Nano Labs Ltd Class A Ordinary Shares 2026 H1 Earnings Call
Review the key takeaways and the transcript of this earnings call.
- In the first half of 2026, Nano Labs experienced a net loss of RMB 316.7 million ($46.5 million), compared to a net loss of RMB 11.8 million in the same period of 2025.
- The company recorded a gross loss of RMB 5.8 million ($0.9 million) in the first half of 2026, an improvement from a gross loss of RMB 10.7 million in the prior year period.
- Operating expenses totaled RMB 285.8 million ($42 million) in the first half of 2026, significantly higher than the total operating income of RMB 21.3 million in the same period of 2025.
- Selling and marketing expenses increased by 17% to RMB 3.1 million ($0.4 million) due to expanded sales and marketing efforts.
- General and administrative expenses rose by 29.5% to RMB 27.9 million ($4.1 million), mainly due to higher professional fees and real estate taxes.
- Research and development expenses increased by 39.8% to RMB 4.4 million ($0.6 million) driven by higher system development service fees.
- The company suffered a loss of RMB 250.5 million ($36.8 million) from changes in the fair value of cryptocurrencies, primarily due to a decline in BNB prices.
- Operating loss was RMB 291.7 million ($42.8 million) compared to an operating profit of RMB 10.6 million in the first half of 2025.
- Other expenses amounted to RMB 18.3 million ($2.5 million) due to losses from fair value changes in short-term investments.
- Basic and diluted loss per share was RMB 13.65 ($2) for the first half of 2026, compared to a loss per share of RMB 0.43 in 2025.
- As of June 30, 2026, cash and cash equivalents were RMB 9.0 million ($1.3 million), slightly higher than RMB 8.5 million at December 31, 2025.
- Nano Labs launched the iPollo ClawPC A1 Mini product and continued developing the OpenClaw ecosystem, integrating smart devices, operating systems, hardware, software, and applications.
- The company holds a long-term reserve of 30,000 BNB as part of its digital asset capital allocation framework.
- As of August 26, 2026, Nano Labs completed $3.2 million of its $25 million share repurchase program announced in October 2025.
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Transcript
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Ladies and gentlemen, thank you for standing by. Welcome to Nano Labs' first half of 2026 earnings conference call. During today's call, all participants will be in listen-only mode. This conference is being recorded today, Friday 28, 2026. Joining us today from Nano Labs are the company's Chairman and Chief Executive Officer, Mr. Jianping Kong, and the company's Chief Financial Officer, Mr. Bing Chen. On our call today, Mr. Kong will give you an overview of the company's performance, and Mr. Chen will share the details of the company's financial results. After that, we will conduct a question and answer session to take your questions.
Before we continue, I would like to remind you that some information discussed on this call will contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties, and other factors, all of which are difficult to predict and many of which are beyond the company's control, which may cause the company's actual results, performance, or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the company's filings with the Securities and Exchange Commission.
During today's call, Mr. Kong and Mr. Chen will deliver their remarks in Chinese, and the company's representative will provide corresponding English translations. With that, I will now turn the call over to Mr. Kong, the company's chairman and chief executive officer. Mr. Kong, please go ahead.
感谢主持人和其他所有今天参加Nano Labs 2026年上半年财报电话会议的朋友。在我们今天的电话会议上，我将阐述公司近期发展及公司未来的战略举措。 Thank you, operator and everyone for joining Nano Labs' first half of 2026 conference call today.
For our call today, I will provide an overview of our recent developments and our strategic initiatives going forward.
2026年上半年，随着Web3行业持续走向成熟，全球数字资产市场也在经历深刻的结构性演变。在这一背景下，我们愈发清晰地看到人工智能与Web3深度融合所带来的系统性机遇，不仅将有助于重塑区块链基础设施，也正在催生新的应用场景与商业模式。基于这一判断，Nano Labs在今年上半年推出了新一代产品iPollo ClawPC A1 Mini，并持续推进OpenClaw生态系统的建设，涵盖智能终端操作系统、硬件、软件与应用层。 In the first half of 2026, as the Web3 industry continued to mature, the global digital asset market underwent profound structural evolution.
Against this backdrop, we increasingly recognize the systematic opportunities arising from the deep integration of AI and Web3. This convergence not only has the potential to reshape blockchain infrastructure, but also to unlock new application scenarios and business models. Guided by this perspective, Nano Labs launched its next-generation product, the iPollo ClawPC A1 Mini, during the first half of the year and continued to advance the development of OpenClaw Ecosystem, spanning smart devices, operating systems, hardware, software, and application layers.
公司持续落实数字资产战略储备，基于对数字资产市场及更广泛区块链生态系统的长期研判，管理层将数字资产正式纳入公司资本配置框架作为战略性组成部分。截止本中期报告发布之日，公司保持长期储备7万枚BNB。公司认为，审慎且有纪律的数字资产配置策略，不仅有助于增强资产负债表的稳定性，也将为生态合作提供更坚实的支撑，并为未来战略布局预留更大的灵活性。与此同时，为进一步提升股东价值并彰显管理层对公司长期发展的信心，我们将继续推进于2025年10月宣布的最高2,500万美元的股份回购计划。截止2020年8月26号，共计完成317万美金的Class A普通股票回购，并将长期稳步推进。展望未来，Nano Labs将持续深耕AI、Web3及下一代基础设施交汇带来的机遇。通过持续技术创新、深化战略合作及生态系统的有序扩充，公司致力于进一步落实竞争优势，并为股东创造长期可持续价值。 The company continues to implement its digital asset reserve strategies.
Based on a long-term assessment of the digital asset market and the broader blockchain ecosystem, management has formally incorporated digital assets into the company's capital allocation framework as a strategic component. As of the date of this interim report, the company held long-term reserves of 30,000 BNB. The company believes that a prudent and disciplined approach to digital asset allocation will not only help strengthen its balance sheets, but also provide greater support for ecosystem collaboration and enhance flexibility for future strategic planning. Meanwhile, to further enhance shareholder value and demonstrate management's confidence in the company's long-term development, the company continues to advance its share repurchase program of up to $25 million, originally announced in October 2025.
As of August 26, 2026, the company had completed repurchase of Class A ordinary shares for total consideration $3.2 million. It will continue to advance the program in a steady and disciplined manner over the long term. Looking forward, Nano Labs will continue to explore opportunities arising from the converging of AI, Web3, and next generation computing infrastructure. Through continuous technology, innovation, deeper strategic partnerships, and ecosystem development, the company aims to strengthen its technological capabilities, extend its strategic footprint, and create sustainable long-term value for shareholders.
感谢各位一直以来对本公司的信任和支持。接下来我将把电话转给我们的首席财务官陈斌先生，由他对我们的财务业绩进行更详细的阐述。陈斌先生，请您继续。 Thank you for your support and trust.
Next, I will turn the call over to our Chief Financial Officer, Mr. Bing Chen, for a closer review of our financial results. Mr. Bing Chen, please go ahead.
感谢孔俊瑾先生。大家早上好，我将代表管理团队简要介绍2026年上半财年的财务表现。2026年上半财年，公司净收益为人民币278万元，或40万美元，去年同期为828万元。净收益下降主要由于iPollo V系列产品销量减少。2026年上半财年，毛亏损为人民币585万元或86万美元，去年同期为毛亏损人民币1,071万元。2026年上半财年，公司的营业成本为人民币863万元或126万美元，2025年同期为人民币1,899万元，主要原因是销量的减少。 Thank you, Mr. Chen.
Good morning, everyone. On behalf of the management team, I will provide a brief financial overview of the first half of 2026. In the first half of 2026, our net value was RMB 2.8 million, $0.4 million, compared to RMB 8.3 million in the same period last year. This decrease in net value was primarily due to the drop of sales volume of iPollo V Series. We recorded a gross loss of RMB 5.8 million, $0.9 million for the first half of 2026, compared to RMB 10.7 million in the same period of 2025. Cost of revenue for the first half of fiscal year 2026 is RMB 8.6 million, $1.3 million compared to RMB 19 million in the same period of 2025. The decline was mainly due to the decrease in sales volume.
2026年上半财年的总营业支出为人民币2.9亿元，或4,197万美元。2025年同期，营业收入为人民币2,129万元。2026年上半财年，公司的销售费用较2025年同期的人民币262万元增长了17%，至人民币306万元或45万美元。主要原因是销售市场拓展力度的加大。 Total operating expenses for the first half of fiscal year 2026 were RMB 285.8 million, $42 million, compared to the total operating income of RMB 21.3 million for the same period of 2025.
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