Nano Labs Ltd (NA) Cash Flow Statement
Where NA’s cash came from and went, 2025
December 31, 2025 · Chinese yuan- Cash from operations
- −CN¥108.3M
- Capital expenditures
- CN¥46,283 0.2% of revenue
- Free cash flow
- −CN¥108.3M −401.1% margin
- Returned to shareholders
- CN¥1.7M
- Change in cash
- −CN¥23.0M cash at year-end CN¥9.9M
Drawn to scale: where the cash came from and how it was used. Hover for values.
NA operating cash flow, capex and free cash flow
NA cash flow trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −CN¥3.0M2020 | −CN¥108.3M2025 | — | |
| Capital expenditures | CN¥936,7762020 | CN¥46,2832025 | −45.2%/yr | |
| Free cash flow | −CN¥4.0M2020 | −CN¥108.3M2025 | — | |
| Free cash flow margin | −186.4%2020 | −401.1%2025 | −214.6 pts | |
| Operating cash flow / net income | −8.842022 | −0.862025 | +7.98 | |
| Stock-based compensation | CN¥214,8822020 | CN¥73,0132025 | −19.4%/yr | |
| Share buybacks (net) | CN¥02023 | CN¥1.7M2025 | — | |
| Capex / revenue | 44.0%2020 | 0.2%2025 | −43.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NA cash flow by activity
NA net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
NA cash flow statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Net income | CN¥125.9M | −CN¥119.5M | −CN¥254.4M | CN¥31.1M | −CN¥174.9M | −CN¥37.7M |
| Depreciation & amortization | CN¥12.2M | CN¥11.6M | CN¥10.2M | CN¥9.4M | CN¥5.5M | CN¥622,872 |
| Stock-based compensation | CN¥73,013 | CN¥401,520 | CN¥718,411 | CN¥9.3M | CN¥19,344 | CN¥214,882 |
| Change in working capital | −CN¥33.7M | −CN¥58.4M | CN¥49.1M | −CN¥508.9M | CN¥214.4M | CN¥33.8M |
| Other non-cash items | −CN¥212.8M | CN¥26.5M | CN¥60.9M | CN¥184.1M | CN¥26.7M | CN¥0 |
| Cash from operating activities | −CN¥108.3M | −CN¥139.3M | −CN¥133.5M | −CN¥274.9M | CN¥71.7M | −CN¥3.0M |
| Investing activities | ||||||
| Capital expenditures | −CN¥46,283 | −CN¥36.4M | −CN¥105.5M | −CN¥66.8M | −CN¥8.7M | −CN¥936,776 |
| Investments (net) | −CN¥298.0M | −CN¥256.8M | −CN¥105.5M | −CN¥33.2M | −CN¥32.3M | −CN¥32.3M |
| Acquisitions & other investing | CN¥1.8M | CN¥36.4M | CN¥105.5M | CN¥66.8M | CN¥4.9M | CN¥31.6M |
| Cash from investing activities | −CN¥296.2M | −CN¥256.8M | −CN¥105.5M | −CN¥33.2M | −CN¥36.0M | −CN¥1.6M |
| Financing activities | ||||||
| Share repurchases & issuance (net) | −CN¥1.7M | CN¥0 | CN¥0 | — | — | — |
| Net borrowing (repayment) | CN¥26.8M | CN¥50.4M | CN¥126.7M | CN¥17.0M | −CN¥36.4M | CN¥29.4M |
| Shares issued | CN¥357.0M | CN¥315.6M | CN¥72.8M | CN¥144.0M | CN¥201.2M | CN¥0 |
| Other financing | CN¥259,280 | CN¥10.0M | CN¥0 | CN¥0 | CN¥51,135 | CN¥0 |
| Cash from financing activities | CN¥382.4M | CN¥376.0M | CN¥199.5M | CN¥161.0M | CN¥164.9M | CN¥29.4M |
| Summary | ||||||
| Net change in cash | −CN¥23.0M | −CN¥15.7M | −CN¥39.3M | −CN¥146.0M | CN¥198.5M | CN¥24.7M |
| Cash at end of period | CN¥9.9M | CN¥32.8M | CN¥48.6M | CN¥87.9M | CN¥233.9M | CN¥35.3M |
| Free cash flow | −CN¥108.3M | −CN¥175.7M | −CN¥239.0M | −CN¥341.8M | CN¥63.0M | −CN¥4.0M |
| Free cash flow margin | −401.1% | −432.8% | −305.0% | −34.8% | 159.8% | −186.4% |
| Capex / revenue | 0.2% | 89.6% | 134.7% | 6.8% | 22.0% | 44.0% |
| Operating cash flow / net income | −0.86 | — | — | −8.84 | — | — |
| Jun '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Sep '24 | Jun '24 | Mar '24 | Sep '23 | Jun '23 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −CN¥154.8M | CN¥125.95B | CN¥71.3M | −CN¥3.5M | −CN¥3.5M | −CN¥28.0M | −CN¥28.6M | −CN¥28.6M | −CN¥60.0M | −CN¥67.2M |
| Depreciation & amortization | CN¥3.2M | CN¥12.16B | CN¥3.0M | CN¥3.1M | CN¥3.1M | CN¥3.1M | CN¥2.7M | CN¥2.7M | CN¥1.9M | CN¥3.2M |
| Stock-based compensation | CN¥6,057 | CN¥73.0M | CN¥5,338 | CN¥31,169 | CN¥31,169 | CN¥58,006 | CN¥142,754 | CN¥142,754 | CN¥290,407 | CN¥68,799 |
| Change in working capital | −CN¥3.2M | −CN¥33.66B | CN¥9.1M | −CN¥11.8M | −CN¥11.8M | −CN¥10.0M | −CN¥15.2M | −CN¥15.2M | CN¥33.3M | −CN¥901,100 |
| Other non-cash items | CN¥126.7M | −CN¥212.79B | −CN¥112.1M | −CN¥13.2M | −CN¥13.2M | CN¥3.6M | CN¥2.6M | CN¥2.6M | −CN¥24.9M | CN¥47.5M |
| Cash from operating activities | −CN¥27.9M | −CN¥108.27B | −CN¥28.7M | −CN¥25.4M | −CN¥25.4M | −CN¥31.3M | −CN¥38.4M | −CN¥38.4M | −CN¥49.4M | −CN¥17.3M |
| Investing activities | ||||||||||
| Capital expenditures | −CN¥6,145 | −CN¥46.3M | −CN¥275,813 | −CN¥298,955 | −CN¥298,955 | −CN¥1.7M | −CN¥16.5M | −CN¥16.5M | −CN¥9.7M | −CN¥43.0M |
| Acquisitions & other investing | CN¥44.2M | −CN¥296.15B | −CN¥151.5M | CN¥4.0M | CN¥4.0M | −CN¥110.2M | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Cash from investing activities | CN¥44.2M | −CN¥296.19B | −CN¥151.8M | CN¥3.7M | CN¥3.7M | −CN¥111.9M | −CN¥16.5M | −CN¥16.5M | −CN¥9.7M | −CN¥43.0M |
| Financing activities | ||||||||||
| Share repurchases & issuance (net) | −CN¥9.0M | −CN¥1.67B | −CN¥833,430 | — | — | — | — | — | — | — |
| Net borrowing (repayment) | — | — | — | — | — | — | — | — | — | CN¥25.2M |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other financing | −CN¥7.6M | CN¥384.06B | CN¥4.1M | CN¥187.9M | CN¥187.9M | CN¥147.9M | CN¥40.1M | CN¥40.1M | CN¥74.6M | CN¥0 |
| Cash from financing activities | −CN¥16.6M | CN¥382.39B | CN¥3.3M | CN¥187.9M | CN¥187.9M | CN¥147.9M | CN¥40.1M | CN¥40.1M | CN¥74.6M | CN¥25.2M |
| Summary | ||||||||||
| Net change in cash | — | −CN¥23.00B | — | — | — | −CN¥23.9M | CN¥23.9M | CN¥15.7M | CN¥15.7M | −CN¥35.3M |
| Cash at end of period | — | CN¥9.85B | CN¥32.85B | — | — | — | CN¥23.9M | CN¥15.7M | CN¥15.7M | −CN¥35.3M |
| Free cash flow | −CN¥28.0M | −CN¥108.32B | −CN¥28.5M | −CN¥25.7M | −CN¥25.7M | −CN¥33.0M | −CN¥54.8M | −CN¥54.8M | −CN¥59.2M | −CN¥60.3M |
| Free cash flow margin | −2,012.3% | −401.1% | −304.1% | −620.3% | −620.3% | −416.3% | −443.4% | −443.4% | −453.9% | −230.8% |
| Capex / revenue | 0.4% | 0.2% | 2.9% | 7.2% | 7.2% | 21.6% | 133.1% | 133.1% | 74.7% | 164.6% |
| Operating cash flow / net income | — | −0.86 | −0.40 | — | — | — | — | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.
NA cash generation
In fiscal 2025 (ended December 31, 2025), Nano Labs generated -CN¥108.3 million of cash from operations and spent CN¥0.0 million on capital expenditures, leaving free cash flow of -CN¥108.3 million, −401.1% of revenue. It returned CN¥1.7 million to shareholders through dividends (CN¥0) and net share buybacks (CN¥1.7 million). Cash and equivalents fell by CN¥23.0 million over the year.
Related: NA income statement, NA balance sheet. See the NA stock overview for the latest quote and news.
NA cash flow FAQ
What is Nano Labs's free cash flow?
Nano Labs's free cash flow was -CN¥108.3 million in fiscal 2025: -CN¥108.3 million of operating cash flow minus CN¥0.0 million of capital expenditures It was -CN¥175.7 million a year earlier..
How much cash does Nano Labs generate from operations?
Nano Labs generated -CN¥108.3 million of cash from operating activities in fiscal 2025, −0.86 times its net income of CN¥125.9 million.
How much does Nano Labs spend on capital expenditures?
Nano Labs spent CN¥0.0 million on capital expenditures in fiscal 2025, 0.2% of revenue, compared with CN¥36.4 million the year before.
How much stock does Nano Labs buy back?
Nano Labs spent CN¥1.7 million on net share repurchases in fiscal 2025.