NA revenueFY2025CN¥27.01M
- FY YoY
- -33.5%
- 5Y CAGR
- +66.2%
NA revenue was CN¥27.01M for fiscal 2025 (ended Dec 31, 2025), down 33.5% from fiscal 2024. Compound annual growth was +66.2% over 5 years. It rose in 2 of the last 5 fiscal years.
Financials · NA
Nano Labs Ltd (NA) financials
For fiscal 2025 (ended Dec 31, 2025), Nano Labs Ltd reported CN¥27.01M of revenue and CN¥135.47M of net income. Figures are in CNY, the currency of its SEC filings.
- Revenue, FY2025
- CN¥27.01M
- Revenue growth, YoY
- -33.5%
- Net income, FY2025
- CN¥135.47M
- Net margin
- 501.6%
- Free cash flow, FY2025
- -CN¥108.32M
- EPS, diluted, FY2025
- CN¥6.82
- Cash
- CN¥8.50M
- Total debt
- CN¥177.79M
FY2020FY2025
FY2020FY2025
FY2020FY2025
NA revenue and earnings growth
NA net incomeFY2025CN¥135.47M
NA net income was CN¥135.47M for fiscal 2025 (ended Dec 31, 2025), compared with -CN¥113.19M in fiscal 2024. Fiscal 2025 is the highest of the 6 fiscal years on file.
NA EPSFY2025CN¥6.82
NA diluted EPS was CN¥6.82 for fiscal 2025 (ended Dec 31, 2025).
NA free cash flowFY2025-CN¥108.32M
NA free cash flow was -CN¥108.32M for fiscal 2025 (ended Dec 31, 2025), compared with -CN¥175.70M in fiscal 2024.
Income statement
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 |
|---|---|---|---|---|---|---|
| Revenue | CN¥27.01M | CN¥40.60M | CN¥78.34M | CN¥983.17M | CN¥39.44M | CN¥2.13M |
| Cost of revenue | CN¥66.80M | CN¥28.99M | CN¥181.78M | CN¥753.00M | CN¥43.53M | CN¥1.27M |
| Gross profit | -CN¥39.79M | CN¥11.60M | -CN¥103.45M | CN¥230.16M | -CN¥4.09M | CN¥856.1K |
| Research and development | CN¥8.06M | CN¥50.15M | CN¥88.60M | CN¥131.85M | CN¥145.46M | CN¥34.48M |
| Selling, general and admin | CN¥54.61M | CN¥50.83M | CN¥53.40M | CN¥53.20M | CN¥24.12M | CN¥3.19M |
| Operating income | CN¥71.39M | -CN¥114.26M | -CN¥260.79M | CN¥20.68M | -CN¥178.79M | -CN¥36.92M |
| Interest expense | CN¥16.94M | CN¥6.91M | - | - | - | - |
| Pre-tax income | CN¥125.95M | -CN¥119.54M | -CN¥254.37M | CN¥31.12M | -CN¥174.94M | -CN¥37.70M |
| Income tax | - | - | -CN¥17.4K | CN¥0 | CN¥0 | CN¥2.3K |
| Net income | CN¥135.47M | -CN¥113.19M | -CN¥252.82M | CN¥31.12M | -CN¥174.94M | -CN¥37.70M |
| EPS, basic | CN¥6.82 | -CN¥14.06 | -CN¥42.94 | CN¥5.84 | -CN¥38.90 | -CN¥9.60 |
| EPS, diluted | CN¥6.82 | -CN¥14.06 | -CN¥42.94 | CN¥5.84 | -CN¥38.90 | -CN¥9.60 |
| Diluted shares | 19.9M | 8.0M | 5.9M | 5.3M | 4.5M | 4.0M |
Balance sheet
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 |
|---|---|---|---|---|---|---|
| Cash and equivalents | CN¥8.50M | CN¥32.43M | CN¥48.58M | CN¥87.86M | CN¥233.85M | CN¥35.33M |
| Short-term investments | CN¥26.21M | - | - | CN¥0 | CN¥31.89M | - |
| Receivables | CN¥281.4K | CN¥572.8K | CN¥1.74M | - | - | - |
| Inventory | CN¥13.69M | CN¥29.87M | CN¥12.87M | CN¥102.20M | CN¥213.87M | - |
| Current assets | CN¥430.87M | CN¥337.69M | CN¥125.49M | CN¥288.65M | CN¥893.43M | - |
| Total assets | CN¥1.12B | CN¥615.93M | CN¥350.30M | CN¥367.24M | CN¥909.83M | - |
| Current liabilities | CN¥206.01M | CN¥209.42M | CN¥242.57M | CN¥183.64M | CN¥932.37M | - |
| Short-term debt | CN¥6.89M | CN¥5.35M | CN¥3.41M | CN¥280.0K | CN¥0 | - |
| Long-term debt | CN¥170.90M | CN¥170.68M | CN¥120.26M | CN¥16.67M | - | - |
| Total debt | CN¥177.79M | CN¥176.03M | CN¥123.67M | CN¥16.95M | - | - |
| Total liabilities | CN¥378.61M | CN¥383.03M | CN¥366.56M | CN¥202.83M | CN¥934.49M | - |
| Shareholders' equity | CN¥748.29M | CN¥230.79M | -CN¥16.26M | CN¥164.41M | -CN¥24.66M | -CN¥48.52M |
Cash flow
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | -CN¥108.27M | -CN¥139.33M | -CN¥133.47M | -CN¥274.94M | CN¥71.73M | -CN¥3.03M |
| Capital expenditures | CN¥46.3K | CN¥36.37M | CN¥105.48M | CN¥17.53M | CN¥8.69M | CN¥936.8K |
| Free cash flow | -CN¥108.32M | -CN¥175.70M | -CN¥238.96M | -CN¥292.47M | CN¥63.04M | -CN¥3.96M |
| Investing cash flow | -CN¥296.19M | -CN¥256.77M | -CN¥105.48M | -CN¥33.18M | -CN¥36.05M | -CN¥1.65M |
| Financing cash flow | CN¥382.39M | CN¥375.98M | CN¥199.52M | CN¥161.00M | CN¥164.90M | CN¥29.36M |
| Share repurchases | CN¥1.67M | - | - | - | - | - |
| Stock-based compensation | CN¥73.0K | CN¥401.5K | CN¥718.4K | CN¥9.35M | CN¥19.3K | CN¥214.9K |
| Depreciation and amortization | CN¥10.96M | CN¥9.66M | CN¥4.42M | CN¥3.93M | CN¥2.61M | CN¥353.6K |
Key ratios
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 |
|---|---|---|---|---|---|---|
| Revenue growth, YoY | -33.5% | -48.2% | -92.0% | 2392.8% | 1754.6% | - |
| Gross margin | -147.3% | 28.6% | -132.1% | 23.4% | -10.4% | 40.3% |
| Operating margin | 264.4% | -281.4% | -332.9% | 2.1% | -453.3% | -1735.9% |
| Net margin | 501.6% | -278.8% | -322.7% | 3.2% | -443.6% | -1772.9% |
| Free cash flow margin | -401.1% | -432.8% | -305.0% | -29.7% | 159.8% | -186.4% |
| Return on equity | 18.1% | -49.0% | - | 18.9% | - | - |
| Return on assets | 12.1% | -18.4% | -72.2% | 8.5% | -19.2% | - |
| Current ratio | 2.09 | 1.61 | 0.52 | 1.57 | 0.96 | - |
| Debt to equity | 0.24 | 0.76 | - | 0.10 | - | - |
Source: XBRL data Nano Labs Ltd files with the SEC, latest filing dated Apr 13, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
Per-share figures and share counts are restated for stock splits the filings show: 1-for-2, first reported Apr 8, 2024; 1-for-10, first reported Apr 11, 2025.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
Foreign private issuers file annual reports with the SEC, so there are no quarterly statements here.
NA peers
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| NA | CN¥27.01M | -33.5% | CN¥135.47M | 501.6% | $31.6M |
| NVDA | $302.97B | +83.4% | $192.88B | 63.7% | $4.07T |
| TSM | NT$3.81T | +31.6% | NT$1.70T | 44.6% | $2.06T |
| AVGO | $89.10B | +48.7% | $38.27B | 42.9% | $1.58T |
| AMD | $45.44B | +41.9% | $7.62B | 16.8% | $844.99B |
| MU | $133.19B | +256.3% | $84.97B | 63.8% | $820.41B |
| INTC | $59.89B | +12.1% | -$12.03B | -20.1% | $308.96B |
| AMAT | $30.84B | +7.8% | $9.27B | 30.1% | $295.64B |
NA FAQ
9 questionsWhat is NA revenue?
Nano Labs Ltd (NA) reported CN¥27.01M of revenue for fiscal 2025 (ended Dec 31, 2025). That is down 33.5% from the year before.Is NA profitable?
Yes. Nano Labs Ltd earned CN¥135.47M in net income for fiscal 2025 (ended Dec 31, 2025), a net margin of 501.6%.How much cash and debt does NA have?
Nano Labs Ltd reported CN¥8.50M in cash and cash equivalents and CN¥177.79M of debt on its most recent balance sheet in SEC filings.How fast is NA revenue growing?
Nano Labs Ltd's revenue changed -33.5% in fiscal 2025, to CN¥27.01M. Its compound annual growth rate was +66.2% over 5 years.What is NA gross margin?
Nano Labs Ltd's gross profit was -CN¥39.79M on CN¥27.01M of revenue for fiscal 2025 (ended Dec 31, 2025), a gross margin of -147.3%.What is NA free cash flow?
Nano Labs Ltd generated -CN¥108.32M of free cash flow for fiscal 2025 (ended Dec 31, 2025), which is operating cash flow of -CN¥108.27M less capital expenditures.What is NA earnings per share?
Diluted earnings per share were CN¥6.82 for fiscal 2025 (ended Dec 31, 2025), from SEC filings, restated for any stock split those filings show.When did NA last report financial results?
The latest statements here come from Nano Labs Ltd's 20-F filed on Apr 13, 2026, covering the period ended Dec 31, 2025.Where does this NA financial data come from?
Quantisnow builds these statements from the structured XBRL data Nano Labs Ltd files with the SEC. It is provided for information only and is not investment advice.