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Nano Labs Ltd

Nano Labs Ltd is a semiconductors and related devices company, incorporated in the Cayman Islands.2 It is headquartered in George Town, Cayman Islands.2

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Last updated Oct 20, 2026.

Overview

$3.8MRevenue, fiscal 20253
$19.3MNet income, fiscal 20253

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  • TickerNA on Nasdaq2
  • IndustrySemiconductors & Related Devices2
  • HeadquartersGeorge Town, Cayman Islands2
  • Incorporated inCayman Islands4
  • Business address30 Floor, Dicara Silver Center, No.29 Jiefang East Rd, Jianggan District, Hangzhou, F4 3100004
  • Filer categoryAccelerated filer, Emerging growth company4
  • Legal formOther2
  • LEI529900XW5Q2FM98M47452
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressc/o MAPLES CORPORATE SERVICES LIMITED, P. O. Box 309, Ugland House, South Church Street, KY1-1104 George Town, Cayman Islands2
  • Registered withGeneral Registry, 3701572

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(however designated) as our board of directors may determine in accordance with our memorandum and articles of association, as amended.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-147.3%Gross margin3
264.4%Operating margin3
501.6%Net margin3
-32.0%Revenue growth, 20253
18.1%Return on equity3
0.23×Debt to equity3
-$15.4MFree cash flow3

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Product brought in 99% of the revenue Nano Labs Ltd broke down this way in fiscal 2025.

  1. Product26.6M CNY399%down 22% from 2024
  2. Service373.7K CNY31%down 94% from 2024
Products and services by year
Products and services202320242025
Product71.3M CNY34.1M CNY26.6M CNY
Service7.0M CNY6.5M CNY373.7K CNY

Regions

PRC brought in 88% of the revenue Nano Labs Ltd broke down this way in fiscal 2025.

  1. PRC23.7M CNY388%down 5% from 2024
  2. The United States1.6M CNY36%up 42% from 2024
  3. HKMember1.2M CNY35%down 87% from 2024
  4. Others529.2K CNY32%up 51% from 2024
Regions by year
Regions202320242025
PRC57.5M CNY25.0M CNY23.7M CNY
The United States7.1M CNY1.1M CNY1.6M CNY
HKMember16.5K CNY9.5M CNY1.2M CNY
Others12.6M CNY349.7K CNY529.2K CNY

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue32¢$9.5M
  • Research and development4¢$1.1M
  • Profit64¢$19.3M

Out of $3.8M in revenue.3

Financial statements

Revenue6783$3.8M in 2025−97% since 2022
0$50.0M$100.0M$150.0M2022: $141.2M$141.2M20222023: $11.1M$11.1M2023−92%2024: $5.6M$5.6M2024−49%2025: $3.8M$3.8M2025−32%
Gross profit6783-$5.7M in 2025
-$20.0M0$20.0M$40.0M2022: $33.0M$33.0M20222023: -$14.6M-$14.6M20232024: $1.6M$1.6M20242025: -$5.7M-$5.7M2025
Operating income6783$10.2M in 2025+242% since 2022
-$40.0M-$20.0M0$20.0M2022: $3.0M$3.0M20222023: -$36.8M-$36.8M20232024: -$13.7M-$13.7M2024−63%2025: $10.2M$10.2M2025
Net income6783$19.3M in 2025+331% since 2022
-$40.0M-$20.0M0$20.0M2022: $4.5M$4.5M20222023: -$35.7M-$35.7M20232024: -$15.7M-$15.7M2024−56%2025: $19.3M$19.3M2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.3

Period ending2025-12-312024-12-312023-12-31
Net revenues27.0M CNY40.6M CNY78.3M CNY
Cost of revenues-66.8M CNY-29.0M CNY-181.8M CNY
Gross profit (loss)-39.8M CNY11.6M CNY-103.4M CNY
Selling and marketing expenses-4.7M CNY-9.1M CNY-15.3M CNY
General and administrative expenses-54.6M CNY-50.8M CNY-53.4M CNY
Research and development expenses-8.1M CNY-50.1M CNY-88.6M CNY
Change in fair value of cryptocurrencies178.6M CNY-15.7M CNY
Total operating income (expenses)111.2M CNY-125.9M CNY-157.3M CNY
Profit (loss) from operations71.4M CNY-114.3M CNY-260.8M CNY
Finance expenses-618.1K CNY-1.4M CNY-920.1K CNY
Interest expense-16.9M CNY-6.9M CNY
Interest income46.8K CNY504.3K CNY489.1K CNY
Change in fair value of borrowings denominated in cryptocurrencies42.0M CNY
Other income39.9M CNY3.2M CNY7.1M CNY
Other expenses-9.9M CNY-703.9K CNY-264.3K CNY
Total other income (expenses)54.6M CNY-5.3M CNY6.4M CNY
Income (loss) before income tax provision125.9M CNY-119.5M CNY-254.4M CNY
Income tax provision17.4K CNY
Less: net loss attributable to noncontrolling interests-9.5M CNY-6.4M CNY-1.5M CNY
Net income (loss) attributable to Nano Labs Ltd135.5M CNY-113.2M CNY-252.8M CNY
Net income (loss)125.9M CNY-119.5M CNY-254.4M CNY
Foreign currency translation adjustment-16.1M CNY6.4M CNY155.2K CNY
Total comprehensive income (loss)109.9M CNY-113.1M CNY-254.2M CNY
Less: comprehensive loss attributable to noncontrolling interests-9.5M CNY-6.4M CNY-1.5M CNY
Comprehensive income (loss) attributable to Nano Labs Ltd119.4M CNY-106.8M CNY-252.7M CNY
Basic (in Dollars per share and Yuan Renminbi per share)6.82 CNY-14.06 CNY-42.94 CNY
Diluted (in Dollars per share and Yuan Renminbi per share)6.82 CNY-14.06 CNY-42.94 CNY
Basic (in Shares)19.9M shares8.0M shares5.9M shares
Diluted (in Shares)19.9M shares8.0M shares5.9M shares

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Corporate structure

Nano Labs Ltd sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Nano Labs Ltd

  • Jianping Kong Filed SCHEDULE 13D/A on Nano Labs Ltd, latest Nov 26, 2025 (8 filings since Feb 13, 2023)
  • Anson Funds Management LP Filed SCHEDULE 13G/A on Nano Labs Ltd, latest Nov 14, 2025 (2 filings since Aug 14, 2025)
  • CITADEL ADVISORS LLC Filed SCHEDULE 13G/A on Nano Labs Ltd, latest Nov 14, 2025 (2 filings since Jul 7, 2025)
  • Ayrton Capital LLC Filed SCHEDULE 13G/A on Nano Labs Ltd, latest Nov 13, 2025 (2 filings since Aug 13, 2025)
  • CVI Investments, Inc. Filed SCHEDULE 13G/A on Nano Labs Ltd, latest Nov 7, 2025 (2 filings since Jul 1, 2025)
  • FENBUSHI Inc. Filed SCHEDULE 13G on Nano Labs Ltd, latest Jan 2, 2025
  • Golden Forest Management Ltd Filed SCHEDULE 13G on Nano Labs Ltd, latest Dec 23, 2024
  • Longling Capital Ltd Filed SCHEDULE 13G on Nano Labs Ltd, latest Dec 23, 2024
  • Qifeng Sun Filed SC 13D/A on Nano Labs Ltd, latest Sep 25, 2024 (4 filings since Feb 13, 2023)
  • Nan Hu Filed SC 13G/A on Nano Labs Ltd, latest Feb 5, 2024 (2 filings since Feb 13, 2023)
  • Nano Labs Ltd George Town, Cayman Islands

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Nano Labs Ltd reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Accumulated depreciation27.2M CNY3 Dec 31, 202518.2M CNY3 Dec 31, 2024+49.7%
Property and equipment, net$26.0M3 Dec 31, 2025$27.5M8 Dec 31, 2024−5.4%
Operating-lease assets (leased space)$439.7K3 Dec 31, 2025$723.9K8 Dec 31, 2024−39.3%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$1.2M3 Dec 31, 2025$4.5M8 Dec 31, 2024−73.2%
Marketable securities, current$3.7M3 Dec 31, 2025$06 Dec 31, 2022
Long-term investments$284.5K3 Dec 31, 2025

Intangibles and goodwill

ItemLatestA year beforeChange
Accumulated amortization3.9M CNY3 Dec 31, 20252.9M CNY3 Dec 31, 2024+34.2%
Finite-lived intangibles, net$6.5M3 Dec 31, 2025$6.5M8 Dec 31, 2024+0.1%

Inventory

ItemLatestA year beforeChange
Inventory, total$1.9M3 Dec 31, 2025$4.2M8 Dec 31, 2024−53.1%
Raw materials2.7M CNY3 Dec 31, 202511.1M CNY3 Dec 31, 2024−75.9%
Work in process6.9M CNY3 Dec 31, 202510.0M CNY3 Dec 31, 2024−31.3%
Finished goods4.2M CNY3 Dec 31, 20258.8M CNY3 Dec 31, 2024−52.8%

Leadership

Who has led Nano Labs Ltd, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Jianping Kong2026–now
Board members and other officers (5)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorNan Hu named Apr 29, 202414

Timeline

  1. Mar 11, 2026New chief executive Jianping Kong becomes CEO9
  2. Jan 8, 2021Founded Nano Labs Ltd is founded2

Filings

270 filings to the SEC since October 2021: 5 annual reports, 15 insider forms, 25 large holders, 1 private raises, 224 other. The latest 20:

  1. Oct 13, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  2. Sep 15, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  3. Sep 2, 20264 EDGAR
  4. Aug 31, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  5. Aug 28, 2026144 EDGAR
  6. Aug 28, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  7. Aug 5, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  8. Apr 30, 20264 EDGAR
  9. Apr 30, 20264 EDGAR
  10. Apr 24, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  11. Apr 22, 20264 EDGAR
  12. Apr 20, 20264 EDGAR
  13. Apr 17, 20264 EDGAR
  14. Apr 16, 20264 EDGAR
  15. Apr 16, 20264 EDGAR
  16. Apr 13, 2026144 EDGAR
  17. Apr 13, 202620-F ANNUAL REPORT EDGAR
  18. Mar 31, 20263 EDGAR
  19. Mar 30, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  20. Mar 27, 20263 EDGAR

The 270 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

9 open-market trades by officers, directors and large owners since October 2021: 0 buys and 9 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 1, 2026Hu NanDirectorSale11,165$2.25$25.1KForm 4
Apr 28, 2026Hu NanDirectorSale4,352$2.01$8.7KForm 4
Apr 28, 2026Hu NanDirectorSale5,148$2.01$10.3KForm 4
Apr 27, 2026Hu NanDirectorSale1,000$2.68$2.7KForm 4
Apr 20, 2026Hu NanDirectorSale4,092$2.71$11.1KForm 4
Apr 17, 2026Hu NanDirectorSale1,633$2.86$4.7KForm 4
Apr 16, 2026Hu NanDirectorSale3,900$3.00$11.7KForm 4
Apr 15, 2026Hu NanDirectorSale893$3.14$2.8KForm 4
Apr 15, 2026Hu NanDirectorSale2,557$3.10$7.9KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Apr 15, 2024Filed a private offering of securities Form D: $8.2 million offered in all Form D

SEC filer profile

How Nano Labs Ltd is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARNano Labs Ltd1
  • CIK0001872302
  • Filer statusAccelerated filer an emerging growth company; not a shell company5
  • Incorporated inCayman Islands5
  • Fiscal year endsDecember 311
  • Industry code (SIC)3674 Semiconductors & Related Devices1
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
  • Business address30 Floor, Dicara Silver Center, No.29 Jiefang East Rd, Jianggan District, Hangzhou, F4 3100001
  • Phone86159689767861
  • Shares outstanding20,637,924 Common Class A shares; 2,858,909 Common Class B shares as of Dec 31, 20255
  • AuditorMaloneBailey, LLP, Houston, Texas PCAOB ID 206; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceSep 9, 20211
  • Filings274 in all: 6-K (93), CORRESP (32), 424B3 (17), UPLOAD (17), EFFECT (10), DRSLTR (9), 4 (8), 3 (7)1
    All 34 form types

    6-K/A (7), DRS/A (7), F-1/A (7), SCHEDULE 13G (7), SC 13D/A (6), 144 (4), 20-F (4), SCHEDULE 13G/A (4), 424B5 (3), DRS (3), F-1 (3), F-3 (3), F-3/A (3), POS AM (3), SC 13G (3), 424B4 (2), SC 13D (2), SCHEDULE 13D/A (2), 20-F/A (1), 8-A12B (1), CERT (1), D (1), F-6 (1), F-6 POS (1), S-8 (1), SC 13G/A (1)

  • Latest filingsAnnual report (20-F) Apr 13, 2026

Securities registered for trading

ClassSymbolExchange
Class A ordinary sharesNasdaq

From the cover page of the 20-F filed Apr 13, 2026 (Section 12(b) of the Exchange Act).5

Sources

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