CrossAssetDataThe Company File
···
NA

Nano Labs Ltd

Nano Labs Ltd is classed by the SEC under Semiconductors & Related Devices (industry code 3674), based in Hangzhou, CN. In its latest annual figures on file, for the fiscal year ended 2025-12-31, it reported revenue of $4 million and a profit of $18 million (its filed statements).

Product business Semiconductors & Related Devices Hangzhou, CN filings since 2021 7 of 9 filed, 2 estimated
Ask the desk about NA → Compare NA with NVDA → Price chart on TradingView ↗ Full EDGAR file ↗ Watch NA →

Sector peers: NVDACRDOMUALAB

3.7/10headline grade
vs its business-model standard
3.3/10past 4.4/10present 3.2/10future

Three tenses, nine metrics. Unseen metrics stay unseen; the grade never fakes a number. Proxy era: provisional values, marked. Weighed as a product business: prior from its industry code (SEC 3674, Semiconductors & Related Devices); the filing read can change it. All three tenses have at least two readings, so the archetype blend applies as printed.

The grade, in three tenses

Headline 3.7 out of ten, 7 of 9 metrics filed and 2 estimated: past 3.3 out of ten, present 4.4 out of ten, future 3.2 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

  • Surviving crises (past): 7.6 out of ten. No warning events in its filings since 2021. 76th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Track record (past): 1.2 out of ten. -9% a year over 5 filed years; profitable in 2 of 5. 12th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Shareholder treatment (past): 1.0 out of ten. CrossAssetData estimate 1.0/10, confidence 35 of 100 (one part). 10th percentile among 94 sector filers. A CrossAssetData estimate, not a filed reading: one part, confidence 35 of 100; a filing that carries the missing parts replaces this estimate with the filed reading.
  • Financial health (present): 3.5 out of ten. ROE 18%: 18¢ of profit per shareholder dollar. Leverage 34%: owes 34¢ per asset dollar. 35th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Industry position (present): 5.0 out of ten. top 50% of 97 in its family; net margin 501.6%. 50th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Leadership (present): 5.3 out of ten. CrossAssetData estimate 5.3/10, confidence 20 of 100 (family median). 50th percentile among 78 sector filers. A CrossAssetData estimate, not a filed reading: family median, confidence 20 of 100; its next annual report on file with the inputs replaces this estimate with the filed reading.
  • Room to expand (future): 2.4 out of ten. bottom 24% of 94 in its family for room to expand. 24th percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Growth drivers (future): 0.2 out of ten. bottom 2% of 93 in its family for growth drivers. 2nd percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Expectations vs reality (future): 9.3 out of ten. top 7% of 88 in its family for expectations against reality. 93rd percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 20-F filed 2026-04-13 for the period ended 2025-12-31 (on EDGAR). Newest filing: Form 6-K, 2026-09-15. Filings on record since 2021. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 20-F filed 2026-04-13.

The people

Jianping Kong has been chairman and chief executive since January 2021. Before that he was co-chairman of Canaan Inc., which the filing calls a provider of supercomputing solutions, from May 2018 to July 2020. Qifeng Sun, vice chairman since January 2021, sat on Canaan's board over the same years, overseeing its sales and marketing. Nan Hu, a director since November 2021, has run Zhejiang Haowei, the operating company, since February 2021, after working as a validation manager at Trident Multi-Media Technology and Entropic. Bing Chen has been chief financial officer and senior vice president since January 2021, after about 27 years at Hangzhou Jinjiang Group. [1, 2, 3, 4, 5]

Kong controls the company. He beneficially owns about 21.6% of the shares but can cast about 54.1% of the votes, because each Class B share carries extra votes: shareholders raised them from 15 to 30 in March 2025 and from 30 to 50 in December 2025. That makes Nano Labs a controlled company under Nasdaq's rules. Kong and Sun have also lent the company money interest-free for its chip research, loans later turned into shares, and have guaranteed its debts. [6, 7, 8, 9, 10]

The board has six directors, three of them independent and all three appointed in July 2022: Jiaming Zhu, who holds an MBA from MIT's Sloan School and a doctorate in economics; Li Zhang, an executive director of Huobi Technology since December 2021 and a vice president of Canaan from March 2018 to August 2020; and Lizhen Xie, an associate professor at Wenzhou University's law school. Kong, Sun and Zhang thus share a past at Canaan. On the record this site holds, all seven officers and directors filed their first insider reports with the SEC in March 2026. [11, 12, 13, 14, 15]

At the end of 2025 Nano Labs counted 67 employees, substantially all in China: four in management, 13 in research and development (19.4%), 10 in sales and marketing and 40 in finance, operations and other roles. The research team shrank with the budget: research and development salaries fell from RMB21.0 million in 2024 to RMB2.8 million in 2025 as the company streamlined that work. It also uses workers supplied by labor outsourcing firms, mainly to develop technology it does not count as core. [16, 17, 18, 19]

How it operates

Nano Labs designs chips for cryptocurrency mining and calls itself a Web 3.0 infrastructure and product solution provider and crypto treasury company. Its Cuckoo series are high throughput computing (HTC) chips that pair high-bandwidth memory with logic, built to mine coins such as Ethereum Classic and Grin whose mining rules were designed to resist specialized chips; its Darkbird chips mine Bitcoin. It sells them mostly inside its own iPollo mining machines. Product sales made up 98.6% of 2025 revenue; the rest came from design and technical services done for customers. [20, 21, 22, 23, 24, 25]

Its buyers are companies and individuals, who pay in full up front or pay part before manufacturing and the rest before delivery. Mining machine customers in China brought in about 88% of 2025 revenue, up from 62% in 2024; by the record's geography, mainland China was 87.7% of revenue, the United States 5.8% and Hong Kong 4.6%, down from RMB9.5 million the year before to RMB1.2 million. The customer list is very short: the largest customer took about 59.0% of 2025 revenue and the top five 84.0%. The company does not stop customers in China from reselling its machines to buyers abroad. [26, 24, 27, 28, 25]

It owns no chip plant. It is fabless, meaning it designs the chips and hires production partners for wafer fabrication, packaging and testing. It works with two leading foundries, which it does not name, prepays in full once an order is accepted to secure capacity, and keeps no long-term contract with any foundry. It assembles the finished machines in its own factory and tests final products in house. In 2025 three unnamed suppliers each supplied 10% or more of its purchases: 20%, 15% and 14%. [29, 30, 31, 32, 33]

Nano Labs is a Cayman Islands holding company that runs its business through subsidiaries in China, with its head office in Hangzhou. It files its annual report on Form 20-F under US accounting rules (GAAP) and reports in renminbi (RMB), China's currency; the dollar figures it adds are translations at RMB7.0288 to the dollar, the People's Bank of China's rate on December 31, 2025. [34, 35, 36, 37]

Alongside the chips it now keeps a crypto treasury. It adopted BNB, the utility and governance token of the BNB Chain ecosystem, as its primary reserve asset, and at the end of 2025 held 126,662 BNB, carried at a fair value of RMB768.6 million, plus 3,338 BNB posted as collateral with a lender. It keeps its holdings in wallets hosted on exchanges including Hashkey Exchange, CEFFU, Coinbase and Binance. In 2025 it spent RMB351.4 million buying cryptocurrencies, while issuing shares and warrants brought in RMB357.0 million. [38, 39, 40, 41, 42, 43]

The specifics

The business began as Zhejiang Haowei Technology, incorporated in July 2019 to design high throughput computing chips; the Cayman Islands holding company was incorporated in January 2021, and its American depositary shares were listed on Nasdaq in July 2022 under the symbol NA, a depositary facility that ended in February 2024. Its first chip, Cuckoo 1.0, launched in the second quarter of 2020, was one of the first commercial chips for mining Grin, according to a report the company commissioned from Frost & Sullivan. The newest, Cuckoo 3.0, launched in the second quarter of 2024. [44, 45, 46, 47, 48, 49, 50]

It has designed chips on 55nm, 40nm and 22nm processes and a 38nm memory chip. At the end of 2025 it held 46 patents, 40 software copyrights, four IC layout-design rights, 105 trademarks and 751 domain names, with four more patents applied for, and it leans on trade secrets and confidentiality agreements for what patents cannot cover. It names no competitor, saying only that its rivals include well-known players inside and outside China and that established chip companies are entering the field. [51, 52, 53, 54]

Two outside events shaped the business. On September 15, 2022, Ethereum moved from proof of work, where miners compete with computing power, to proof of stake, where validators who stake Ethereum create new blocks, ending the need for heavy computing on that network; the filing still names that switch, with swings in crypto prices, as a main cause of the fall in 2025 revenue, and warns that demand for Ethereum Classic mining could shrink as well. In September 2021 Chinese authorities classified crypto mining as an industry to be phased out; the company says the rules do not bind it directly but can reach its customers in China and so the demand for its machines. [55, 56, 57, 58, 59]

Other particulars the filing discloses: a material weakness in its internal control over financial reporting, from too few accounting staff trained in US GAAP; a suit filed in July 2025 by a customer against one of its subsidiaries in a Hangzhou court, seeking the return of RMB4,965,147 over a sales contract; and no insurance on its property, equipment or inventory and no product liability cover. Its newest moves lean away from mining: the Next Big BNB Program, announced in November 2025, to build infrastructure on BNB Chain for putting equities, bonds, new energy and real estate on the blockchain, and the iPollo ClawPC A1 Mini, launched in March 2026 as a dedicated device for OpenClaw, an open-source AI agent platform. [60, 61, 62, 63, 64, 65]

What drives growth, line by line

Revenue fell for a third straight year, to RMB27.0 million in 2025 from RMB40.6 million in 2024, and from RMB983.2 million in 2022. The filing puts the 2025 decline down to lower sales of its F Series and of technical services. [66, 67]

Product. RMB26.6 million, 98.6% of revenue, down 21.9%. The company sold 3,937 units of its products at an average of RMB6,655 each, against 4,583 units at RMB6,495 in 2024, so the fall came from fewer units rather than a lower average. It sold them at a loss: inventory write-downs of RMB32.6 million, 48.9% of the year's cost of revenues, marked stock down as crypto prices and mining returns fell, and the company recorded a gross loss of RMB39.8 million against a gross profit of RMB11.6 million in 2024. [25, 68, 69, 70]

Service. RMB373.7 thousand, 1.4% of revenue, down 94.3% from RMB6.5 million. This is the design and technical work the company does to order for customers, and the filing names the drop in technical services as one of the two causes of the year's lower revenue. [25, 71, 67]

Neither line made the year's profit. Operations earned RMB71.4 million only because the company's cryptocurrencies gained RMB178.6 million in fair value, which the filing puts down to the rise in BNB during 2025; other income rose to RMB39.9 million, mostly Binance Launchpool and airdrop income paid to BNB holders; and net income came to RMB125.9 million, after a loss of RMB119.5 million in 2024. Cash moved the other way: operating activities used RMB108.3 million. [72, 73, 74, 75, 76]

What comes next, in the company's own words: having expanded into North America, Europe and Southeast Asia, it expects overseas markets to bring in a substantially larger share of revenue; it plans to launch an iPollo Claw operating system with a Skill Hub for OpenClaw, and more OpenClaw-compatible hardware through its iPollo Store. It also says its ability to continue as a going concern depends on carrying out its business plan and on continued support from outside financing. [77, 78, 79]

What the desk infers (inferred, not filed)

  • Customer A, the buyer behind 59% of 2025 revenue, is most likely a mining machine buyer in mainland China, possibly one that resells abroad, which leaves the chip business resting on one customer's orders. Because: The largest customer took about 59.0% of 2025 revenue and the top five 84.0%. [28] Mining machine customers in China brought in about 88% of revenue. [24] Products, sold mostly inside its mining machines, made up 98.6% of revenue, and mainland China 87.7%. [25] The company does not restrict customers in China from reselling its machines to buyers abroad. [27] Confidence 70 of 100. Wrong if: A filing that names Customer A as a buyer outside mainland China, or shows its purchases were design services rather than mining machines.
  • The BNB treasury was paid for with money raised from shareholders, not with cash the chip business earned. Because: In 2025 the company spent RMB351.4 million buying cryptocurrencies. [42] Issuing shares and warrants brought in RMB357.0 million the same year. [43] Operating activities used RMB108.3 million of cash in 2025. [76] Confidence 85 of 100. Wrong if: A cash flow statement showing the cryptocurrency purchases were funded mainly from cash generated by operations.
  • The mining chip business has been put on a maintenance footing: the company is selling existing designs out of stock rather than paying for new chip generations, and its new effort goes to the BNB treasury and AI agent hardware. Because: Research and development spending fell from RMB50.1 million in 2024 to RMB8.1 million in 2025, research salaries from RMB21.0 million to RMB2.8 million, as the work was streamlined. [18] The research team numbered 13 at the end of 2025. [17] The newest mining chip, Cuckoo 3.0, launched in the second quarter of 2024. [50] Inventory write-downs made up 48.9% of the 2025 cost of revenues. [69] Its newest launches are a program on BNB Chain and a device for the OpenClaw AI agent platform. [64, 65] Confidence 65 of 100. Wrong if: A new mining chip taped out after 2025, or research spending back above RMB50 million a year.

Sources

  1. Nano Labs Ltd, Form 20-F filed 2026-04-13: “Jianping Kong has served as our chairman of the board of directors and chief executive officer since January 2021.”
  2. Nano Labs Ltd, Form 20-F filed 2026-04-13: “Mr. Kong served as a co-chairman of the board of Canaan Inc. (Nasdaq: CAN), a leading provider of supercomputing solutions, from May 2018 to July 2020.”
  3. Nano Labs Ltd, Form 20-F filed 2026-04-13: “Qifeng Sun has served as our vice chairman of the board of directors since January 2021. Mr. Sun currently also serves as a director of Hangzhou Haowei Yunlian Technology Co., Ltd. He used to serve as a director of Canaan Inc. from May 2018 to July 2020, overseeing and managing the sales and marketing activities.”
  4. Nano Labs Ltd, Form 20-F filed 2026-04-13: “Nan Hu has served as our director since November 2021 and chief executive officer of Zhejiang Haowei since February 2021. Mr. Hu has over ten years of experience in the semiconductor industry. Prior to that, Mr. Hu had served as a validation manager at Trident Multi-Media Technology Co. from August 2010 to April 2012 and then at Entropic Shangmin Communication Technology Co. until November 2014.”
  5. Nano Labs Ltd, Form 20-F filed 2026-04-13: “Bing Chen has served as our chief financial officer and senior vice president since January 2021. Mr. Chen has approximately 20 years of experience in business and corporate management. Prior to joining us, Mr. Chen had worked at Hangzhou Jinjiang Group, one of China’s Fortune 500 companies, for approximately 27 years”
  6. Nano Labs Ltd, Form 20-F filed 2026-04-13: “We are, and will continue to be, a “controlled company” as defined under corporate governance rules of Nasdaq Stock Market, because Mr. Jianping Kong beneficially owns approximately 21.6% of our then-issued and outstanding ordinary shares and is able to exercise approximately 54.1% of the total voting power of our issued and outstanding ordinary shares.”
  7. Nano Labs Ltd, Form 20-F filed 2026-04-13: “On March 7, 2025, the shareholders of the Company approved to: 1) increase the authorized share capital from US$50,000 divided into 25,000,000 ordinary shares with par value of US$0.002 each to US$4,200,000 divided into 2,100,000,000 shares with a par value of US$0.002 each, comprising of 1,097,141,091 Class A ordinary shares, 2,858,909 Class B ordinary shares, and 1,000,000,000 shares of such class or classes (however designated) as the Directors may determine; and 2) increase the votes per Class B ordinary share from 15 to 30.”
  8. Nano Labs Ltd, Form 20-F filed 2026-04-13: “On December 30, 2025, we increased the votes per Class B ordinary share from 30 to 50.”
  9. Nano Labs Ltd, Form 20-F filed 2026-04-13: “On July 28, 2023, we entered into agreements with Mr. Jianping Kong, our chairman and chief executive officer, and Mr. Qifeng Sun, our vice chairman, along with their respective affiliates (the “Lenders”) for interest-free loans to fund our research and development initiatives directed towards the advancement of ASIC chips, smart-NICs, and vision computing chips. On September 5, 2023, we entered into agreements with the Lenders to convert such loans into certain amount of Class A ordinary shares in lieu of repayment.”
  10. Nano Labs Ltd, Form 20-F filed 2026-04-13: “During the year ended December 31, 2023, 2024 and 2025, Jianping Kong and Qifeng Sun provided guarantee for our debts.”
  11. Nano Labs Ltd, Form 20-F filed 2026-04-13: “As of the date of this annual report, our board of directors consists of six directors.”
  12. Nano Labs Ltd, Form 20-F filed 2026-04-13: “Jiaming Zhu has served as our independent director since July 2022. Mr. Zhu has been serving as chairman of the Committee of Academic and Technological Affairs at the Digital Alliance Institute of Digital Finance Research and chairman of the Committee of Academic and Technological Affairs at Beijing Chuangyan Digital Technology Limited since 2021 and 2018, respectively. Mr. Zhu obtained an MBA degree from Sloan School of Management, Massachusetts Institute of Technology in 1995 and a Ph.D. degree in Economics from the Chinese Academy of Social Sciences in 1988.”
  13. Nano Labs Ltd, Form 20-F filed 2026-04-13: “Li Zhang has served as our independent director since July 2022. Ms. Zhang has approximately 13 years of experience in accounting, investment and business management. She joined Huobi Technology Co., Ltd., a company listed on the Stock Exchange of Hong Kong (HKEX: 1611), in August 2020, and has been serving as executive director at the said company since December 2021. Prior to that, Ms. Zhang had served as vice president at Canaan Inc. (Nasdaq: CAN) from March 2018 to August 2020”
  14. Nano Labs Ltd, Form 20-F filed 2026-04-13: “Lizhen Xie has served as our independent director since July 2022. She has spent 18 years in lecturing and teaching since she joined the Law School of Wenzhou University in July 2004 and is currently an associate professor at the school.”
  15. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
  16. Nano Labs Ltd, Form 20-F filed 2026-04-13: “As of December 31, 2025, we had 67 employees, substantially all of whom were in China.”
  17. Nano Labs Ltd, Form 20-F filed 2026-04-13: “Management 4 6.0 Research and development 13 19.4 Sale and marketing 10 14.9 Finance, operations and others 40 59.7 Total 67 100.0”
  18. Nano Labs Ltd, Form 20-F filed 2026-04-13: “Our research and development expenses decreased from RMB50.1 million in 2024 to RMB8.1 million (US$1.1 million) in 2025, primarily due to the decrease in salary expenses, service fee and material expenses as we streamlined our research and development activities. Salary expenses decreased from RMB21.0 million in 2024 to RMB2.8 million in 2025.”
  19. Nano Labs Ltd, Form 20-F filed 2026-04-13: “In addition to full-time employees, we also use workers from outsourced labor outsourcing service providers, primarily for the development of non-core technologies under temporary arrangements.”
  20. Nano Labs Ltd, Form 20-F filed 2026-04-13: “We are a leading Web 3.0 infrastructure and product solution provider and crypto treasury company. We are committed to the development of HTC chips and HPC chips.”
  21. Nano Labs Ltd, Form 20-F filed 2026-04-13: “Our HTC solutions feature our proprietary Cuckoo series chips, which integrate high-bandwidth memory dies and high computing performance logic chips and have become alternative ASICs solutions for traditional GPUs. Our Cuckoo 1.0, Cuckoo 2.0 and Cuckoo 3.0 strategically target the ASIC-resistant mining algorithms of cryptocurrencies such as Ethereum Classic and Grin, which requires high speed, high bandwidth memory in exchange for mining efficiency.”
  22. Nano Labs Ltd, Form 20-F filed 2026-04-13: “Our HPC solutions offer both HPC chips, Darkbird, and Bitcoin mining machine, iPollo.”
  23. Nano Labs Ltd, Form 20-F filed 2026-04-13: “Service revenue primarily includes revenues from the provision of design and technical services to our customers.”
  24. Nano Labs Ltd, Form 20-F filed 2026-04-13: “In 2023, 2024 and 2025 approximately 70%, 62% and 88% of our revenue were generated from our mining machine customers in China, respectively.”
  25. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
  26. Nano Labs Ltd, Form 20-F filed 2026-04-13: “The customer base for our products comprises both enterprises and individual buyers. Generally, we either require prepayment in full or offer alternative payment plans for customers to prepay a certain percentage with the remainder to be settled after the completion of manufacturing but before the delivery of the products.”
  27. Nano Labs Ltd, Form 20-F filed 2026-04-13: “We do not restrict resales of our mining machine products by our customers, so some of our customers in China may resell purchased products to end-users or other buyers located in overseas markets.”
  28. Nano Labs Ltd, Form 20-F filed 2026-04-13: “In 2023, 2024 and 2025 we generated approximately 15.0%, 13.0% and 59.0% of our total revenues from our largest customer of each year and approximately 55.0%, 53.0% and 84.0% from the top five largest customers, respectively.”
  29. Nano Labs Ltd, Form 20-F filed 2026-04-13: “We do not directly manufacture ICs used for our products. We utilize what is known as a fabless model, whereby we collaborate with world-class production partners for all phases of the manufacturing process of our ICs, including wafer fabrication and packaging and testing.”
  30. Nano Labs Ltd, Form 20-F filed 2026-04-13: “As of the date of this annual report, we work with two leading foundries as our main IC fabrication partners and place purchase orders according to our business needs. This strategy allows us to guarantee low inventory. After we place our orders, and once the foundries accept our orders, we are required to prepay in full in order to secure production capacity from foundries.”
  31. Nano Labs Ltd, Form 20-F filed 2026-04-13: “Since our inception, we have cooperated with several leading foundries, and we do not maintain any long-term contract or framework agreement.”
  32. Nano Labs Ltd, Form 20-F filed 2026-04-13: “We have built our in-house testing capabilities to perform testing on final products. Assembling We currently assemble our products in our self-owned factory.”
  33. Nano Labs Ltd, Form 20-F filed 2026-04-13: “to each supplier that accounted for 10% or more of the Company’s purchase for the years ended December 31, 2023, 2024 and 2025: For the Years Ended December 31, 2023 2024 2025 Supplier A — — 20 % Supplier B — — 15 % Supplier C — — 14”
  34. Nano Labs Ltd, Form 20-F filed 2026-04-13: “We are a Cayman Islands holding company and primarily conduct our operations in China through our PRC subsidiaries.”
  35. Nano Labs Ltd, Form 20-F filed 2026-04-13: “The Company uses Renminbi (“RMB”) as its reporting currency.”
  36. Nano Labs Ltd, Form 20-F filed 2026-04-13: “Unless otherwise stated, the translation of Renminbi into U.S. dollars has been made at RMB7.0288 to US$1.00, the central parity rate on December 31, 2025 published by the People’s Bank of China.”
  37. The record on this page: the filing record (the EDGAR submissions feed)
  38. Nano Labs Ltd, Form 20-F filed 2026-04-13: “BNB functions as the core utility and governance token within the BNB chain ecosystem (BNB Chain)”
  39. Nano Labs Ltd, Form 20-F filed 2026-04-13: “We have formally established BNB value investment as a new business sector and adopted BNB as our primary reserve asset. As of December 31, 2025, we held a total of 126,662 BNBs and a receivable for 3,338 BNBs collateral.”
  40. Nano Labs Ltd, Form 20-F filed 2026-04-13: “As of December 31, 2025, our company holds 126,662 BNB tokens with a fair value of RMB768.6 million (US$109.3 million) as cryptocurrency assets”
  41. Nano Labs Ltd, Form 20-F filed 2026-04-13: “We maintain our cryptocurrency holdings in wallets hosted on reputable exchanges, including Hashkey Exchange, CEFFU, Coinbase and Binance.”
  42. Nano Labs Ltd, Form 20-F filed 2026-04-13: “Net cash used in investing activities for 2025 was RMB296.2 million (US$42.1 million), mainly due to (1) the purchases of cryptocurrencies of RMB351.4 million (US$50.0 million)”
  43. Nano Labs Ltd, Form 20-F filed 2026-04-13: “Net cash generated from financing activities for 2025 was RMB382.4 million (US$54.4 million), mainly attributable to the proceeds from issuance of ordinary shares and warrants of RMB357.0 million (US$50.8 million)”
  44. Nano Labs Ltd, Form 20-F filed 2026-04-13: “We first started our business designing and developing high throughput computing solutions through Zhejiang Haowei Technology Co., Ltd., or Zhejiang Haowei, incorporated in July 2019.”
  45. Nano Labs Ltd, Form 20-F filed 2026-04-13: “On January 8, 2021, we incorporated Nano Labs Ltd, our holding company, as an exempted company with limited liability under the laws of the Cayman Islands.”
  46. Nano Labs Ltd, Form 20-F filed 2026-04-13: “On July 12, 2022, our American depositary shares representing Class A ordinary shares commenced trading on the Nasdaq Global Market under the symbol of “NA.””
  47. Nano Labs Ltd, Form 20-F filed 2026-04-13: “the termination of American depositary receipts facility for our American depositary shares, effective from February 1, 2024.”
  48. Nano Labs Ltd, Form 20-F filed 2026-04-13: “In the second quarter of 2020, we launched Cuckoo 1.0, one of the first commercialized Grin mining ASIC chips in the world, according to the F&S report.”
  49. Nano Labs Ltd, Form 20-F filed 2026-04-13: “This annual report on Form 20-F contains information from an industry report commissioned by us and prepared by Frost & Sullivan, an independent research firm”
  50. Nano Labs Ltd, Form 20-F filed 2026-04-13: “In the second quarter of 2024, we launched Cuckoo 3.0. In December 2024, we released completed machine equipped with the Cuckoo 3.0 chips.”
  51. Nano Labs Ltd, Form 20-F filed 2026-04-13: “We have successfully designed our 55nm, 40nm, 22nm and n+1 ASIC chips and our 38nm memory chip.”
  52. Nano Labs Ltd, Form 20-F filed 2026-04-13: “As of December 31, 2025, we have registered 105 trademarks and 751 domain names. As of the same date, we had registered 40 software copyrights, four IC layout-design rights and 46 patents, and applied for registration of 4 patents.”
  53. Nano Labs Ltd, Form 20-F filed 2026-04-13: “We rely on trade secret protection and confidentiality agreements to safeguard our interests in this respect.”
  54. Nano Labs Ltd, Form 20-F filed 2026-04-13: “Our competitors include well-known players within and outside China. We expect that competition in the HPC industry will continue to intensify as we compete not only with existing players that have been focused on blockchain mining, but also new entrants that include well-established players in the semiconductor industry”
  55. Nano Labs Ltd, Form 20-F filed 2026-04-13: “On September 15, 2022, the Ethereum Mainnet transitioned from PoW to a proof-of-stake, or PoS, consensus mechanism through its merger with the Beacon Chain (the “Merger”). PoS relies on validators, who stake Ethereum to order transactions and create new blocks, eliminating the intensive computational power requirements inherent in PoW.”
  56. Nano Labs Ltd, Form 20-F filed 2026-04-13: “The significant decrease in our revenue in 2025 was primarily a result of (1) the switch from proof-of-work to proof-of-stake by the Ethereum Mainnet on September 15, 2022 and (2) fluctuations in the prices of cryptocurrencies.”
  57. Nano Labs Ltd, Form 20-F filed 2026-04-13: “Although Ethereum Classic continues to use PoW, the Ethereum Mainnet’s transition to PoS may significantly diminish demand for Ethereum Classic mining solutions.”
  58. Nano Labs Ltd, Form 20-F filed 2026-04-13: “Pursuant to the Circular of the Regulating Cryptocurrency Mining Activities promulgated by several PRC governmental authorities including the PBOC on September 3, 2021, which aims to dispose of the hidden risks in cryptocurrency mining as it pursues China’s carbon-neutrality goals, and cryptocurrency mining is to be classified as a phased-out industry.”
  59. Nano Labs Ltd, Form 20-F filed 2026-04-13: “The policies and regulations relating to the cryptocurrency industry do not have a direct impact on us. However, they could have an impact on our customers in China, which could indirectly impact the demand for our cryptocurrency mining machines.”
  60. Nano Labs Ltd, Form 20-F filed 2026-04-13: “The material weakness identified is related to lack of sufficient accounting personnel who possess adequate knowledge in financial reporting in accordance with U.S. GAAP.”
  61. Nano Labs Ltd, Form 20-F filed 2026-04-13: “In July 2025, a customer filed a civil action against one of our subsidiaries at the People’s Court of Shangcheng District, Hangzhou City, for a sales contract dispute, claiming that we breached the contract and demanding a return of payment of RMB4,965,147 including related interests.”
  62. Nano Labs Ltd, Form 20-F filed 2026-04-13: “Besides the government-mandated social insurance and housing provident fund schemes and motor vehicle insurance, we do not maintain any insurance covering our properties, equipment, inventory or employees, and we do not carry any business interruption or product liability insurance”
  63. Nano Labs Ltd, Form 20-F filed 2026-04-13: “On November 26, 2025, we announced the launch of our new Real World Assets (“RWA”) strategic initiative: the Next Big BNB Program (the “NBNB Program”). This program aims to develop a comprehensive RWA infrastructure and compliance ecosystem on BNB Chain, spanning asset classes such as equities, bonds, new energy and real estate.”
  64. Nano Labs Ltd, Form 20-F filed 2026-04-13: “On March 6, 2026, we announced the official launch of iPollo ClawPC A1 Mini, a new product under its sub-brand iPollo. This product is a dedicated hardware solution designed to efficiently and conveniently support the OpenClaw AI Agent System.”
  65. Nano Labs Ltd, Form 20-F filed 2026-04-13: “OpenClaw is an open-source autonomous AI agent platform designed to build intelligent assistants capable of reasoning, retaining memory, and executing tasks across digital systems.”
  66. The record on this page: the filed annual figures (EDGAR's company facts)
  67. Nano Labs Ltd, Form 20-F filed 2026-04-13: “Our net revenues decreased from RMB40.6 million in 2024 to RMB27.0 million (US$3.8 million) in 2025, primarily due to the decrease in the sales of F Series as well as provision of technical services.”
  68. Nano Labs Ltd, Form 20-F filed 2026-04-13: “Products 64,231,522 14,399 4,461 29,768,289 4,583 6,495 26,201,525 3,727,738 3,937 6,655 947”
  69. Nano Labs Ltd, Form 20-F filed 2026-04-13: “In 2023, 2024 and 2025 we recorded an inventory write-down of RMB60.8 million, RMB10.9 million and RMB32.6 million (US$4.6 million), respectively, accounting for 33.4%, 37.6% and 48.9% of our total cost of revenues for the same years, respectively, due to the downward adjustment on the book value of a portion of our inventory in response to the decrease in the market price of cryptocurrency and expected economic return on cryptocurrency mining.”
  70. Nano Labs Ltd, Form 20-F filed 2026-04-13: “As a result of the foregoing, we recorded gross loss of RMB39.8 million (US$5.7 million) in 2025. In 2024, we recorded gross profit of RMB11.6 million.”
  71. Nano Labs Ltd, Form 20-F filed 2026-04-13: “Leveraging our strong in-house design and technical capabilities, we from time to time provide design and technical services catering to the specific needs of our customers.”
  72. Nano Labs Ltd, Form 20-F filed 2026-04-13: “We recorded a gain from change in fair value of cryptocurrencies of RMB178.6 million (US$25.4 million) in 2025, compared to a loss of RMB15.7 million in 2024, primarily due to the increased BNB price in 2025.”
  73. Nano Labs Ltd, Form 20-F filed 2026-04-13: “As a result of the foregoing, our profit from operations was RMB71.4 million (US$10.2 million) for 2025, compared to our loss from operations of RMB114.3 million for 2024.”
  74. Nano Labs Ltd, Form 20-F filed 2026-04-13: “We recorded other income of RMB3.2 million and RMB39.9 million (US$5.7 million) for 2024 and 2025, respectively. The increase in other income was primarily due to the Binance Launchpool and Airdrop income for BNB holders and income from crypto investment products.”
  75. Nano Labs Ltd, Form 20-F filed 2026-04-13: “As a result of the foregoing, we had net loss of RMB119.5 million and net income of RMB125.9 million (US$17.9 million) for 2024 and 2025, respectively.”
  76. Nano Labs Ltd, Form 20-F filed 2026-04-13: “In 2025, we incurred net income of RMB125.9 million (US$17.9 million) and recorded net cash used in operating activities of RMB108.3 million (US$15.4 million).”
  77. Nano Labs Ltd, Form 20-F filed 2026-04-13: “We expanded our customer base to overseas markets such as North America, Europe and the Southeast Asia. Going forward, we expect our sales revenues from overseas markets as a percentage of the total revenues to increase substantially.”
  78. Nano Labs Ltd, Form 20-F filed 2026-04-13: “We plan to launch the iPollo Claw OS, along with a dedicated Skill Hub tailored for the OpenClaw ecosystem. We also intend to introduce additional OpenClaw-compatible hardware products through the iPollo Store (ipollo.com).”
  79. Nano Labs Ltd, Form 20-F filed 2026-04-13: “Our ability to continue as a going concern is dependent on our management’s ability to successfully execute our business plan, which includes increasing revenues while controlling costs and operating expenses as well as generating operational cash flows and continuing to gain support from outside sources of financing.”

Where the revenue comes from

Product and service lines in fiscal 2025: Product 99%, Service 1%. By geography: PRC 88%, The United States 6%, Hong Kong 5%, Others 2%. As tagged in its annual report (Form 20-F, filed 2026-04-13).

Who runs it

Kong, Jianping (CEO); Chen, Bing Yi (CFO); Hu, Nan (director); Zhang, Li Leona (director); Sun, Qifeng (director); Xie, Lizhen (director); Zhu, Jiaming (director). 7 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

This file: Overview · Past · Present · Future · Filings · every company on file

Every stock is a company. We grade the company behind the stock. CrossAssetData is a company research product: no investment advice, no price targets, no price predictions; every claim carries its source, and unseen means unseen. The full file draws when the page's script runs: the essentials, the balance sheet, the estimators, the trend, and every filing of the last ten years.