NASDAQ : NA
Nano Labs Ltd — Financial statements
Technology · Semiconductors · China
Last price 1.695 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 37.30M
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Financial statements
Nano Labs Ltd (NA) reported revenue of 21.50M CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 21.50M | 27.01M | 40.60M | 78.34M | 983.17M | 39.44M |
| Cost of Revenue | 23.79M | 34.16M | 18.08M | 121.02M | 568.93M | 16.78M |
| Gross Profit | -2.29M | -7.15M | 22.52M | -42.68M | 414.24M | 22.66M |
| Selling, General & Admin | 66.12M | 59.32M | 59.97M | 68.73M | 77.63M | 29.24M |
| Research & Development | 9.32M | 8.06M | 50.15M | 88.60M | 131.85M | 145.46M |
| Operating Expenses | 75.44M | 67.38M | 110.11M | 157.34M | 209.48M | 174.70M |
| Operating Income | -77.73M | -74.54M | -87.60M | -200.02M | 204.76M | -152.03M |
| Interest Expense | -17.37M | -16.94M | -6.91M | -509.76K | ||
| Interest & Investment Income | 37.43K | 46.80K | 504.35K | 489.10K | 2.01M | 3.50M |
| Other Non Operating Income (Expenses) | -51.27M | 250.01M | -14.62M | 5.93M | 8.43M | 855.96K |
| EBT Excluding Unusual Items | -146.34M | 158.58M | -108.62M | -193.60M | 215.19M | -148.19M |
| Asset Writedown | -32.64M | -32.64M | -10.91M | -60.77M | -184.07M | -26.75M |
| Pretax Income | -178.98M | 125.95M | -119.54M | -254.37M | 31.12M | -174.94M |
| Income Tax Expense | -17.39K | |||||
| Earnings From Continuing Operations | -178.98M | 125.95M | -119.54M | -254.35M | 31.12M | -174.94M |
| Minority Interest in Earnings | 11.99M | 9.52M | 6.35M | 1.53M | ||
| Net Income | -166.98M | 135.47M | -113.19M | -252.82M | 31.12M | -174.94M |
| Net Income to Common | -166.98M | 135.47M | -113.19M | -252.82M | 31.12M | -174.94M |
| Shares Outstanding (Basic) | 22.92M | 19.86M | 8.05M | 5.89M | 5.32M | 4.49M |
| Shares Outstanding (Diluted) | 22.92M | 19.86M | 8.05M | 5.89M | 5.33M | 4.49M |
| EPS (Basic) | -7.29 | 6.82 | -14.06 | -42.94 | 5.84 | -38.93 |
| EPS (Diluted) | -7.29 | 6.82 | -14.06 | -42.94 | 5.84 | -38.93 |
| Free Cash Flow | -112.84M | -108.32M | -175.70M | -238.96M | -292.47M | 63.04M |
| Free Cash Flow Per Share | -4.92 | -5.45 | -21.83 | -40.58 | -54.87 | 14.03 |
| Gross Margin | -10.66% | -26.49% | 55.46% | -54.48% | 42.13% | 57.46% |
| Operating Margin | -361.51% | -275.99% | -215.78% | -255.34% | 20.83% | -385.47% |
| Profit Margin | -776.60% | 501.60% | -278.81% | -322.75% | 3.16% | -443.56% |
| Free Cash Flow Margin | -524.81% | -401.07% | -432.79% | -305.04% | -29.75% | 159.83% |
| EBITDA | -66.37M | -63.57M | -77.94M | -195.59M | 208.69M | -149.42M |
| EBITDA Margin | -235.40% | -191.99% | -249.69% | 21.23% | ||
| D&A For EBITDA | 11.36M | 10.96M | 9.66M | 4.42M | 3.93M | 2.61M |
| EBIT | -77.73M | -74.54M | -87.60M | -200.02M | 204.76M | -152.03M |
| EBIT Margin | -275.99% | -215.78% | -255.33% | 20.83% | ||
| Revenue as Reported | 39.44M |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 8.96M | 8.50M | 32.43M | 48.16M | 87.81M | 233.85M |
| Short-Term Investments | 6.09M | 28.46M | 2.20M | 2.36M | 3.43M | 32.81M |
| Cash & Short-Term Investments | 15.05M | 36.96M | 34.63M | 50.53M | 91.25M | 266.66M |
| Accounts Receivable | 338.57K | 281.45K | 572.80K | 1.74M | ||
| Other Receivables | 6.33M | 25.77M | 21.88M | 34.04M | 23.73M | 33.08M |
| Receivables | 6.66M | 26.05M | 22.45M | 35.78M | 23.73M | 33.08M |
| Inventory | 4.32M | 13.69M | 29.87M | 12.87M | 102.20M | 213.87M |
| Restricted Cash | 1.35M | 418.72K | 417.99K | 48.11K | ||
| Other Current Assets | 180.88M | 352.81M | 250.32M | 25.89M | 71.42M | 379.82M |
| Total Current Assets | 206.91M | 430.87M | 337.69M | 125.49M | 288.65M | 893.43M |
| Property, Plant & Equipment | 183.12M | 185.72M | 202.55M | 177.08M | 29.87M | 16.40M |
| Long-Term Investments | 12.00M | 2.00M | ||||
| Other Intangible Assets | 45.27M | 45.76M | 46.75M | 47.73M | 48.72M | |
| Other Long-Term Assets | 289.41M | 455.16M | 28.95M | |||
| Total Assets | 736.70M | 1.12B | 615.93M | 350.30M | 367.24M | 909.83M |
| Accounts Payable | 12.71M | 19.42M | 18.10M | 16.88M | 15.29M | 2.84M |
| Accrued Expenses | 1.19M | 3.23M | 4.00M | 7.01M | 8.54M | 6.59M |
| Short-Term Debt | 40.71M | 54.95M | 18.00M | 20.00M | ||
| Current Portion of Long-Term Debt | 7.66M | 6.89M | 5.35M | 3.41M | 280.00K | |
| Current Portion of Leases | 2.37M | 1.13M | 1.91M | 3.48M | 4.20M | 5.22M |
| Current Income Taxes Payable | 14.59M | 16.58M | 16.17M | 13.60M | 13.61M | 321.44K |
| Current Unearned Revenue | 63.00M | 69.31M | 98.90M | 107.83M | 124.47M | 917.39M |
| Other Current Liabilities | 30.49M | 34.49M | 46.99M | 70.36M | 17.25M | 4.51K |
| Total Current Liabilities | 172.72M | 206.01M | 209.42M | 242.57M | 183.64M | 932.37M |
| Long-Term Debt | 174.97M | 170.90M | 170.68M | 120.26M | 16.67M | |
| Long-Term Leases | 3.42M | 1.70M | 2.92M | 3.73M | 2.51M | 2.12M |
| Total Liabilities | 351.10M | 378.61M | 383.03M | 366.56M | 202.83M | 934.49M |
| Common Stock | 320.52K | 320.46K | 213.74K | 87.00K | 72.32K | 66.97K |
| Additional Paid-In Capital | 1.18B | 1.18B | 780.50M | 428.31M | 354.80M | 201.42M |
| Retained Earnings | -732.61M | -423.11M | -558.57M | -445.38M | -192.56M | -223.68M |
| Treasury Stock | -19.71M | -1.67M | ||||
| Comprehensive Income & Other | -28.04M | -7.45M | 8.65M | 2.25M | 2.10M | -2.47M |
| Total Common Equity | 400.17M | 748.29M | 230.79M | -14.73M | 164.41M | -24.66M |
| Minority Interest | -14.57M | -7.40M | 2.12M | -1.53M | ||
| Shareholders' Equity | 385.60M | 740.90M | 232.91M | -16.26M | 164.41M | -24.66M |
| Total Liabilities & Equity | 736.70M | 1.12B | 615.93M | 350.30M | 367.24M | 909.83M |
| Total Debt | 229.13M | 235.56M | 198.87M | 150.88M | 23.67M | 7.35M |
| Net Cash (Debt) | -214.08M | -198.60M | -164.23M | -100.35M | 67.58M | 259.31M |
| Net Cash Per Share | -9.34 | -10.00 | -20.40 | -17.04 | 12.68 | 57.70 |
| Filing Date Shares Outstanding | 22.01M | 23.04M | 15.67M | 6.58M | 5.57M | 103.79M |
| Total Common Shares Outstanding | 22.01M | 23.04M | 15.67M | 6.58M | 5.57M | 103.79M |
| Working Capital | 34.19M | 224.86M | 128.27M | -117.08M | 105.01M | -38.94M |
| Book Value Per Share | 18.18 | 32.47 | 14.72 | -2.24 | 29.49 | -0.24 |
| Tangible Book Value | 354.90M | 702.53M | 184.04M | -62.46M | 115.70M | -24.66M |
| Tangible Book Value Per Share | 16.13 | 30.49 | 11.74 | -9.49 | 20.75 | -0.24 |
| Buildings | 191.86M | 191.86M | 194.89M | |||
| Machinery | 14.18M | 15.18M | 17.82M | 12.41M | 9.84M | 8.59M |
| Construction In Progress | 165.22M | 16.12M | ||||
| Leasehold Improvements | 2.79M | 2.79M | 2.79M | 1.55M | 1.55M | 1.40M |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -166.98M | 135.47M | -113.19M | -252.82M | 31.12M | -174.94M |
| Depreciation & Amortization | 12.42M | 12.16M | 11.63M | 10.18M | 9.43M | 5.53M |
| Loss (Gain) From Sale of Assets | -27.86K | -102.74K | -7.01K | |||
| Loss (Gain) From Sale of Investments | 25.16M | 9.07M | ||||
| Stock-Based Compensation | 22.79K | 73.01K | 401.52K | 718.41K | 9.35M | 19.34K |
| Other Operating Activities | 48.05M | -231.28M | 20.20M | 59.35M | 184.07M | 26.74M |
| Change in Accounts Receivable | 157.31K | 286.23K | 1.18M | -1.73M | 1.17M | |
| Change in Inventory | -5.53M | -16.48M | -27.88M | 28.78M | -71.45M | -233.39M |
| Change in Accounts Payable | -11.31M | 1.37M | 1.08M | 898.56K | 10.59M | -2.78M |
| Change in Unearned Revenue | -32.55M | -29.52M | -9.02M | -16.66M | -794.30M | 851.99M |
| Change in Other Net Operating Assets | 17.21M | 10.68M | -23.72M | 37.82M | 346.24M | -402.60M |
| Operating Cash Flow | -113.38M | -108.27M | -139.33M | -133.47M | -274.94M | 71.73M |
| Capital Expenditures | 539.34K | -46.28K | -36.37M | -105.48M | -17.53M | -8.69M |
| Sale of Property, Plant & Equipment | -232.90K | 1.85M | 16.95K | |||
| Sale (Purchase) of Intangibles | -49.29M | |||||
| Investment in Securities | 5.73M | -2.00M | 33.64M | -32.29M | ||
| Other Investing Activities | -221.22M | -295.99M | -220.41M | 4.94M | ||
| Investing Cash Flow | -215.18M | -296.19M | -256.77M | -105.48M | -33.18M | -36.05M |
| Long-Term Debt Issued | 50.11M | 220.03M | 128.25M | 17.09M | ||
| Total Debt Issued | 37.15M | 50.11M | 220.03M | 128.25M | 17.09M | |
| Short-Term Debt Repaid | -36.35M | |||||
| Long-Term Debt Repaid | -23.35M | -169.67M | -1.53M | -140.00K | ||
| Total Debt Repaid | -44.12M | -23.35M | -169.67M | -1.53M | -140.00K | -36.35M |
| Net Debt Issued (Repaid) | -6.97M | 26.76M | 50.36M | 126.72M | 16.95M | -36.35M |
| Issuance of Common Stock | 151.00 | 357.30M | 325.62M | 72.80M | 144.04M | 201.25M |
| Repurchase of Common Stock | -19.71M | -1.67M | ||||
| Financing Cash Flow | -26.68M | 382.39M | 375.98M | 199.52M | 161.00M | 164.90M |
| Foreign Exchange Rate Adjustments | 288.80K | -931.50K | 4.38M | 159.83K | 1.13M | -2.06M |
| Net Cash Flow | -354.95M | -23.00M | -15.73M | -39.28M | -145.99M | 198.52M |
| Free Cash Flow | -112.84M | -108.32M | -175.70M | -238.96M | -292.47M | 63.04M |
| Free Cash Flow Margin | -524.81% | -401.07% | -432.79% | -305.04% | -29.75% | 159.83% |
| Free Cash Flow Per Share | -4.92 | -5.45 | -21.83 | -40.58 | -54.87 | 14.03 |
| Levered Free Cash Flow | 112.66M | -176.95M | -343.02M | -60.64M | -238.69M | 152.25M |
| Unlevered Free Cash Flow | 123.51M | -166.36M | -338.70M | -60.64M | -238.69M | 152.57M |
| Cash Interest Paid | 10.55M | 10.58M | 9.28M | 3.77M | 180.62K | |
| Cash Income Tax Paid | 89.17K | 276.19K | ||||
| Change in Working Capital | -32.02M | -33.66M | -58.37M | 49.10M | -508.91M | 214.39M |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 33.23M | 72.82M | 138.11M | |||
| Enterprise Value | 64.75M | 51.50M | 161.53M | |||
| Last Close Price | 1.49 | 3.15 | 8.95 | |||
| PE Ratio | 3.76 | |||||
| PS Ratio | 10.36 | 18.86 | 24.83 | |||
| PB Ratio | 0.56 | 0.69 | 4.33 | |||
| P/TBV Ratio | 0.63 | 0.72 | 5.48 | |||
| EV/Sales Ratio | 20.32 | 13.34 | 29.04 | |||
| Debt / Equity Ratio | 0.59 | 0.32 | 0.85 | -9.28 | 0.14 | -0.30 |
| Debt / EBITDA Ratio | 0.11 | |||||
| Debt / FCF Ratio | 0.12 | |||||
| Net Debt / Equity Ratio | 0.56 | 0.27 | 0.70 | -6.17 | -0.41 | 10.52 |
| Net Debt / EBITDA Ratio | -3.23 | -3.12 | -2.11 | -0.51 | -0.32 | 1.74 |
| Net Debt / FCF Ratio | -1.90 | -1.83 | -0.94 | -0.42 | 0.23 | -4.11 |
| Asset Turnover | 0.02 | 0.03 | 0.08 | 0.22 | 1.54 | 0.08 |
| Inventory Turnover | 1.19 | 1.57 | 0.85 | 2.10 | 3.60 | 0.15 |
| Quick Ratio | 0.13 | 0.31 | 0.27 | 0.36 | 0.63 | 0.32 |
| Current Ratio | 1.20 | 2.09 | 1.61 | 0.52 | 1.57 | 0.96 |
| Return on Equity (ROE) | -35.63% | 25.87% | -110.35% | -343.36% | 44.53% | |
| Return on Assets (ROA) | -4.39% | -5.37% | -11.33% | -34.84% | 20.04% | -19.56% |
| Return on Capital Employed (ROCE) | -13.80% | -8.20% | -21.50% | -185.70% | 111.50% | 674.50% |
| Earnings Yield | -71.03% | 26.60% | -11.23% | |||
| FCF Yield | -51.73% | -21.27% | -17.43% | |||
| Buyback Yield / Dilution | -77.12% | -146.75% | -36.70% | -10.46% | -18.62% | -13.41% |