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Nano Labs Ltd

CIK:0001872302|SEC Filings

Consolidated Statements of Operations and Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2025

CNY (¥)

¥ / shares

Dec. 31, 2025

USD ($)

$ / shares

Dec. 31, 2024

CNY (¥)

¥ / shares

Dec. 31, 2023

CNY (¥)

¥ / shares

Income Statement [Abstract]

Net revenues

¥ 27,006,744

$ 3,842,298

¥ 40,595,916

¥ 78,335,376

Cost of revenues

(66,797,041)

(9,503,335)

(28,993,601)

(181,784,576)

Gross profit (loss)

(39,790,297)

(5,661,037)

11,602,315

(103,449,200)

Operating income (expenses):

Selling and marketing expenses

(4,719,282)

(671,421)

(9,136,203)

(15,332,523)

General and administrative expenses

(54,605,025)

(7,768,755)

(50,832,703)

(53,402,101)

Research and development expenses

(8,057,816)

(1,146,400)

(50,145,125)

(88,601,470)

Change in fair value of cryptocurrencies

178,565,656

25,404,857

(15,744,170)

Total operating income (expenses)

111,183,533

15,818,281

(125,858,201)

(157,336,094)

Profit (loss) from operations

71,393,236

10,157,244

(114,255,886)

(260,785,294)

Other income (expenses):

Finance expenses

(618,062)

(87,933)

(1,386,506)

(920,055)

Interest expense

(16,938,237)

(2,409,833)

(6,913,314)

Interest income

46,804

6,659

504,348

489,098

Change in fair value of borrowings denominated in cryptocurrencies

41,978,170

5,972,310

Other income

39,945,315

5,683,092

3,216,168

7,111,093

Other expenses

(9,859,628)

(1,402,747)

(703,859)

(264,290)

Total other income (expenses)

54,554,362

7,761,548

(5,283,163)

6,415,846

Income (loss) before income tax provision

125,947,598

17,918,792

(119,539,049)

(254,369,448)

Income tax provision

17,394

Net income (loss)

125,947,598

17,918,792

(119,539,049)

(254,352,054)

Less: net loss attributable to noncontrolling interests

(9,518,442)

(1,354,206)

(6,352,001)

(1,528,282)

Net income (loss) attributable to Nano Labs Ltd

135,466,040

19,272,998

(113,187,048)

(252,823,772)

Comprehensive income (loss):

Net income (loss)

125,947,598

17,918,792

(119,539,049)

(254,352,054)

Other comprehensive income (loss):

Foreign currency translation adjustment

(16,093,836)

(2,289,699)

6,392,294

155,159

Total comprehensive income (loss)

109,853,762

15,629,093

(113,146,755)

(254,196,895)

Less: comprehensive loss attributable to noncontrolling interests

(9,514,430)

(1,353,635)

(6,352,502)

(1,528,352)

Comprehensive income (loss) attributable to Nano Labs Ltd

¥ 119,368,192

$ 16,982,728

¥ (106,794,253)

¥ (252,668,543)

Net income (loss) per ordinary share attributable to Nano Labs Ltd

–Basic (in Dollars per share and Yuan Renminbi per share) | (per share)

^[1]

¥ 6.82

$ 0.97

¥ (14.06)

¥ (42.94)

–Diluted (in Dollars per share and Yuan Renminbi per share) | (per share)

^[1]

¥ 6.82

$ 0.97

¥ (14.06)

¥ (42.94)

Weighted average number of shares used in per share calculation:

– Basic (in Shares)

^[1]

19,858,117

8,049,592

5,888,507

– Diluted (in Shares)

^[1]

19,862,161

8,049,592

5,888,507

[1]	After giving effect of the reverse stock splits, see Note 14.

Consolidated Statements of Cash Flows	12 Months Ended
Consolidated Statements of Cash Flows	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Cash flows from operating activities:
Net income (loss)	¥ 125,947,598	$ 17,918,792	¥ (119,539,049)	¥ (254,352,054)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Amortization of right-of-use assets	1,200,038	170,732	1,975,693	5,752,591
Depreciation and amortization expenses	10,962,417	1,559,643	9,655,404	4,422,560
Gain on disposal of property, plant and equipment	(102,739)	(14,617)	(7,007)
Loss (gain) on lease termination			(102,732)	113,588
Share-based compensation	73,013	10,388	401,520	718,411
Inventory write-down	32,637,101	4,643,339	10,914,374	60,767,978
Change in fair value of short-term investments	9,073,955	1,290,968
Change in fair value of cryptocurrencies	(178,565,656)	(25,404,857)	15,744,170
Change in fair value of borrowings denominated in cryptocurrencies	(41,978,170)	(5,972,310)
Non-cash other income	(33,859,289)	(4,817,222)
Changes in assets and liabilities:
Accounts receivable, net	286,234	40,723	1,175,678	(1,732,378)
Inventories, net	(16,476,108)	(2,344,085)	(27,884,590)	28,782,243
Prepayments	(3,349,478)	(476,536)	20,010,799	47,159,593
Other current assets and non-current assets	22,439,559	3,192,516	(3,005,135)	511,358
Accounts payable	1,372,916	195,327	1,079,515	898,564
Advance from customers	(29,517,915)	(4,199,567)	(9,022,758)	(16,662,392)
Operating lease liabilities, current	(1,096,399)	(155,987)	(2,031,618)	(4,349,974)
Other current liabilities	(7,315,969)	(1,040,856)	(38,693,414)	(5,504,025)
Net cash used in operating activities	(108,268,892)	(15,403,609)	(139,329,150)	(133,473,937)
Cash flows from investing activities:
Purchases of property, plant and equipment	(46,283)	(6,585)	(36,367,661)	(105,482,822)
Proceeds from disposal of property, plant and equipment	1,848,677	263,015	16,955
Purchase of cryptocurrencies	(351,431,373)	(49,998,773)	(220,414,835)
Disposal of cryptocurrencies	55,437,668	7,887,217
Purchases of investment	(2,000,000)	(284,544)
Net cash used in investing activities	(296,191,311)	(42,139,670)	(256,765,541)	(105,482,822)
Cash flows from financing activities:
Proceeds from issuance of ordinary shares and warrants	357,040,431	50,796,783	315,620,394	72,802,734
Cash contribution from a shareholder	259,280	36,888	9,999,557
Proceeds from bank loans	50,109,198	7,129,126	220,030,488	128,247,467
Repayments of bank loans	(23,350,000)	(3,322,046)	(169,667,635)	(1,530,000)
Repurchase of shares	(1,666,859)	(237,147)
Net cash provided by financing activities	382,392,050	54,403,604	375,982,804	199,520,201
Effects of exchange rate changes on cash, cash equivalents and restricted cash	(931,498)	(132,526)	4,379,036	159,828
Net decrease in cash, cash equivalents and restricted cash	(22,999,651)	(3,272,201)	(15,732,851)	(39,276,730)
Cash, cash equivalents and restricted cash at beginning of the year	32,849,803	4,673,600	48,582,654	87,859,384
Cash, cash equivalents and restricted cash at end of the year	9,850,152	1,401,399	32,849,803	48,582,654
Supplemental cash flow disclosures:
Interest paid	10,583,567	1,505,743	9,281,086	3,773,028
Income taxes paid
Non-cash investing and financing activities:
Operating lease right-of-use asset obtained in exchange for operating lease liability	912,636	129,842	1,770,209	5,015,808
Liabilities assumed in connection with purchase of property, plant and equipment				46,180,063
Liabilities settled with disposal of property, plant and equipment	3,034,966	431,790
Cryptocurrencies acquired through issuance of ordinary shares	42,430,764	6,036,701	36,294,458
Cryptocurrencies borrowed	704,007,431	100,160,402
Cryptocurrencies repaid	662,029,251	94,188,091
Cryptocurrencies paid for purchase of investment	35,714,536	5,081,171
Payment of expenses in the form of cryptocurrencies	8,561,744	1,218,095
Cryptocurrencies paid as collateral	¥ 8,575,337	$ 1,220,029

Consolidated Balance Sheets	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 8,502,357	$ 1,209,646	¥ 32,431,081
Restricted cash	1,347,795	191,753	418,722
Accounts receivable, net	281,446	40,042	572,803
Short-term investments	26,214,992	3,729,654
Inventories, net	13,693,374	1,948,181	29,866,418
Prepayments	7,567,871	1,076,695	4,606,066
Receivable for cryptocurrencies collateral	20,387,316	2,900,540
Cryptocurrencies, current	343,812,102	48,914,765	242,889,085
Other current assets	9,057,772	1,288,665	26,908,797
Total current assets	430,865,025	61,299,941	337,692,972
Non-current assets:
Long-term investment	2,000,000	284,544
Property, plant and equipment, net	182,630,671	25,983,194	197,341,915
Intangible asset, net	45,759,600	6,510,300	46,745,444
Value-added tax recoverables, non-current	30,414,877	4,327,179	28,949,636
Cryptocurrencies, non-current	424,743,318	60,428,995
Operating lease right-of-use assets	3,090,851	439,741	5,203,525
Total non-current assets	688,639,317	97,973,953	278,240,520
TOTAL ASSETS	1,119,504,342	159,273,894	615,933,492
Current liabilities:
Short-term debts	43,000,000	6,117,687	18,000,000
Current portion of long-term debts	6,890,000	980,253	5,350,000
Accounts payable	19,424,629	2,763,577	18,101,451
Advance from customers	69,314,154	9,861,449	98,895,905
Borrowings denominated in cryptocurrencies	11,948,960	1,700,000
Operating lease liabilities, current	1,125,674	160,152	1,914,109
Other current liabilities	54,303,126	7,725,803	67,163,217
Total current liabilities	206,006,543	29,308,921	209,424,682
Non-current liabilities:
Long-term debts	170,902,834	24,314,653	170,683,636
Operating lease liabilities, non-current	1,696,750	241,400	2,917,350
Total liabilities	378,606,127	53,864,974	383,025,668
Shareholders’ equity:
Treasury shares	(1,666,859)	(237,147)
Additional paid-in capital	1,180,196,429	167,908,666	780,499,664
Accumulated deficit	(429,752,701)	(61,141,689)	(565,218,741)
Statutory reserves	6,647,109	945,696	6,647,109
Accumulated other comprehensive income (loss)	(7,450,495)	(1,059,995)	8,647,353
Total Nano Labs Ltd shareholders’ equity	748,293,942	106,461,123	230,789,121
Noncontrolling interests	(7,395,727)	(1,052,203)	2,118,703
Total shareholders’ equity	740,898,215	105,408,920	232,907,824
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	1,119,504,342	159,273,894	615,933,492
Class A Ordinary Shares
Shareholders’ equity:
Ordinary shares, Value	283,565	40,343	176,842
Class B Ordinary Shares
Shareholders’ equity:
Ordinary shares, Value	¥ 36,894	$ 5,249	¥ 36,894