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NA · Nasdaq · United States · Semiconductors & Related Devices
In shortNano Labs Ltd is profitable, burns cash and carries moderate debt, with revenue shrinking (−33.5% last year).
Financial health
Mixed
Built from five areas over the last five annual reports. Tap an area to see the figures behind it.
| Operating marginShare of each sale left after running the business, before interest and tax. | 264.4% | 100/100 |
|---|---|---|
| Net marginShare of each sale left as profit after every cost, interest and tax. | 501.6% | 100/100 |
| Return on equityProfit earned on the money shareholders put in. Above 15% is strong. | 27.7% | 100/100 |
| Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge. | 6.1% | 41/100 |
Weight in the score: 25%
| Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash. | 2.09× | 100/100 |
|---|---|---|
| Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted. | 0.24× | 98/100 |
| Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable. | 1.74× | 65/100 |
| Interest coverageHow many times operating profit covers interest. Below 2 is risky. | 4.21× | 26/100 |
| Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress. | 2.57 | 38/100 |
Weight in the score: 25%
| Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt. | -401.1% | 0/100 |
|---|---|---|
| Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy. | -0.80× | 0/100 |
| Years with positive free cash flow (last 5) | 1 of 5 | 0/100 |
Weight in the score: 20%
| Profitable years (last 5) | 2 of 5 | 40/100 |
|---|---|---|
| Years of revenue decline (last 5) | 3 of 5 | 0/100 |
| Revenue growth volatility | 1189.3% | 0/100 |
| Operating margin volatility | 290.3% | 0/100 |
Weight in the score: 20%
| Revenue growth, 3-year average | -69.8% | 0/100 |
|---|---|---|
| EPS growth, 3-year average | 5.3% | 52/100 |
Weight in the score: 10%
Fiscal year 2025 · change vs prior year
Annual figures as reported. Hover a bar or point for the exact value.
1 older year available with the 10-year history. Essential plan, from €8.25/month →
The last 5 fiscal years from the company's annual reports.
CNY millions; negative values in parentheses.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 39 | 983 | 78 | 41 | 27 |
| Cost of revenue | 44 | 753 | 182 | 29 | 67 |
| Gross profit | (4.1) | 230 | (103) | 12 | (40) |
| Research & development | 145 | 132 | 89 | 50 | 8.1 |
| Operating income | (179) | 21 | (261) | (114) | 71 |
| Interest expense | – | – | – | 6.9 | 17 |
| Pre-tax income | (175) | 31 | (254) | (120) | 126 |
| Income tax | 0 | 0 | (0) | – | – |
| Net income | (175) | 31 | (253) | (113) | 135 |
| Diluted EPS | −¥3.89 | ¥5.84 | −¥42.94 | −¥14.06 | ¥6.82 |
| Diluted shares (millions) | 45 | 5.3 | 5.9 | 8 | 20 |
1 older year available with the 10-year history. Essential plan, from €8.25/month →
2.57 Grey zone
Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.
4/9
Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.
All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works
Latest annual report: Dec 31, 2025 · Data updated Apr 13, 2026