Nano Labs (NASDAQ:NA) executives used the company’s second-half 2025 earnings call to outline a strategy centered on expanding a BNB-focused crypto asset reserve while advancing new AI agent-related hardware and ecosystem initiatives.
Management highlights BNB reserve strategy
Chairman and CEO Jianping Kong said the company views the broader Web3 environment as improving in 2025, citing “enhanced crypto assets, infrastructure, and increasing market participation,” which he said has brought the crypto market and Web3-related sectors into “a new phase of growth and opportunity.”
In the Q&A session, Kong reiterated that the company has “designated BNB as a core component of its crypto asset strategic reserves.” He told shareholders the company plans to continue holding BNB long term and “gradually increase our holding at appropriate times,” while maintaining what he called a “relatively stable reserve level.” He said the approach is aimed at strengthening synergies with the Web3 ecosystem and providing an asset foundation for the company’s long-term development.
Financing activity and share repurchase plan
Kong said Nano Labs completed “two rounds of financing in 2025,” which he said supported the company’s strategic transformation, expansion of crypto asset reserves, and exploration of new business directions.
Management also discussed a previously announced share repurchase program. In response to a shareholder question, the company said it announced a repurchase authorization of up to $25 million in October 2025 for three main reasons:
- To enhance shareholder value and deliver long-term returns
- To demonstrate management’s positive outlook on the company’s long-term development
- To signal confidence in long-term growth and operations to capital markets
The company said the program has commenced and is expected to be implemented “steadily” over the long term, taking into account market conditions and capital allocation plans.
Product updates: iPollo ClawPC A1 Mini and AI agent ecosystem
Kong said that in March 2026, the company “officially launched” its next-generation product, the iPollo ClawPC A1 Mini, designed to support the Open Claw AI Agent. He said Nano Labs plans to introduce a Cloud OS system and additional hardware products to expand its “full ecosystem services for AI agents.”
Addressing another shareholder question, Kong said the iPollo ClawPC A1 Mini is intended as the company’s next-generation AI agent hardware product supporting the Open Claw AI agent system. He said Nano Labs believes AI agents may become “a key form of next generation intelligent applications,” prompting the company to invest in related infrastructure. Kong also said the company has gained “significant brand visibility” and that product sales and ecosystem development are “progressing steadily.”
Looking ahead, management said it would continue monitoring industry trends and market dynamics, while advancing its crypto asset strategy and exploring broader opportunities tied to the AI agent ecosystem.
Second-half 2025 financial results
Chief Financial Officer Bing Chen provided a financial overview for the second half of 2025. Chen said net revenue was RMB 80.7 million (about $2.7 million), compared with RMB 50.9 million in the same period last year, which he attributed primarily to higher sales volume of iPollo V series products.
Chen said the company recorded a gross loss of RMB 29.1 million (about $4.1 million) for the second half of 2025, compared with a gross profit of RMB 11.6 million in the same period of 2024. He reported cost of revenue of RMB 47.8 million (about $6.8 million) versus RMB 4.3 million a year earlier, attributing the change mainly to write-downs of inventories and value-added tax recoverable.
On expenses, Chen said selling and marketing expenses fell 56.2% year over year to RMB 2.1 million (about $0.3 million), primarily due to lower employee salary expenses. General and administrative expenses rose 30.3% to RMB 33.1 million (about $4.7 million), which he said was mainly driven by higher professional service fees. Research and development expenses decreased 76.9% to RMB 4.9 million (about $0.7 million), which Chen attributed to lower salary, material, and equipment expenses.
Chen reported profit from operations of RMB 60.8 million (about $8.7 million), compared with an operating loss of RMB 55.6 million in the second half of 2024. He said other income was RMB 38.2 million (about $5.4 million), up from RMB 1.7 million a year earlier, due to “Binance Launchpool and the airdrop income for BNB holders and income for crypto investment products.”
Net income for the second half of 2025 was RMB 137.7 million (about $19.6 million), compared with a net loss of RMB 60.4 million in the prior-year period. Basic and diluted earnings per share were RMB 6.2 (about $0.9), compared with a basic and diluted loss per share of RMB 6 in the second half of 2024, Chen said.
As of Dec. 31, 2025, Chen said the company had cash and cash equivalents of RMB 8.5 million (about $1.2 million), compared with RMB 328.4 million as of Dec. 31, 2024.
Long-term priorities
In response to a question on the company’s long-term business direction, management said Nano Labs is focused on two primary initiatives: a BNB-centered crypto asset reserve strategy and AI agent ecosystem development. The company said it plans to continue expanding its crypto asset allocation when market conditions are favorable, while advancing the launch and commercialization of AI agent hardware products, introducing Cloud OS, and building an application and service ecosystem tied to the transition “from Web3 to Web4.”
Chen said management remains confident in its strategy and ability to execute, adding that the company aims to leverage its technology to capture development opportunities, drive long-term growth, and create value for shareholders.
About Nano Labs (NASDAQ:NA)
Nano Labs Ltd operates as a fabless integrated circuit design company and product solution provider in the People's Republic of China and internationally. It develops high throughput computing and high-performance computing chips. The company also offers distributed computing and storage solutions, smart network interface cards, and vision computing chips, as well as distributed rendering technology. In addition, it engages in the research and development of software. Its customers include enterprises and individual buyers.
