Nano Labs Ltd (NA) AI Stock Analysis
NA AI stock analysis summary
AI ResearchNano Labs Ltd (NA) is a Hangzhou, China-based fabless integrated circuit design company focused on high throughput and high-performance computing chips. The company generated $21.5M in trailing twelve months revenue with an operating margin of -1483.9%, while quarterly revenue fell 66.5% year-over-year. As of June 30, 2026, Nano Labs held $121.7M in cash against $229.1M in total debt.
- Market cap
- $44.6M
- Revenue (TTM)
- $21.5M
- P/E
- —
- 1Y return
- -63.1% S&P 500 16.8%
- Avg. target
- —
Bull case
- The company held $121.7M in cash and short-term investments as of June 30, 2026, backing a current ratio of 1.20.
- Nano Labs reported net income of $135.5M for FY2025, rebounding from a net loss of -$113.2M in FY2024.
- The stock trades at a price-to-book ratio of 0.9x and a price-to-sales multiple of 2.1x, which sits below the 2.8x peer median.
Bear case
- Annual revenue fell 33.5% in FY2025 to $27.0M, and trailing twelve months revenue further dropped to $21.5M.
- Operating cash flow and free cash flow both remained negative at -$108.3M during FY2025.
- The company's operating margin deteriorated to -1483.9% over the trailing twelve months, reflecting heavy core operational losses.
What Nano Labs does
Nano Labs Ltd is a fabless integrated circuit design company headquartered in Hangzhou, China, established in 2019. The company develops advanced product solutions and cutting-edge technologies, including high throughput computing and high-performance computing chips. Its portfolio features distributed computing and storage solutions, smart network interface cards, vision computing chips, and distributed rendering technology designed for diverse industrial applications. Nano Labs also conducts software research and development to complement its hardware offerings, serving enterprise clients as well as individual consumers across domestic and international markets.
Growth and profitability
Nano Labs expanded revenue from $39.4M in FY2021 to $983.2M in FY2022, before sales fell 92.0% to $78.3M in FY2023. Annual revenue continued contracting to $40.6M in FY2024 and fell 33.5% to $27.0M in FY2025, yielding a 5-year revenue CAGR of 66.2% from FY2020 to FY2025. Gross margin shifted from 28.6% in FY2024 to -147.3% in FY2025, while operating margin was -396.8%. Net income reached $135.5M in FY2025, compared to -$113.2M in FY2024. For the trailing twelve months ended June 30, 2026, revenue stood at $21.5M with an operating margin of -1483.9%, as quarterly revenue fell 66.5% year-over-year.
Balance sheet and cash flow
As of June 30, 2026, Nano Labs reported $121.7M in cash and short-term investments against total debt of $229.1M, resulting in net debt of $107.5M. Total assets stood at $736.7M and shareholders' equity was $400.2M, supported by a current ratio of 1.20 and a debt-to-equity ratio of 0.57. In FY2025, operating cash flow and free cash flow were both -$108.3M. Cash usage included $46,283 in capital expenditures and $1.7M deployed toward share buybacks, while the share count change over 5 years was -57.7%.
Valuation and performance
Nano Labs carries a market capitalization of $44.6M and an enterprise value of $84.3M. The stock trades at a price-to-sales multiple of 2.1x, below the 2.8x median of its US-listed Technology peers. Its EV to EBITDA ratio stands at 1.1x compared to the peer median of 16.6x, alongside a price-to-book ratio of 0.9x. At the last close of $1.92 on October 16, 2026, shares returned -63.1% over the past year, trailing the S&P 500 return of 16.8%. The stock has a beta of 3.43 and a year-to-date return of -39.0%.
What analysts expect
Nano Labs Ltd does not have analyst coverage, recommendations, or forward consensus revenue and earnings estimates reported. The company registered a trailing twelve months diluted EPS of -$0.91 for the period ended June 30, 2026, and an annual EPS of -$0.96 in FY2022. No upcoming earnings release date or analyst price targets are provided in the available reporting for the Hangzhou-based semiconductor company.
Key risks and what to watch
- Nano Labs carried $229.1M in total debt against $121.7M in cash as of June 30, 2026, resulting in net debt of $107.5M.
- Quarterly revenue fell 66.5% year-over-year for the period ended June 30, 2026, highlighting ongoing top-line weakness.
- The stock exhibits high market volatility, reflected in a beta of 3.43 and a 1-year return of -63.1%.
- Gross margin swung sharply from 28.6% in FY2024 down to -147.3% in FY2025.
AI-generated research summary. Written with AI from Quotelinks data as of October 16, 2026 and checked so every figure matches that data. For information only, not investment advice. Disclaimer
About this NA AI stock analysis
This page is an AI-written research summary of Nano Labs Ltd (NA). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.
Related: NA income statement, NA balance sheet, NA key metrics, NA chart. See the NA stock overview for the latest quote and news.
NA AI stock analysis FAQ
What does Nano Labs Ltd do?
Nano Labs Ltd is a fabless integrated circuit design company established in 2019 and based in Hangzhou, China. It develops high throughput computing chips, high-performance computing chips, distributed computing and storage solutions, and vision computing chips.
What was Nano Labs' revenue in FY2025?
In FY2025, Nano Labs generated $27.0M in revenue, which was a 33.5% decrease from $40.6M in FY2024. Over the trailing twelve months ended June 30, 2026, revenue stood at $21.5M.
Does Nano Labs pay a dividend?
Nano Labs does not pay a dividend. The company used cash in FY2025 for $46,283 in capital expenditures and $1.7M in share buybacks.
What is Nano Labs' cash and debt position?
As of June 30, 2026, Nano Labs had $121.7M in cash and short-term investments and $229.1M in total debt, leading to net debt of $107.5M. Its current ratio was 1.20 and its debt-to-equity ratio was 0.57.
How has NA stock performed relative to the market?
Nano Labs closed at $1.92 on October 16, 2026, having declined 63.1% over the past 1 year compared to a 16.8% gain for the S&P 500. Year-to-date, the stock returned -39.0%.