Nano Labs Ltd reported a full‑year 2025 revenue of CNY 27.01 million (US$3.9 million), down 33% from CNY 40.6 million in 2024. Despite the revenue drop, the company posted a net income of CNY 135.47 million (US$19.6 million), a dramatic turnaround from a CNY 113.19 million loss (US$16.4 million) the previous year. Basic and diluted earnings per share rose to CNY 6.82, compared with a basic loss per share of CNY 14.06 in 2024.
The revenue decline was driven largely by a weak first‑half of 2025, where sales of the iPollo V Series fell sharply. The second half, however, saw a 18.1% increase in net revenue to CNY 18.7 million, offsetting the earlier weakness. Even with the stronger second‑half performance, the overall annual figure remained lower because the first‑half shortfall was not fully compensated.
Profitability was largely a result of gains from the change in fair value of cryptocurrencies, which offset operating losses and produced the net income. The company recorded a gross loss of CNY 29.1 million in the second half, attributed to inventory write‑downs and a higher value‑added tax recoverable. Cash and cash equivalents fell sharply from CNY 32.4 million at the end of 2024 to CNY 8.5 million at the end of 2025, reflecting the company’s liquidity squeeze amid the earnings turnaround.
Management highlighted a strategic pivot toward the AI Agent ecosystem and an increased reserve of BNB, citing its long‑term value. The firm also announced the launch of the iPollo ClawPC A1 Mini, a high‑throughput computing platform, and a share‑repurchase program of up to US$25 million to enhance shareholder value.
The company’s chief executive noted that the Web 3.0 market was entering a new growth phase and that the crypto‑asset strategy would continue to support future earnings. The chief financial officer emphasized the 18.1% revenue growth in the second half and the company’s commitment to long‑term, prudent investment decisions as it transitions from Web 3.0 to Web 4.0.
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