Nano Labs (NA) H2 2025 earnings summary

Executive summary

• Net revenue for H2 2025 was RMB 80.7 million ($2.7 million), up 18.1% year-over-year, driven by higher iPollo V series sales.

• Net income reached RMB 137.7 million ($19.6 million), reversing a net loss of RMB 60.4 million in H2 2024.

• Significant gain of RMB 130.0 million ($18.5 million) from change in fair value of cryptocurrencies, mainly BNB.

• Launched iPollo ClawPC A1 Mini in March 2026 and announced a $25 million share repurchase program in October 2025.

• Completed two rounds of financing in 2025 to support strategic transformation and crypto asset reserve expansion.

Financial highlights

• Gross loss of RMB 29.1 million ($4.1 million) in H2 2025, compared to a gross profit of RMB 11.6 million in H2 2024, due to inventory and VAT write-downs.

• Operating income increased to RMB 89.9 million ($12.8 million), up from a loss of RMB 67.1 million in H2 2024.

• Other income surged to RMB 38.2 million ($5.4 million), mainly from Binance Launchpool, airdrops, and crypto investments.

• Basic and diluted EPS was RMB 6.2 ($0.9), compared to a loss per share of RMB 6 in H2 2024.

• Cash and cash equivalents at year-end were RMB 8.5 million ($1.2 million), down from RMB 32.4 million a year earlier.

Outlook and guidance

• Plans to expand the AI agent ecosystem with new hardware and Cloud OS system.

• Will continue to grow BNB reserves as a core crypto asset strategy.

• Management aims to create sustainable long-term value by monitoring trends from Web3 to Web4.