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NASDAQ · SEMICONDUCTORS & RELATED DEVICES · MID CAP

Nano Labs Ltd. NA

6 fiscal years on record · CNY · FY2025 reported · SEC filings only
CNY 27.0M
▼ 33.5% YoY
CNY 135.5M
CNY -108.3M

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

In addition, we have established BNB value investment and adopted BNB as primary reserve asset. We have established an integrated solution platform covering three main business verticals, including HTC solutions and HPC solutions. Our HTC solutions feature our proprietary Cuckoo series chips, which have become alternative ASICs solutions for traditional GPUs. As of December 31, 2025, we had registered 40 software copyrights, four IC layout-design rights and 46 patents, and applied for registration of 4 patents. As of December 31, 2025, we had 67 employees, substantially all of whom were in China.

Written from the business description in Nano Labs Ltd's annual report to the U.S. Securities and Exchange Commission, filed 13 April 2026. Every sentence was checked against that document before publication.

Growth

CNY 27.0M
Revenue, FY2025 · full 6-year series below
Revenue CNY M Net income CNY M
FY2025 · Revenue 27.0 · Net income 135.5
400M800M-100M-200M
202020232025
Compound annual growth
−69.8%
+66.2%
+63.3%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +66.2% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

466 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 264.4% · Net 466.4%
200%400%-500%-1000%-1500%
202020222025
ROE

Not applicable: equity was zero or negative in this period, so return on equity has no meaning.

Three returns, three denominators.

Each CNY of equity produced 28 cents of profit this year.

Cash & shareholders

CNY 0.00
returned in FY2025 · dividends + net buybacks
Free cash flow CNY M
FY2025 · FCF -108.3
25.0M50.0M-150.0M-300.0M
202020222025
Net buybacks CNY M Dividends CNY M
FY2025 · Dividends · · Net buybacks -355.4
-150M-300M
2025

Total assetsCNY 1.1B
EquityCNY 748.3M
CashCNY 8.5M
Gross debtCNY 177.8M
Net debtCNY 169.3M
Current ratio2.09×

Net debt stands at 23% of equity.

The 6-year record

6 fiscal years
Every figure from documents filed with the SEC · CNY

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
NA, 6-year financial record
Metric 202520242023202220212020
Revenue CNY B0.00.00.11.00.00.0
Operating income CNY B0.1−0.1−0.30.0−0.2−0.0
EBITDA CNY B0.1−0.1−0.30.0−0.2−0.0
Income tax CNY B◌◌−0.00.00.00.0
Net income CNY B0.1−0.1−0.30.0−0.2−0.0
Free cash flow CNY B−0.1−0.2−0.2−0.30.1−0.0
EPS, diluted CNY 6.82−14.06−42.945.84−3.89−0.48
Dividend / sh CNY ◌◌◌◌◌◌
Payout % — not applicable: no dividend——————
ROE %27.7—————
Shares out B◌◌◌0.110.10◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

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Provenance

Company facts, as filed

How we verify · 0 failures in 28 reconciliationsAUDITED

Reconciled in 6 of the 6 fiscal years we could check. 28 checks were skipped: the balance sheet is not tagged before 2021. 13 checks were skipped: EPS is not tagged before 2020. 13 checks were skipped: revenue is not tagged before 2020.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivitySemiconductors & Related Devices
Listed onNASDAQ
Incorporated inoutside the United States — SEC code E9
Fiscal year endsDecember 31
SEC categoryemerging growth company
Data on record since2020

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