Nano Labs Ltd is a US-listed company in the semiconductors industry. Its financial year ends in December.
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Third-party market data · may be delayed
Not valued: the figures our models need are missing or failed our data-quality checks.
No model value: reported crypto treasury NAV excludes the operating business. How we value companies.
Nano Labs Ltd valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Nano Labs has little or no product revenue yet; it used $15m of cash in the twelve months. The diluted share count is up 146.7% on a year earlier, which dilutes existing holders. It passes 3 of our 6 financial-health checks.
Our models give no value for Nano Labs at present, so past values are not shown.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Nano Labs Ltd's trailing-twelve-month revenue fell 33.4% year on year, with a free-cash-flow margin of -401.1%.
Current signal Net margin expanding: TTM net margin reached 501.6%, up 780.4pp year over year.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for NA from the sources we follow. See filings →
Reported holdings, with the date attached
Balance date: not reconciled
This measures the reported treasury after the equity-bridge claims. It excludes the operating business, mining equipment and other assets, and is not updated for crypto price moves or purchases since the filing. A treasury deficit does not mean the whole company has negative equity value.
Crypto holdings are stale (reported 2025-12-31); no current position is assumed.
We value Nano Labs Ltd as a crypto treasury or miner, with every model that fits that kind of business. Cost of equity 14%: the 10-year Treasury yield (4.9%) plus a beta of 2.11 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Reported crypto treasury NAV Reported crypto holdings at fair value plus cash and short-term investments, less debt, preferred stock and other claims, per listed share. Dated to the filing; excludes the operating business and future token purchases. Not a live crypto NAV. | — | Does not apply: Crypto holdings are stale (reported 2025-12-31); no current position is assumed. |
| Combined value Reported crypto treasury NAV only, not a valuation of the operating business. No growth, price premium or future crypto purchases are assumed. | — | No model applies: the filings don’t yet support a value. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Nano Labs Ltd with crypto treasuries and miners in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.
No analyst estimates are published for Nano Labs Ltd: too few analysts cover it.
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue (TTM) |
|---|---|
| FY20 Q4 | $308.2K |
| FY21 Q4 | $6.1M |
| FY22 Q4 | $146.4M |
| FY23 Q4 | $11.1M |
| FY24 Q4 | $5.6M |
| FY25 Q4 | $3.8M |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY21 Q4 | 1883.6% |
| FY22 Q4 | 2294.4% |
| FY23 Q4 | -92.4% |
| FY24 Q4 | -49.0% |
| FY25 Q4 | -33.4% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Operating margin (TTM) |
|---|---|
| FY20 Q4 | -1735.9% |
| FY21 Q4 | -453.3% |
| FY22 Q4 | 2.1% |
| FY23 Q4 | -332.9% |
| FY24 Q4 | -281.4% |
| FY25 Q4 | 264.4% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | FCF margin (TTM) |
|---|---|
| FY20 Q4 | -186.4% |
| FY21 Q4 | 159.8% |
| FY22 Q4 | -29.7% |
| FY23 Q4 | -305.0% |
| FY24 Q4 | -432.8% |
| FY25 Q4 | -401.1% |
| Fiscal year | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|---|
| Income | ||||||
| Revenue | 0 | 6 | 146 | 11 | 6 | 4 |
| Gross profit | 0 | −1 | 34 | −15 | 2 | −6 |
| EBITDA | −5 | −27 | 4 | −36 | −15 | 11 |
| Operating income | −5 | −28 | 3 | −37 | −16 | 10 |
| Net income | −5 | −27 | 5 | −36 | −16 | 19 |
| Diluted EPS | −$0.70 | −$6.03 | $0.87 | −$6.07 | −$1.95 | $0.95 |
| Growth (year on year) | ||||||
| Revenue | — | +>999% | +>999% | −92.4% | −49.0% | −33.4% |
| EBITDA | — | — | — | <−999% | — | — |
| Operating income | — | — | — | <−999% | — | — |
| Net income | — | — | — | −871.0% | — | — |
| Diluted EPS | — | — | — | −797.8% | — | — |
| Margins | ||||||
| Gross margin | 40.3% | −10.4% | 23.4% | −132.1% | 28.6% | −147.3% |
| EBITDA margin | <−999% | −446.7% | 2.5% | −327.3% | −257.7% | 304.9% |
| Operating margin | <−999% | −453.3% | 2.1% | −332.9% | −281.4% | 264.4% |
| Net margin | <−999% | −443.6% | 3.2% | −322.7% | −278.8% | 501.6% |
| Free-cash-flow margin | −186.4% | 159.8% | −29.7% | −305.0% | −432.8% | −401.1% |
| Cash flow | ||||||
| Cash from operations | −0 | 11 | −41 | −19 | −19 | −15 |
| Capital spending | 0 | 1 | 3 | 15 | 5 | 0 |
| Free cash flow | −1 | 10 | −44 | −34 | −24 | −15 |
| Stock-based pay | 0 | 0 | 1 | 0 | 0 | 0 |
| Free cash flow after stock pay | −1 | 10 | −45 | −34 | −24 | −15 |
| Balance sheet | ||||||
| Cash | 5 | 37 | 13 | 7 | 4 | 1 |
| Total debt | 0 | 0 | 2 | 20 | 27 | 32 |
| Net debt (negative = net cash) | −5 | −37 | −10 | 13 | 22 | 30 |
| Diluted shares | 8m | 4m | 5m | 6m | 8m | 20m |
| Returned to shareholders | ||||||
| Buybacks | — | — | — | — | — | 0 |
| Total returned | — | — | — | — | — | 0 |
| Last 12 months unless stated | NA | GCTS | ALMU | MOBX | PRSO | ARBE | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $4m | $4m | $4m | $6m | $8m | $1m | $1.1bn |
| Revenue growth, last 12 months | −33.4% | −32.8% | −4.4% | −49.8% | −38.5% | 33.6% | 13.7% |
| Revenue growth, latest quarter | — | −17.9% | −55.8% | −66.4% | −41.1% | — | 20.1% |
| Gross margin | −147.3% | −38.3% | 35.2% | 33.0% | 56.6% | −78.2% | 48.1% |
| Operating margin | 264.4% | −852.0% | −168.8% | −533.8% | −85.8% | <−999% | 5.0% |
| Operating margin, 3-year average | — | −461.4% | −222.1% | −605.7% | −94.4% | — | 4.8% |
| Net margin | 501.6% | <−999% | −205.3% | −879.3% | −85.6% | <−999% | 5.3% |
| Cash from operations / revenue | −400.9% | −933.3% | −73.2% | 18.0% | −77.9% | <−999% | 17.1% |
| Free-cash-flow margin | −401.1% | −996.8% | −87.7% | 18.0% | −82.0% | <−999% | 9.2% |
| Free-cash-flow margin, 3-year average | — | — | −175.6% | — | −122.5% | — | 8.5% |
| Stock pay / revenue | 0.3% | 149.4% | 101.3% | 277.5% | 6.8% | 891.0% | 5.6% |
| Change in share count | 146.7% | 36.2% | 0.4% | 93.5% | — | 37.6% | 0.9% |
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Smartleaf Asset Management LLC | $10.4M | 5.7M | 98.7% | 0.0% |
| Susquehanna International Group, LLP | $48,052 | 26K | 0.5% | New |
| Jane Street Group, LLC | $38,173 | 21K | 0.4% | ▲ 5.0% |
| Two Sigma Securities, LLC | $26,749 | 14K | 0.3% | ▲ 10.4% |
| UBS Group AG | $21,016 | 11K | 0.2% | ▲ 0.6% |
| Simplex Trading, LLC | $1,113 | 1K | 0.0% | New |
| Jones Financial Companies LLLP | $516 | 0K | 0.0% | New |
| Rhumbline Advisers | $173 | 0K | 0.0% | 0.0% |
| Group One Trading LLC | $81 | 0K | 0.0% | New |
| BNP Paribas Financial Markets | $18 | 0K | 0.0% | 0.0% |
| Caitong International Asset Management Co., Ltd | $11 | 0K | 0.0% | New |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Nano Labs Ltd's complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Hu Nan Director | September 1, 2026 | Sell | 3,000 | $2.25 | $6,750 |
| Hu Nan Director | September 1, 2026 | Sell | 3,165 | $2.22 | $7,026 |
| Hu Nan Director | September 1, 2026 | Sell | 1,000 | $2.31 | $2,310 |
| Hu Nan Director | September 1, 2026 | Sell | 1,000 | $2.25 | $2,250 |
| Hu Nan Director | April 28, 2026 | Sell | 23 | $2.01 | $46 |
| Hu Nan Director | April 28, 2026 | Sell | 46 | $2.01 | $92 |
| Hu Nan Director | April 28, 2026 | Sell | 48 | $2.01 | $96 |
| Hu Nan Director | April 28, 2026 | Sell | 54 | $2.01 | $109 |
| Hu Nan Director | April 28, 2026 | Sell | 200 | $2.01 | $402 |
| Hu Nan Director | April 28, 2026 | Sell | 30 | $2.01 | $60 |
| Hu Nan Director | April 28, 2026 | Sell | 208 | $2.01 | $418 |
| Hu Nan Director | April 28, 2026 | Sell | 400 | $2.01 | $804 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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