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Company Overview — What Does Nano Labs Ltd Do?

Our mission is to provide ubiquitous computing power to the Metaverse computing network with our fabless logic-memory integrated circuits. We are a leading fabless integrated circuit, or IC, design company and product solution provider in China. We are committed to the development of high throughput computing, or HTC, chips, high performance computing, or HPC, chips, distributed computing and storage solutions, smart network interface cards, or NICs, vision computing chips and distributed rendering. We have built a comprehensive flow processing unit, or FPU, architecture which offers solution that integrates the features of both HTC and HPC. Moreover, our Cuckoo series are one of the first near-memory HTC chips available in the market with a maximum bandwidth of approximately 2.27 Tbps, as well as one of the first movers of ASIC-based Grin mining market, according to the F&S report. In June 2021, we established IPOLLO PTE. LTD., our indirect wholly-owned subsidiary in Singapore, to facilitate our business expansion in the overseas IC markets. The fabless model of semiconductor production has become increasingly popular as it allows companies to focus on IC design and avoid significant resource investments by sharing the existing manufacturing facilities of a third party. The market size of the global fabless IC design market, in terms of the sales revenue, increased from US$101.5 billion in 2017 to US$169.0 billion in 2021 at a CAGR of 13.6%, according to the F&S report. Due to the emergence of cutting-edge technologies, such as artificial intelligence, Internet-of-things and blockchain, the market size of the global fabless IC design market is expected to reach US$343.3 billion in 2026 at a CAGR of 15.2% between 2021 and 2026, according to the same source. Moreover, China has taken a large share of the global fabless IC design market in recent years and experienced a steady growth in revenue due to the development of design and manufacturing technology and government support. According to the F&S report, the market size of China’s fabless IC design market, in terms of the sales revenue of ICs, increased from RMB72.6 billion in 2017 to RMB181.3 billion in 2021 at a CAGR of 25.7% and is expected to reach RMB468.6 billion in 2026 at a CAGR of 20.9% between 2021 and 2026, according to the same source. We have developed significant advantages in our business and technological capabilities, including the following: • We released our first generation of the Cuckoo series, Cuckoo 1.0, in the second quarter of 2020, which is one of the first near-memory HTC chips available in the market with a maximum bandwidth of approximately 2.27 Tbps, as well as one of the first movers in the ASIC-based Grin mining market, according to the F&S report. • We completed the tape-out for Cuckoo 2.0 and launched the product in the fourth quarter of 2021. We are in the design process of Cuckoo 3.0, which is expected to be completed in 2023. • We have completed the design of Darkbird 1.0 and have begun the delivery of Darkbird 1.0 in the first quarter of 2022. We are in the process of designing Darkbird 2.0. • Our proprietary HPC chips, Darkbird, embedded in our Bitcoin mining machine, iPollo, can achieve high computing power with reduced size and increased power efficiency. • In the fourth quarter of 2021, we launched our Darksteel series, which can be applied to both industrial and commercial sectors by offering distributed computing and data storage solutions. • We have successfully designed our 40nm, 22nm and n+1 ASIC chips and our 38nm memory chip. • As of December 31, 2021, we had registered six software copyrights, four IC layout-design rights and five patents in China, and applied for registration of 24 patents in China. In the four months ended April 30, 2022, we recorded a revenue of RMB175.6 million (US$27.5 million) and received total prepayments of RMB833.2 million (US$130.7 million) for pre-sale of our products. Such financial information is prepared by our management and is the responsibility of our management. Our independent registered public accounting firm, MaloneBailey, LLP, has not performed any audit or review of such financial information in accordance with any generally accepted auditing or review standards, or performed any other procedures with respect to such financial information. Our principal executive office is located at 30th Floor, Dikaiyinzuo, No. 29, East Jiefang Road, Hangzhou, Zhejiang, People’s Republic of China. Our telephone number at this address is (86) 0571-8665 6957. Our registered office in the Cayman Islands is located at PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. Our agent for service of process in the United States is Cogency Global Inc. located at 122 East 42nd Street, 18th Floor, New York, NY. Nano Labs Ltd (NA) is classified as a micro-cap stock in the Technology sector, specifically within the Electronic Equipment industry. The company is led by CEO Jianping Kong. With a market capitalization of $68M, NA is one of the notable companies in the Technology sector.

Nano Labs Ltd (NA) Stock Rating — Reduce (April 2026)

As of April 2026, Nano Labs Ltd receives a Reduce rating with a composite score of 24.3/100 and 2 out of 5 stars from the Blank Capital Research quantitative model.NA ranks #3,897 out of 4,446 stocks in our coverage universe. Within the Technology sector, Nano Labs Ltd ranks #479 of 584 stocks, placing it in the lower half of its Technology peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).

NA Stock Price and 52-Week Range

Nano Labs Ltd (NA) currently trades at $3.07. The stock gained $0.09 (3.0%) in the most recent trading session. The 52-week high for NA is $31.48, which means the stock is currently trading -90.2% from its annual peak. The 52-week low is $2.75, putting the stock 11.6% above its annual trough. Recent trading volume was 38K shares, suggesting relatively thin trading activity.

Is NA Overvalued or Undervalued? — Valuation Analysis

Nano Labs Ltd (NA) carries a value factor score of 17/100 in the Blank Capital model, signaling premium valuation that prices in significant future growth. The price-to-book ratio stands at 2.15x, versus the sector average of 3.16x. The price-to-sales ratio is 3.06x, compared to 1.06x for the average Technology stock.

At current multiples, Nano Labs Ltd trades at a premium to most Technology peers. This elevated valuation may be justified if the company can sustain above-average growth rates and profitability, but it also creates downside risk if earnings disappoint expectations.

Nano Labs Ltd Profitability — ROE, Margins, and Quality Score

Nano Labs Ltd (NA) earns a quality factor score of 22/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is -207.2%, compared to the Technology sector average of -1.4%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at -77.6% versus the sector average of -1.0%.

On a margin basis, Nano Labs Ltd reports gross margins of 28.6%, compared to 50.9% for the sector. The operating margin is -242.7% (sector: -0.5%). Net profit margin stands at -294.5%, versus -1.5% for the average Technology stock. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.

NA Debt, Balance Sheet, and Financial Health

Nano Labs Ltd has a debt-to-equity ratio of 84.0%, compared to the Technology sector average of 43.0%. Leverage is within a manageable range for the industry, though investors should monitor debt trends over time. Total debt on the balance sheet is $27M. Cash and equivalents stand at $4M.

NA has a beta of 0.63, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for Nano Labs Ltd is 34/100, suggesting elevated price swings that may be unsuitable for conservative portfolios.

Nano Labs Ltd Revenue and Earnings History — Quarterly Trend

In TTM 2026, Nano Labs Ltd reported revenue of $6M and earnings per share (EPS) of $-1.93. Net income for the quarter was $-16M. Gross margin was 28.6%. Operating income came in at $-13M.

In FY 2024, Nano Labs Ltd reported revenue of $6M and earnings per share (EPS) of $-1.93. Net income for the quarter was $-16M. Gross margin was 28.6%. Revenue grew -49.6% year-over-year compared to FY 2023. Operating income came in at $-13M.

In FY 2023, Nano Labs Ltd reported revenue of $11M and earnings per share (EPS) of $-6.05. Net income for the quarter was $-36M. Gross margin was -132.1%. Revenue grew -92.3% year-over-year compared to FY 2022. Operating income came in at $-37M.

In FY 2022, Nano Labs Ltd reported revenue of $143M and earnings per share (EPS) of $0.85. Net income for the quarter was $5M. Gross margin was 23.4%. Revenue grew 2203.2% year-over-year compared to FY 2021. Operating income came in at $3M.

Over the past 5 quarters, Nano Labs Ltd has experienced revenue contraction from $6M to $6M. Investors analyzing NA stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.

NA Dividend Yield and Income Analysis

Nano Labs Ltd (NA) does not currently pay a dividend. This is common among smaller companies in the Electronic Equipment industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Technology dividend stocks may want to explore other Technology stocks or use the stock screener to filter by dividend yield.

NA Momentum and Technical Analysis Profile

Nano Labs Ltd (NA) has a momentum factor score of 16/100, signaling weak relative price performance. Stocks with low momentum scores have historically tended to continue underperforming in the near term. The investment factor score is 13/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 66/100 reflects moderate short selling activity.

NA vs Competitors — Technology Sector Ranking and Peer Comparison

Within the Technology sector, Nano Labs Ltd (NA) ranks #479 out of 584 stocks based on the Blank Capital composite score. This places NA in the lower half of all Technology stocks in our coverage universe. Key competitors and sector peers include IHS Holding Ltd (IHS) with a score of 55.0/100, VERISIGN INC/CA (VRSN) with a score of 56.0/100, ESCO TECHNOLOGIES INC (ESE) with a score of 51.7/100, CareCloud, Inc. (CCLD) with a score of 46.9/100, and MMTec, Inc. (MTC) with a score of 47.4/100.

Comparing NA against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full NA vs S&P 500 (SPY) comparison to assess how Nano Labs Ltd stacks up against the broader market across all factor dimensions.

NA Next Earnings Date

No upcoming earnings date has been announced for Nano Labs Ltd (NA) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.

Should You Buy NA? — Investment Thesis Summary

The quantitative profile for Nano Labs Ltd suggests caution. The quality score of 22/100 flags below-average profitability. The value score of 17/100 indicates premium valuation. Momentum is weak at 16/100, a headwind for near-term performance. High volatility (stability score 34/100) increases portfolio risk.

In summary, Nano Labs Ltd (NA) earns a Reduce rating with a composite score of 24.3/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on NA stock.

Related Resources for NA Investors

Explore more research and tools: NA vs S&P 500 comparison, top Technology stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare NA head-to-head with peers: NA vs IHS, NA vs VRSN, NA vs ESE.