The company's revenue collapse to $4.1M in 2025Q2, coupled with a gross margin of -129.3%, suggests a severe inability to cover production costs or achieve market relevance.
| Sales/Revenue | 24.14M | 40.6M | 78.34M | 983.17M | 39.44M | 2.13M | 0 |
| Revenue Growth % | -52.49% | -48.18% | -92.03% | 2392.77% | 1754.58% | - | - |
| Cost of Goods Sold | 25.62M | 28.99M | 181.78M | 753M | 43.53M | 1.27M | 0 |
| COGS % of Revenue | - | 71.42% | 232.06% | 76.59% | 110.37% | 59.74% | - |
| Gross Profit | 11.78M | 11.6M | -103.45M | 230.16M | -4.09M | 856.13K | 0 |
| Gross Margin % | 48.79% | 28.58% | -132.06% | 23.41% | -10.37% | 40.26% | - |
| Gross Profit Growth % | - | 111.22% | -144.95% | 5727.76% | -577.71% | - | - |
| Operating Expenses | 76.37M | 110.11M | 157.34M | 209.48M | 174.7M | 37.77M | 10.93M |
| OpEx % of Revenue | - | 271.24% | 200.85% | 21.31% | 442.93% | 1776.11% | - |
| Selling, General & Admin | 54.34M | 59.97M | 68.73M | 77.63M | 29.24M | 3.3M | 828.96K |
| SG&A % of Revenue | - | 147.72% | 87.74% | 7.9% | 74.14% | 154.96% | - |
| Research & Development | 24.37M | 50.15M | 88.6M | 131.85M | 145.46M | 34.48M | 10.14M |
| R&D % of Revenue | - | 123.52% | 113.11% | 13.41% | 368.79% | 1621.14% | - |
| Other Operating Expenses | -2M | 0 | 0 | 0 | 0 | 0 | -38.32K |
| Operating Income | -77.85M | -98.51M | -260.79M | 20.68M | -178.79M | -36.92M | -10.97M |
| Operating Margin % | -322.51% | -242.66% | -332.91% | 2.1% | -453.3% | -1735.85% | - |
| Operating Income Growth % | - | 62.22% | -1360.79% | 111.57% | -384.31% | -236.42% | - |
| EBITDA | -65.92M | -86.88M | -250.61M | 24.61M | -173.26M | -36.29M | -10.87M |
| EBITDA Margin % | -273.06% | -214.01% | -319.92% | 2.5% | -439.28% | -1706.56% | - |
| EBITDA Growth % | 55.37% | 65.33% | -1118.23% | 114.21% | -377.38% | -233.97% | - |
| D&A (Non-Cash Add-back) | 11.94M | 11.63M | 10.18M | 3.93M | 5.53M | 622.87K | 106.05K |
| EBIT | -66.94M | -112.63M | -253.45M | 204.76M | -174.43M | -37.7M | -10.97M |
| Net Interest Income | -12.04M | -7.8M | -430.96K | 2.01M | 2.99M | 14.17K | 94.57K |
| Interest Income | 0 | 504.35K | 489.1K | 2.01M | 3.5M | 17.91K | 94.57K |
| Interest Expense | 12.04M | 6.91M | 920.05K | 0 | 509.76K | 3.75K | 0 |
| Other Income/Expense | 5.68M | -21.03M | 6.42M | 10.43M | 3.84M | -785.83K | -56.25K |
| Pretax Income | -72.17M | -119.54M | -254.37M | 31.12M | -174.94M | -37.7M | -11.03M |
| Pretax Margin % | -298.97% | -294.46% | -324.72% | 3.17% | -443.56% | -1772.8% | - |
| Income Tax | 0 | 0 | -17.39K | 0 | 0 | 2.29K | 1.59K |
| Effective Tax Rate % | 0% | 0% | 0.01% | 0% | 0% | -0.01% | -0.01% |
| Net Income | -63.01M | -113.19M | -252.82M | 31.12M | -174.94M | -37.7M | -11.03M |
| Net Margin % | -261.01% | -278.81% | -322.75% | 3.17% | -443.56% | -1772.91% | - |
| Net Income Growth % | 64.46% | 55.23% | -912.44% | 117.79% | -363.99% | -241.8% | - |
| Net Income (Continuing) | -72.17M | -119.54M | -254.35M | 31.12M | -174.94M | -37.7M | -11.03M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -2.6M | 2.12M | -1.53M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.81 | -1.67 | -4.29 | 5.84 | -3.39 | -0.73 | -0.28 |
| EPS Growth % | -130.94% | 61.07% | -173.46% | 272.27% | -364.38% | -160.71% | - |
| EPS (Basic) | - | -1.68 | -4.29 | 5.84 | -3.40 | -0.73 | -0.28 |
| Diluted Shares Outstanding | 16.55M | 67.67M | 58.89M | 53.66M | 51.95M | 51.95M | 39.62M |
| Basic Shares Outstanding | 16.41M | 67.33M | 58.89M | 53.24M | 51.9M | 51.9M | 39.62M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Existential liquidity and demand
As reported in recent financial filings, Nano Labs experienced a 66.5% year-over-year revenue decline in 2025Q2, signaling that the firm's specialized mining hardware is failing to gain traction in a post-Ethereum Merge environment where demand for niche ASIC architectures has effectively evaporated.
The consistent quarterly revenue contraction suggests that the company's reliance on a narrow set of altcoin mining hardware is a structural liability rather than a competitive niche. Investors should monitor whether the company can pivot to alternative revenue streams, as the current trajectory indicates a rapid loss of market relevance.
Based on the provided income statement data, Nano Labs reported a gross margin of -129.3% in 2025Q2, which highlights a severe inability to cover production costs and suggests that the company is likely selling inventory at prices significantly below the cost of manufacturing.
This deep margin compression implies that the fabless model is failing to provide the necessary cost flexibility during periods of low demand. The inability to maintain positive gross margins suggests that the company lacks pricing power and may be burdened by high-cost inventory that has become technologically obsolete.
According to the latest quarterly figures, Nano Labs maintains an SG&A expense of $12.1M against a revenue base of only $4.1M, indicating that the company's operating cost structure is fundamentally misaligned with its current capacity to generate top-line growth.
The persistence of high SG&A and R&D expenses despite collapsing revenue suggests a lack of expense discipline or an inability to scale down operations in response to market conditions. This mismatch appears to be the primary driver of the company's ongoing operating losses and rapid cash depletion.
As evidenced by the TTM net margin of -278.81% and a cash balance of only $32.4M, the company's current financial position appears highly precarious, suggesting that without a significant capital injection or operational turnaround, the firm may face severe liquidity constraints in the near term.
Short-sellers would likely focus on the widening gap between cash burn and revenue generation, which points to a potential need for dilutive financing. The reliance on speculative crypto-mining hardware markets makes the company's long-term viability highly sensitive to external factors beyond management's control.
Quick answers to the most common questions about buying NA stock.
For fiscal year 2024, Nano Labs Ltd (NA) reported total revenue of $40.6M.
Nano Labs Ltd (NA) reported a net loss of $113.2M for the fiscal year ending 2024.
Nano Labs Ltd (NA) reported an operating income of $-98.5M, resulting in an operating profit margin of -242.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Nano Labs Ltd (NA) generated $11.6M in gross profit for the year, representing a gross profit margin of 28.6%. This demonstrates the company's core pricing power and production efficiency.