Nano Labs Announces Second Half of 2025 Financial Results
Rhea-AI Summary
Nano Labs (Nasdaq: NA) reported second-half 2025 results: net revenue +18.1% to RMB18.7M, net income RMB137.7M (vs. loss RMB60.4M prior year) and a RMB130.0M gain from crypto fair value changes. Cash fell to RMB8.5M; BNB reserves totaled 126,662 BNB. The company announced a US$25M share buyback program and launched new hardware for AI Agents.
Positive
- Net income turned positive: RMB137.7M for H2 2025
- Gain from crypto fair value: RMB130.0M in H2 2025
- Net revenue growth: +18.1% to RMB18.7M
- BNB reserve scale: 126,662 BNB as of Dec 31, 2025
- Announced US$25.0M share repurchase program
Negative
- Gross loss of RMB29.1M in H2 2025 (vs. gross profit prior year)
- Cash and cash equivalents declined to RMB8.5M from RMB32.4M
- Cost of revenues rose to RMB47.8M due to inventory write-downs
- R&D expense decreased 76.9% to RMB4.9M, potentially reducing development investment
- Interest expenses increased to RMB11.7M in H2 2025
Key Figures
Market Reality Check
Peers on Argus
Pre-report, NA was up 1.02% while peers were mixed: ICG -6.06%, SQNS -12.71%, GSIT -8.67%, MRAM -1.34%, and MX +1.77%, indicating stock-specific rather than sector-wide drivers.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Aug 15 | H1 2025 earnings | Positive | -9.8% | Reported lower revenue but sharply reduced net loss and crypto valuation gains. |
| Mar 25 | H2 2024 earnings | Negative | -3.4% | Disclosed revenue decline with narrower losses and new Bitcoin investment sector. |
| Sep 18 | H1 2024 earnings | Negative | -4.2% | Showed revenue drop, modest gross profit, narrower net loss and shareholder loans. |
| Apr 08 | FY 2023 report | Neutral | -5.1% | Filed Form 20-F annual report for 2023 without additional detailed summary here. |
Earnings and results-related disclosures have historically led to negative average moves of -5.6%, with two aligned selloffs and two divergences.
Across prior results updates – H1 2024, H2 2024, H1 2025, and the FY 2023 Form 20-F – Nano Labs has consistently highlighted shrinking net losses, shifting toward crypto-asset strategies and BNB reserves, and managing operating expenses. Market reactions to these earnings events have often been negative, with an average move of -5.6%. Today’s H2 2025 release, showing a swing to net income and large crypto valuation gains, builds directly on that strategic and financial transition.
Historical Comparison
Earnings and results filings over the past two years have averaged a -5.6% next-day move, often skewing negative even when losses narrowed. The latest swing to H2 2025 net income and large crypto gains marks a continuation of this evolving earnings story.
Results progressed from FY 2023 reporting to H1 and H2 2024 with narrowing losses and chip progress, then H1 2025 emphasized BNB reserves and crypto gains. The new H2 2025 figures extend this path with full-period net profitability driven by crypto-related income.
Regulatory & Risk Context
Nano Labs has an active Form F-3 shelf filed on 2025-07-09, expiring 2028-07-09, with at least two usages disclosed via 424B3 and 424B5 prospectus supplements. The shelf is currently marked as not effective in the provided data.
Market Pulse Summary
This announcement highlights a sharp turnaround to H2 2025 net income of RMB137.7 million, driven largely by a RMB130.0 million gain on cryptocurrency fair values and expanded BNB reserves of over 126,000 tokens. At the same time, operations showed a gross loss, and cash declined to RMB8.5 million. Historically, earnings releases averaged a -5.6% move, underscoring sensitivity to results quality. Investors may watch future revenue mix, crypto exposure, liquidity trends, and any further use of the active Form F-3 shelf documented in prior 6-Ks.
Key Terms
web 3.0 technical
web 4.0 technical
value-added tax financial
fair value financial
non-gaap financial measures financial
u.s. gaap regulatory
central parity rate financial
AI-generated analysis. Not financial advice.
HANGZHOU, China, March 30, 2026 (GLOBE NEWSWIRE) -- Nano Labs Ltd (Nasdaq: NA) (“we,” the “Company” or “Nano Labs”), a leading Web 3.0 infrastructure and product solution provider and crypto treasury company today announced its unaudited financial results as of December 31, 2025 and for the six months ended December 31, 2025.
Second Half of 2025 Financial Summary
- Net revenue increased by
18.1% to RMB18.7 million (US$2.7 million ) for the second half of 2025, from RMB15.9 million in the same period of 2024. - Gross loss was RMB29.1 million (US
$4.1 million ) for the second half of 2025, compared to a gross profit of RMB11.6 million in the same period of 2024. - Gain on change in fair value of cryptocurrencies was RMB130.0 million (US
$18.5 million ) for the second half of 2025, compared to a loss of RMB15.7 million in the same period of 2024. - Profit from operations was RMB60.8 million (US
$8.7 million ) for the second half of 2025, compared to a loss of RMB55.6 million in the same period of 2024. - Net income was RMB137.7 million (US
$19.6 million ) for the second half of 2025, compared to a net loss of RMB 60.4 million in the same period of 2024. - Net income per share (both basic and diluted) was approximately RMB6.2 (US
$0.9) for the second half of 2025, compared to a net loss per share (both basic and diluted) of approximately RMB6.0 in the same period of 2024.
Mr. Jianping Kong, Chairman and Chief Executive Officer of the Company, commented: “2025 witnessed vigorous development in the Web 3.0 industry. With the continuous improvement of the global crypto market environment, including the enhancement of crypto asset infrastructure and rising market participation, the crypto market and Web 3.0-related sectors embraced a new phase of growth and opportunities.
Following a comprehensive and meticulous internal assessment of BNB’s strategic value and long-term prospects, we decided to take the lead in launching and continuously advancing the buildout of a BNB reserve. As of December 31, 2025, we held a total of 126,662 BNBs and a receivable for 3,338 BNBs collateral. By steadily increasing the BNB holdings, we have not only optimized our crypto asset allocation but also created favorable conditions for future business expansion and ecological collaboration.
In terms of capital operations, we successfully completed two rounds of financing in 2025, which provided strong support for the Company’s strategic transformation, the expansion of our crypto asset reserves, and the exploration of new business directions.
In March 2026, we officially launched our new-generation product — iPollo ClawPC A1 Mini, designed to support the Open Claw AI Agent system. Subsequently, we plan to introduce the Claw OS system and more hardware products to further extend the full-chain ecological services for AI Agents.
Meanwhile, to further enhance shareholder value and demonstrate the management’s confidence in the Company’s long-term development, we announced a share repurchase program of up to US
Looking ahead, we will continue to closely monitor emerging industry trends and market dynamics. While maintaining stable operations, we will further advance our crypto asset strategic reserve and pursue broader industrial opportunities in the AI Agent ecosystem.”
Mr. Bing Chen, Chief Financial Officer of the Company, added: “For the second half of 2025, our net revenue increased by
Second Half of 2025 Financial Results
Net Revenues
Net revenue was RMB18.7 million (US
Cost of Revenues
Cost of revenues was RMB47.8 million (US
Operating Income (Expenses)
Total operating income increased by
- Selling and marketing expenses decreased by
56.2% to RMB2.1 million (US$0.3 million ) for the second half of 2025, from RMB4.8 million for the same period of 2024. The decrease in selling and marketing expenses was primarily due to the decrease in employee salary expenses. - General and administrative expenses increased by
30.3% to RMB33.1 million (US$4.7 million ) for the second half of 2025, from RMB25.4 million for the same period of 2024. The increase in general and administrative expenses was primarily due to the increase in professional services fees. - Research and development expenses decreased by
76.9% to RMB4.9 million (US$0.7 million ) for the second half of 2025, from RMB21.2 million for the same period of 2024. The decrease in research and development expenses was primarily due to the decrease in salary expenses, material fees, and equipment fees. - Change in fair value of cryptocurrencies was a gain of RMB130.0 million (US
$18.5 million ) for the second half of 2025, compared to a loss of RMB15.7 million for the same period of 2024. The increase in gain from change in fair value of cryptocurrencies was primarily due to the increased BNB price during the second half of 2025.
Profit (Loss) from Operations
Profit from operations was RMB60.8 million (US
Finance Expenses
Finance expenses was RMB0.3 million (US
Interest Expenses
Interest expenses was RMB11.7 million (US
Change in Fair Value of Borrowings Denominated in Cryptocurrencies
Change in fair value of borrowings denominated in cryptocurrencies was a gain of RMB60.5 million (US
Other Income
Other income was RMB38.2 million (US
Other Expenses
Other expenses was RMB9.9 million (US
Net Income (Loss)
Net income was RMB137.7 million (US
Basic and Diluted Earnings or Loss Per Ordinary Share attributable to Nano Labs Ltd
Basic and diluted earnings per share was approximately RMB6.2 (US
Cash and Cash Equivalents
As of December 31, 2025, the Company had cash and cash equivalents of RMB8.5 million (US
Exchange Rate
This press release contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) 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 RMB7.0288 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 Beijing Time) on March 30, 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/10053968-bdhi7v.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 6 April 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: | 10053968 |
About Nano Labs Ltd
Nano Labs Ltd is a leading Web 3.0 infrastructure and product solution provider, and crypto treasury company. Nano Labs is committed to the development of high throughput computing (“HTC”) chips and high performance computing (“HPC”) chips. Nano Labs has built a comprehensive flow processing unit (“FPU”) architecture which offers solution that integrates the features of both HTC and HPC. In addition, Nano Labs has actively positioned itself in the crypto assets space, adopting BNB as its primary reserve asset. It has reserved in mainstream crypto currency, BNB, and established an integrated platform covering multiple business verticals, including HTC solutions, HPC solutions and iPollo Claw*. For more information, please visit the Company’s website at: ir.nano.cn.
*According to an industry report prepared by Frost & Sullivan.
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 December 31, | ||||||||
| 2024 | 2025 | ||||||||
| RMB | RMB | US$ | |||||||
| ASSETS | |||||||||
| Current assets: | |||||||||
| Cash and cash equivalents | 32,431,081 | 8,502,357 | 1,209,646 | ||||||
| Restricted cash | 418,722 | 1,347,795 | 191,753 | ||||||
| Accounts receivable, net | 572,803 | 281,446 | 40,042 | ||||||
| Inventories, net | 29,866,418 | 13,693,374 | 1,948,181 | ||||||
| Prepayments | 4,606,066 | 7,567,871 | 1,076,695 | ||||||
| Short-term investments | - | 26,214,992 | 3,729,654 | ||||||
| Receivable for cryptocurrencies collateral | - | 20,387,316 | 2,900,540 | ||||||
| Cryptocurrencies, current | 242,889,085 | 343,812,102 | 48,914,765 | ||||||
| Other current assets | 26,908,797 | 9,057,772 | 1,288,665 | ||||||
| Total current assets | 337,692,972 | 430,865,025 | 61,299,941 | ||||||
| Non-current assets: | |||||||||
| Long-term investment | - | 2,000,000 | 284,544 | ||||||
| Property, plant and equipment, net | 197,341,915 | 182,630,671 | 25,983,194 | ||||||
| Intangible asset, net | 46,745,444 | 45,759,600 | 6,510,300 | ||||||
| Value-added tax recoverables, non-current | 28,949,636 | 30,414,877 | 4,327,179 | ||||||
| Cryptocurrencies, non-current | - | 424,743,318 | 60,428,995 | ||||||
| Operating lease right-of-use assets | 5,203,525 | 3,090,851 | 439,741 | ||||||
| Total non-current assets | 278,240,520 | 688,639,317 | 97,973,953 | ||||||
| TOTAL ASSETS | 615,933,492 | 1,119,504,342 | 159,273,894 | ||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||
| Current liabilities: | |||||||||
| Short-term debts | 18,000,000 | 43,000,000 | 6,117,687 | ||||||
| Current portion of long-term debts | 5,350,000 | 6,890,000 | 980,253 | ||||||
| Accounts payable | 18,101,451 | 19,424,629 | 2,763,577 | ||||||
| Advance from customers | 98,895,905 | 69,314,154 | 9,861,449 | ||||||
| Borrowings denominated in cryptocurrencies | - | 11,948,960 | 1,700,000 | ||||||
| Operating lease liabilities, current | 1,914,109 | 1,125,674 | 160,152 | ||||||
| Other current liabilities | 67,163,217 | 54,303,126 | 7,725,803 | ||||||
| Total current liabilities | 209,424,682 | 206,006,543 | 29,308,921 | ||||||
| Non-current liabilities: | |||||||||
| Long-term debts | 170,683,636 | 170,902,834 | 24,314,653 | ||||||
| Operating lease liabilities, non-current | 2,917,350 | 1,696,750 | 241,400 | ||||||
| Total non-current liabilities | 173,600,986 | 172,599,584 | 24,556,053 | ||||||
| Total liabilities | 383,025,668 | 378,606,127 | 53,864,974 | ||||||
| Shareholders’ equity: | |||||||||
| Class A ordinary shares ( and 2025, respectively) | |||||||||
| 176,842 | 283,565 | 40,343 | |||||||
| Class B ordinary shares ( | |||||||||
| 36,894 | 36,894 | 5,249 | |||||||
| Treasury shares | - | (1,666,859 | ) | (237,147 | ) | ||||
| Additional paid-in capital | 780,499,664 | 1,180,196,429 | 167,908,666 | ||||||
| Accumulated deficit | (565,218,741 | ) | (429,752,701 | ) | (61,141,689 | ) | |||
| Statutory reserves | 6,647,109 | 6,647,109 | 945,696 | ||||||
| Accumulated other comprehensive income (loss) | 8,647,353 | (7,450,495 | ) | (1,059,995 | ) | ||||
| Total Nano Labs Ltd shareholders’ equity | 230,789,121 | 748,293,942 | 106,461,123 | ||||||
| Noncontrolling interests | 2,118,703 | (7,395,727 | ) | (1,052,203 | ) | ||||
| Total shareholders’ equity | 232,907,824 | 740,898,215 | 105,408,920 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 615,933,492 | 1,119,504,342 | 159,273,894 | ||||||
| Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) | |||||||||
| For the six months ended December 31, | |||||||||
| 2024 | 2025 | ||||||||
| RMB | RMB | US$ | |||||||
| Net revenues | 15,856,436 | 18,723,371 | 2,663,808 | ||||||
| Cost of revenues | (4,284,184 | ) | (47,805,304 | ) | (6,801,346 | ) | |||
| Gross profit (loss) | 11,572,252 | (29,081,933 | ) | (4,137,538 | ) | ||||
| Operating income (expenses): | |||||||||
| Selling and marketing expenses | (4,801,639 | ) | (2,101,698 | ) | (299,012 | ) | |||
| General and administrative expenses | (25,379,491 | ) | (33,060,877 | ) | (4,703,630 | ) | |||
| Research and development expenses | (21,210,897 | ) | (4,894,258 | ) | (696,315 | ) | |||
| Change in fair value of cryptocurrencies | (15,744,170 | ) | 129,955,361 | 18,488,983 | |||||
| Total operating income (expenses) | (67,136,197 | ) | 89,898,528 | 12,790,026 | |||||
| Profit (Loss) from operations | (55,563,945 | ) | 60,816,595 | 8,652,488 | |||||
| Other income (expenses): | |||||||||
| Finance expenses | (1,994,310 | ) | (343,873 | ) | (48,923 | ) | |||
| Interest expenses | (4,903,728 | ) | (11,650,617 | ) | (1,657,554 | ) | |||
| Interest income | 407,669 | 34,482 | 4,906 | ||||||
| Change in fair value of borrowings denominated in cryptocurrencies | - | 60,507,605 | 8,608,526 | ||||||
| Other income | 1,660,935 | 38,220,971 | 5,437,766 | ||||||
| Other expenses | - | (9,859,628 | ) | (1,402,747 | ) | ||||
| Total other income (expenses) | (4,829,434 | ) | 76,908,940 | 10,941,974 | |||||
| Income (Loss) before income tax provision | (60,393,379 | ) | 137,725,535 | 19,594,462 | |||||
| Income tax provision | - | - | - | ||||||
| Net income (loss) | (60,393,379 | ) | 137,725,535 | 19,594,462 | |||||
| Less: net loss attributable to noncontrolling interests | (4,440,071 | ) | (4,795,046 | ) | (682,200 | ) | |||
| Net income (loss) attributable to Nano Labs Ltd | (55,953,308 | ) | 142,520,581 | 20,276,662 | |||||
| Comprehensive income (loss): | |||||||||
| Net income (loss) | (60,393,379 | ) | 137,725,535 | 19,594,462 | |||||
| Other comprehensive income (loss): | |||||||||
| Foreign currency translation adjustment | 1,591,571 | (14,252,948 | ) | (2,027,793 | ) | ||||
| Total comprehensive income (loss) | (58,801,808 | ) | 123,472,587 | 17,566,669 | |||||
| Comprehensive loss attributable to noncontrolling interests | (4,440,489 | ) | (4,792,095 | ) | (681,780 | ) | |||
| Comprehensive income (loss) attributable to Nano Labs Ltd | (54,361,319 | ) | 128,264,682 | 18,248,449 | |||||
| Net income (loss) per ordinary share attributable to Nano Labs Ltd | |||||||||
| Basic* | (6.01 | ) | 6.17 | 0.88 | |||||
| Diluted* | (6.01 | ) | 6.16 | 0.88 | |||||
| Weighted average number of shares used in per share calculation: | |||||||||
| Basic* | 9,316,203 | 23,115,401 | 23,115,401 | ||||||
| Diluted* | 9,316,203 | 23,121,316 | 23,121,316 | ||||||
| * After giving effect of the 10-for-1 reverse stock split effective on November 3, 2024. | |||||||||
| Non-GAAP Reconciliation (Unaudited) | |||||||||
| For the Six Months Ended December 31, | |||||||||
| 2024 | 2025 | ||||||||
| RMB | RMB | US$ | |||||||
| Net income (loss) | (60,393,379 | ) | 137,725,535 | 19,594,462 | |||||
| Add: | |||||||||
| Share-based compensation expenses | 116,013 | 10,676 | 1,516 | ||||||
| Non-GAAP adjusted net income (loss) | (60,277,366 | ) | 137,736,211 | 19,595,978 | |||||
FAQ
What were Nano Labs (NA) second-half 2025 revenue and net income figures?
How did cryptocurrency valuation affect Nano Labs (NA) H2 2025 results?
Why did Nano Labs (NA) report a gross loss despite revenue growth in H2 2025?
What happened to Nano Labs' cash position and what are the implications for NA?
