Nano Labs (NA) H1 2026 earnings summary

Executive summary

• Net revenue for H1 2026 was RMB 2.8 million ($0.4 million), down sharply from RMB 8.3 million in H1 2025, mainly due to lower sales volume of iPollo V Series.

• Net loss widened to RMB 316.7 million ($46.5 million) from RMB 11.8 million year-over-year, driven by a significant loss on the change in fair value of cryptocurrencies and higher operating expenses.

• Launched the iPollo ClawPC A1 Mini and advanced the OpenClaw Ecosystem, targeting AI and Web3.0 applications and new business models.

• Incorporated digital assets, specifically BNB, into the capital allocation framework as a strategic reserve, with 70,000 BNB held as of the report date.

• Continued execution of a share repurchase program, with $3.2 million in shares repurchased as of August 26, 2026.

Financial highlights

• Gross loss was RMB 5.8 million ($0.9 million), improved from RMB 10.7 million loss in H1 2025.

• Loss from operations was RMB 291.7 million ($42.8 million), compared to operating income of RMB 10.6 million in H1 2025.

• Loss from change in fair value of cryptocurrencies was RMB 250.5 million ($36.8 million), compared to a gain of RMB 48.6 million in H1 2025, mainly due to decreased BNB price.

• Total operating expenses rose to RMB 285.8 million ($42 million), compared to operating income of RMB 21.3 million in H1 2025.

• Cash and cash equivalents stood at RMB 9.0 million ($1.3 million) as of June 30, 2026.

Outlook and guidance

• Plans to continue advancing digital asset initiatives and expanding the AI product ecosystem in H2 2026, focusing on technology innovation, strategic partnerships, and ecosystem development.

• Management remains confident in long-term strategy and will continue disciplined execution of share repurchase and capital management.