Nano(US:NA)2025-09-17 12:23Financial Performance - For the six months ended June 30, 2025, net revenues decreased to RMB 8,283,373, down from RMB 24,739,480 in the same period of 2024, representing a decline of approximately 66.6%[4] - Gross loss for the six months ended June 30, 2025, was RMB 10,708,364 compared to a gross profit of RMB 30,063 in the same period of 2024[4] - The net loss attributable to Nano Labs Ltd for the six months ended June 30, 2025, was RMB 7,054,541, compared to a net loss of RMB 57,233,740 in the same period of 2024, indicating a significant reduction in losses[4] - For the six months ended June 30, 2025, the net loss was RMB 11,777,937, a decrease from RMB 59,145,670 in the same period of 2024, indicating a significant improvement in financial performance[10] - Cash flows from operating activities for the six months ended June 30, 2025, resulted in a net cash outflow of RMB 50,782,563, compared to RMB 76,754,346 in the prior year, reflecting a reduction in cash used[10] Assets and Liabilities - Total current assets as of June 30, 2025, were RMB 1,237,744,872, a substantial increase from RMB 366,642,608 as of December 31, 2024[2] - Total liabilities as of June 30, 2025, were RMB 858,647,244, compared to RMB 383,025,668 as of December 31, 2024, reflecting an increase of approximately 124.3%[2] - Shareholders' equity increased to RMB 619,081,718 as of June 30, 2025, from RMB 232,907,824 as of December 31, 2024, representing a growth of approximately 165.5%[2] - The total liabilities as of June 30, 2025, were RMB 1,180,185,753, reflecting the company's financial obligations and potential leverage in its operations[8] Revenue Breakdown - Product sales revenue for the six months ended June 30, 2024, was RMB 20,352,715, which dropped to RMB 7,931,032 in 2025, indicating a decrease of about 61.0%[52] - Service revenue fell significantly from RMB 4,386,765 in the first half of 2024 to RMB 352,341 in 2025, a decline of approximately 92.0%[52] - As of June 30, 2025, the Company recorded contract liabilities of RMB 95,626,084, down from RMB 98,895,905 as of December 31, 2024[53] - The Company recognized RMB 12,066,145 and RMB 2,481,345 from contract liabilities as revenue during the six months ended June 30, 2024, and 2025, respectively[53] Cryptocurrency and Investments - The company reported a change in the fair value of cryptocurrencies amounting to a loss of RMB 48,610,295 for the six months ended June 30, 2025[4] - The fair value of cryptocurrencies held by the Company decreased from RMB 776,702,624 as of December 31, 2024, to RMB 242,889,085 as of June 30, 2025[34] - Convertible notes denominated in bitcoin were valued at RMB 470,948,166 as of June 30, 2025, reflecting the Company's investment strategy in digital assets[34] - The company has initiated a cryptocurrency value investment business at the end of 2024, diversifying its operations beyond integrated circuit design[12] Operational Metrics - The weighted average number of shares used in the calculation of net loss per ordinary share for the six months ended June 30, 2025, was 16,548,783, reflecting a significant increase from 6,766,671 in the same period of 2024[4] - The company raised RMB 357,040,338 from the issuance of ordinary shares and warrants during the six months ended June 30, 2025, significantly higher than the RMB 30,610,245 raised in the same period of 2024[10] - As of June 30, 2025, the company had 23,571,833 Class A and Class B ordinary shares outstanding, an increase from 15,674,052 shares as of December 31, 2024[101] Expenses and Cost Management - Total operating expenses for the six months ended June 30, 2025, were RMB 27,325,290, a decrease of 53.5% from RMB 58,722,004 in the same period of 2024[4] - The company incurred an inventory write-down of RMB 5,726,162 for the six months ended June 30, 2025, down from RMB 12,395,993 in the same period of 2024, suggesting improved inventory management[10] - The cost of revenues included inventory write-downs of RMB 12,395,993 for the six months ended June 30, 2024, and RMB 5,726,162 for the same period in 2025[54] Compliance and Governance - The Company’s unaudited consolidated financial statements are prepared in accordance with U.S. GAAP, ensuring compliance and transparency in financial reporting[18] - The Company adopted ASU No. 2023-09 on January 1, 2025, which did not have a material impact on the consolidated financial statements[73] Future Outlook - The company has not provided specific guidance for future performance or new product developments in the current report[4] - The Company may offer and sell its Class A ordinary shares up to a maximum aggregate offering price of US$45,000,000 under the ATM Agreement with Maxim Group LLC[129]