Nano Labs Ltd Q2 2026 Earnings Recap

Nano Labs’ shares rose 4.7% following the earnings announcement, reflecting investor approval of the company’s strategic pivot towards AI and Web3 integration despite continued operational losses and a challenging digital asset environment.

Key Takeaways

• Revenue declined sharply to RMB 2.8 million (USD 0.4 million) from RMB 8.3 million a year ago, driven by lower sales volume of the iPollo V-Series.
• Gross loss narrowed slightly to RMB 5.8 million (USD 0.9 million), with cost of revenue decreasing commensurately due to reduced sales.
• Operating expenses surged to RMB 285.8 million (USD 42 million), with notable increases in selling and marketing (+17%), general and administrative (+29.5%), and R&D (+39.8%) costs.
• The company recorded a significant non-cash loss of RMB 250.5 million (USD 36.8 million) from cryptocurrency fair value changes due to a decline in BNB prices.
• Despite a net loss of RMB 316.7 million (USD 46.5 million), management highlighted progress in launching new AI-integrated products and expanding the strategic digital asset reserve.