Nano Labs Ltd (Nasdaq: NA) (“we,” the “Company” or “Nano Labs”), a
leading fabless integrated circuit design company and product
solution provider in China, today announced its unaudited financial
results as of December 31, 2022 and for the three months ended
December 31, 2022.
Fourth Quarter 2022 Financial
Highlights
- Net revenue was
RMB12.7 million (US$1.8 million) for the three months ended
December 31, 2022, compared to a net revenue of RMB3.2 million in
the same period of 2021.
- Gross loss was
RMB76.6 million (US$11.0 million) for the three months ended
December 31, 2022, compared to a gross loss of RMB23.8 million for
the same period of 2021.
- Loss from
operations was RMB136.9 million (US$19.7 million) for the three
months ended December 31, 2022, compared to a loss from operations
of RMB136.8 million in the same period of 2021.
- Net loss was
RMB132.8 million (US$19.1 million) for the three months ended
December 31, 2022, compared to a net loss of RMB135.5 million in
the same period of 2021.
- Net loss per
ordinary share (both basic and diluted) was approximately RMB1.19
(US$0.17) for the three months ended December 31, 2022, compared to
a loss per ordinary share (both basic and diluted) of RMB1.32 in
the same period of 2021.
Mr. Jianping Kong, Chairman and Chief Executive
Officer of the Company, commented, “The management team went
overseas and discussed the trends with industrial pioneers, and
strive to find new market opportunities as well as expand overseas
markets, aiming to mitigate the impact from the conversion of
Ethereum mainnet from proof-of-work (“POW”) to proof-of-stake
(“POS”) in mid-September. At the same time, our company is actively
exploring and researching the fields of zero-knowledge (“ZK”) and
AI-generated content (“AIGC”) computations, and had launched our
newly self-developed A-series iPollo computing devices with ZK and
AIGC computing capabilities embedded. The A-series iPollo computing
devices adopt high-performance graphics cards with large memory and
high-core central processing units (“CPUs”), ensuring low power
consumption and easy management while maintaining stable operation
in high computing power, which can more efficiently support ZK and
AIGC computations.
In addition, our iPollo Metaverse, previously
known as Ipolloverse, which the Company expects to launch to the
market soon, has recently made substantial technological progress.
It relies on decentralized technology and innovative consensus
mechanisms with AIGC capabilities embedded as an important Layer 2
tool. iPollo Metaverse reduces the threshold for user creation and
provides developers with lower-cost rendering solutions and more
efficient developer tools. The elastic computing network underneath
now supports the inference of stable diffusion machine learning
models and can generate patterns from text and directly cast them
into non-fungible tokens (“NFTs”). With AIGC as a Layer 2 tool,
iPollo Metaverse enables developers to better leverage AIGC to
create metaverses, offering extensive possibilities for creating
unique and innovative metaverse experiences. At the same time,
iPollo Metaverse is committed to achieving open social and
immersive experiences in the 3D metaverse world, allowing tens of
thousands of real users to interact in real-time at low cost in
high-fidelity, zero-latency environments. This brings new Web 3.0
lifestyle options for users. Additionally, the Company also plans
to provide 3D printing services for users' metaverses, thereby
integrating the virtual and real world.
We expect to be able to create Metaverse through
our leading technology and in-depth industry understanding.”
Mr. Bing Chen, Chief Financial Officer,
commented, “In the last quarter this year, our net revenue is
RMB12.7 million (US$1.8 million). In addition, the net loss was
RMB132.8 million (US$19.1 million) for the three months ended
December 31, 2022, compared to a net loss of RMB135.5 million in
the same period of 2021. Leveraging our experience and expertise,
we will continue developing and launching the cutting-edge products
and executing our strategic development initiatives. Looking
forward, we aim to grow our business and generate long-term value
for our shareholders.”
Unaudited Fourth Quarter 2022 Financial
Results
Net Revenues
Net revenues increased to RMB12.7 million
(US$1.8 million) for the three months ended December 31, 2022, from
RMB3.2 million for the same period of 2021. The increase in net
revenues was primarily due to the increase in sales volume of
iPollo V1 Series and B1 Series products.
Cost of Revenues
Cost of revenues increased significantly to
RMB89.3 million (US$12.8 million) for the three months ended
December 31, 2022, from RMB26.9 million for the same period of
2021, the change was mainly due to the increase in sales volume and
an inventory write-down of RMB 47.9 million.
Operating Expenses
Total operating expenses decreased to RMB60.3
million (US$8.7 million) for the three months ended December 31,
2022, from RMB113.0 million for the same period of 2021.
- Selling and
marketing expenses increased to RMB5.6 million (US$0.8 million) for
the three months ended December 31, 2022 from RMB3.4 million for
the same period of 2021. The increase in selling and marketing
expenses was primarily due to the increase in advertising expenses
to support marketing strategies, expand market share and improve
brand visibility.
- General and
administrative expenses increased to RMB15.5 million (US$2.2
million) for the three months ended December 31, 2022, from RMB10.0
million for the same period of 2021. The increase in general and
administrative expenses was primarily due to the increase in
employee salary expenses as the number and salaries of general and
administrative staff increased and the increase in other
miscellaneous expenses due to the development and expansion of its
business.
- Research and
development expenses decreased to RMB39.2 million (US$5.6 million)
for the three months ended December 31, 2022, from RMB99.6 million
for the same period of 2021. The decrease in research and
development expenses was primarily because the direct materials
related to research and development decreased in the current
period.
Loss from Operations
Loss from operations was RMB136.9 million
(US$19.7 million) for the three months ended December 31, 2022,
compared with loss from operations of RMB136.8 million for the same
period of 2021.
Finance Expense (Income)
Finance income was RMB1.3 million (US$0.2
million) for the three months ended December 31, 2022, compared
with finance loss of RMB0.7 million for the same period of 2021 due
to the increase of foreign currency exchange gains.
Net Loss
Net loss was RMB132.8 million (US$19.1 million)
for the three months ended December 31, 2022, compared with net
loss of RMB135.5 million for the same period of 2021.
Basic and Diluted Loss Per Ordinary
Share
Basic and diluted loss per ordinary share was
RMB1.19 (US$0.17) for the three months ended December 31, 2022,
compared with basic and diluted loss per ordinary share of RMB1.32
for the same period of 2021. Each ADS represents 2 of the Company’s
class A ordinary shares.
Cash and Cash Equivalents
As of December 31, 2022, the Company had cash
and cash equivalents of RMB87.8 million (US$12.6 million), compared
with RMB233.9 million as of December 31, 2021.
Exchange Rate
This press release contains translations of
certain Renminbi (RMB) amounts into U.S. dollars (US$) solely for
the convenience of the reader. Unless otherwise specified, all
translations of Renminbi amounts into U.S. dollar amounts in this
press release are made at RMB 6.9646 to US$1.00, the central parity
rate on December 31, 2022 published by the People’s Bank of
China.
Non-GAAP Financial Measures
In evaluating our business, we consider and use
adjusted net income/(loss) as an additional non-GAAP measure to
review and assess our operating performance. The presentation of
the non-GAAP financial measure is not intended to be considered in
isolation or as a substitute for the financial information prepared
and presented in accordance with U.S. GAAP. We define adjusted net
income/(loss) as net income/(loss) excluding share-based
compensation expense.
We present the non-GAAP financial measure
because they are used by our management to evaluate our operating
performance and formulate business plans. Non-GAAP financial
measures enable our management to assess our operating results
without considering the impact of non-cash charges and
non-operating items. We also believe that the use of the non-GAAP
measure facilitates investors’ assessment of our operating
performance.
The non-GAAP financial measure is not defined
under U.S. GAAP and is not presented in accordance with U.S. GAAP.
The non-GAAP financial measure has limitations as analytical tools.
One of the key limitations of using the non-GAAP financial measure
is that they do not reflect all items of income and expense that
affect our operations. Share-based compensation expenses have been
and may continue to be incurred in our business and are not
reflected in the presentation of adjusted net income/(loss).
Further, the non-GAAP measure may differ from the non-GAAP
information used by other companies, including peer companies, and
therefore their comparability may be limited.
Conference Call
The Company will host an earnings conference
call to discuss its financial results at 8:30 am U.S. Eastern Time
(8:30 pm Beijing Time) on March 14, 2023.
For participants who wish to join the call,
please access the link provided below to complete the online
registration process.
Registration Link:
https://s1.c-conf.com/diamondpass/10029463-nasmf66.html.
Upon registration, participants will receive the
dial-in number and unique PIN, which can be used to join the
conference call. If participants register and forget their PIN or
lose their registration confirmation email, they may simply
re-register and receive a new PIN. All participants are encouraged
to dial in 15 minutes prior to the start time.
A live and archived webcast of the conference
call will be accessible on the Company’s investor relations website
at: https://ir.nano.cn/.
A telephone replay of the call will be available
until March 21, 2023 via the following dial-in details:
Dial-in Numbers: |
|
U.S./Canada |
1-855-883-1031 |
Hong Kong |
800-930-639 |
China |
400-1209-216 |
Replay PIN |
10029463 |
About Nano Labs Ltd
Nano Labs Ltd is a leading fabless integrated
circuit (“IC”) design company and product solution provider in
China. Nano Labs is committed to the development of high throughput
computing (“HTC”) chips, high performance computing (“HPC”) chips,
distributed computing and storage solutions, smart network
interface cards (“NICs”) vision computing chips and distributed
rendering. Nano Labs has built a comprehensive flow processing unit
(“FPU”) architecture which offers solution that integrates the
features of both HTC and HPC. Nano Lab’s 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 the ASIC-based Grin mining market *. For more
information, please visit the Company’s website at: ir.nano.cn.
*According to an industry report prepared by
Frost & Sullivan.
Forward-Looking Statements
This report contains 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. These forward-looking statements
include, without limitation, the Company’s plan to appeal the
Staff’s determination, which can be identified by terminology such
as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,”
“intend,” “plan,” “believe,” “potential,” “continue,” “is/are
likely to” or other similar expressions. 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. The Company
does not undertake any obligation to update any forward-looking
statement as a result of new information, future events or
otherwise, except as required under law.
For investor and media inquiries, please
contact:
Nano Labs Ltd
Email: ir@nano.cn
Ascent Investor Relations
LLC
Ms. Tina Xiao
Tel: (917) 609-0333
Email: tina.xiao@ascent-ir.com
Consolidated Balance Sheets(all amounts in RMB and
US$, except number of shares or as otherwise noted) |
|
|
As of December 31, |
|
|
As of December 31, |
|
|
|
2021 |
|
|
2022 |
|
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
|
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
233,853,654 |
|
|
|
87,811,272 |
|
|
|
12,608,229 |
|
Restricted cash |
|
|
— |
|
|
|
48,112 |
|
|
|
6,908 |
|
Short-term investments |
|
|
31,888,500 |
|
|
|
— |
|
|
|
— |
|
Inventories, net |
|
|
213,870,251 |
|
|
|
102,201,746 |
|
|
|
14,674,460 |
|
Prepayments |
|
|
372,355,129 |
|
|
|
71,314,254 |
|
|
|
10,239,533 |
|
Other current assets |
|
|
41,460,490 |
|
|
|
27,275,215 |
|
|
|
3,916,264 |
|
Total current assets |
|
|
893,428,024 |
|
|
|
288,650,599 |
|
|
|
41,445,394 |
|
Non-current assets: |
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
7,249,044 |
|
|
|
21,426,955 |
|
|
|
3,076,552 |
|
Intangible asset, net |
|
|
— |
|
|
|
48,717,132 |
|
|
|
6,994,964 |
|
Operating lease right-of-use assets |
|
|
9,155,665 |
|
|
|
8,447,978 |
|
|
|
1,212,988 |
|
Total non-current assets |
|
|
16,404,709 |
|
|
|
78,592,065 |
|
|
|
11,284,504 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
|
909,832,733 |
|
|
|
367,242,664 |
|
|
|
52,729,898 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
(DEFICIT) |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Current portion of long-term debts |
|
|
— |
|
|
|
280,000 |
|
|
|
40,203 |
|
Accounts payable |
|
|
2,837,638 |
|
|
|
15,292,843 |
|
|
|
2,195,796 |
|
Advance from customers |
|
|
917,391,899 |
|
|
|
124,469,097 |
|
|
|
17,871,679 |
|
Operating lease liabilities, current |
|
|
5,224,757 |
|
|
|
4,199,361 |
|
|
|
602,958 |
|
Other current liabilities |
|
|
6,917,757 |
|
|
|
39,399,532 |
|
|
|
5,657,111 |
|
Total current liabilities |
|
|
932,372,051 |
|
|
|
183,640,833 |
|
|
|
26,367,747 |
|
Non-current liabilities: |
|
|
|
|
|
|
|
|
|
Long-term debts |
|
|
— |
|
|
|
16,673,316 |
|
|
|
2,394,009 |
|
Operating lease liabilities, non-current |
|
|
2,122,357 |
|
|
|
2,514,115 |
|
|
|
360,985 |
|
Total non-current liabilities |
|
|
2,122,357 |
|
|
|
19,187,431 |
|
|
|
2,754,994 |
|
Total liabilities |
|
|
934,494,408 |
|
|
|
202,828,264 |
|
|
|
29,122,741 |
|
Shareholders’ equity
(deficit): |
|
|
|
|
|
|
|
|
|
Ordinary shares ($0.0001 par value; 500,000,000 and 200,000,000
shares authorized as of December 31, 2021 and December 31, 2022,
respectively; 103,790,000 and nil shares issued and outstanding as
of December 31, 2021 and December 31, 2022, respectively) |
|
|
66,970 |
|
|
|
— |
|
|
|
— |
|
Class A ordinary shares ($0.0001 par value; 242,821,846 shares
authorized; nil and 54,318,514 shares issued and outstanding as of
December 31, 2021 and December 31, 2022, respectively) |
|
|
— |
|
|
|
35,425 |
|
|
|
5,086 |
|
Class B ordinary shares ($0.0001 par value; 57,178,154 shares
authorized; nil and 57,178,154 shares issued and outstanding as of
December 31, 2021 and December 31, 2022, respectively) |
|
|
— |
|
|
36,894 |
|
|
5,297 |
|
Additional paid-in capital |
|
|
201,418,380 |
|
|
354,803,564 |
|
|
50,943,854 |
|
Accumulated deficit |
|
|
(223,679,698 |
) |
|
|
(199,207,921 |
) |
|
|
(28,602,923 |
) |
Statutory reserves |
|
|
- |
|
|
|
6,647,109 |
|
|
|
954,414 |
|
Accumulated other comprehensive income (loss) |
|
|
(2,467,327 |
) |
|
|
2,099,329 |
|
|
|
301,429 |
|
Total shareholders’ equity (deficit) |
|
|
(24,661,675 |
) |
|
|
164,414,400 |
|
|
|
23,607,157 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
(DEFICIT) |
|
|
909,832,733 |
|
|
|
367,242,664 |
|
|
|
52,729,898 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Consolidated Statements of Operations and
Comprehensive Income (Loss)(all amounts in RMB and US$,
except number of shares or as otherwise noted) |
|
|
For the three months ended December 31, |
|
|
2021 |
|
2022 |
|
|
RMB |
|
RMB |
|
US$ |
Net revenues |
|
|
3,158,323 |
|
|
|
12,739,978 |
|
|
|
1,829,248 |
|
Cost of
revenues |
|
|
26,922,463 |
|
|
|
89,294,236 |
|
|
|
12,821,158 |
|
Gross loss |
|
|
(23,764,140 |
) |
|
|
(76,554,258 |
) |
|
|
(10,991,910 |
) |
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
Selling and marketing expenses |
|
|
3,397,024 |
|
|
|
5,597,032 |
|
|
|
803,640 |
|
General and administrative expenses |
|
|
9,974,242 |
|
|
|
15,516,138 |
|
|
|
2,227,858 |
|
Research and development expenses |
|
|
99,627,124 |
|
|
|
39,206,565 |
|
|
|
5,629,407 |
|
Total operating
expenses |
|
|
112,998,390 |
|
|
|
60,319,735 |
|
|
|
8,660,905 |
|
|
|
|
|
|
|
|
Loss from
operations |
|
|
(136,762,530 |
) |
|
|
(136,873,993 |
) |
|
|
(19,652,815 |
) |
|
|
|
|
|
|
|
Other expenses
(income) |
|
|
|
|
|
|
Finance expense (income) |
|
|
739,431 |
|
|
|
(1,272,610 |
) |
|
|
(182,725 |
) |
Interest income |
|
|
(1,592,303 |
) |
|
|
(116,763 |
) |
|
|
(16,765 |
) |
Other income |
|
|
(363,786 |
) |
|
|
(2,690,934 |
) |
|
|
(386,373 |
) |
Total other
income |
|
|
(1,216,658 |
) |
|
|
(4,080,307 |
) |
|
|
(585,863 |
) |
|
|
|
|
|
|
|
Loss before income tax
provision |
|
|
(135,545,872 |
) |
|
|
(132,793,686 |
) |
|
|
(19,066,952 |
) |
Income tax provision |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net loss |
|
|
(135,545,872 |
) |
|
|
(132,793,686 |
) |
|
|
(19,066,952 |
) |
|
|
|
|
|
|
|
Comprehensive income
(loss): |
|
|
|
|
|
|
Net loss |
|
|
(135,545,872 |
) |
|
|
(132,793,686 |
) |
|
|
(19,066,952 |
) |
Other comprehensive income
(loss): |
|
|
|
|
|
|
Foreign currency translation adjustment |
|
|
(2,467,526 |
) |
|
|
1,807,705 |
|
|
|
259,556 |
|
Total comprehensive
loss |
|
|
(138,013,398 |
) |
|
|
(130,985,981 |
) |
|
|
(18,807,396 |
) |
|
|
|
|
|
|
|
Net loss per ordinary
share: |
|
|
|
|
|
|
Basic |
|
|
(1.32 |
) |
|
|
(1.19 |
) |
|
|
(0.17 |
) |
Diluted |
|
|
(1.32 |
) |
|
|
(1.19 |
) |
|
|
(0.17 |
) |
|
|
|
|
|
|
|
Weighted average number
of shares used in per share calculation: |
|
|
|
|
|
|
Basic |
|
|
102,471,739 |
|
|
|
111,496,668 |
|
|
|
111,496,668 |
|
Diluted |
|
|
102,471,739 |
|
|
|
111,496,668 |
|
|
|
111,496,668 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Reconciliation(all amounts in RMB
and US$, except number of shares or as otherwise
noted) |
|
|
|
|
For the three months ended December 31, |
|
2021 |
|
|
2022 |
|
RMB |
|
|
RMB |
|
|
US$ |
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
Net loss |
|
(135,545,872 |
) |
|
|
(132,793,686 |
) |
|
|
(19,066,952 |
) |
Add: |
|
|
|
|
|
|
Share-based compensation
expenses |
|
4,836 |
|
|
|
2,336,837 |
|
|
|
335,531 |
|
Non-GAAP adjusted net
loss |
|
(135,541,036 |
) |
|
|
(130,456,849 |
) |
|
|
(18,731,421 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Nano Labs (NASDAQ:NA)
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