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Nano Labs Ltd

NA Clue Score36
China Fiscal year ends December CIK 0001872302
$2.11 -1.40% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $2.11 +49.65% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Jul 2022. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2020Revenue2.1Operating income−36.9Net income−37.7EPS, diluted−0.48Fiscal year 2021Revenue39.4 +1,754.6%Operating income−178.8Net income−174.9EPS, diluted−3.89Fiscal year 2022Revenue983.2 +2,392.8%Operating income20.7Net income31.1EPS, diluted5.84Fiscal year 2023Revenue78.3 −92.0%Operating income−260.8Net income−252.8 −912.4%EPS, diluted−42.94Fiscal year 2024Revenue40.6 −48.2%Operating income−114.3Net income−113.2EPS, diluted−14.06Fiscal year 2025Revenue27.0 −33.5%Operating income71.4Net income135.5EPS, diluted6.82
FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 2.1 39.4 983.2 78.3 40.6 27.0
Growth +1,754.6% +2,392.8% −92.0% −48.2% −33.5%
Operating income −36.9 −178.8 20.7 −260.8 −114.3 71.4
Net income −37.7 −174.9 31.1 −252.8 −113.2 135.5
Growth −912.4%
EPS, diluted −0.48 −3.89 5.84 −42.94 −14.06 6.82

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2020Gross margin40.3%Operating margin−1,735.9%Net margin−1,772.9%Free cash flow margin−186.4%Fiscal year 2021Gross margin−10.4%Operating margin−453.3%Net margin−443.6%Free cash flow margin159.8%Fiscal year 2022Gross margin23.4%Operating margin2.1%Net margin3.2%Free cash flow margin−29.7%Fiscal year 2023Gross margin−132.1%Operating margin−332.9%Net margin−322.7%Free cash flow margin−305.0%Fiscal year 2024Gross margin28.6%Operating margin−281.4%Net margin−278.8%Free cash flow margin−432.8%Fiscal year 2025Gross margin−147.3%Operating margin264.4%Net margin501.6%Free cash flow margin−401.1%
FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 40.3% −10.4% 23.4% −132.1% 28.6% −147.3%
Operating margin −1,735.9% −453.3% 2.1% −332.9% −281.4% 264.4%
Net margin −1,772.9% −443.6% 3.2% −322.7% −278.8% 501.6%
Free cash flow margin −186.4% 159.8% −29.7% −305.0% −432.8% −401.1%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2020Operating cash flow−3.0Capital expenditure−0.9Free cash flow−4.0Fiscal year 2021Operating cash flow71.7Capital expenditure−8.7Free cash flow63.0Fiscal year 2022Operating cash flow−274.9Capital expenditure−17.5Free cash flow−292.5 −563.9%Fiscal year 2023Operating cash flow−133.5Capital expenditure−105.5Free cash flow−239.0Fiscal year 2024Operating cash flow−139.3Capital expenditure−36.4Free cash flow−175.7Fiscal year 2025Operating cash flow−108.3Capital expenditure−0.0Free cash flow−108.3Buybacks−1.7
FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −3.0 71.7 −274.9 −133.5 −139.3 −108.3
Capital expenditure −0.9 −8.7 −17.5 −105.5 −36.4 −0.0
Free cash flow −4.0 63.0 −292.5 −239.0 −175.7 −108.3
Growth −563.9%
Buybacks n/a n/a n/a n/a n/a −1.7

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2020Cash35.3Shareholders’ equity−48.5Fiscal year 2021Cash233.9Total debt0.0Net cash (debt)233.9Shareholders’ equity−24.7Fiscal year 2022Cash87.8Total debt17.0Net cash (debt)70.9Shareholders’ equity164.4Debt to equity0.10Fiscal year 2023Cash48.2Total debt123.7Net cash (debt)−75.5Shareholders’ equity−14.7Fiscal year 2024Cash32.4Total debt176.0Net cash (debt)−143.6Shareholders’ equity230.8Debt to equity0.76Fiscal year 2025Cash8.5Total debt177.8Net cash (debt)−169.3Shareholders’ equity748.3Debt to equity0.24
FY2020FY2021FY2022FY2023FY2024FY2025
Cash 35.3 233.9 87.8 48.2 32.4 8.5
Total debt n/a 0.0 17.0 123.7 176.0 177.8
Net cash (debt) n/a 233.9 70.9 −75.5 −143.6 −169.3
Shareholders’ equity −48.5 −24.7 164.4 −14.7 230.8 748.3
Debt to equity n/a n/a 0.10 n/a 0.76 0.24

In millions of CNY, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of CNY, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2020 31 Dec 2020 FY2021† 31 Dec 2021 FY2022† 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025† 31 Dec 2025
Revenue and profit
2.1 39.4 983.2 78.3 40.6 27.0
Growth +1,754.6% +2,392.8% −92.0% −48.2% −33.5%
1.3 43.5 753.0 181.8 29.0 66.8
0.9 −4.1 230.2 −103.4 11.6 −39.8
Growth −577.7% −144.9% −443.0%
34.5 145.5 131.9 88.6 50.1 8.1
3.2 24.1 53.2 53.4 50.8 54.6
−36.9 −178.8 20.7 −260.8 −114.3 71.4
Growth −1,360.8%
−37.7 −174.9 31.1 −254.4 −119.5 125.9
0.0 0.0 0.0 −0.0 n/a n/a
−37.7 −174.9 31.1 −252.8 −113.2 135.5
Growth −912.4%
Per share
−0.48 −3.89 5.84 −42.94 −14.06 6.82
−0.48 −3.89 5.84 −42.94 −14.06 6.82
Growth −835.3%
79.2 44.9 5.3 5.9 8.0 19.9
79.2 44.9 5.3 5.9 8.0 19.9
Growth −43.3% −88.1% +10.5% +36.7% +146.7%

† The diluted share count jumps at 2021 and 2022 and 2025, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Shown in CNY as filed; the screener converts to dollars.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 66.2% a year over five years.
  • Operating margin is up 2,000.2 points on five years ago, at 264.4%.
  • A net loss in 4 of 6 years on file.