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 solutions.

• Operates as a Cayman Islands holding company with operations primarily through subsidiaries in China and Hong Kong.

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

• Holds nearly US $160 million in digital assets, primarily BNB and BTC.

Financial performance and metrics

• 2024 net revenues: RMB 78.3 million (US $11.6 million), with a gross profit of RMB 4.7 million (US $0.7 million).

• 2024 net loss: RMB 119.5 million (US $16.6 million); negative cash flows from operating activities.

• Total assets as of December 31, 2024: RMB 615.9 million (US $85.7 million); shareholders' equity: RMB 232.9 million (US $32.1 million).

• No dividends paid to date; no current plan to pay cash dividends.

Use of proceeds and capital allocation

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

• Proceeds from Private Placement can only be transferred to PRC subsidiaries via loans or capital contributions, subject to PRC regulations.

• No assurance that warrants will be exercised, as exercise price ($10.00) exceeds recent market price ($7.86 as of July 8, 2025).