Nano Labs (NASDAQ:NA) reported a wider net loss for the first half of 2026 as lower sales of its iPollo V Series products and a decline in the value of its cryptocurrency holdings weighed on results, while management outlined plans to expand its artificial intelligence and Web3-related product ecosystem.
Chairman and Chief Executive Officer Jianping Kong said the company sees opportunities in the convergence of AI and Web3 as digital-asset markets and blockchain infrastructure continue to evolve. During the first half, Nano Labs launched the iPollo ClawPC A1 Mini and continued developing its OpenClaw Ecosystem, which spans smart devices, operating systems, hardware, software and application layers.
First-Half Financial Results
Nano Labs recorded a gross loss of RMB5.8 million, or $0.9 million, compared with RMB10.7 million in the first half of 2025. Cost of revenue fell to RMB8.6 million, or $1.3 million, from RMB19 million a year earlier, reflecting the decline in sales volume, according to Chen.
Total operating expenses were RMB285.8 million, or $42 million, in the first half of 2026. Selling and marketing expenses increased 17% to RMB3.1 million, or $0.4 million, from RMB2.6 million a year earlier, which Chen said was due to expanded sales and marketing activity.
General and administrative expenses rose 29.5% to RMB27.9 million, or $4.1 million, from RMB21.5 million, driven primarily by higher professional fees and real-estate-related taxes. Research and development expenses increased 39.8% to RMB4.4 million, or $0.6 million, from RMB3.2 million, reflecting higher system-development service fees.
The company reported a RMB250.5 million, or $36.8 million, loss from changes in the fair value of cryptocurrencies, compared with a RMB48.6 million gain in the prior-year period. Chen said the loss was primarily attributable to a decrease in the price of BNB during the first half.
Loss from operations was RMB291.7 million, or $42.8 million, compared with operating profit of RMB10.6 million a year earlier. Other expenses totaled RMB18.3 million, or $2.5 million, compared with none in the prior-year period, mainly because of losses from changes in the fair value of short investments.
Net loss was RMB316.7 million, or $46.5 million, compared with RMB11.8 million in the first half of 2025. Basic and diluted loss per share was RMB13.65, or $2, compared with a loss per share of RMB0.43 a year earlier.
As of June 30, Nano Labs had cash and cash equivalents of RMB9 million, or $1.3 million, compared with RMB8.5 million as of Dec. 31, 2025.
AI and OpenClaw Strategy
In response to a shareholder question, Kong said Nano Labs’ move into AI followed a long-term strategic review rather than a short-term market trend. He said the company intends to build on its experience in blockchain infrastructure, hardware development, ecosystem development and product operations as AI and Web3 technologies increasingly intersect.
“The launch of the iPollo ClawPC A1 Mini represents the first step in this strategy,” Kong said through a translator. The device supports the OpenClaw AI Agent system and is intended for uses including entertainment, content creation and office productivity, he said.
The company plans to expand both the hardware and software components of the OpenClaw ecosystem, introduce additional products, strengthen its software platform and explore commercial applications and business models, Kong said.
BNB Reserves and Share Repurchases
Nano Labs said it continues to treat digital assets as a strategic component of its capital-allocation framework. As of the date of its interim report, the company held long-term reserves of 30,000 BNB.
Kong said BNB is the company’s core strategic reserve asset based on management’s assessment of its ecosystem potential and long-term value. He said future investment decisions will consider market conditions, liquidity needs and strategic priorities, while the company seeks to optimize its overall digital-asset allocation.
The company also continues to execute a share repurchase program of up to $25 million that was originally announced in October 2025. As of Aug. 26, Nano Labs had repurchased Class A ordinary shares for $3.2 million in total consideration.
Chen said that as of June 30, the company had repurchased an aggregate 1,117,401 shares under the program, which he said began in December 2025. Nano Labs intends to continue the repurchases in accordance with the program’s terms and prevailing market conditions.
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.
