Nano Labs (NA) H2 2024 earnings summary

Executive summary

• Expanded business by establishing Bitcoin value investment as a new sector and designating Bitcoin as the primary reserve asset, holding 400 BTC at a purchase price of $40 million.

• Launched upgraded Cuckoo 3.0 chip in December 2024, targeting enhanced performance and market share growth.

• Strategic focus on integrating AI with Web 3.0 technologies and deepening expertise in the Web 3.0 space.

• Net revenue for H2 2024 was RMB 15.86 million ($2.21 million), down from RMB 26.07 million year-over-year.

• Net loss narrowed to RMB 60.39 million ($8.4 million) from RMB 120 million in H2 2023.

Financial highlights

• Net revenue for H2 2024 was RMB 15.86 million ($2.21 million), a 39% decrease year-over-year due to lower Apollo/iPollo V series sales.

• Gross profit reached RMB 11.57 million ($1.61 million), reversing a gross loss of RMB 40.55 million in H2 2023.

• Cost of revenue dropped to RMB 4.28 million ($0.6 million) from RMB 66.62 million, reflecting lower sales and reduced inventory write-downs.

• Loss from operations narrowed to RMB 39.82 million ($5.54 million) from RMB 124.4 million year-over-year.

• Basic and diluted loss per share was RMB 6.01 ($0.84), compared to RMB 19.12 in H2 2023.

Outlook and guidance

• Plans to further develop AI applications within the Web 3.0 ecosystem and continue optimizing product management.

• Cuckoo 3.0 chip machines are being shipped, expected to positively impact business performance in 2025.

• Management expresses confidence in delivering value and satisfactory performance to stakeholders.