Earnings release
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Nano Labs Announces First Half of 2026 Financial Results Aug 28, 2026 at 8:00 AM EDT HONG KONG, Aug. 28, 2026 (GLOBE NEWSWIRE) -- Nano Labs Ltd (Nasdaq: NA) (“we,” the “Company” or “Nano Labs”), a leading Web 3.0 infrastructure provider and crypto treasury company, today announced its unaudited financial results as of June 30, 2026 and for the first half of 2026 then ended. First Half of 2026 Financial Summary Net revenue was RMB2.8 million (US$0.4 million) for the first half of 2026, compared to RMB8.3 million in the same period of 2025. Gross loss was RMB5.8 million (US$0.9 million) for the first half of 2026, compared to gross loss of RMB10.7 million in the same period of 2025. Loss from operations was RMB291.7 million (US$42.8 million) for the first half of 2026, compared to an income from operations of RMB10.6 million in the same period of 2025. Loss on change in fair value of cryptocurrencies was RMB250.5 million (US$36.8 million) for the first half of 2026, compared to gain of RMB48.6 million on change in fair value of cryptocurrencies in the same period of 2025. Net loss was RMB316.7 million (US$46.5 million) for the first half of 2026, compared to RMB11.8 million in the same period of 2025. Net loss per share (both basic and diluted) was RMB13.65 (US$2.00) for the first half of 2026, compared to net loss per share (both basic and diluted) of RMB0.43 in the same period of 2025. Mr. Jianping Kong, Chairman and Chief Executive Officer of the Company, commented: “In the first half of fiscal 2026, as the Web3.0 industry continued to mature and the global digital asset market evolved, Nano Labs identified significant opportunities arising from the convergence of artificial intelligence (“AI”) and Web3.0. The Company believes these technologies have the potential to enhance blockchain infrastructure and unlock new applications, reinforcing its long-term strategic positioning. “During the period, the Company launched its next-generation product, the iPollo ClawPC A1 Mini, designed to support the OpenClaw AI Agent system while also serving a broad range of applications, including gaming and entertainment, professional content creation, and intelligent office scenarios. The product is intended to provide users with an efficient, seamless, and localized AI experience. “Building on this launch, the Company plans to further expand the OpenClaw ecosystem through its proprietary iPollo Claw OS and Skill Hub platform, with the objective of creating an integrated ecosystem spanning intelligent terminals, operating systems, hardware, software, and applications. “The Company also continued advancing its digital asset reserve strategy. Based on its long-term assessment of the digital asset market and the broader blockchain ecosystem, management has incorporated digital assets as a strategic component of the Company’s capital allocation framework. As of the date of this interim report, the Company held a long-term reserve of 70,000 BNB. “The Company believes that a disciplined approach to digital asset allocation will further strengthen its balance sheet, support ecosystem partnerships, and provide greater flexibility for future strategic initiatives. “In order to enhance the shareholder’s beneficial, as of August 26, 2026, pursuant to the Repurchase Program, the Company had completed repurchases of Class A ordinary shares for a total consideration of US$3.2 million.” Mr. Bing Chen, Chief Financial Officer, added: “For the first half of 2026, we recorded net revenue of RMB2.8 million (US$0.4 million) and net loss of RMB316.7 million (US$46.5 million), compared to a net loss of RMB11.8 million in the same period last year. The volatility of market prices resulted in changes in the fair value of cryptocurrencies, which in turn contributed to an increase in the net loss. “Looking ahead, we intend to continue exploring opportunities created by advances in AI, Web3.0, and next-generation computing infrastructure. Through technology innovation, strategic partnerships, and ecosystem development, the Company seeks to strengthen its competitive position and enhance long-term shareholder value.” First Half of 2026 Financial Results Net Revenues Net revenue was RMB2.8 million (US$0.4 million) for the first half of 2026, compared to RMB8.3 million for the same period of 2025. The decrease in net revenues was primarily due to the drop of sales volume of iPollo V Series. Cost of Revenues Cost of revenues was RMB8.6 million (US$1.3 million) for the first half of 2026, compared to RMB19.0 million for the same period of 2025. The change was mainly due to the decrease in sales volume.
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Operating Expenses Total operating expenses were RMB285.8 million (US$42.0 million) for the first half of 2026, compared to a total operating income of RMB21.3 million for the same period of 2025. Selling and marketing expenses increased by 17.0% to RMB3.1 million (US$0.4 million) for the first half of 2026, from RMB2.6 million for the same period of 2025. The increase in selling and marketing expenses was primarily due to the increase in sales market expansion. General and administrative expenses increased by 29.5% to RMB27.9 million (US$4.1 million) for the first half of 2026, from RMB21.5 million for the same period of 2025. The increase in general and administrative expenses was primarily due to the increase in professional fees and real estate related taxes. Research and development expenses increased by 39.8% to RMB4.4 million (US$0.6 million) for the first half of 2026, from RMB3.2 million for the same period of 2025. The increase in research and development expenses was primarily due to the increase in service fees of system development. Change in fair value of cryptocurrencies was a loss of RMB250.5 million (US$36.8 million) for the first half of 2026, compared to a gain of RMB48.6 million for the same period of 2025. The increase in loss from change in fair value of cryptocurrencies was primarily due to the decreased BNB price during the first half of 2026. Loss from Operations As a result of the foregoing, loss from operations were RMB291.7 million (US$42.8 million) for the first half of 2026, compared to a profit of RMB10.6 million for the same period of 2025. Other Expenses Other expenses was RMB18.3 million (US$2.7 million) for the first half of 2026, compared to nil for the same period of 2025. The change was mainly due to the loss from change in fair value of short-term investments during the first half of 2026. Change in Fair Value of Derivative Assets Change in fair value of derivative assets was a loss of RMB2.8 million (US$0.4 million) for the first half of 2026, compared to nil for the same period of 2025. The change was due to the company entered into decumulator agreements with third parties. Change in Fair Value of Borrowings Denominated in Cryptocurrencies Change in fair value of borrowings denominated in cryptocurrencies was nil for the first half of 2026, compared to RMB18.5 million for the same period of 2025. The change was due to the issuance of convertible bonds denominated in bitcoin in 2025, which was repaid before December 31, 2025. Net Loss Net loss was RMB316.7 million (US$46.5 million) for the first half of 2026, compared to RMB11.8 million in the same period of 2025. Basic and Diluted Loss Per Ordinary Share attributable to Nano Labs Ltd Basic and diluted loss per share was RMB13.65 (US$2.00) for the first half of 2026, compared to basic and diluted loss per share of RMB0.43 for the same period of 2025. Cash and Cash Equivalents As of June 30, 2026, the Company had cash and cash equivalents of RMB9.0 million (US$1.3 million), compared to RMB8.5 million as of December 31, 2025. Exchange Rate This press release contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) solely for the convenience of the reader. Unless otherwise specified, all translations of Renminbi amounts into U.S. dollar amounts in this press release are made at RMB6.8109 to US$1.00, the central parity rate on June 30, 2026 published by the People’s Bank of China. Non-GAAP Financial Measures In evaluating our business, we consider and use adjusted net income/(loss) as an additional non-GAAP measure to review and assess our operating performance. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We define adjusted net income/(loss) as net income/(loss) excluding share-based compensation expense. We present the non-GAAP financial measure because they are used by our management to evaluate our operating performance and formulate business plans. Non-GAAP financial measures enable our management to assess our operating results without considering the impact of non-cash charges and non-operating items. We also believe that the use of the non-GAAP measure facilitates investors’ assessment of our operating performance. The non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as analytical tools. One of the key limitations of using the non-GAAP financial measure is that they do not reflect all items of income and expense that affect our operations. Share-based compensation expenses have been and may continue to be incurred in our business and are not reflected in the presentation of adjusted net income/(loss). Further, the non-GAAP measure may differ from the non-GAAP information used by
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other companies, including peer companies, and therefore their comparability may be limited. Conference Call The Company will host an earnings conference call to discuss its financial results at 8:30 am U.S. Eastern Time (8:30 pm Hong Kong Time) on August 28, 2026. For participants who wish to join the call, please access the link provided below to complete the online registration process. Registration Link: https://s1.c-conf.com/diamondpass/10056588-f5skpn.html Upon registration, participants will receive the dial-in number and unique PIN, which can be used to join the conference call. If participants register and forget their PIN or lose their registration confirmation email, they may simply re-register and receive a new PIN. All participants are encouraged to dial in 15 minutes prior to the start time. A live and archived webcast of the conference call will be accessible on the Company’s investor relations website at: https://ir.nano.cn/. A telephone replay of the call will be available until September 4, 2026 via the following dial-in details: Dial-in Numbers: US/Canada: 1855 883 1031 Hong Kong: 800 930 639 China: 400 1209 216 Replay PIN: 10056588 About Nano Labs Ltd Nano Labs Ltd is a leading Web 3.0 infrastructure provider and crypto treasury company. Nano Labs has actively positioned itself in the crypto assets space, adopting BNB as its primary reserve asset. It has reserved in mainstream cryptocurrencies BNB, and committed to the product iPollo ClawPC A1 Mini, designed to support the OpenClaw AI Agent system and a broad range of applications, including gaming and entertainment, professional content creation, and intelligent office scenarios. For more information, please visit the Company’s website at: ir.nano.cn. Forward-Looking Statements This report contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s plan to appeal the Staff’s determination, which can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law. For investor and media inquiries, please contact: Nano Labs Ltd Email: ir@nano.cn Ascent Investor Relations LLC Tina Xiao Phone: +1-646-932-7242 Email: investors@ascent-ir.com Consolidated Balance Sheets (Unaudited) As of December 31, As of June 30, 2025 2026 RMB RMB US$ ASSETS Current assets: Cash and cash equivalents 8,502,357 8,957,513 1,315,173 Restricted cash 1,347,795 — — Accounts receivable, net 281,446 338,567 49,710
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Inventories, net 13,693,374 4,318,470 634,053 Prepayments 7,567,871 5,098,671 748,605 Short-term investments 26,214,992 3,718,561 545,972 Receivable for cryptocurrencies collateral 20,387,316 — — Cryptocurrencies, current 343,812,102 108,987,050 16,001,857 Cryptocurrencies, restricted — 24,593,343 3,610,880 Derivative assets — 41,704,830 6,123,248 Other current assets 9,057,772 9,188,636 1,349,107 Total current assets 430,865,025 206,905,641 30,378,605 Non-current assets: Long-term investment 2,000,000 12,000,000 1,761,882 Property, plant and equipment, net 182,630,671 177,163,859 26,011,813 Intangible asset, net 45,759,600 45,266,678 6,646,211 Value-added tax recoverables, non-current 30,414,877 29,628,154 4,350,109 Cryptocurrencies, non-current 424,743,318 259,780,228 38,141,836 Operating lease right-of-use assets 3,090,851 5,955,147 874,355 Total non-current assets 688,639,317 529,794,066 77,786,206 TOTAL ASSETS 1,119,504,342 736,699,707 108,164,811 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Short-term debts 43,000,000 23,000,000 3,376,940 Current portion of long-term debts 6,890,000 7,660,000 1,124,668 Borrowings denominated in cryptocurrencies 11,948,960 17,708,340 2,600,000 Accounts payable 19,424,629 12,705,052 1,865,400 Advance from customers 69,314,154 63,000,107 9,249,895 Operating lease liabilities, current 1,125,674 2,372,382 348,321 Other current liabilities 54,303,126 46,269,332 6,793,424 Total current liabilities 206,006,543 172,715,213 25,358,648 Non-current liabilities: Long-term debts 170,902,834 174,969,625 25,689,648 Operating lease liabilities, non-current 1,696,750 3,416,589 501,635 Total non-current liabilities 172,599,584 178,386,214 26,191,283 Total liabilities 378,606,127 351,101,427 51,549,931 Shareholders’ equity: Class A ordinary shares (US$0.002 par value; 1,097,141,091 shares authorized as of December 31, 2025 and June 30, 2026; 20,712,924 shares issued as of December 31, 2025 and June 30, 2026; 20,185,908 and 19,147,732 shares outstanding as of December 31, 2025 and June 30, 2026, respectively) 283,565 283,623 41,643 Class B ordinary shares (US$0.002 par value; 2,858,909 shares authorized; 2,858,909 shares issued and outstanding as of December 31, 2025 and June 30, 2026) 36,894 36,894 5,417 Treasury shares (1,666,859 ) (19,706,651 ) (2,893,399 ) Additional paid-in capital 1,180,196,429 1,180,208,542 173,282,318 Accumulated deficit (429,752,701 ) (739,256,469 ) (108,540,203 ) Statutory reserves 6,647,109 6,647,109 975,952 Accumulated other comprehensive loss (7,450,495 ) (28,041,650 ) (4,117,172) Total Nano Labs Ltd shareholders’ equity 748,293,942 400,171,398 58,754,556 Noncontrolling interests (7,395,727 ) (14,573,118) (2,139,676 ) Total shareholders’ equity 740,898,215 385,598,280 56,614,880 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 1,119,504,342 736,699,707 108,164,811 Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) For the six months ended June 30, 2025 2026
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RMB RMB US$ Net revenues 8,283,373 2,778,378 407,931 Cost of revenues (18,991,737 ) (8,625,388 ) (1,266,409 ) Gross loss (10,708,364 ) (5,847,010 ) (858,478 ) Operating income (expenses): Selling and marketing expenses (2,617,584 ) (3,061,642 ) (449,521 ) General and administrative expenses (21,544,148 ) (27,898,411) (4,096,142 ) Research and development expenses (3,163,558 ) (4,422,485 ) (649,325 ) Change in fair value of cryptocurrencies 48,610,295 (250,465,136 ) (36,774,161 ) Total operating income (expenses) 21,285,005 (285,847,674 ) (41,969,149 ) Profit (Loss) from operations 10,576,641 (291,694,684 ) (42,827,627 ) Other income (expenses): Finance expenses (274,189 ) (740,278 ) (108,690 ) Interest expenses (5,287,620 ) (5,254,957 ) (771,551 ) Interest income 12,322 2,951 433 Change in fair value of derivative assets — (2,767,854 ) (406,386 ) Change in fair value of borrowings denominated in cryptocurrencies (18,529,435 ) — — Other income 1,724,344 2,063,759 303,008 Other expenses — (18,309,645 ) (2,688,286 ) Total other expenses (22,354,578 ) (25,006,024 ) (3,671,472 ) Loss before income tax provision (11,777,937) (316,700,708 ) (46,499,099 ) Income tax provision — — — Net loss (11,777,937) (316,700,708 ) (46,499,099 ) Less: net loss attributable to noncontrolling interests (4,723,396 ) (7,196,940 ) (1,056,680 ) Net loss attributable to Nano Labs Ltd (7,054,541 ) (309,503,768 ) (45,442,419 ) Comprehensive loss: Net loss (11,777,937) (316,700,708 ) (46,499,099 ) Other comprehensive loss: Foreign currency translation adjustment (1,840,888 ) (20,571,606 ) (3,020,395 ) Total comprehensive loss (13,618,825 ) (337,272,314 ) (49,519,494 ) Comprehensive loss attributable to noncontrolling interests (4,722,335 ) (7,177,391 ) (1,053,809 ) Comprehensive loss attributable to Nano Labs Ltd (8,896,490 ) (330,094,923 ) (48,465,685 ) Net loss per ordinary share attributable to Nano Labs Ltd Basic (0.43 ) (13.65 ) (2.00 ) Diluted (0.43 ) (13.65 ) (2.00 ) Weighted average number of shares used in per share calculation: Basic 16,548,783 22,674,071 22,674,071 Diluted 16,548,783 22,674,071 22,674,071 Non-GAAP Reconciliation (Unaudited) For the Six Months Ended June 30, 2025 2026 RMB RMB US$ Net loss (11,777,937) (316,700,708 ) (46,499,099 ) Add: Share-based compensation expenses 62,337 12,113 1,778 Non-GAAP adjusted net loss (11,715,600) (316,688,595 ) (46,497,321 )