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 June 30, 2023 and for the first half of 2023 then
ended.
First Half of 2023 Financial
Highlights
- Net revenue was
RMB52.3 million (US$7.2 million) for the first half of 2023,
compared to a net revenue of RMB380.1 million for the same period
of 2022.
- Gross loss was
RMB62.9 million (US$8.7 million) for the first half of 2023,
compared to a gross profit of RMB176.4 million for the same period
of 2022.
- Loss from
operations was RMB136.4 million (US$18.9 million) for the first
half of 2023, compared to a profit from operations of RMB107.6
million for the same period of 2022.
- Net loss was
RMB134.3 million (US$18.6 million) for the first half of 2023,
compared to a net income of RMB111.4 million for the same period of
2022.
- Net loss per
ordinary share (both basic and diluted) was RMB1.20 (US$0.17) for
the first half of 2023, compared to net income per share (both
basic and diluted) of RMB1.07 for the same period of 2022.
Mr. Jianping Kong, Chairman and Chief Executive
Officer of the Company, commented, “The first half of 2023 was a
challenging period for our industry and the entire cryptocurrency
market. The prolonged slump in cryptocurrency prices had a certain
impact on our product sales. Nevertheless, we continued to deliver
high-quality products to our customers. We actively adjusted our
development strategy to adapt to the ever-changing market
environment. Our management team visited other countries, engaging
with industry experts and potential partners, with the aim of
exploring opportunities for global market expansion. We have been
closely monitoring overseas markets, with a particular focus on
North America, Northern Europe, the Middle East, and Southeast
Asia. The proportion of our overseas market sales noticeably
increased in the first half of this year. Through a series of
market expansion initiatives, we will continue to tap into growth
potential to increase our market share. Moreover, we have been
continuously upgrading iPollo's advanced AI capabilities not only
to enable real-time 3D metaverse rendering but also to support
GPU-intensive calculations through a unified computing pool
facilitated by its blockchain mechanism and high-speed data
network.
We firmly believe that our iPollo will stand as
an iconic product within the industry, consistently delivering a
fresh web 3.0 experience to the market.”
Mr. Bing Chen, Chief Financial Officer,
commented, “During the first half of 2023, due to the reduction in
the cryptocurrency market, our net revenue was RMB52.3 million
(US$7.2 million). We have laid out strategic plans with a keen
emphasis on product upgrade and iteration and market expansion, so
that we expect to seize growth opportunities in the global market.
During the first half of 2023, we have achieved the initial
revenues of 3D printing business and we would get a rapid growth in
the coming half year and later on. In addition to our expansion
plan, we will continue to optimize our operating efficiency and aim
to achieve sustainable growth in the long-run. In the future, we
anticipate harnessing our technological edge to foster enduring
business growth and create greater value for our shareholders.”
First Half of 2023 Financial
Results
Net Revenues
Net revenue was RMB52.3 million (US$7.2 million)
for the first half of 2023, compared to a net revenue of RMB380.1
million for the same period of 2022. The decrease in net revenues
was primarily due to the decrease in sales volume of V and B Series
and a decrease in service revenue for the first half of 2023, but
we started to generate revenue in 3D products.
Cost of Revenues
Cost of revenues was RMB115.2 million (US$15.9
million) for the first half of 2023, compared to RMB203.8 million
for the same period of 2022, the change was mainly due to the
decrease in sales volume and partially offset by an increase in
inventory write-down.
Operating Expenses
Total operating expenses were RMB73.5 million
(US$10.2 million) for the first half of 2023, compared to RMB68.7
million in the same period of 2022.
- Selling and
marketing expenses decreased by 6.5% to RMB9.5 million (US$1.3
million) for the first half of 2023, from RMB10.2 million for the
same period of 2022. The decrease in selling and marketing expenses
was primarily due to the decrease in advertising and marketing
promotion expenses.
- General and
administrative expenses increased by 83.8% to RMB31.0 million
(US$4.3 million) for the first half of 2023, from RMB16.9 million
for the same period of 2022. The increase in general and
administrative expenses was primarily due to the increase in
employee salary expenses, professional fees, and rental fees due to
the development and expansion of its business.
- Research and
development expenses decreased by 21.0% to RMB33.0 million (US$4.6
million) for the first half of 2023, from RMB41.7 million for the
same period of 2022. The decrease in research and development
expenses was primarily due to the decrease in design and service
fees, material fees and share-based compensation expenses, offset
by the increase in equipment rental fees. The Company expects to
continue its significant investment in research and development to
support its future development, product iteration, and competitive
strengths.
Profit (Loss) from Operations
Loss from operations was RMB136.4 million
(US$18.9 million) for the first half of 2023, compared with profit
from operations of RMB107.6 million for the same period of
2022.
Finance Expenses (Income)
Finance expense was RMB1.6 million (US$0.2
million) for the first half of 2023, compared with finance income
of RMB0.6 million for the same period of 2022 due to the increase
of foreign currency exchange losses.
Net Income (Loss)
Net loss was RMB134.3 million (US$18.6 million)
for the first half of 2023, compared to a net income of RMB111.4
million for the same period of 2022.
Basic and diluted loss per share was RMB1.20
(US$0.17) for the first half of 2023, compared with basic and
diluted income per share of RMB1.07 for the same period of
2022.
Cash and Cash Equivalents
As of June 30, 2023, the Company had cash and
cash equivalents of RMB16.8 million (US$2.3 million), compared with
RMB87.8 million as of December 31, 2022.
Exchange Rate
This press release contains translations of
certain Renminbi (RMB) amounts into U.S. dollars (US$) 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 7.2258 to US$1.00, the central parity
rate on June 30, 2023 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 8:00 am U.S. Eastern Time
(8:00 pm Beijing Time) on August 15, 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/10032954-ysg6df.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 August 22, 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 |
10032954 |
|
|
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:
https://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 LtdEmail: ir@nano.cn
Ascent Investor Relations LLCMs. Tina XiaoTel:
(917) 609-0333Email: tina.xiao@ascent-ir.com
Consolidated Balance Sheets |
(Unaudited) |
|
|
|
|
|
|
|
|
As of December 31, |
|
As of June 30, |
|
2022 |
|
2023 |
|
RMB |
|
RMB |
|
US$ |
|
|
|
(Unaudited) |
|
(Unaudited) |
ASSETS |
|
|
|
|
|
Current
assets: |
|
|
|
|
|
Cash and cash equivalents |
87,811,272 |
|
|
16,839,750 |
|
|
2,330,503 |
|
Restricted cash |
48,112 |
|
|
417,565 |
|
|
57,788 |
|
Accounts receivable |
- |
|
|
1,484,548 |
|
|
205,451 |
|
Inventories, net |
102,201,746 |
|
|
41,934,840 |
|
|
5,803,488 |
|
Prepayments |
71,314,254 |
|
|
42,424,141 |
|
|
5,871,203 |
|
Other current assets |
27,275,215 |
|
|
35,756,740 |
|
|
4,948,483 |
|
Total current
assets |
288,650,599 |
|
|
138,857,584 |
|
|
19,216,916 |
|
Non-current
assets: |
|
|
|
|
|
Property, plant and equipment, net |
21,426,955 |
|
|
105,278,931 |
|
|
14,569,865 |
|
Intangible asset, net |
48,717,132 |
|
|
48,224,210 |
|
|
6,673,892 |
|
Operating lease right-of-use assets |
8,447,978 |
|
|
4,394,524 |
|
|
608,171 |
|
Total non-current
assets |
78,592,065 |
|
|
157,897,665 |
|
|
21,851,928 |
|
|
|
|
|
|
|
TOTAL
ASSETS |
367,242,664 |
|
|
296,755,249 |
|
|
41,068,844 |
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Current portion of long-term debts |
280,000 |
|
|
1,560,000 |
|
|
215,893 |
|
Accounts payable |
15,292,843 |
|
|
56,341,159 |
|
|
7,797,221 |
|
Advance from customers |
124,469,097 |
|
|
106,012,404 |
|
|
14,671,373 |
|
Operating lease liabilities, current |
4,199,361 |
|
|
3,798,072 |
|
|
525,627 |
|
Other current liabilities |
39,399,532 |
|
|
30,537,633 |
|
|
4,226,193 |
|
Total current
liabilities |
183,640,833 |
|
|
198,249,268 |
|
|
27,436,307 |
|
Non-current
liabilities: |
|
|
|
|
|
Long-term debts |
16,673,316 |
|
|
65,739,865 |
|
|
9,097,936 |
|
Operating lease liabilities, non-current |
2,514,115 |
|
|
762,344 |
|
|
105,503 |
|
Total non-current
liabilities |
19,187,431 |
|
|
66,502,209 |
|
|
9,203,439 |
|
Total
liabilities |
202,828,264 |
|
|
264,751,477 |
|
|
36,639,746 |
|
Shareholders'
equity: |
|
|
|
|
|
Class A ordinary shares ($0.0001 par value; 242,821,846 shares
authorized; 54,318,514 shares issued and outstanding as of December
31, 2022 and June 30, 2023, respectively) |
35,425 |
|
|
35,425 |
|
|
4,903 |
|
Class B ordinary shares ($0.0001 par value; 57,178,154 shares
authorized; 57,178,154 shares issued and outstanding as of December
31, 2022 and June 30, 2023, respectively) |
36,894 |
|
|
36,894 |
|
|
5,106 |
|
Additional paid-in capital |
354,803,564 |
|
|
354,941,162 |
|
|
49,121,365 |
|
Accumulated deficit |
(199,207,921 |
) |
|
(333,527,402 |
) |
|
(46,157,851 |
) |
Statutory reserves |
6,647,109 |
|
|
6,647,109 |
|
|
919,913 |
|
Accumulated other comprehensive income |
2,099,329 |
|
|
3,870,584 |
|
|
535,662 |
|
Total shareholders'
equity |
164,414,400 |
|
|
32,003,772 |
|
|
4,429,098 |
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
367,242,664 |
|
|
296,755,249 |
|
|
41,068,844 |
|
|
|
|
|
|
|
|
|
|
Unaudited Consolidated Statements of Operations and
Comprehensive Income (Loss) |
(Unaudited) |
|
|
|
|
|
|
|
For the six months ended June 30, |
|
2022 |
|
2023 |
|
RMB |
|
RMB |
|
US$ |
Net revenues |
380,138,767 |
|
|
52,268,716 |
|
|
7,233,623 |
|
Cost of
revenues |
203,767,419 |
|
|
115,167,091 |
|
|
15,938,317 |
|
Gross profit
(loss) |
176,371,348 |
|
|
(62,898,375 |
) |
|
(8,704,694 |
) |
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
Selling and marketing expenses |
10,165,237 |
|
|
9,501,537 |
|
|
1,314,946 |
|
General and administrative expenses |
16,885,396 |
|
|
31,041,335 |
|
|
4,295,903 |
|
Research and development expenses |
41,692,574 |
|
|
32,953,337 |
|
|
4,560,511 |
|
Total operating
expenses |
68,743,207 |
|
|
73,496,209 |
|
|
10,171,360 |
|
|
|
|
|
|
|
Profit (loss) from
operations |
107,628,141 |
|
|
(136,394,584 |
) |
|
(18,876,054 |
) |
|
|
|
|
|
|
Other expenses
(income): |
|
|
|
|
|
Finance expense (income) |
(636,158 |
) |
|
1,600,591 |
|
|
221,511 |
|
Interest income |
(1,860,642 |
) |
|
(335,986 |
) |
|
(46,498 |
) |
Other income |
(1,268,583 |
) |
|
(3,339,708 |
) |
|
(462,192 |
) |
Total other
income |
(3,765,383 |
) |
|
(2,075,103 |
) |
|
(287,179 |
) |
|
|
|
|
|
|
Income (loss) before
income tax provision |
111,393,524 |
|
|
(134,319,481 |
) |
|
(18,588,875 |
) |
Income tax provision |
- |
|
|
- |
|
|
- |
|
Net income
(loss) |
111,393,524 |
|
|
(134,319,481 |
) |
|
(18,588,875 |
) |
|
|
|
|
|
|
Comprehensive income
(loss): |
|
|
|
|
|
Net income (loss) |
111,393,524 |
|
|
(134,319,481 |
) |
|
(18,588,875 |
) |
Other comprehensive
income: |
|
|
|
|
|
Foreign currency translation adjustment |
1,336,892 |
|
|
1,771,255 |
|
|
245,129 |
|
Total comprehensive
income (loss) |
112,730,416 |
|
|
(132,548,226 |
) |
|
(18,343,746 |
) |
|
|
|
|
|
|
Net income (loss) per
ordinary share: |
|
|
|
|
|
Basic |
1.07 |
|
|
(1.20 |
) |
|
(0.17 |
) |
Diluted |
1.07 |
|
|
(1.20 |
) |
|
(0.17 |
) |
|
|
|
|
|
|
Weighted average
number of shares used in per share calculation: |
|
|
|
|
|
Basic |
103,790,000 |
|
|
111,496,668 |
|
|
111,496,668 |
|
Diluted |
103,902,581 |
|
|
111,496,668 |
|
|
111,496,668 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP Reconciliation |
(Unaudited) |
|
For the Six Months Ended June 30, |
|
2022 |
|
2023 |
|
|
RMB |
|
RMB |
US$ |
Net income (loss) |
111,393,524 |
|
(134,319,481 |
) |
(18,588,875 |
) |
Add: |
|
|
|
|
Share-based compensation expenses |
4,673,673 |
|
137,598 |
|
19,043 |
|
Non-GAAP adjusted net income (loss) |
116,067,197 |
|
(134,181,883 |
) |
(18,569,832 |
) |
|
|
|
|
|
|
|
Nano Labs (NASDAQ:NA)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Nano Labs (NASDAQ:NA)
Gráfica de Acción Histórica
De May 2023 a May 2024