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MKT CAP:$149M

Nano Labs Ltd

Market Cap

$149M

Technology·Semiconductors·🇨🇳 China·NASDAQ

Technology·Semiconductors·🇨🇳·NASDAQ

Stock Price

$2.21-$1.07 (-32.62%)

Apr 22, 2026

Company Details

Nano Labs Ltd operates as a fabless integrated circuit design company and product solution provider in the People's Republic of China and internationally. The company develops high throughput computing and high-performance computing chips. ...

CEO

Jianping Kong

IPO Date

Jul 12, 2022

Website

www.nano.cn

Key Metrics TTM

Revenue

$4M

-52.5% YoY

Net Income

-$9M

EPS (Diluted)

-$0.94

Free Cash Flow

-$17M

Revenue / Share

$0.21

Gross Margin

48.8%

Operating Margin

-322.5%

Net Margin

-261.0%

FCF Margin

-486.3%

P/S

42.2x

P/E

—

Earnings Reports

Q2 2025

Sep 17, 2025

$605.2K-66.5%EPS -$0.03

Q1 2025

Mar 31, 2025

$605.2K-66.5%EPS -$0.03

Q4 2024

Apr 11, 2025

$1M-39.2%EPS -$0.44

Q3 2024

Sep 30, 2024

$1M-39.2%EPS -$0.44

Q2 2024

Sep 30, 2024

$2M-52.7%EPS -$0.06

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 21	$2M	$821.8K	-$3M
Q2 21	$2M	$821.8K	-$3M
Q3 21	$2M	$1M	-$1M
Q1 22	$28M	$13M	$8M
Q2 22	$28M	$13M	$8M
Q3 22	$86M	$19M	$7M
Q1 23	$4M	-$5M	-$10M
Q2 23	$4M	-$5M	-$10M
Q3 23	$2M	$1M	-$5M
Q4 23	$2M	$1M	-$9M
Q1 24	$2M	$2.2K	-$4M
Q2 24	$2M	$2.2K	-$4M
Q3 24	$1M	$2M	-$3M
Q4 24	$1M	$2M	-$3M
Q1 25	$605.2K	-$782.3K	-$3M
Q2 25	$605.2K	-$782.3K	-$3M

Valuation

Quarter	P/S	P/E
Q1 21	1813.0x	—
Q2 21	984.0x	—
Q3 21	656.4x	—
Q1 22	108.2x	1502.9x
Q2 22	60.5x	276.3x
Q3 22	6.8x	42.3x
Q1 23	4.1x	41.8x
Q2 23	10.3x	—
Q3 23	9.2x	—
Q4 23	100.0x	—
Q1 24	110.6x	—
Q2 24	37.9x	—
Q3 24	77.6x	—
Q4 24	103.0x	—
Q1 25	64.1x	—
Q2 25	177.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	$22M	$20M
Q3 21	$3M	$2M
Q4 21	$3M	$2M
Q1 22	-$12M	-$12M
Q2 22	-$12M	-$12M
Q3 22	$0	$0
Q1 23	-$3M	-$9M
Q2 23	-$3M	-$9M
Q3 23	-$7M	-$9M
Q4 23	-$7M	-$9M
Q1 24	-$6M	-$8M
Q2 24	-$6M	-$8M
Q3 24	-$5M	-$5M
Q4 24	-$5M	-$5M
Q1 25	-$4M	-$4M
Q2 25	-$4M	-$4M

Capital Expenditures

Quarter	CapEx
Q2 21	$2M
Q3 21	$317.5K
Q4 21	$317.5K
Q1 22	$83.0K
Q2 22	$83.0K
Q3 22	$0
Q1 23	$6M
Q2 23	$6M
Q3 23	$1M
Q4 23	$1M
Q1 24	$2M
Q2 24	$2M
Q3 24	$250.7K
Q4 24	$250.7K
Q1 25	$43.7K
Q2 25	$43.7K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 21	+40221.7%	+237.8%
Q2 21	+40221.7%	+237.8%
Q3 21	+1200.3%	+91.9%
Q1 22	+18263.6%	+1130.1%
Q2 22	+1565.5%	+377.7%
Q3 22	+5072.6%	+1794.5%
Q1 23	+94.2%	+343.7%
Q2 23	-86.3%	-30.8%
Q3 23	-93.1%	-67.1%
Q4 23	-97.8%	-86.1%
Q1 24	-52.7%	-55.8%
Q2 24	-52.7%	-55.8%
Q3 24	-39.2%	-37.9%
Q4 24	-39.2%	-63.0%
Q1 25	-66.5%	-44.5%
Q2 25	-66.5%	-44.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$707	0.0%
Q3 21	$707	0.0%
Q4 21	$707	—
Q1 22	$341.4K	1.2%
Q2 22	$341.4K	1.2%
Q3 22	$341.4K	0.4%
Q1 23	$10.1K	0.3%
Q2 23	$10.1K	0.3%
Q3 23	$42.4K	2.2%
Q4 23	$42.4K	2.2%
Q1 24	$20.9K	1.2%
Q2 24	$20.9K	1.2%
Q3 24	$8.5K	0.7%
Q4 24	$8.5K	0.7%
Q1 25	$4.6K	0.8%
Q2 25	$4.6K	0.8%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 21	$2M	$669.1K	$3.2K
Q2 21	$2M	$669.1K	$3.2K
Q3 21	$2M	$387.2K	$245.2K
Q1 22	$3M	$1M	$742.6K
Q2 22	$3M	$1M	$742.6K
Q3 22	$7M	$3M	$1M
Q1 23	$2M	$2M	$694.2K
Q2 23	$2M	$2M	$694.2K
Q3 23	$4M	$2M	$426.0K
Q4 23	$4M	$2M	$426.0K
Q1 24	$2M	$2M	$316.7K
Q2 24	$2M	$2M	$316.7K
Q3 24	$2M	$2M	$350.8K
Q4 24	$2M	$2M	$350.8K
Q1 25	$231.1K	$2M	$191.2K
Q2 25	$231.1K	$2M	$191.2K

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$34M	$5M	$39M
Q1 22	$8M	$558.9K	$8M
Q2 22	$8M	$0	$8M
Q3 22	$13M	$0	$13M
Q4 22	$13M	$501.8K	$13M
Q1 23	$2M	$492.2K	$3M
Q2 23	$2M	$0	$2M
Q3 23	$7M	$345.1K	$7M
Q4 23	$7M	$345.1K	$7M
Q1 24	$3M	$435.9K	$4M
Q2 24	$3M	$435.9K	$4M
Q3 24	$7M	$0	$7M
Q4 24	$5M	$35M	$40M
Q1 25	$53M	$365.0K	$53M
Q2 25	$53M	$113M	$167M
Q4 25	$1M	$54M	$55M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 21	44M	+10.0%	+10.0%
Q2 21	44M	0.0%	+10.0%
Q3 21	52M	+19.2%	+31.1%
Q1 22	52M	+0.0%	+31.1%
Q2 22	52M	0.0%	+19.2%
Q3 22	54M	+3.1%	+22.8%
Q1 23	56M	+4.1%	+7.3%
Q2 23	56M	0.0%	+7.3%
Q3 23	62M	+11.3%	+19.4%
Q4 23	62M	0.0%	+15.8%
Q1 24	68M	+9.1%	+21.4%
Q2 24	68M	0.0%	+21.4%
Q3 24	9M	-86.2%	-85.0%
Q4 24	9M	0.0%	-85.0%
Q1 25	17M	+77.3%	-75.5%
Q2 25	17M	0.0%	-75.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 21	—	—
Q2 21	—	—
Q3 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q1 23	$21.3K	179
Q2 23	$21.3K	179
Q3 23	$10.6K	179
Q4 23	$12.1K	157
Q1 24	$11.5K	157
Q2 24	$11.5K	157
Q3 24	$7.4K	157
Q4 24	$13.2K	88
Q1 25	$6.9K	88
Q2 25	$6.9K	88

Revenue / Employee