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Nano Labs Ltd

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Nano Labs Ltd • NASDAQ
$4.37 ▲ 2.58% (+0.11)
Market Cap $294.25 M
52w High $31.48
52w Low $3.33
Dividend Yield 0%
P/E -5.14
Volume 22.80K
Outstanding Shares 67.33M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $4.142M $13.663M $-3.527M -85.165% $-0.21 $-16.256M
Q1-2025 $4.142M ▼ $13.663M ▼ $-3.527M ▲ -85.165% ▲ $-0.21 ▲ $-16.256M ▼
Q4-2024 $7.928M $24.523M $-27.977M -352.874% $-3 $-11.245M
Q3-2024 $7.928M ▼ $24.523M ▼ $-27.977M ▲ -352.874% ▼ $-3 ▼ $-11.245M ▲
Q2-2024 $12.37M $29.361M $-28.617M -231.346% $-0.43 $-27.726M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $1.14B ▲ $1.478B $858.647M $621.685M
Q1-2025 $365.938M ▲ $1.478B ▲ $858.647M ▲ $621.685M ▲
Q4-2024 $275.32M ▲ $615.933M ▲ $383.026M ▲ $230.789M ▲
Q3-2024 $50.322M ▲ $391.288M ▲ $363.341M ▼ $23.232M ▲
Q2-2024 $26.49M $364.906M $394.617M $-36.27M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-3.527M $-25.391M $3.693M $187.933M $0 $-25.69M
Q1-2025 $-3.527M ▲ $-25.391M ▲ $3.693M ▲ $187.933M ▲ $0 $-25.69M ▲
Q4-2024 $-27.977M $-31.287M $-111.915M $147.902M $0 ▲ $-33.003M
Q3-2024 $-27.977M ▲ $-31.287M ▲ $-111.915M ▼ $147.902M ▲ $-23.925M ▼ $-33.003M ▲
Q2-2024 $-28.617M $-38.377M $-16.468M $40.09M $23.925M $-54.845M

Revenue by Products

Product Q4-2020Q1-2021Q2-2021Q3-2021
Ethanol
Ethanol
 $20.00M ▲$20.00M ▲$40.00M ▲$50.00M ▲
Natural Gas Pipeline
Natural Gas Pipeline
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement The income statement shows a business still searching for stable, scalable revenue. Sales spiked around the IPO period but then fell sharply and are now very small, especially for a semiconductor company. Profitability is weak: operating losses are recurring, and net results have slipped back into the red after a brief profitable year. This suggests the core business model and product monetization are not yet proven at scale, and results are highly sensitive to swings in demand from crypto and Web3 markets. Overall, the profile is early‑stage, volatile, and loss‑making.

Balance Sheet

Balance Sheet The balance sheet is light and quite thin for a chip designer. Total assets have come down from earlier levels, and the cash cushion is modest, offering limited room to absorb ongoing losses. Debt has risen compared with earlier years, while equity has only recently turned positive again after periods of negative equity. This combination points to a company with constrained financial flexibility that may need continued external funding if losses persist, and whose ability to invest aggressively is naturally limited.

Cash Flow

Cash Flow Cash flow statements underline the pressure on the business. The company has been burning cash from operations for several years, with no consistent self‑funding from its core activities. After required investment spending, free cash flow has been persistently negative, meaning the company depends on financing transactions or asset sales to sustain operations and strategic projects. Unless operating cash flow improves, the current pattern is not sustainable over the long term and adds execution risk to the ambitious growth plans.

Competitive Edge

Competitive Edge Competitively, Nano Labs occupies a narrow but potentially attractive niche at the intersection of semiconductors, crypto mining, Web3, and metaverse infrastructure. Its proprietary chip architecture and focus on high‑efficiency mining hardware give it a technical angle, and the fabless model keeps it agile. However, it competes against far larger semiconductor and mining‑hardware players, while also being exposed to the boom‑bust cycles of crypto and emerging Web3 use cases. The moat, for now, rests more on specialized know‑how and early presence in niche markets than on scale, brand, or entrenched customer relationships.

Innovation and R&D

Innovation and R&D Innovation is clearly the centerpiece of the story. The company has built its own Flow Processing architecture, iterated rapidly to newer generations, and launched specialized chips and miners emphasizing energy efficiency. It is also experimenting beyond hardware, with metaverse services, Web3 infrastructure initiatives, and tokenization and stablecoin‑related projects through its BNB‑centric program and partnerships. This shows strong technical ambition and a willingness to pursue new business models. The flip side is execution risk: many of these areas are early, unproven commercially, and heavily influenced by regulation and sentiment in digital assets.

Summary

Nano Labs looks like a high‑innovation, high‑uncertainty story. Financially, it is small, loss‑making, and cash‑consuming, with a relatively thin balance sheet that limits its cushion if plans slip. Strategically, it is trying to build a differentiated position in energy‑efficient computing for crypto and Web3, and to extend into broader metaverse and tokenization ecosystems. The key questions going forward are whether the company can turn its technical advances into durable, recurring revenue and improve cash generation before its financial resources become too tight, all while navigating intense competition and a very volatile end market.

NEWS

November 26, 2025 · 6:00 AM UTC

Nano Labs Launches “NBNB Program” to Advance RWA Infrastructure and Compliance Ecosystem on BNB Chain

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November 12, 2025 · 6:00 AM UTC

Nano Labs Announces Early Repayment of Convertible Bonds to Enhance Risk Management and Protect Investor Rights

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October 15, 2025 · 6:00 AM UTC

Nano Labs Ltd Announces up to US$25.0 Million Share Repurchase Program

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September 30, 2025 · 6:00 AM UTC

Nano Labs and TradeUP Securities Inc. Sign Strategic MoU to Pioneer Tokenized U.S. Equities through Compliant and Regulated Channels

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September 23, 2025 · 7:00 AM UTC

Nano Labs Ltd Announces Uplisting to The Nasdaq Global Market

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