Nano Labs Ltd
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
Red, because two of the hard substance findings are documented rather than merely suspected. First, persistently negative operating cash flow despite reported profit: in 2023, 2024 and 2025 operating activities used RMB 133.5 million, RMB 139.3 million and RMB 108.3 million — including in 2025, the year of the reported RMB 125.9 million profit. In its "Liquidity" section the annual report itself ties continuation as a going concern to management executing its business plan and "continuing to gain support from outside sources of financing". Second, cash runway: at June 30, 2026 cash stood at RMB 9.0 million ($1.3 million), while cash operating costs for selling, administration and development in the preceding half-year alone came to RMB 35.4 million — that is not two months of cover, let alone four quarters. Add dependence on a single counterparty on the revenue side: 59.0 percent of 2025 revenue from one customer. Explicitly not relevant to the rating are the points one might expect here: that the share looks optically cheap at a price-to-book ratio of about 0.93, that it swung between $1.58 and $6.10 over twelve months, that the free float is narrow and short interest high. Those are price and trading arguments; they neither justify red nor rule out green. Fairness requires the other side: auditor MaloneBailey LLP issued the 2025 opinion without a going-concern emphasis, equity is clearly positive at RMB 400.2 million, the equity ratio stood at roughly 52 percent on June 30, 2026, and the crypto reserve is a liquid asset that can be sold. Yellow would come back into view once a full reporting period shows positive operating cash flow and cash covers a year of running costs — without selling reserve assets. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Nano Labs runs three signs above the same door: chip designer, crypto treasury company and, since March 2026, supplier of AI agent hardware. Its filings with the U.S. securities regulator, the SEC, show what stands behind them: RMB 27.0 million of revenue in 2025 and RMB 2.8 million in the first half of 2026, both at a gross loss; a bottom line that tracks the BNB price (2025: +RMB 125.9 million; first half of 2026: −RMB 316.7 million); three consecutive years of cash draining out of operations and being replaced by the capital markets; and, at June 30, 2026, $1.3 million of cash against $51.5 million of liabilities. Against that stand real patents, a balance sheet that is not over-indebted and a liquid crypto reserve. Not investment advice.
Operating business
Revenue fell three years running from RMB 78.3 million (2023) through RMB 40.6 million (2024) to RMB 27.0 million (2025), and to RMB 2.8 million in the first half of 2026. In both most recently reported periods, cost of revenues exceeded revenue — a gross loss of RMB 39.8 million in 2025 and RMB 5.8 million in the first half of 2026. Research spending fell from RMB 88.6 million to RMB 8.1 million.
Earnings quality
The reported result measures the BNB price, not the business: in 2025 the change in fair value of cryptocurrency added RMB 178.6 million to net income of RMB 125.9 million; in the first half of 2026 the same line cost RMB 250.5 million and produced a loss of RMB 316.7 million. On top sit RMB 41.7 million of derivatives from decumulator contracts.
Liquidity & funding
At June 30, 2026 cash stood at RMB 9.0 million ($1.3 million) against RMB 35.4 million of cash operating costs in the preceding half-year alone and RMB 351.1 million of liabilities. Operating cash flow was negative throughout 2023 to 2025 (RMB −133.5 / −139.3 / −108.3 million); the capital markets filled the gap (RMB +199.5 / +376.0 / +382.4 million).
Dependencies
A single customer accounted for 59.0 percent of 2025 revenue and the top five for 84.0 percent — up from 13.0 percent and 53.0 percent in 2024. At the same time more than half of total assets (RMB 393.4 million of RMB 736.7 million at June 30, 2026) hangs on the price of one cryptocurrency, part of it pledged and part of it levered through derivatives.
Balance-sheet substance & valuation
The balance sheet is not over-indebted: RMB 736.7 million of total assets against RMB 351.1 million of liabilities, an equity ratio of roughly 52 percent; the share trades slightly below reported book value at a price-to-book ratio of about 0.93 (as of September 11, 2026). That book value, however, is mostly cryptocurrency, which lost roughly half its value in the last reported half-year.
Shareholder structure
Class B shares carry 50 votes each: at the time of the annual report, directors and executive officers held 34.9 percent of the shares and 90.7 percent of the votes. Authorized capital covers 1,097,141,091 Class A shares against 20,712,924 issued; the weighted average share count rose from 5.9 million (2023) to 22.7 million (first half of 2026) despite a 20-to-1 consolidation.
Worth Noting
Nano Labs reached our research list through market observation rather than a quality filter: a 52-week range of $1.58 to $6.10, beta 3.47, short interest at 9.7 percent of a free float of roughly 8.4 million shares, interest coverage of minus 6.28 and a Piotroski score of 5 out of 9 (data as of September 11, 2026). No Altman Z-score and no net current asset value, because the accounts are kept in yuan against a dollar listing.
Recency: the most recent periodic report is the annual report on Form 20-F for 2025, filed April 13, 2026. As a foreign private issuer, Nano Labs files no quarterly report (Form 10-Q); the latest figures come from the Form 6-K furnished August 28, 2026 (six months to June 30, 2026). All four 6-K reports after April 13, 2026 were reviewed, along with eight insider reports (Form 4) and two Form 144 notices that do not change the picture.
Confusion risk and currency: the ticker "NA" denotes other companies on other exchanges; this analysis covers only Nano Labs Ltd with SEC file number CIK 0001872302. The accounts are prepared under U.S. GAAP in Chinese yuan while the share trades in U.S. dollars; dollar figures in this article come from the company's own conversions (RMB 7.0288 per dollar at December 31, 2025; RMB 6.8109 at June 30, 2026).
Stock Watch
This analysis is as of September 18, 2026. Stock Watch will tell you what's changed at NA since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 1.60 $ to 5.90 $ · Last price: 2.20 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/17/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Semiconductors
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Nano Labs Ltd NA | 0.1 | – | 1.3 | -10.7 | -1,483.9 | -33.5 | -53.1 |
| NVIDIA Corporation NVDA | 5,540.3 | 30.4 | 22.4 | 74.7 | 65.6 | 65.5 | 29.1 |
| Broadcom Inc AVGO | 1,652.3 | 55.2 | 33.7 | 75.5 | 49.0 | 23.9 | 1.1 |
| Micron Technology Inc MU | 1,269.8 | 20.7 | 15.8 | 72.6 | 80.4 | 48.9 | 512.0 |
| Advanced Micro Devices Inc AMD | 943.2 | 177.7 | 77.8 | 55.7 | 14.4 | 34.3 | 242.5 |
| Intel Corporation INTC | 546.8 | – | 145.4 | 38.9 | 6.9 | -0.5 | 337.0 |
| Arm Holdings plc ARM | 282.9 | 267.6 | 221.2 | 97.5 | 7.6 | 22.8 | 58.6 |
| Texas Instruments Incorporated TXN | 234.9 | 39.7 | 26.1 | 58.3 | 37.8 | 13.1 | 46.9 |
| Marvell Technology Group Ltd MRVL | 232.5 | 79.7 | 45.0 | 52.2 | 14.5 | 42.1 | 239.9 |
| Median of companies shown | 546.8 | 55.2 | 33.7 | 58.3 | 14.5 | 23.9 | 58.6 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year CNY m
Revenue Operating income Net income
| Fiscal Year | Revenue (CNY m) | EBIT (CNY m) | Net Income (CNY m) | EPS (CNY) | Operating Cash Flow (CNY m) | Equity (CNY m) | Total Assets (CNY m) |
|---|---|---|---|---|---|---|---|
| 2019 | – | -11 | -11 | -0.28 | 9 | -11 | 22 |
| 2020 | 2 | -37 | -38 | -0.73 | -3 | -49 | 61 |
| 2021 | 39 | -179 | -175 | -3.37 | 72 | -25 | 910 |
| 2022 | 983 | 21 | 31 | 0.58 | -275 | 164 | 367 |
| 2023 | 78 | -261 | -253 | -4.29 | -133 | -15 | 350 |
| 2024 | 41 | -99 | -113 | -1.67 | -139 | 231 | 616 |
| 2025 | 27 | -107 | 135 | 5.74 | -108 | 749 | 1,120 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales (CNY m) | Sales YoY (%) | Net Margin (%) | OCF (CNY m) | FCF (CNY m) |
|---|---|---|---|---|---|---|---|
| 2023: Q2 | – | – | 26 | -86.30 | -257.00 | -17 | -60 |
| 2023: Q3 | – | – | 13 | -97.80 | -460.50 | -49 | -59 |
| 2024: Q1 | – | – | 12 | -52.70 | -231.30 | -38 | -55 |
| 2024: Q2 | – | – | 12 | -52.70 | -231.30 | -38 | -55 |
| 2024: Q3 | – | – | 8 | -39.20 | -352.90 | -31 | -33 |
| 2025: Q1 | -6.00 | – | 4 | -66.50 | -85.20 | -25 | -26 |
| 2025: Q2 | -0.43 | – | 4 | -66.50 | -85.20 | -25 | -26 |
| 2025: Q3 | – | – | 9 | 18.10 | 761.20 | -29 | -29 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 4 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
AI classification
AI Rating
Nano Labs verkauft seit März 2026 mit dem iPollo ClawPC A1 Mini eine eigene KI-Hardware-Produktlinie für das OpenClaw-Agentensystem; der Jahresbericht 20-F für 2025 führt sie im Geschäftsmodell-Kapitel als neues Geschäftsfeld, weist dafür aber noch keinen nennenswerten Umsatzbeitrag aus.
View the full file — quotes, sources, reviewed filings
„We launched the iPollo ClawPC A1 Mini in March 2026, a dedicated hardware solution designed to support the OpenClaw AI Agent System."
Wir haben im März 2026 den iPollo ClawPC A1 Mini auf den Markt gebracht, eine eigens entwickelte Hardware-Lösung zur Unterstützung des OpenClaw-KI-Agentensystems.
20-F · 2026-04-13 · View SEC filing
„The OpenClaw product line represents a new business initiative that involves the development of both hardware and software solutions for AI agent applications."
Die OpenClaw-Produktlinie ist eine neue Geschäftsinitiative, die die Entwicklung von Hardware- und Software-Lösungen für KI-Agenten-Anwendungen umfasst.
20-F · 2026-04-13 · View SEC filing
„The Parties intend to explore the potential establishment of AI data center infrastructure in North America, including evaluation of compute infrastructure requirements for agentic AI workloads, deployment architecture, security considerations, and cost structure and commercialization pathways."
Die Parteien beabsichtigen, den möglichen Aufbau einer KI-Rechenzentrums-Infrastruktur in Nordamerika zu prüfen, einschließlich der Bewertung des Rechenbedarfs für agentische KI-Lasten, der Einsatzarchitektur, der Sicherheitsfragen sowie der Kostenstruktur und der Wege zur Vermarktung.
6-K · 2026-04-24 · View SEC filing
Filings Reviewed: 20-F 2026-04-13 · 6-K 2026-08-31 · 6-K 2026-08-28 · 6-K 2026-08-05 · 6-K 2026-04-24 · 6-K 2026-03-30
Rated on September 13, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -69.8%
- More than 10% revenue growth is expected for the coming year no data
- Share count grows by less than 3% a year -23.9%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -434.5%
- Gross margin at 40% or higher and without meaningful erosion -147.3%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA failed
- Operating cash flow covers the profits of the last three years -151 m
- Return on capital at 15% or higher, or up versus two years ago -11.7%
- Insiders hold at least 10% or are net buyers 56.0%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
2/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 66.2%
- Exp. sales growth 3Y > 5% –
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% –
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 1
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% 19.3%
- ROCE > 15% -11.7%
- Expected return > 10% –
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Apr 20, 2026 | Nan Hu | Director | Sell | 4,092 | 2.71 | 11,089 |
| Apr 17, 2026 | Nan Hu | Director | Sell | 1,633 | 2.86 | 4,670 |
The company
About the Company
Nano Labs Ltd engages in the design and sale of fabless integrated circuit and product solutions in the People's Republic of China, Hong Kong, Singapore, the United States, and internationally. The company develops HTC chips and HPC chips. It offers Cuckoo 1.0, Cuckoo 2.0, and Cuckoo 3.0 which target the ASIC-resistant mining algorithms of cryptocurrencies, such as Ethereum Classic and Grin; and Darkbird 1.0 HPC chips. The company serves enterprises and individual buyers. Nano Labs Ltd was founded in 2019 and is headquartered in Hangzhou, the People's Republic of China.
- Employees
- 67
- Headquarters
- Hangzhou, China
- Address
- China Yuangu Hanggang Tech Bldg, 310000 Hangzhou, China
- Phone
- 86 571 8665 6957
- Website
- nano.cn
- IPO Date
- 07/12/2022
- ISIN
- KYG6391Y1281
- Stock Split
- 1:10 on 11/04/2024
Management
| Name | Title | Birth Year |
|---|---|---|
| Jianping Kong | Chairman & CEO | 1986 |
| Bing Chen | CFO & Senior VP | 1969 |
| Yang Can | SVP of Nano bit HK Limited | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.