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Nano Labs LtdIncome Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q2-2025 | $4.14M | $13.66M | $-3.53M | -85.17% | $-0.21 | $-16.26M |
| Q1-2025 | $4.14M ▼ | $13.66M ▼ | $-3.53M ▲ | -85.17% ▲ | $-0.21 ▲ | $-16.26M ▼ |
| Q4-2024 | $7.93M | $24.52M | $-27.98M | -352.87% | $-3 | $-11.25M |
| Q3-2024 | $7.93M ▼ | $24.52M ▼ | $-27.98M ▲ | -352.87% ▼ | $-3 ▼ | $-11.25M ▲ |
| Q2-2024 | $12.37M | $29.36M | $-28.62M | -231.35% | $-0.43 | $-27.73M |
What's going well?
The company has kept costs and revenue steady, so there is no further deterioration. Clean results with no one-time charges or accounting tricks.
What's concerning?
The company is losing money on every sale, with costs far above revenue and no signs of improvement. Losses are large and persistent, and interest costs add to the pain.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q2-2025 | $1.14B ▲ | $1.48B | $858.65M | $621.69M |
| Q1-2025 | $365.94M ▲ | $1.48B ▲ | $858.65M ▲ | $621.69M ▲ |
| Q4-2024 | $275.32M ▲ | $615.93M ▲ | $383.03M ▲ | $230.79M ▲ |
| Q3-2024 | $50.32M ▲ | $391.29M ▲ | $363.34M ▼ | $23.23M ▲ |
| Q2-2024 | $26.49M | $364.91M | $394.62M | $-36.27M |
What's financially strong about this company?
The company now holds over $1.1 billion in cash and short-term investments, giving it a strong safety net. Liquidity is excellent, and assets are mostly tangible and high quality.
What are the financial risks or weaknesses?
The big rise in short-term debt is a concern, especially since much of it is due within a year. Retained earnings are negative, showing a history of losses.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q2-2025 | $-3.53M | $-25.39M | $3.69M | $187.93M | $0 | $-25.69M |
| Q1-2025 | $-3.53M ▲ | $-25.39M ▲ | $3.69M ▲ | $187.93M ▲ | $0 | $-25.69M ▲ |
| Q4-2024 | $-27.98M | $-31.29M | $-111.91M | $147.9M | $0 ▲ | $-33M |
| Q3-2024 | $-27.98M ▲ | $-31.29M ▲ | $-111.91M ▼ | $147.9M ▲ | $-23.92M ▼ | $-33M ▲ |
| Q2-2024 | $-28.62M | $-38.38M | $-16.47M | $40.09M | $23.92M | $-54.85M |
What's strong about this company's cash flow?
There are no cash flow strengths at this time. The only positive is that capital spending is low, so future cash needs may not increase much.
What are the cash flow concerns?
The company is burning over $25 million in cash each quarter, has no cash left, and is completely dependent on outside funding to survive. Working capital is also draining cash, and there are no returns to shareholders.
Revenue by Products
| Product | Q4-2020 | Q1-2021 | Q2-2021 | Q3-2021 |
|---|---|---|---|---|
 Ethanol | $20.00M ▲ | $20.00M ▲ | $40.00M ▲ | $50.00M ▲ |
 Natural Gas Pipeline | $0 ▲ | $0 ▲ | $0 ▲ | $0 ▲ |
Q2 2025 Earnings Call Summary
Read Call Summary5-Year Trend Analysis
A comprehensive look at Nano Labs Ltd's financial evolution and strategic trajectory over the past five years.
Key positives include a differentiated chip architecture tailored to demanding computing tasks, demonstrated ability to reach very high revenue during a favorable cycle, and a history of substantial investment in R&D. The balance sheet has been reinforced recently, with stronger liquidity and a return to positive equity. Strategically, the blend of hardware expertise and Web 3.0 infrastructure initiatives gives the company multiple ways to create value if its technologies gain adoption.
Major risks center on extreme revenue volatility, a lack of sustained profitability, and continued negative cash flow. Rising debt levels and heavily negative retained earnings highlight financial fragility. The strong dependency on cryptocurrency markets and related regulatory environments adds another layer of uncertainty, affecting both product demand and the value of any crypto holdings. Intensifying competition from larger ASIC and HPC players, combined with reduced R&D spending, could make it harder to maintain a technological edge.
The forward picture is highly uncertain and sensitive to both internal execution and external market conditions. If Nano Labs can stabilize and grow revenue—whether through new mining products, AI‑related chips, or Web 3.0 infrastructure—and keep costs under control, its improved liquidity and strong technical base could support a more sustainable business model over time. Conversely, if end‑markets remain weak or competitive and regulatory pressures intensify, the combination of cash burn and leverage could quickly become challenging again. The company appears to be in a transition phase where strategic choices and capital discipline will shape its trajectory.
About Nano Labs Ltd
https://www.nano.cnNano Labs Ltd operates as a fabless integrated circuit design company and product solution provider in the People's Republic of China and internationally. The company develops high throughput computing and high-performance computing chips.
Income Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q2-2025 | $4.14M | $13.66M | $-3.53M | -85.17% | $-0.21 | $-16.26M |
| Q1-2025 | $4.14M ▼ | $13.66M ▼ | $-3.53M ▲ | -85.17% ▲ | $-0.21 ▲ | $-16.26M ▼ |
| Q4-2024 | $7.93M | $24.52M | $-27.98M | -352.87% | $-3 | $-11.25M |
| Q3-2024 | $7.93M ▼ | $24.52M ▼ | $-27.98M ▲ | -352.87% ▼ | $-3 ▼ | $-11.25M ▲ |
| Q2-2024 | $12.37M | $29.36M | $-28.62M | -231.35% | $-0.43 | $-27.73M |
What's going well?
The company has kept costs and revenue steady, so there is no further deterioration. Clean results with no one-time charges or accounting tricks.
What's concerning?
The company is losing money on every sale, with costs far above revenue and no signs of improvement. Losses are large and persistent, and interest costs add to the pain.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q2-2025 | $1.14B ▲ | $1.48B | $858.65M | $621.69M |
| Q1-2025 | $365.94M ▲ | $1.48B ▲ | $858.65M ▲ | $621.69M ▲ |
| Q4-2024 | $275.32M ▲ | $615.93M ▲ | $383.03M ▲ | $230.79M ▲ |
| Q3-2024 | $50.32M ▲ | $391.29M ▲ | $363.34M ▼ | $23.23M ▲ |
| Q2-2024 | $26.49M | $364.91M | $394.62M | $-36.27M |
What's financially strong about this company?
The company now holds over $1.1 billion in cash and short-term investments, giving it a strong safety net. Liquidity is excellent, and assets are mostly tangible and high quality.
What are the financial risks or weaknesses?
The big rise in short-term debt is a concern, especially since much of it is due within a year. Retained earnings are negative, showing a history of losses.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q2-2025 | $-3.53M | $-25.39M | $3.69M | $187.93M | $0 | $-25.69M |
| Q1-2025 | $-3.53M ▲ | $-25.39M ▲ | $3.69M ▲ | $187.93M ▲ | $0 | $-25.69M ▲ |
| Q4-2024 | $-27.98M | $-31.29M | $-111.91M | $147.9M | $0 ▲ | $-33M |
| Q3-2024 | $-27.98M ▲ | $-31.29M ▲ | $-111.91M ▼ | $147.9M ▲ | $-23.92M ▼ | $-33M ▲ |
| Q2-2024 | $-28.62M | $-38.38M | $-16.47M | $40.09M | $23.92M | $-54.85M |
What's strong about this company's cash flow?
There are no cash flow strengths at this time. The only positive is that capital spending is low, so future cash needs may not increase much.
What are the cash flow concerns?
The company is burning over $25 million in cash each quarter, has no cash left, and is completely dependent on outside funding to survive. Working capital is also draining cash, and there are no returns to shareholders.
Revenue by Products
| Product | Q4-2020 | Q1-2021 | Q2-2021 | Q3-2021 |
|---|---|---|---|---|
| Ethanol | $20.00M ▲ | $20.00M ▲ | $40.00M ▲ | $50.00M ▲ |
| Natural Gas Pipeline | $0 ▲ | $0 ▲ | $0 ▲ | $0 ▲ |
Q2 2025 Earnings Call Summary
Read Call Summary5-Year Trend Analysis
A comprehensive look at Nano Labs Ltd's financial evolution and strategic trajectory over the past five years.
Key positives include a differentiated chip architecture tailored to demanding computing tasks, demonstrated ability to reach very high revenue during a favorable cycle, and a history of substantial investment in R&D. The balance sheet has been reinforced recently, with stronger liquidity and a return to positive equity. Strategically, the blend of hardware expertise and Web 3.0 infrastructure initiatives gives the company multiple ways to create value if its technologies gain adoption.
Major risks center on extreme revenue volatility, a lack of sustained profitability, and continued negative cash flow. Rising debt levels and heavily negative retained earnings highlight financial fragility. The strong dependency on cryptocurrency markets and related regulatory environments adds another layer of uncertainty, affecting both product demand and the value of any crypto holdings. Intensifying competition from larger ASIC and HPC players, combined with reduced R&D spending, could make it harder to maintain a technological edge.
The forward picture is highly uncertain and sensitive to both internal execution and external market conditions. If Nano Labs can stabilize and grow revenue—whether through new mining products, AI‑related chips, or Web 3.0 infrastructure—and keep costs under control, its improved liquidity and strong technical base could support a more sustainable business model over time. Conversely, if end‑markets remain weak or competitive and regulatory pressures intensify, the combination of cash burn and leverage could quickly become challenging again. The company appears to be in a transition phase where strategic choices and capital discipline will shape its trajectory.
CEO
Jianping Kong
Compensation Summary
(Year )
Upcoming Earnings
Split Record
| Date | Type | Ratio |
|---|---|---|
| 2024-11-04 | Reverse | 1:10 |
ETFs Holding This Stock
Summary
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Ratings Snapshot
Rating : C-