Nano Labs (NA) H1 2025 earnings summary

Executive summary

• 2025 marked a major transformation, focusing on expanding crypto assets as strategic reserves, especially BNB, and exploring new market opportunities while maintaining mining machine operations.

• Strategic initiatives included expanding cryptocurrency reserves, investing in BNB reserve companies, and entering stablecoin sectors as part of a diversified Web3 strategy.

• Net revenue for H1 2025 was RMB 8.28 million ($1.16 million), down from RMB 24.74 million year-over-year, mainly due to lower mining machine sales.

• Gross loss was RMB 10.71 million ($1.5 million), compared to a gross profit of RMB 30,000 in H1 2024.

• Net loss narrowed significantly to RMB 11.78 million ($1.65 million) from RMB 59.15 million year-over-year, aided by a RMB 48.6 million gain on cryptocurrency fair value.

Financial highlights

• Net revenue for H1 2025 was RMB 8.28 million ($1.16 million), down from RMB 24.74 million year-over-year.

• Gross loss was RMB 10.71 million ($1.5 million), compared to a gross profit of RMB 30,000 in H1 2024.

• Net loss narrowed to RMB 11.78 million ($1.65 million) from RMB 59.15 million year-over-year.

• Gain on change in fair value of cryptocurrencies was RMB 48.6 million in H1 2025.

• Cash and cash equivalents rose to RMB 363.44 million ($50.77 million) as of June 30, 2025, up from RMB 32.43 million at year-end 2024.

Outlook and guidance

• Plans to continue expanding BNB reserves through diversified approaches, including equity investments and ecosystem partnerships.

• Will monitor other crypto assets for potential diversification but remains focused on BNB for strategic strength.

• Ongoing vigilance for opportunities in Web3 and AI-driven innovation.

• Management expects continued operational improvements and aims to further strengthen the crypto-asset reserve model.

• Focus remains on capturing emerging opportunities in the cryptocurrency ecosystem.