NA Nasdaq Semiconductors & Related Devices Financials FY2020βFY2025
Nano Labs Ltd had $3.8M of revenue in fiscal 2025, down 33.4% on the year before. Over five years, revenue changed +64.9% a year on average.
Hi! I read Nano Labs Ltdβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β33.4%
No. Sales fell 33.4% last year.
Does it make a profit?
501.6%
Yes. It keeps 501.6% of every sale as profit.
Does profit turn into cash?
β401.1%
No. It spent more cash than it brought in.
Is debt under control?
2.3x
Keep an eye on it. Repaying its debt would take 2.3 years of operating profit.
How healthy are the accounts?
4 / 9
Mixed. It passes 4 of 9 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Nano Labs Ltd did it, and the next one. Share prices often move a lot on those days.
Next results
April 12, 2027
Monday Β· in 168 days
Estimated from the same quarter last year. It will be replaced by the announced date once there is one.
See who else reports that week β| Date | Results for | Time | Source |
|---|---|---|---|
| Apr 13, 2026 | Period ended Dec 31, 2025 | During market hours | 20-F β |
| Apr 11, 2025 | Period ended Dec 31, 2024 | After the market closes | 20-F β |
| Apr 8, 2024 | Period ended Dec 31, 2023 | After the market closes | 20-F β |
| Apr 18, 2023 | Period ended Dec 31, 2022 | After the market closes | 20-F β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Nano Labs Ltd had $3.8M of revenue in fiscal 2025, down 33.4% on the year before. Over five years, revenue changed +64.9% a year on average. Its operating margin was 264.4%, up 545.8Β pts: of every 100 in sales, about 264 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Margins, % of revenue
KIRA Β· Nano Labs Ltd made $18.8M of net profit in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$15.1M in fiscal 2025, β401.1% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Cash from operations vs capital spending
KIRA Β· Nano Labs Ltd returned $0.2M to shareholders in fiscal 2025. The diluted share count rose 146.7%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
KIRA Β· Nano Labs Ltd owes $26.6M more than it holds in cash, about 2.3 years of operating profit.
Cash, debt and the ratios that show how comfortably Nano Labs Ltd can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $41.8M | $12.7M | $6.8M | $4.4M | $5.0M |
| Debt incl. finance leases | $0.0M | $2.5M | $20.2M | $26.6M | $31.5M |
| Net debt / EBITDA | β | β2.8x | β | β | 2.3x |
| Debt / equity | β | 0.1x | β | 0.8x | 0.3x |
| Interest coverage | β | β | β | β16.5x | 4.2x |
| Current ratio | 1.0x | 1.6x | 0.5x | 1.6x | 2.1x |
| Quick ratio | 0.7x | 1.0x | 0.5x | 1.5x | 2.0x |
| Total assets | $143M | $53.2M | $49.3M | $84.4M | $160M |
| Total liabilities | $147M | $29.4M | $51.6M | $52.5M | $54.1M |
| Shareholders' equity | β$3.9M | $23.8M | β$2.1M | $31.6M | $107M |
| Net debt (β = net cash) | β$41.8M | β$10.3M | $13.4M | $22.1M | $26.6M |
KIRA Β· Its return on capital was 5.9%: every 100 invested in the business earned about 6 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Nano Labs Ltd passes 4 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β |
| F-score | β / 3 | β / 5 | 6 / 9 | 1 / 9 | 4 / 9 | 4 / 9 |
| Accruals ratio | β | β26.7% | 46.3% | β32.9% | 5.4% | 27.8% |
| Altman Z'' | β | β2.41 | 1.35 | β11.46 | β2.26 | 2.56 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $0.3M | $6.1M | $146M | $11.1M | $5.6M | $3.8M |
| Gross profit | $0.1M | β$0.6M | $34.2M | β$14.6M | $1.6M | β$5.5M |
| Research and development | $5.0M | $22.6M | $19.6M | $12.5M | $7.0M | $1.1M |
| Operating income | β$5.3M | β$27.7M | $3.1M | β$36.8M | β$15.9M | $9.9M |
| Interest expense | β | β | β | β | $1.0M | $2.4M |
| Pretax income | β$5.5M | β$27.1M | $4.6M | β$35.9M | β$16.6M | $17.5M |
| Income tax | $0.0M | $0.0M | $0.0M | β$0.0M | β | β |
| Net income | β$5.5M | β$27.1M | $4.6M | β$35.7M | β$15.7M | $18.8M |
| Net income to common | β | β | $4.6M | β$35.7M | β$15.7M | $18.8M |
| Diluted EPS | β$0.07 | β$0.60 | $0.87 | β$6.06 | β$1.95 | $0.95 |
| Diluted shares | 0.08B | 0.04B | 0.01B | 0.01B | 0.01B | 0.02B |
| Cash flow | ||||||
| Cash from operations | β$0.4M | $11.1M | β$40.8M | β$18.8M | β$19.4M | β$15.1M |
| Capital expenditure | $0.1M | $1.3M | $2.6M | $14.9M | $5.1M | $0.0M |
| Free cash flow | β$0.6M | $9.8M | β$43.4M | β$33.7M | β$24.4M | β$15.1M |
| Depreciation and amortization | $0.1M | $0.4M | $0.6M | $0.6M | $1.3M | $1.5M |
| Stock-based compensation | $0.0M | $0.0M | $1.4M | $0.1M | $0.1M | $0.0M |
| Share buybacks | β | β | β | β | β | $0.2M |
| Dividends and buybacks | β | β | β | β | β | $0.2M |
| Balance sheet | ||||||
| Cash and short-term investments | $5.4M | $41.8M | $12.7M | $6.8M | $4.4M | $5.0M |
| Total debt | β | $0.0M | $2.5M | $20.2M | $26.6M | $31.5M |
| Current assets | β | $141M | $41.8M | $17.7M | $46.3M | $61.5M |
| Current liabilities | β | $147M | $26.6M | $34.1M | $28.7M | $29.4M |
| Inventory | β | $33.7M | $14.8M | $1.8M | $4.1M | $2.0M |
| Property and equipment, net | β | $1.1M | $3.1M | $23.9M | $27.0M | $26.1M |
| Intangible assets | β | $0.0M | $7.1M | $6.7M | $6.4M | $6.5M |
| Total assets | β | $143M | $53.2M | $49.3M | $84.4M | $160M |
| Total liabilities | β | $147M | $29.4M | $51.6M | $52.5M | $54.1M |
| Shareholders' equity | β$7.4M | β$3.9M | $23.8M | β$2.1M | $31.6M | $107M |
| Margins | ||||||
| Gross margin | 40.2% | β10.4% | 23.4% | β132.1% | 28.6% | β147.3% |
| Operating margin | β1,736.0% | β453.3% | 2.1% | β332.9% | β281.4% | 264.4% |
| EBITDA margin | β1,719.3% | β446.7% | 2.5% | β327.3% | β257.7% | 304.9% |
| Net margin | β1,773.0% | β443.6% | 3.2% | β322.7% | β278.8% | 501.6% |
| FCF margin | β186.4% | 159.8% | β29.7% | β305.0% | β432.8% | β401.1% |
| Returns | ||||||
| Return on capital | β | β | 22.7% | β255.8% | β23.3% | 5.9% |
| Return on capital employed | β | 781.3% | 11.5% | β242.8% | β28.5% | 7.6% |
| Return on equity | β | β | 46.3% | β328.1% | β106.5% | 27.2% |
| Return on assets | β | β18.9% | 4.7% | β69.6% | β23.5% | 15.4% |
| Return on tangible equity | β | β | 27.6% | β | β62.4% | 18.8% |
| Growth | ||||||
| Revenue growth | β | 1,884.8% | 2,287.9% | β92.4% | β49.0% | β33.4% |
| Net income growth | β | β | β | β872.3% | β | β |
| EPS growth | β | β | β | β798.9% | β | β |
| FCF growth | β | β | β544.4% | β | β | β |
| Share count change | β | β43.3% | β88.1% | 10.5% | 36.7% | 146.7% |
| Financial health | ||||||
| Net debt / EBITDA | β | β | β2.8x | β | β | 2.3x |
| Debt / equity | β | β | 0.1x | β | 0.8x | 0.3x |
| Interest coverage | β | β | β | β | β16.5x | 4.2x |
| Current ratio | β | 1.0x | 1.6x | 0.5x | 1.6x | 2.1x |
| Quick ratio | β | 0.7x | 1.0x | 0.5x | 1.5x | 2.0x |
| Capital allocation | ||||||
| Capex / revenue | 44.0% | 22.0% | 1.8% | 134.7% | 89.6% | 0.2% |
| Stock comp / revenue | 10.1% | 0.0% | 1.0% | 0.9% | 1.0% | 0.3% |
| Quality scores | ||||||
| Piotroski F-score | β | β | 6.0 | 1.0 | 4.0 | 4.0 |
| Altman Z'' | β | β2.4 | 1.3 | β11.5 | β2.3 | 2.6 |
| Accruals ratio | β | β26.7% | 46.3% | β32.9% | 5.4% | 27.8% |
Source: SEC EDGAR XBRL filings (CIK 0001872302). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Filed in CNY under US GAAP and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. For information only β not investment advice. Check the original filings before relying on any figure.
