Nano Labs Ltd. Sponsored ADR Class A (NA) AI Stock Analysis

• Market Cap: $96.64M
• Dividend Yield: N/A
• Average Volume (3M): 155.07K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.56
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 88
• Sector: Technology
• Sector Strength: 88
• Industry: Semiconductors
• EPS (TTM): -0.84
• Shares Outstanding: 20,712,923
• 10 Day Avg. Volume: 118,044
• 30 Day Avg. Volume: 155,067
• PEG Ratio: 0.64
• Price to Book (P/B): 19.06
• Price to Sales (P/S): 108.35
• P/FCF Ratio: -25.03
• Enterprise Value/Market Cap: 0.93
• Enterprise Value/Revenue: 3.72
• Enterprise Value/Gross Profit: 7.63
• Enterprise Value/Ebitda: -1.63
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 42 Neutral
• Price Target: $5.00 ▲(1.21% Upside)

Nano Labs Ltd. is currently facing significant financial and operational challenges, as reflected in its poor financial performance and valuation. The technical analysis suggests a bearish trend, further weighing on the stock's outlook. While the earnings call highlighted some positive strategic shifts, the overall picture remains concerning, leading to a low overall stock score.

Nano Labs Ltd. Sponsored ADR Class A Business Overview & Revenue Model

Company Description

Nano Labs Ltd operates as a fabless integrated circuit design company and product solution provider in the People's Republic of China and internationally. The company develops high throughput computing and high-performance computing chips. It also offers distributed computing and storage solutions, smart network interface cards, and vision computing chips, as well as distributed rendering technology. In addition, the company engages in the research and development of software. Its customers include enterprises and individual buyers. The company was incorporated in 2019 and is headquartered in Hangzhou, the People's Republic of China.

How the Company Makes Money

Nano Labs Ltd. generates revenue through multiple streams, primarily by selling its proprietary nanotechnology products and solutions to businesses in various sectors. These products include advanced materials for electronics, drug delivery systems in healthcare, and energy-efficient solutions. Additionally, the company may engage in research and development collaborations with other firms and institutions, leading to joint ventures or licensing agreements that provide further income. Strategic partnerships with industry leaders in technology and manufacturing also contribute to its revenue, as they allow Nano Labs Ltd. to access broader markets and enhance its product offerings.

Nano Labs Ltd. Sponsored ADR Class A Financial Statement Overview

Summary

Nano Labs Ltd. is facing significant financial challenges. The income statement shows declining revenues and substantial losses, with a net profit margin of -261.01%. The balance sheet reflects high leverage with a debt-to-equity ratio of 1.10 and negative ROE, indicating financial instability. Cash flow analysis highlights liquidity issues with negative operating and free cash flows. Overall, the financial performance is weak and needs improvement.

Income Statement

The income statement reveals significant challenges for Nano Labs Ltd. with declining revenues and negative profit margins. The TTM data shows a revenue decline of 25.42% and a net profit margin of -261.01%, indicating severe profitability issues. The gross profit margin is relatively moderate at 48.79%, but the negative EBIT and EBITDA margins highlight operational inefficiencies. Overall, the income statement reflects a struggling financial performance with declining revenue and substantial losses.

Balance Sheet

The balance sheet shows a high debt-to-equity ratio of 1.10 in the TTM period, indicating significant leverage. The return on equity is negative, reflecting the company's inability to generate returns for shareholders. The equity ratio is not provided, but the high leverage and negative ROE suggest financial instability. The balance sheet indicates a risky financial position with high debt levels and poor equity returns.

Cash Flow

The cash flow statement highlights negative operating and free cash flows, with a free cash flow growth rate of -19.90% in the TTM period. The operating cash flow to net income ratio is negative, indicating cash flow challenges. The free cash flow to net income ratio is slightly above 1, suggesting some ability to cover net losses with free cash flow. However, overall cash flow performance is weak, reflecting liquidity issues and operational inefficiencies.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	24.14M	40.60M	78.34M	983.17M	39.44M	2.13M
Gross Profit	11.78M	11.60M	-103.45M	230.16M	-4.09M	856.13K
EBITDA	-55.00M	-100.99M	-243.27M	208.69M	-168.90M	-37.08M
Net Income	-63.01M	-113.19M	-252.82M	31.12M	-174.94M	-37.70M
Balance Sheet
Total Assets	1.48B	615.93M	350.30M	367.24M	909.83M	61.49M
Cash, Cash Equivalents and Short-Term Investments	1.14B	275.32M	50.53M	91.25M	265.74M	35.73M
Total Debt	686.79M	198.87M	150.88M	23.67M	7.35M	5.74M
Total Liabilities	858.65M	383.03M	366.56M	202.83M	934.49M	110.01M
Stockholders Equity	621.69M	230.79M	-14.73M	164.41M	-24.66M	-48.52M
Cash Flow
Free Cash Flow	-117.39M	-175.70M	-238.96M	-341.76M	63.04M	-3.96M
Operating Cash Flow	-113.36M	-139.33M	-133.47M	-274.94M	71.73M	-3.03M
Investing Cash Flow	-216.44M	-256.77M	-105.48M	-33.18M	-36.05M	-1.65M
Financing Cash Flow	671.67M	375.98M	199.52M	161.00M	164.90M	29.36M

Nano Labs Ltd. Sponsored ADR Class A Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 4.94
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NA, the sentiment is Negative. The current price of 4.94 is above the 20-day moving average (MA) of 4.53, below the 50-day MA of 5.04, and below the 200-day MA of 5.77, indicating a neutral trend. The MACD of -0.07 indicates Negative momentum. The RSI at 54.39 is Neutral, neither overbought nor oversold. The STOCH value of 89.31 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NA.

Nano Labs Ltd. Sponsored ADR Class A Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
ICG	59 Neutral	$64.60M	22.96	8.63%	―	6.18%	95.91%
GSIT	54 Neutral	$268.05M	-20.16	-32.47%	―	22.00%	28.06%
ASYS	48 Neutral	$103.35M	―	-47.86%	―	-20.20%	-58.57%
MX	44 Neutral	$83.48M	―	-8.46%	―	-7.79%	10.04%
NA	42 Neutral	$96.64M	-4.58	-21.44%	―	―	―
ATOM	39 Underperform	$89.97M	-4.20	-116.86%	―	-94.26%	3.20%

Nano Labs Ltd. Sponsored ADR Class A Corporate Events

Nano Labs Ltd Announces Early Repayment of Convertible Bonds Amid Market Volatility

On November 12, 2025, Nano Labs Ltd announced its decision to prepay all outstanding convertible bonds as a strategic move to enhance risk management and protect investor rights. This decision comes amid global economic uncertainty and fluctuations in digital-asset prices, aiming to minimize exposure to potential market disruptions and ensure financial flexibility. The repayment plan involves returning 300 BTC to each bondholder, plus an additional 4.5 BTC as compensation, to be completed within 90 days. This move is expected to reinforce the company’s operational resilience and support stable operations.

Nano Labs Ltd Initiates $25 Million Share Repurchase Program

On October 15, 2025, Nano Labs Ltd announced a share repurchase program authorized by its board of directors, allowing the company to buy back up to US$25.0 million worth of its shares over the next 12 months. This initiative, subject to market conditions, will be funded through the company’s existing cash reserves and proceeds from the liquidation of crypto assets. The repurchase program is expected to impact the company’s market positioning positively, as it reflects confidence in its financial stability and future prospects.

Nano Labs Partners with TradeUP Securities for Tokenized U.S. Equities

On September 30, 2025, Nano Labs Ltd announced a strategic partnership with TradeUP Securities Inc. to pioneer the development of tokenized U.S. equities through compliant and regulated channels. This collaboration aims to integrate blockchain technology into traditional financial services, offering benefits such as 24/7 trading and fractionalized access. The partnership underscores Nano Labs’ commitment to applying blockchain infrastructure in financial markets, enhancing its leadership in digital capital markets.

Nano Labs Ltd Uplists to Nasdaq Global Market

On September 23, 2025, Nano Labs Ltd announced its successful transition from the Nasdaq Capital Market to the Nasdaq Global Market, effective September 19, 2025. This uplisting is seen as a recognition of the company’s efforts and positions it to pursue broader opportunities and deliver enhanced value to shareholders. The move to the Nasdaq Global Market is expected to provide Nano Labs with a more robust platform to support its growth ambitions and strengthen its market position.

Nano Labs Ltd Releases Financial Growth Report for 2025

On September 17, 2025, Nano Labs Ltd released its unaudited consolidated financial statements for the periods ending December 31, 2024, and June 30, 2025. The report highlights significant financial growth, with total assets increasing from RMB 615,933,492 to RMB 1,477,728,962. The company’s total liabilities also rose, reflecting an expansion in operations and financial commitments. This financial disclosure provides stakeholders with insights into the company’s financial health and strategic positioning in the technology industry.

Nano Labs CEO Increases Shareholdings, Signals Confidence in Growth

On August 26, 2025, Nano Labs Ltd announced that its Chairman and CEO, Mr. Jianping Kong, increased his shareholdings by acquiring 480,000 class A ordinary shares using personal funds. This move, following previous purchases in May and September 2024, demonstrates Mr. Kong’s confidence in the company’s long-term growth prospects within the rapidly evolving Web 3.0 and cryptocurrency sectors. The acquisition aligns with Nano Labs’ strategic focus on adapting to the trends in crypto-asset strategic reserves and highlights the company’s commitment to its development and market positioning.

Nano Labs Ltd Announces $45 Million At The Market Offering

On August 21, 2025, Nano Labs Ltd announced its entry into an At The Market Offering Agreement with Maxim Group LLC to sell Class A Ordinary Shares, aiming to raise up to $45 million. The proceeds are intended for BNB and crypto asset reserve strategy, research and development, and general corporate purposes. This move is expected to bolster Nano Labs’ financial position and enhance its strategic initiatives in the Web 3.0 and crypto asset sectors.