Nano Labs(NA -11.81%) reported first-half 2025 results on August 15, 2025, highlighting a major strategic pivot toward cryptocurrency reserves and a sharp reduction in operating expenses. Net revenue (GAAP) declined to RMB 8.28 million (USD 1.16 million) from RMB 24.74 million year-over-year, while the company recorded a net loss of RMB 11.78 million (USD 1.65 million). The following insights address fundamental changes in direction, significant cost reductions, and the company’s evolving crypto-centric investment strategy.

Nano Labs accelerates BNB reserve strategy

The company now holds over 128,000 BNB tokens and has made a strategic equity investment in a BNB reserve company (CEA), redirecting capital and operational focus to align with Web3 themes and asset diversification. This shift comes as revenue from the legacy mining hardware business continues to decline, with net revenue falling 66.5% year-over-year in the first half of 2025.

"We focus our resources and efforts on expanding our work with strategic reserves as the market continues to embrace cryptocurrency transactions and cryptocurrency reserves. We have taken the decisive first step of concentrating our cryptocurrency reserve in BNB, ushering in a new stage of development. As of the date of this earnings conference call, the company holds over 128,000 BNB."
-- Jianping Kong, Chairman and Chief Executive Officer

This strategic overhaul shifts the investment thesis from semiconductor innovation to digital asset management, increasing exposure to cryptocurrency market cycles and regulatory risks.

Nano Labs cuts operating expenses by 53.5% YoY

Total operating expenses decreased by 53.5% to RMB 27.33 million (USD 3.82 million), down from RMB 58.72 million in the same period of 2024. Research and development (R&D) spending fell by 89.1% year-over-year to RMB 3.2 million (USD 440,000), while selling, marketing, and general and administrative costs also saw significant reductions.

"Research and development expenses decreased by 89.1% to RMB 3.2 million, approximately USD 440,000 for 2025, from RMB 28,930,000 for the same period of 2024. The decrease in research and development expenses, including salary expenses, design fees, service fees, and material costs, was mainly due to the strategic adjustment in research and development activities. Loss from operations was RMB 38,030,000, approximately USD 5.31 million for 2025, compared with a loss from operations of RMB 58,690,000 for the same period of 2024. Net loss was RMB 11,780,000, approximately USD 1,650,000 for 2025, compared to a net loss of RMB 59,150,000 in the same period of 2024. Basic and diluted loss per share was RMB 0.43, approximately USD 0.06 for 2025, compared to basic and diluted loss per share of RMB 8.46 in the same period of 2024. As of June 30, 2025, the company had cash and cash equivalents of RMB 3.06 million, approximately USD 50,770,000, compared with RMB 32,430,000 as of December 31, 2024."
-- Bing Chen, Chief Financial Officer

While these cost reductions have narrowed losses, the company’s focus on digital asset accumulation may limit future investment in core technology development.

Nano Labs pursues diversified BNB and Web3 investments

Management selected BNB as the core reserve asset due to its ecosystem maturity and long-term potential, and is using both proprietary and financed capital to expand holdings. The company is also investing in BNB-related companies and exploring other synergistic ventures, with possible future allocation to alternative cryptocurrencies and stablecoin initiatives.

"We will adopt diversified approaches to advance our BNB strategic reserve plan, including acquiring, controlling, or minority stakes in BNB strategic reserve companies, as well as investing in enterprises with strong ecosystem synergies. These diversified measures will help us build a more stable strategic layout. Thanks."
-- Jianping Kong, Chairman and Chief Executive Officer

This multifaceted reserve strategy prioritizes ecosystem integration and financial asset management, but increases exposure to volatility in the cryptocurrency sector.

Looking Ahead

Management did not provide explicit quantitative guidance on revenue, margins, or sales metrics for the second half of 2025. Strategic priorities remain focused on scaling the BNB reserve through new financing and business partnerships, as well as continued exploration of stablecoin and Web3 sectors. No formal milestones or financial targets were disclosed during the call.