Nano Labs Ltd Second Half 2025 Earnings Call - BNB reserves and crypto income drive profit while cash and inventory hits raise questions
Summary
Nano Labs frames H2 2025 as a strategic inflection: it built a large BNB reserve, booked hefty crypto-related other income, and pivoted toward AI agent hardware with the March 2026 launch of the iPollo ClawPC A1 Mini and plans for a Cloud OS. Management completed two financings in 2025, announced a $25 million share repurchase program, and says it will keep growing BNB holdings as a core strategic reserve.
The headline net profit masks a messier operational picture. The company reported a gross loss driven by large inventory write-downs and VAT recoverability impairments, while cash on hand plunged materially. Profitability leaned heavily on Binance airdrop and crypto investment income, not product margins. That mix creates a narrative tension: opportunistic crypto gains and an aggressive AI hardware pivot lift reported earnings, but weak operating unit margins, inconsistent reported figures, and a thin cash position raise real execution and funding questions going forward.
Key Takeaways
- As of December 31, 2025 the company reported holding 126,662 BNB and 3,338 BNB as receivable collateral, naming BNB a core element of its strategic crypto reserve.
- Management completed two financing rounds in 2025 to support strategic transformation, expanded crypto reserves, and new business directions.
- Company announced a share repurchase program in October 2025 of up to $25 million, and has begun implementing it gradually.
- Launched the iPollo ClawPC A1 Mini in March 2026 to support the Open Claw AI Agent, and plans to roll out a Cloud OS and additional agent hardware to build an AI agent ecosystem.
- Net revenue and reported financial figures in the transcript contain inconsistencies: Chinese and English segments list differing RMB amounts for net revenue, and prior-year cash comparisons differ between RMB 3.24M and RMB 328.4M. This creates transparency concerns and requires clarification.
- Reported H2 2025 gross loss was RMB 29.1 million ($4.1 million), reversing from a gross profit of RMB 11.6 million year over year, driven by inventory write-downs and impairment of VAT recoverable.
- Cost of revenue jumped to RMB 47.8 million ($6.8 million) in H2 2025 from RMB 4.3 million the prior year, largely due to inventory impairment and VAT recoverable write-downs.
- Operating income swung to a profit of RMB 60.8 million ($8.7 million) in H2 2025, helped by other income of RMB 38.2 million ($5.4 million) from Binance Launchpool airdrops and crypto investment returns.
- Net income for H2 2025 was reported at RMB 137.7 million ($19.6 million), versus a net loss of RMB 60.4 million in the same period of 2024, indicating the profit was heavily influenced by non-operational crypto income.
- Selling and marketing expenses declined 56.2% to RMB 2.1 million ($0.3 million), primarily from lower salary expense; R&D expense dropped 76.9% to RMB 4.9 million ($0.7 million) due to cuts in payroll, materials, and equipment.
- General and administrative expenses rose 30.3% to RMB 33.1 million ($4.7 million), driven by higher professional service fees.
- Management’s stated long term strategy is twofold: expand BNB-centered crypto reserves when market conditions are favorable, and develop an AI agent ecosystem through hardware and Cloud OS offerings to capture the Web 3.0 to Web 4.0 transition.
- Reported cash and cash equivalents fell to RMB 8.5 million ($1.2 million) as of December 31, 2025; prior-period cash comparisons in the transcript are inconsistent, but the decline signals a materially tighter liquidity position.
- Revenue growth cited was driven by higher sales of iPollo V series products, but product gross margins were negative in the period, highlighting a gap between top-line growth and profitable product-level performance.
- The company’s profitability in the period appears to rely on crypto-related non-recurring items and asset valuation swings rather than sustainable operational margin improvement, creating execution and financing risks as it scales AI hardware and ecosystem commitments.
Full Transcript
Operator: Thank you for standing by, and welcome to the Nano Labs Ltd Second Half 2025 Earnings Conference Call. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number 1 on your telephone keypad. I would now like to hand the conference over to Jianping Kong, CEO of the company. Please go ahead. Jianping Kong, you can now begin your presentation.
Jianping Kong, Chief Executive Officer, Nano Labs Ltd: ありがとうございます。欢迎今天所有参加今天 Nano Labs 2025 年下半年财报电话会议的朋友。在我们今天的电话会议上，我将概述公司近期发展以及公司未来的战略举措。
Jianping Kong / Bing Chen, CEO / CFO (English Translation/Presentation), Nano Labs Ltd: Thank you, operator, and everyone for joining Nano Labs second half of 2025 earnings conference call today. On our call today, I will provide an overview of our recent development and our strategic initiatives going forward.
Jianping Kong, Chief Executive Officer, Nano Labs Ltd: 2025年，Web3行业整体呈现出蓬勃发展的态势。随着全球加密市场环境的持续改善，包括数据资产基础设施的不断完善以及市场参与度的提升，加密市场及Web3相关领域迎来了新一轮的增长与机遇。
Jianping Kong / Bing Chen, CEO / CFO (English Translation/Presentation), Nano Labs Ltd: In 2025, the Web3 industry experienced a robust growth with the continuous improvement of the global crypto market environment, including enhanced crypto assets, infrastructure, and increasing market participation. The crypto market and Web3-related sectors entered a new phase of growth and opportunity.
Jianping Kong, Chief Executive Officer, Nano Labs Ltd: 对BNB战略价值及长期发展前景进行了全面而审慎的内部评估后，我们决定率先启动并持续推进BNB储备的建设。截止2025年12月31号，公司共持有126,662枚BNB，并拥有3,338枚BNB的应收抵押资产。通过稳步提升BNB的持仓规模，我们不仅优化了数字资产的配置，也为未来业务拓展与生态合作奠定了良好的基础。
Jianping Kong / Bing Chen, CEO / CFO (English Translation/Presentation), Nano Labs Ltd: Following a comprehensive and prudent internal assessment of the strategic value and long-term perspectives of BNB, we initiated and continued to advance the build out of our BNB reserves. As of December 31, 2025, the company held a total of 126,662 BNBs, along with a receivable collateral of 3,338 BNB. By steadily increasing our BNB holdings, we have optimized our crypto asset allocation and created favorable conditions for the future business expansion and ecosystem collaboration.
Jianping Kong, Chief Executive Officer, Nano Labs Ltd: 在资本运作方面，公司于2025年顺利完成两轮融资，为战略转型、数字资产储备扩档及新业务方向的探索提供了有力支持。
Jianping Kong / Bing Chen, CEO / CFO (English Translation/Presentation), Nano Labs Ltd: In terms of capital operations, we successfully completed two rounds of financing in 2025, providing strong support for our strategic transformation, expansion of our crypto asset reserves, and the explorations of new business directions.
Jianping Kong, Chief Executive Officer, Nano Labs Ltd: 2026年3月，我们正式推出新一代产品iPollo ClawPC A1 Mini，该产品旨在支持Open Claw AI Agent的系统。未来我们还计划陆续推出Cloud OS系统及更多的硬件产品，进一步拓展AI Agent的全链路生态服务能力。与此同时，为进一步提升股东价值，并展示公司管理层对公司长期发展的信心，我们于2025年10月宣布了一项最高达$2,500万的股份回购计划。目前该计划已启动，并预计将在长期内稳步推进。展望未来，我们将持续关注新行业趋势与市场动态，在保持业务稳健发展的同时，进一步推进数字资产的战略储备，并积极探索AI Agent生态中的更多商业机会。
Jianping Kong / Bing Chen, CEO / CFO (English Translation/Presentation), Nano Labs Ltd: In March 2026, we officially launched our next generation product, the iPollo ClawPC A1 Mini, designed to support the Open Claw AI Agent. Going forward, we plan to introduce the Cloud OS system and additional hardware products to further expand our full ecosystem services for AI agents. Meanwhile, to enhance shareholder value and demonstrate management’s confidence in the company’s long term development, we announced a share repurchase program of up to $25 million in October 2025. The program has commenced and is expected to be implemented steadily over the long term. Looking ahead, we will continue to closely monitor industry trends and market dynamics. While maintaining stable operations, we will further advance our crypto asset strategy, strategic reserves, and actively explore broader opportunities with the AI agent ecosystem.
Jianping Kong, Chief Executive Officer, Nano Labs Ltd: 感谢各位一直以来对本公司的信任与支持。接下来我们将把电话转给我们的首席财务官陈斌先生，由他对我们的财务业绩进行更详细的阐述。陈斌先生，请您继续。
Jianping Kong / Bing Chen, CEO / CFO (English Translation/Presentation), Nano Labs Ltd: Thank you for your support and trust. Next, I will turn the call over to our Chief Financial Officer, Bing Chen, for a closer review of our financial results. Bing Chen, please go ahead.
Bing Chen, Chief Financial Officer, Nano Labs Ltd: 感谢孔建平先生。大家早上好，我将代表管理团队简要介绍2025年下半财年的财务表现。2025年下半财年，公司净收入为人民币1,870万元，或270万美元，去年同期为人民币1,590万元，同比增长18.1%。净收入增长主要由于Apollo系列的产品销量增加。2025年下半年，毛亏损为人民币2,910万元，或410万美元，去年同期为毛利润人民币1,160万元。2025年下半财年，公司的营业收入成本为人民币4,780万元，或680万美元，2024年同期为人民币430万元，主要原因是存货减值和可抵扣增值税减值。
Jianping Kong / Bing Chen, CEO / CFO (English Translation/Presentation), Nano Labs Ltd: Thank you, Jianping Kong. Good morning everyone, on behalf of the management team, I will provide a brief financial overview of the second half of 2025. In the second half of 2025, our net revenue was RMB 80.7 million, equal to $2.7 million, compared to RMB 50.9 million in the same period last year, increased of 18.1%. This increase was primarily due to the increase in sales volume of the iPollo V series products. We recorded a gross loss of RMB 29.1 million, equal to $4.1 million for the second half of 2025. Compared to a gross profit of RMB 11.6 million in the same period of 2024.
Cost of revenue for the second half of fiscal year 2025 were RMB 47.8 million, equals to $6.8 million, compared to RMB 4.3 million in the same period of 2024. The decline was mainly due to the write-downs of inventories and value-added tax recoverable.
Bing Chen, Chief Financial Officer, Nano Labs Ltd: 2025年下半财年的总营业收入上升233.9%，至人民币8,990万元或1,280万美元。2024年同期营业支出为人民币6,710万元。2025年下半财年，公司的销售费用较2024年同期的人民币480万元下降了56.2%，至人民币210万元，或30万美元，主要原因是员工薪金支出的减少。
Jianping Kong / Bing Chen, CEO / CFO (English Translation/Presentation), Nano Labs Ltd: Total operating income for the second half of fiscal year 2025 increased by 233.9% to RMB 89.9 million, equals to $12.8 million, increased from RMB 67.1 million in the same period of 2024. Selling and marketing expenses dropped by 56.2% to RMB 2.1 million, equals to $0.3 million, compared to RMB 4.8 million in the same period of 2024. This decrease was mainly due to the decrease in employee salary expenses.
Bing Chen, Chief Financial Officer, Nano Labs Ltd: 2025年下半年财年管理费用较2024年同期的人民币2,540万元增加30.3%，至人民币3,310万元，或470万美元。管理费用增加主要是由于专业服务费的增加。
Jianping Kong / Bing Chen, CEO / CFO (English Translation/Presentation), Nano Labs Ltd: General and administrative expenses increased by 30.3% to CNY 33.1 million, equal to $4.7 million for the second half of 2025 from CNY 25.4 million for the same period of 2024. The increase in general and administrative expenses was primarily due to the increase in professional service fees.
Bing Chen, Chief Financial Officer, Nano Labs Ltd: 研发费用较2024年下半财年同期人民币2,120万元减少了76.9%，至2025年同期的人民币490万元，或70万美元。研发费用的减少主要原因是工资支出、材料费和设备费用的减少。
Jianping Kong / Bing Chen, CEO / CFO (English Translation/Presentation), Nano Labs Ltd: Research and development expenses decreased by 76.9% to RMB 4.9 million, equals to $0.7 million for the second half of 2025 from RMB 21.2 million for the same period of 2024. The decrease in research and development expenses was primarily due to the decrease in salary expenses, material fees, and equipment fees.
Bing Chen, Chief Financial Officer, Nano Labs Ltd: 二零二五年下半年财年营业利润为人民币6,080万元，或870万美元。二零二四年同期营业亏损为人民币5,560万元。二零二五年下半年财年的其他收入为人民币3,820万元，或540万美元。二零二四年同期其他收入为人民币170万元，主要是由于BNB持有者获得的BNB平台空投收益以及加密货币投资产品的收益。二零二五年下半财年净利润为人民币1.377亿元或1,960万美元。二零二四年同期净亏损为人民币6,040万元。二零二五年下半财年，普通股基本和稀释后的每股收益为人民币6.2元或0.9美元。二零二四年同期，普通股基本和稀释后的每股亏损为人民币6.0元。截至二零二五年十二月三十一日，公司现金及现金等价物为人民币850万元或120万美元。截至二零二四年十二月三十一日，该数值为人民币3,240万元。
Jianping Kong / Bing Chen, CEO / CFO (English Translation/Presentation), Nano Labs Ltd: Profit from operations was RMB 60.8 million, equals to $8.7 million for the second half of 2025, compared with loss from operations of RMB 55.6 million for the same period of 2024. Other income was RMB 38.2 million, equals to $5.4 million for the second half of 2025, compared to RMB 1.7 million for the same period of 2024. The change was due to the Binance Launchpool and the airdrop income for BNB holders and income for crypto investment products. Net income was RMB 137.7 million, equals to $19.6 million for the second half of 2025, compared to a net loss of RMB 60.4 million in the same period of 2024.
Basic and diluted earnings per share was RMB 6.2, equals to $0.9 for the second half of 2025, compared to basic and diluted loss per share of RMB 6 in the same period of 2024. As of December 31, 2025, the company had a cash and cash equivalent of RMB 8.5 million, equals to $1.2 million, compared with RMB 328.4 million as of December 31, 2024.
Bing Chen, Chief Financial Officer, Nano Labs Ltd: 我们坚信我们未来业务发展的战略和执行能力，我们将继续发挥我们的技术优势，抓住发展机遇，推动公司的长期增长，并为股东创造更多的价值。现在我将电话交给主持人来进行问答环节。
Jianping Kong / Bing Chen, CEO / CFO (English Translation/Presentation), Nano Labs Ltd: We remain confident in our business strategy and ability to execute it. We will continue to leverage the strength of our technology to capture development opportunities, drive long-term growth, and create additional value for our shareholders. Now I would like to turn the call over to the operator for questions and answers session.
Operator: Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are on a speakerphone, please pick up your handset to ask your question. The first question today comes from Irina Rubano with a private investor. Please go ahead.
Irina Rubano, Private Investor: Hi, thank you for the presentation. My question is, what is the company’s long-term strategic plan regarding its BNB holdings?
Jianping Kong / Bing Chen, CEO / CFO (English Translation/Presentation), Nano Labs Ltd: 请问公司目前持有BNB的长期战略计划是什么？这个问题问孔总。
Jianping Kong, Chief Executive Officer, Nano Labs Ltd: 不好意思，刚刚信号不好。公司在评估数字资产发展趋势及 BNB 长期发展潜力后，将 BNB 作为公司核心数字资产战略储备。从长期来看，公司计划持续持有并在合适的时机稳步增持 BNB，保持相对稳定的 BNB 储备规模。此策略有助于提升公司数字资产的配置能力，同时能加强与 Web3 生态的协同，为公司长期战略发展提供稳定的基础资产。
Jianping Kong / Bing Chen, CEO / CFO (English Translation/Presentation), Nano Labs Ltd: After comprehensively evaluating the development trends of crypto assets and the long-term potential of BNB, our company has designated BNB as a core component of its crypto asset strategic reserves. Over the long term, we plan to continue holding BNB and to gradually increase our holding at appropriate times, maintaining a relatively stable reserve level. This strategy is expected to enhance the company’s crypto asset allocation capabilities while strengthening synergies with the Web 3.0 ecosystem, thereby providing a solid asset foundation for the company’s long-term strategic development.
Irina Rubano, Private Investor: Okay, thank you.
Operator: Next question comes from Alfred Wu, a private investor. Please go ahead. Alfred, your line is open. You may ask your question. Perhaps your line is muted, Alfred. Please ask your question. We appear to have lost connection with Alfred. The next question comes from Claire Harrison, a private investor. Please go ahead.
Claire Harrison, Private Investor: Okay. Thank you, management. I have some questions. My first question is, why did the company launch a share repurchase program?
Jianping Kong / Bing Chen, CEO / CFO (English Translation/Presentation), Nano Labs Ltd: 想问一下公司为什么推出股票回购计划呢？
Bing Chen, Chief Financial Officer, Nano Labs Ltd: 公司于2025年10月宣布最高达$2,500万美元的股票回购计划，主要基于以下考虑：一、提升股东价值，为股东带来长期回报。回购计划体现了管理层对公司未来长期发展保持积极的态度。三、通过回购向资本市场传递出公司对长期发展和经营的信心。公司将根据市场情况和资金安排，长期稳步地推进该回购计划。
Jianping Kong / Bing Chen, CEO / CFO (English Translation/Presentation), Nano Labs Ltd: Thank you. In October 2025, we announced a share repurchase program of up to $25 million based on the following considerations. First, to enhance shareholder value and deliver long term returns. Second, to demonstrate management’s positive outlook on the company’s long term development. Third, to signal confidence in the company’s long term growth and operations to the capital markets. The company will implement the repurchase program in a steady and disciplined manner over time, taking into account market conditions and capital allocation plans. Thank you.
Claire Harrison, Private Investor: Thank you. My second question, what was the rationale behind the launch of the iPollo ClawPC A1 Mini product?
Jianping Kong / Bing Chen, CEO / CFO (English Translation/Presentation), Nano Labs Ltd: 想问一下公司目前推出 iPollo ClawPC A1 Mini 产品的原因和契机是什么呢？
Bing Chen, Chief Financial Officer, Nano Labs Ltd: 如大家所知，目前AI最热门概念就是Open Cloud。iPollo ClawPC A1 Mini是公司推出的新一代AI agent的硬件产品，用于支持Open Cloud AI agent的系统。公司认为AI agent很有可能成为下一代智能应用的重要形态，因此选择提前布局相关的基础设施。目前公司已经迅速在市场方占据很高的品牌声量，产品销售和生态布局都在稳步推进中。未来已经上线Cloud OS系统和更多的agent硬件，以支持agent全面上生态服务。
Jianping Kong / Bing Chen, CEO / CFO (English Translation/Presentation), Nano Labs Ltd: Thank you. As you may know, one of the most prominent concepts in the AI space today is Open Claw. The iPollo ClawPC A1 Mini is the company’s next generation AI agent hardware product designed to support the Open Claw AI agent system. We believe that AI agents are likely to become a key form of next generation intelligent applications, and have therefore chosen to proactively invest in the related infrastructure. Our company has already gained significant brand visibility in the market with the product sales and ecosystem development progressing steadily. Going forward, we plan to launch the Cloud OS system and additional agent hardware products to support a full-chain AI agent ecosystem. Thank you.
Operator: The next question comes from Ella Rosenblatt, a private investor. Please go ahead.
Ella Rosenblatt, Private Investor: Hi management team, thank you for your presentation. My question is, what are the company’s key long term business development directions?
Jianping Kong / Bing Chen, CEO / CFO (English Translation/Presentation), Nano Labs Ltd: 下一个问题，请问公司未来长期业务发展的主要方向是什么？
Bing Chen, Chief Financial Officer, Nano Labs Ltd: 未来公司的业务发展将围绕两个主要方向展开。一、数字资产战略布局，持续推进以BNB为核心的数字资产战略储备，在市场调节合适的情况下，稳步扩大资产的配置。二、AI Agent生态建设，稳步推进Apollo Cloud PC等硬件产品的上线和销售，推出Cloud OS系统，构建AI Agent生态应用和服务生态，积极把握Web 3.0至Web 4.0的转型升级的发展新机会。
Jianping Kong / Bing Chen, CEO / CFO (English Translation/Presentation), Nano Labs Ltd: Our company’s future business development will focus on two primary directions. First, crypto asset reserve strategy, continuing to advance its BNB-centered crypto asset reserve strategy and steadily expanding asset allocation when market conditions are favorable. Second, AI agent ecosystem development, advancing the launch and the commercialization of hardware products such as the iPollo ClawPC, introducing the Cloud OS system, and building an AI agent application and service ecosystem to capture opportunities arising from the transition from Web 3.0 to Web 4.0. Thank you for your question. Please go ahead.
Operator: That concludes the question and answer session. Let me turn the call back over to Bing Chen for closing remarks.
Bing Chen, Chief Financial Officer, Nano Labs Ltd: 感谢。非常感谢各位参加本次电话会议。如果您有任何问题，请通过电子邮件联系我们 ir@nano.cn，或联系我们的 IR 顾问 Ascent Investor Relations，通过邮箱 tina.xiao@ascent-ir.com。管理层将尽快回复您的问题。我们感谢您对 Nano Labs 的兴趣与支持，期待下次再与各位交谈。
Jianping Kong / Bing Chen, CEO / CFO (English Translation/Presentation), Nano Labs Ltd: Thank you very much for joining this conference call. If you have any questions, please contact us through emails at ir@nano.cn or reach our IR consultant Ascent Investor Relations at tina.xiao@ascent-ir.com. Management will respond to your questions as soon as possible. We appreciate your interest and support in Nano Labs and look forward to speaking with you again next time.
Operator: Thank you again for attending Nano Labs’ second half of 2025 earnings conference call. This concludes our call today, and we thank you all for your listening in. Goodbye.