first half of 2026
Filed Aug 28, 2026Nano Labs Announces First Half of 2026 Financial Results
Net revenue declined to RMB2.8 million from RMB8.3 million, while a RMB250.5 million loss on change in fair value of cryptocurrencies contributed to net loss of RMB316.7 million, versus RMB11.8 million in the same period of 2025.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net revenueGAAP | RMB2.8 million (US$0.4 million) | – | – |
| Cost of revenuesGAAP | RMB8.6 million (US$1.3 million) | – | – |
| Gross lossGAAP | RMB5.8 million (US$0.9 million) | – | – |
| Selling and marketing expensesGAAP | RMB3.1 million (US$0.4 million) | – | increased by 17.0% |
| General and administrative expensesGAAP | RMB27.9 million (US$4.1 million) | – | increased by 29.5% |
| Research and development expensesGAAP | RMB4.4 million (US$0.6 million) | – | increased by 39.8% |
| Change in fair value of cryptocurrenciesGAAP | a loss of RMB250.5 million (US$36.8 million) | – | – |
| Total operating income (expenses)GAAP | RMB(285,847,674) (US$(41,969,149)) | – | – |
| Loss from operationsGAAP | RMB291.7 million (US$42.8 million) | – | – |
| Finance expensesGAAP | RMB(740,278) (US$(108,690)) | – | – |
| Interest expensesGAAP | RMB(5,254,957) (US$(771,551)) | – | – |
| Interest incomeGAAP | RMB2,951 (US$433) | – | – |
| Change in fair value of derivative assetsGAAP | a loss of RMB2.8 million (US$0.4 million) | – | – |
| Change in fair value of borrowings denominated in cryptocurrenciesGAAP | nil | – | – |
| Other incomeGAAP | RMB2,063,759 (US$303,008) | – | – |
| Other expensesGAAP | RMB18.3 million (US$2.7 million) | – | – |
| Total other expensesGAAP | RMB(25,006,024) (US$(3,671,472)) | – | – |
| Loss before income tax provisionGAAP | RMB(316,700,708) (US$(46,499,099)) | – | – |
| Income tax provisionGAAP | — | – | – |
| Net lossGAAP | RMB316.7 million (US$46.5 million) | – | – |
| Net loss attributable to Nano Labs LtdGAAP | RMB(309,503,768) (US$(45,442,419)) | – | – |
| Total comprehensive lossGAAP | RMB(337,272,314) (US$(49,519,494)) | – | – |
| Basic loss per ordinary share attributable to Nano Labs LtdGAAP | RMB13.65 (US$2.00) | – | – |
| Diluted loss per ordinary share attributable to Nano Labs LtdGAAP | RMB13.65 (US$2.00) | – | – |
| Weighted average number of shares used in per share calculation: BasicGAAP | 22,674,071 | – | – |
| Weighted average number of shares used in per share calculation: DilutedGAAP | 22,674,071 | – | – |
| Non-GAAP adjusted net lossnon-GAAP | RMB(316,688,595) (US$(46,497,321)) | – | – |
| Share-based compensation expensesnon-GAAP | RMB12,113 (US$1,778) | – | – |
Capital returns
- As of August 26, 2026, pursuant to the Repurchase Program, the Company had completed repurchases of Class A ordinary shares for a total consideration of US$3.2million.
What drove it
- The decrease in net revenues was primarily due to the drop of sales volume of iPollo V Series.
- The reduction in cost of revenues was mainly due to the decrease in sales volume.
- The loss from change in fair value of cryptocurrencies was primarily due to the decreased BNB price during the first half of 2026.
- Selling and marketing expenses increased primarily due to the increase in sales market expansion.
- General and administrative expenses increased primarily due to the increase in professional fees and real estate related taxes.
- Research and development expenses increased primarily due to the increase in service fees of system development.
- Other expenses were mainly due to the loss from change in fair value of short-term investments during the first half of 2026.
- The loss from change in fair value of derivative assets was due to the company entered into decumulator agreements with third parties.
Concerns
- Revenue was RMB2.8 million, compared to RMB8.3 million in the same period of 2025.
- The Company reported a gross loss of RMB5.8 million and a loss from operations of RMB291.7 million.
- A RMB250.5 million loss on change in fair value of cryptocurrencies replaced a RMB48.6 million gain in the same period of 2025.
- Net loss was RMB316.7 million, compared to RMB11.8 million in the same period of 2025.
- Cash and cash equivalents were RMB9.0 million (US$1.3 million) as of June 30, 2026.
- The Company reported RMB17,708,340 (US$2,600,000) of borrowings denominated in cryptocurrencies as of June 30, 2026.
What to watch
- Sales volume of iPollo V Series.
- BNB price movements and their effect on changes in fair value of cryptocurrencies.
- The Company’s digital asset reserve strategy, including its long-term reserve of 70,000 BNB as of the date of the interim report.
- Adoption and ecosystem expansion of the iPollo ClawPC A1 Mini, iPollo Claw OS and Skill Hub platform.
- The impact of decumulator agreements on derivative assets.
- Further Class A ordinary share repurchases under the Repurchase Program.
Balance sheet and cash flow
- Cash and cash equivalents were RMB9.0 million (US$1.3 million) as of June 30, 2026, compared to RMB8.5 million as of December 31, 2025.
- Short-term debts were RMB23,000,000 (US$3,376,940) as of June 30, 2026, compared to RMB43,000,000 as of December 31, 2025.
- Current portion of long-term debts was RMB7,660,000 (US$1,124,668) as of June 30, 2026, compared to RMB6,890,000 as of December 31, 2025.
- Borrowings denominated in cryptocurrencies were RMB17,708,340 (US$2,600,000) as of June 30, 2026, compared to RMB11,948,960 as of December 31, 2025.
- Long-term debts were RMB174,969,625 (US$25,689,648) as of June 30, 2026, compared to RMB170,902,834 as of December 31, 2025.
- Total liabilities were RMB351,101,427 (US$51,549,931) as of June 30, 2026, compared to RMB378,606,127 as of December 31, 2025.
- Total shareholders’ equity was RMB385,598,280 (US$56,614,880) as of June 30, 2026, compared to RMB740,898,215 as of December 31, 2025.
- Cryptocurrencies, current were RMB108,987,050 (US$16,001,857) as of June 30, 2026, compared to RMB343,812,102 as of December 31, 2025.
- Cryptocurrencies, restricted were RMB24,593,343 (US$3,610,880) as of June 30, 2026.
- Cryptocurrencies, non-current were RMB259,780,228 (US$38,141,836) as of June 30, 2026, compared to RMB424,743,318 as of December 31, 2025.
- No operating cash flow, capital expenditures, or free cash flow was reported.
Analysis
Nano Labs reported a sharp contraction in its first-half revenue base. Net revenue was RMB2.8 million (US$0.4 million), compared to RMB8.3 million in the same period of 2025, with management attributing the decline primarily to lower sales volume of iPollo V Series. Cost of revenues was RMB8.6 million (US$1.3 million), and the Company remained at a gross loss of RMB5.8 million (US$0.9 million). No revenue segments or segment-level results were reported.
The operating result was dominated by cryptocurrency valuation losses. Change in fair value of cryptocurrencies was a loss of RMB250.5 million (US$36.8 million), compared with a gain of RMB48.6 million in the prior-year period, which management attributed to a decreased BNB price during the first half of 2026. This item, alongside higher selling and marketing, general and administrative, and research and development expenses, led to a loss from operations of RMB291.7 million (US$42.8 million), versus a profit of RMB10.6 million a year earlier.
Below operations, the Company recorded RMB18.3 million (US$2.7 million) of other expenses, principally from the loss from change in fair value of short-term investments, and a RMB2.8 million (US$0.4 million) loss from change in fair value of derivative assets. Net loss was RMB316.7 million (US$46.5 million), compared with RMB11.8 million in the same period of 2025. Basic and diluted loss per ordinary share were each RMB13.65 (US$2.00), compared with RMB0.43. Non-GAAP adjusted net loss was RMB316,688,595 (US$46,497,321), as the reconciliation added back RMB12,113 (US$1,778) of share-based compensation expenses.
Liquidity disclosed in the filing included RMB9.0 million (US$1.3 million) of cash and cash equivalents as of June 30, 2026. The balance sheet also carried cryptocurrencies across current, restricted and non-current classifications, as well as RMB17,708,340 (US$2,600,000) of borrowings denominated in cryptocurrencies. Management stated that it held a long-term reserve of 70,000 BNB as of the date of the interim report, making future cryptocurrency price movements and fair-value effects central items to monitor.
Capital allocation included completed Class A ordinary share repurchases for total consideration of US$3.2million as of August 26, 2026. The Company also described plans to expand the OpenClaw ecosystem through iPollo Claw OS and Skill Hub after launching the iPollo ClawPC A1 Mini. No financial outlook or quantitative forward guidance was provided in the release.
Management, verbatim
During the period, the Company launched its next-generation product, the iPollo ClawPC A1 Mini, designed to support the OpenClaw AI Agent system while also serving a broad range of applications, including gaming and entertainment, professional content creation, and intelligent office scenarios.
Jianping Kong, Chairman and Chief Executive Officer
As of the date of this interim report, the Company held a long-term reserve of 70,000 BNB.
Jianping Kong, Chairman and Chief Executive Officer
The volatility of market prices resulted in changes in the fair value of cryptocurrencies, which in turn contributed to an increase in the net loss.
Bing Chen, Chief Financial Officer
Not in the filing
stated, not guessed- Quantitative financial guidance
- Previous-period outlook for comparison
- Gross margin
- Operating cash flow
- Capital expenditures
- Free cash flow
- Dividend information
- Non-GAAP adjusted earnings per share
- Segment revenue and segment profitability
- Prior-quarter comparisons
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.