Nano Labs (NA) Registration Filing summary

Company overview and business model

• Leading Web 3.0 infrastructure and product solution provider in China, specializing in HTC and HPC chip development and digital asset reserves, with a focus on BNB and BTC holdings.

• Operations are conducted primarily through subsidiaries in China and Hong Kong, with a Cayman Islands holding company structure.

• Business verticals include proprietary Cuckoo series HTC chips, Darkbird HPC chips, iPollo Bitcoin mining machines, and Darksteel distributed computing and storage solutions.

• Strategic reserve policy centers on accumulating BNB, acquiring controlling stakes in BNB-focused entities, and investing in BNB reserve companies.

Financial performance and metrics

• As of August 1, 2025, held approximately 606 Bitcoins and 128,000 BNBs, with significant unrealized losses due to cryptocurrency price fluctuations.

• 2024 net revenues were RMB 983.2 million, with a net loss of RMB 254.4 million; 2023 net revenues were RMB 78.3 million, with a net loss of RMB 119.5 million.

• Total assets as of December 31, 2024, were RMB 615.9 million, with shareholders' equity of RMB 232.9 million.

• Net cash used in operating activities in 2024 was RMB 139.3 million, with cash and equivalents at year-end of RMB 32.8 million.

Use of proceeds and capital allocation

• Will receive up to $59.52 million from warrant exercises if exercised for cash; proceeds intended for general corporate purposes.

• Proceeds from the private placement are only realized if warrants are exercised for cash, which is unlikely at current share prices below the $10.00 exercise price.

• No proceeds from the resale of shares by selling shareholders; all such proceeds go to the selling shareholders.