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Nano Labs Announces Second Half of 2023 Financial Results
HANGZHOU, China, March 18, 2024 (GLOBE NEWSWIRE) -- Nano Labs Ltd (Nasdaq: NA) (“we,” the “Company” or “Nano Labs”), a leading fabless integrated circuit
About this update from Nano Labs Ltd
[{"type":"text","content":"HANGZHOU, China, March 18, 2024 (GLOBE NEWSWIRE) -- 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, 2023 and for the six months ended December 31, 2023 Second Half of 2023 Financial Highlights Net revenue was RMB26.1 million (US$3.7 million) for the second half of 2023, compared to RMB603.0 million in the same period of 2022.Gross loss was RMB40.6 million (US$5.7 million) for the second half of 2023, compared to a gross profit of RMB53.8 million in the same period of 2022.Loss from operations was RMB124 million (US$17.6 million) for the second half of 2023, compared to a loss from operations of RMB86.9 million in the same period of 2022.Net loss was RMB120.0 million (US$16.9 million) for the second half of 2023, compared to a net loss of RMB80.3 million in the same period of 2022.Net loss per share (both basic and diluted) was RMB1.91 (US$0.27) for the second half of 2023, compared to a net loss per share (both basic and diluted) of RMB1.47 in the same period of 2022. Mr. Jianping Kong, Chairman and Chief Executive Officer of the Company, commented, “In the second half of 2023, our company benefited from supportive government policy and positive market trends. The Hong Kong government's strong support for the web3.0 industry and the historic approval of the first Bitcoin spot ETF by the SEC in early 2024 have bolstered the industry, infusing optimism and propelling progress. Our management team is actively pursuing global market expansion opportunities. Through a series of market expansion initiatives, we aim to continue exploring potential market opportunities to increase our market share. In terms of research and development, our Cuckoo series iterative products are currently undergoing intensive R&D efforts. Significant advancements were made in the latter half of 2023, and we anticipate the launch of enhanced versions of our products in 2024, which are expected to deliver substantially improved performance. Additionally, our company is concurrently upgrading our packaging technology and IP to enhance the efficiency of chip production. We are also laying the groundwork for research and development of AI computing, ZK computing, and other chips to seize ...