value of cryptocurrencies was primarily due to the decreased BNB price during the first half of 2026.
Loss from Operations
As a result of the foregoing, loss from operations were RMB291.7 million (US
Other Expenses
Other expenses was RMB18.3 million (US
Change in Fair Value of Derivative Assets
Change in fair value of derivative assets was a loss of RMB2.8 million (US
Change in Fair Value of Borrowings Denominated in Cryptocurrencies
Change in fair value of borrowings denominated in cryptocurrencies was nil for the first half of 2026, compared to RMB18.5 million for the same period of 2025. The change was due to the issuance of convertible bonds denominated in bitcoin in 2025, which was repaid before December 31, 2025.
Net Loss
Net loss was RMB316.7 million (US
Basic and Diluted Loss Per Ordinary Share attributable to Nano Labs Ltd
Basic and diluted loss per share was RMB13.65 (US
Cash and Cash Equivalents
As of June 30, 2026, the Company had cash and cash equivalents of RMB9.0 million (US
Exchange Rate
This press release contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) solely for the convenience of the reader. Unless otherwise specified, all translations of Renminbi amounts into U.S. dollar amounts in this press release are made at RMB6.8109 to US
Non-GAAP Financial Measures
In evaluating our business, we consider and use adjusted net income/(loss) as an additional non-GAAP measure to review and assess our operating performance. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We define adjusted net income/(loss) as net income/(loss) excluding share-based compensation expense.
We present the non-GAAP financial measure because they are used by our management to evaluate our operating performance and formulate business plans. Non-GAAP financial measures enable our management to assess our operating results without considering the impact of non-cash charges and non-operating items. We also believe that the use of the non-GAAP measure facilitates investors’ assessment of our operating performance.
The non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as analytical tools. One of the key limitations of using the non-GAAP financial measure is that they do not reflect all items of income and expense that affect our operations. Share-based compensation expenses have been and may continue to be incurred in our business and are not reflected in the presentation of adjusted net income/(loss). Further, the non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.
Conference Call
The Company will host an earnings conference call to discuss its financial results at 8:30 am U.S. Eastern Time (8:30 pm Hong Kong Time) on August 28, 2026.
For participants who wish to join the call, please access the link provided below to complete the online registration process.
Registration Link: https://s1.c-conf.com/diamondpass/10056588-f5skpn.html
Upon registration, participants will receive the dial-in number and unique PIN, which can be used to join the conference call. If participants register and forget their PIN or lose their registration confirmation email, they may simply re-register and receive a new PIN. All participants are encouraged to dial in 15 minutes prior to the start time.
A live and archived webcast of the conference call will be accessible on the Company’s investor relations website at: https://ir.nano.cn/.
A telephone replay of the call will be available until September 4, 2026 via the following dial-in details:
Dial-in Numbers:
| US/Canada: | 1855 883 1031 |
| Hong Kong: | 800 930 639 |
| China: | 400 1209 216 |
| Replay PIN: | 10056588 |
About Nano Labs Ltd
Nano Labs Ltd is a leading Web 3.0 infrastructure provider and crypto treasury company. Nano Labs has actively positioned itself in the crypto assets space, adopting BNB as its primary reserve asset. It has reserved in mainstream cryptocurrencies BNB, and committed to the product iPollo ClawPC A1 Mini, designed to support the OpenClaw AI Agent system and a broad range of applications, including gaming and entertainment, professional content creation, and intelligent office scenarios. For more information, please visit the Company’s website at: ir.nano.cn.
Forward-Looking Statements
This report contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s plan to appeal the Staff’s determination, which can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
For investor and media inquiries, please contact:
Nano Labs Ltd
Email: ir@nano.cn
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
| Consolidated Balance Sheets | ||||||||||||
| (Unaudited) | ||||||||||||
| As of December 31, | As of June 30, | |||||||||||
| 2025 | 2026 | |||||||||||
| RMB | RMB | US$ | ||||||||||
| ASSETS | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | 8,502,357 | 8,957,513 | 1,315,173 | |||||||||
| Restricted cash | 1,347,795 | — | — | |||||||||
| Accounts receivable, net | 281,446 | 338,567 | 49,710 | |||||||||
| Inventories, net | 13,693,374 | 4,318,470 | 634,053 | |||||||||
| Prepayments | 7,567,871 | 5,098,671 | 748,605 | |||||||||
| Short-term investments | 26,214,992 | 3,718,561 | 545,972 | |||||||||
| Receivable for cryptocurrencies collateral | 20,387,316 | — | — | |||||||||
| Cryptocurrencies, current | 343,812,102 | 108,987,050 | 16,001,857 | |||||||||
| Cryptocurrencies, restricted | — | 24,593,343 | 3,610,880 | |||||||||
| Derivative assets | — | 41,704,830 | 6,123,248 | |||||||||
| Other current assets | 9,057,772 | 9,188,636 | 1,349,107 | |||||||||
| Total current assets | 430,865,025 | 206,905,641 | 30,378,605 | |||||||||
| Non-current assets: | ||||||||||||
| Long-term investment | 2,000,000 | 12,000,000 | 1,761,882 | |||||||||
| Property, plant and equipment, net | 182,630,671 | 177,163,859 | 26,011,813 | |||||||||
| Intangible asset, net | 45,759,600 | 45,266,678 | 6,646,211 | |||||||||
| Value-added tax recoverables, non-current | 30,414,877 | 29,628,154 | 4,350,109 | |||||||||
| Cryptocurrencies, non-current | 424,743,318 | 259,780,228 | 38,141,836 | |||||||||
| Operating lease right-of-use assets | 3,090,851 | 5,955,147 | 874,355 | |||||||||
| Total non-current assets | 688,639,317 | 529,794,066 | 77,786,206 | |||||||||
| TOTAL ASSETS | 1,119,504,342 | 736,699,707 | 108,164,811 | |||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
| Current liabilities: | ||||||||||||
| Short-term debts | 43,000,000 | 23,000,000 | 3,376,940 | |||||||||
| Current portion of long-term debts | 6,890,000 | 7,660,000 | 1,124,668 | |||||||||
| Borrowings denominated in cryptocurrencies | 11,948,960 | 17,708,340 | 2,600,000 | |||||||||
| Accounts payable | 19,424,629 | 12,705,052 | 1,865,400 | |||||||||
| Advance from customers | 69,314,154 | 63,000,107 | 9,249,895 | |||||||||
| Operating lease liabilities, current | 1,125,674 | 2,372,382 | 348,321 | |||||||||
| Other current liabilities | 54,303,126 | 46,269,332 | 6,793,424 | |||||||||
| Total current liabilities | 206,006,543 | 172,715,213 | 25,358,648 | |||||||||
| Non-current liabilities: | ||||||||||||
| Long-term debts | 170,902,834 | 174,969,625 | 25,689,648 | |||||||||
| Operating lease liabilities, non-current | 1,696,750 | 3,416,589 | 501,635 | |||||||||
| Total non-current liabilities | 172,599,584 | 178,386,214 | 26,191,283 | |||||||||
| Total liabilities | 378,606,127 | 351,101,427 | 51,549,931 | |||||||||
| Shareholders’ equity: | ||||||||||||
| Class A ordinary shares (US | 283,565 | 283,623 | 41,643 | |||||||||
| Class B ordinary shares (US | 36,894 | 36,894 | 5,417 | |||||||||
| Treasury shares | (1,666,859 | ) | (19,706,651 | ) | (2,893,399 | ) | ||||||
| Additional paid-in capital | 1,180,196,429 | 1,180,208,542 | 173,282,318 | |||||||||
| Accumulated deficit | (429,752,701 | ) | (739,256,469 | ) | (108,540,203 | ) | ||||||
| Statutory reserves | 6,647,109 | 6,647,109 | 975,952 | |||||||||
| Accumulated other comprehensive loss | (7,450,495 | ) | (28,041,650 | ) | (4,117,172 | ) | ||||||
| Total Nano Labs Ltd shareholders’ equity | 748,293,942 | 400,171,398 | 58,754,556 | |||||||||
| Noncontrolling interests | (7,395,727 | ) | (14,573,118 | ) | (2,139,676 | ) | ||||||
| Total shareholders’ equity | 740,898,215 | 385,598,280 | 56,614,880 | |||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 1,119,504,342 | 736,699,707 | 108,164,811 | |||||||||
| Consolidated Statements of Operations and Comprehensive Income (Loss) | ||||||||||||
| (Unaudited) | ||||||||||||
| For the six months ended June 30, | ||||||||||||
| 2025 | 2026 | |||||||||||
| RMB | RMB | US$ | ||||||||||
| Net revenues | 8,283,373 | 2,778,378 | 407,931 | |||||||||
| Cost of revenues | (18,991,737 | ) | (8,625,388 | ) | (1,266,409 | ) | ||||||
| Gross loss | (10,708,364 | ) | (5,847,010 | ) | (858,478 | ) | ||||||
| Operating income (expenses): | ||||||||||||
| Selling and marketing expenses | (2,617,584 | ) | (3,061,642 | ) | (449,521 | ) | ||||||
| General and administrative expenses | (21,544,148 | ) | (27,898,411 | ) | (4,096,142 | ) | ||||||
| Research and development expenses | (3,163,558 | ) | (4,422,485 | ) | (649,325 | ) | ||||||
| Change in fair value of cryptocurrencies | 48,610,295 | (250,465,136 | ) | (36,774,161 | ) | |||||||
| Total operating income (expenses) | 21,285,005 | (285,847,674 | ) | (41,969,149 | ) | |||||||
| Profit (Loss) from operations | 10,576,641 | (291,694,684 | ) | (42,827,627 | ) | |||||||
| Other income (expenses): | ||||||||||||
| Finance expenses | (274,189 | ) | (740,278 | ) | (108,690 | ) | ||||||
| Interest expenses | (5,287,620 | ) | (5,254,957 | ) | (771,551 | ) | ||||||
| Interest income | 12,322 | 2,951 | 433 | |||||||||
| Change in fair value of derivative assets | — | (2,767,854 | ) | (406,386 | ) | |||||||
| Change in fair value of borrowings denominated in cryptocurrencies | (18,529,435 | ) | — | — | ||||||||
| Other income | 1,724,344 | 2,063,759 | 303,008 | |||||||||
| Other expenses | — | (18,309,645 | ) | (2,688,286 | ) | |||||||
| Total other expenses | (22,354,578 | ) | (25,006,024 | ) | (3,671,472 | ) | ||||||
| Loss before income tax provision | (11,777,937 | ) | (316,700,708 | ) | (46,499,099 | ) | ||||||
| Income tax provision | — | — | — | |||||||||
| Net loss | (11,777,937 | ) | (316,700,708 | ) | (46,499,099 | ) | ||||||
| Less: net loss attributable to noncontrolling interests | (4,723,396 | ) | (7,196,940 | ) | (1,056,680 | ) | ||||||
| Net loss attributable to Nano Labs Ltd | (7,054,541 | ) | (309,503,768 | ) | (45,442,419 | ) | ||||||
| Comprehensive loss: | ||||||||||||
| Net loss | (11,777,937 | ) | (316,700,708 | ) | (46,499,099 | ) | ||||||
| Other comprehensive loss: | ||||||||||||
| Foreign currency translation adjustment | (1,840,888 | ) | (20,571,606 | ) | (3,020,395 | ) | ||||||
| Total comprehensive loss | (13,618,825 | ) | (337,272,314 | ) | (49,519,494 | ) | ||||||
| Comprehensive loss attributable to noncontrolling interests | (4,722,335 | ) | (7,177,391 | ) | (1,053,809 | ) | ||||||
| Comprehensive loss attributable to Nano Labs Ltd | (8,896,490 | ) | (330,094,923 | ) | (48,465,685 | ) | ||||||
| Net loss per ordinary share attributable to Nano Labs Ltd | ||||||||||||
| Basic | (0.43 | ) | (13.65 | ) | (2.00 | ) | ||||||
| Diluted | (0.43 | ) | (13.65 | ) | (2.00 | ) | ||||||
| Weighted average number of shares used in per share calculation: | ||||||||||||
| Basic | 16,548,783 | 22,674,071 | 22,674,071 | |||||||||
| Diluted | 16,548,783 | 22,674,071 | 22,674,071 | |||||||||
| Non-GAAP Reconciliation | ||||||||||||
| (Unaudited) | ||||||||||||
| For the Six Months Ended June 30, | ||||||||||||
| 2025 | 2026 | |||||||||||
| RMB | RMB | US$ | ||||||||||
| Net loss | (11,777,937 | ) | (316,700,708 | ) | (46,499,099 | ) | ||||||
| Add: | ||||||||||||
| Share-based compensation expenses | 62,337 | 12,113 | 1,778 | |||||||||
| Non-GAAP adjusted net loss | (11,715,600 | ) | (316,688,595 | ) | (46,497,321 | ) | ||||||
