Nano Labs Ltd

For the first half of 2026, Nano Labs reported net value of RMB 2.8 million versus RMB 8.3 million a year ago, gross loss of RMB 5.8 million versus RMB 10.7 million, loss from operations of RMB 291.7 million versus profit of RMB 10.6 million, and net loss of RMB 316.7 million versus RMB 11.8 million. Basic and diluted loss per share was RMB 13.65 versus RMB 0.43 in the prior-year period. Cost of revenue was RMB 8.6 million versus RMB 19.0 million; selling and marketing expense rose 17% to RMB 3.1 million; G&A rose 29.5% to RMB 27.9 million; and R&D rose 39.8% to RMB 4.4 million. The biggest swing was a RMB 250.5 million loss from changes in fair value of cryptocurrencies, compared with a RMB 48.6 million gain last year, which management said reflected a lower BNB price. Cash and cash equivalents were RMB 9.0 million at June 30, 2026, versus RMB 8.5 million at December 31, 2025. For the second half, management did not provide numeric revenue or profit guidance; instead it said it will focus on executing its strategy, advancing digital asset initiatives, and expanding its next-generation AI product ecosystem.

CEO Jianping Kong said the company’s push into AI is a long-term strategic decision, not a short-term trend response. He framed Nano Labs’ strategy around the convergence of AI and Web3, saying the company is building an open cloud ecosystem across smart devices, operating systems, hardware, software and applications. He also emphasized BNB as a strategic reserve asset and said the company will continue share repurchases in a disciplined way to support shareholder value.

CFO Bing Chen highlighted the first-half deterioration in profitability, pointing to the RMB 250.5 million crypto fair-value loss and weaker sales volume for iPollo V-Series as key drivers. He gave specific expense trends: selling and marketing up 17% to RMB 3.1 million, G&A up 29.5% to RMB 27.9 million, and R&D up 39.8% to RMB 4.4 million. On capital management, he said the company had repurchased 1,117,401 shares as of June 30, 2026 and reiterated that the buyback will continue subject to market conditions.

Analysts asked why the company is focusing on AI this year, and management said it stems from a long-term assessment of its blockchain, hardware and ecosystem capabilities, with the iPollo ClawPC A1 Mini as the first step. When asked about digital asset reserves, Kong said BNB is the core strategic reserve asset and that future investments will be made prudently based on market conditions, liquidity needs and strategic priorities. In response to the outlook question, Chen did not give numeric second-half guidance, but said the company will keep executing its strategy, advance digital asset initiatives, and continue the share repurchase program.