Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data Nano Labs Ltd files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2022
FY2023
FY2024
FY2025
Revenue
141
11.1
5.65
3.84
Cost of revenue
108
25.7
4.03
9.5
Gross profit
33
-14.6
1.61
-5.66
Research and development
18.9
12.5
6.98
1.15
Selling and marketing
3.51
2.16
1.27
0.67
General and administrative
7.64
7.54
7.07
7.77
Operating expenses
30.1
22.2
15.3
-15.8
Operating income
2.97
-36.8
-13.7
10.2
Interest expense
0.96
2.41
Interest income
0.29
0.07
0.07
0.01
Other non-operating income
1.5
0.91
-2.93
7.76
Pre-tax income
4.47
-35.9
-16.6
17.9
Income tax
0
-0
Net income to minority interests
-0.22
-0.88
-1.35
Net income
4.47
-35.7
-15.7
19.3
EBITDA
3.53
-36.2
-12.4
11.7
EPS, basic
0.04
-0.61
-1.96
0.97
EPS, diluted
0.04
-0.61
-1.96
0.97
Shares, basic (weighted)
5.32
5.89
8.05
19.9
Shares, diluted (weighted)
5.33
5.89
8.05
19.9
Balance sheet
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
12.6
6.8
4.51
1.21
Short-term investments
0
3.73
Receivables
0.25
0.08
0.04
Inventory
14.7
1.82
4.15
1.95
Other current assets
3.92
5.35
7.77
1.29
Total current assets
41.4
17.7
51
61.3
Property, plant and equipment
3.08
24
27.5
26
Lease right-of-use assets
1.21
1.05
0.72
0.44
Intangible assets
6.99
6.74
6.5
6.51
Long-term investments
0.28
Total assets
52.7
49.5
85.7
159
Accounts payable
2.2
2.38
2.52
2.76
Short-term debt
0.04
0.48
0.74
0.98
Total current liabilities
26.4
34.2
29.1
29.3
Long-term debt
17
23.7
24.3
Lease liabilities
0.36
0.53
0.41
0.24
Total liabilities
29.1
51.8
53.3
53.9
Total debt
0.04
17.5
24.5
25.3
Paid-in capital
50.9
60.5
109
168
Retained earnings
-28.6
-63.8
-78.6
-61.1
Treasury stock
-0.24
Other comprehensive income
0.3
0.32
1.2
-1.06
Shareholders' equity
23.6
-2.08
32.1
106
Minority interests
-0.22
0.29
-1.05
Total equity
23.6
-2.3
32.4
105
Total liabilities and equity
52.7
49.5
85.7
159
Shares outstanding
111
Cash flow statement
FY2022
FY2023
FY2024
FY2025
Net income
4.47
-35.9
-16.6
17.9
Depreciation and amortization
0.56
0.62
1.34
1.56
Stock-based compensation
1.34
0.1
0.06
0.01
Change in receivables
0
-0.24
0.16
0.04
Change in inventory
-10.3
4.06
-3.88
-2.34
Change in payables
1.52
0.13
0.15
0.2
Cash from operations
-39.5
-18.8
-19.4
-15.4
Capital expenditures
-2.52
-14.9
-5.06
-0.01
Purchases of investments
0
Sales and maturities of investments
0
Cash from investing
-4.76
-14.9
-35.7
-42.1
Debt repaid
-0.02
-0.22
Stock issued
20.7
10.3
43.9
50.8
Share buybacks
-0.24
Cash from financing
23.1
28.2
52.3
54.4
Exchange rate effect
0.02
0.61
-0.13
Net change in cash
-21
-5.55
-2.19
-3.27
Free cash flow
-42
-33.7
-24.4
-15.4
Interest paid
0.03
0.53
1.29
1.51
Income taxes paid
0.01
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $2.38 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
-147.3%
Gross profit / revenue.
Operating margin
264.4%
Operating income / revenue.
EBITDA margin
304.9%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
466.4%
Pre-tax income / revenue.
Net margin
501.6%
Net income / revenue.
FCF margin
-401.1%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-400.9%
Cash from operations / revenue.
Return on equity (ROE)
27.8%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
15.7%
Net income / average total assets.
Return on invested capital (ROIC)
8.8%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
29.8%
Research and development expense / revenue.
Stock-based pay / revenue
0.3%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.2%
Capital expenditures / revenue.
D&A / revenue
40.6%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-32.0%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-69.9%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y
-450.7%
Gross profit vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y
50.7%
Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 3y
49.1%
Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 3y
62.8%
Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 3y
189.4%
Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y
231.6%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
65.2%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
85.9%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
44.6%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
146.7%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
55.0%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
2.09x
Current assets / current liabilities.
Quick ratio
0.17x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.17x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.24x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
15.9%
Total debt / total assets.
Liabilities / assets
33.8%
Total liabilities / total assets.
Net debt
$20.4M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA
1.74x
Net debt / EBITDA (twelve months), when EBITDA is positive.
Days inventory + days sales outstanding - days payables.
FCF conversion
-80.0%
Free cash flow / net income, when net income is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$0.97
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
$0.97
Net income per basic share, as reported (split-adjusted).
Revenue per share
$0.19
Revenue / diluted weighted shares.
FCF per share
-$0.78
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.78
Cash from operations / diluted weighted shares.
Book value per share
$5.36
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/E
2.87x
Market cap / net income. Only when net income is positive.
P/S
14.4x
Market cap / revenue.
P/B
0.52x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.55x
Market cap / tangible book value, when positive.
EV/Sales
19.7x
Enterprise value / revenue.
EV/EBIT
7.44x
Enterprise value / operating income, when both are positive.
EV/EBITDA
6.45x
Enterprise value / EBITDA, when both are positive.
FCF yield
-27.9%
Free cash flow / market cap.
Earnings yield
34.9%
Net income / market cap (the inverse of P/E).
Shareholder yield
0.4%
(Dividends paid + share buybacks) / market cap.
PEG
0.02x
P/E / EPS growth per year over 3 years (in percent). Only when both are positive.
What was Nano Labs Ltd's revenue in fiscal 2025?
Nano Labs Ltd reported revenue of $3.8M for fiscal 2025, 32% lower than the year before.
Was Nano Labs Ltd profitable in fiscal 2025?
Yes. Net income was $19.3M, a net margin of 501.6%.
How much free cash flow did Nano Labs Ltd generate in fiscal 2025?
Cash from operations of $15.4M minus capital expenditures of $6.6K left free cash flow of -$15.4M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.