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 18, 2024.
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/10037655-rw885f.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 25 March, 2024 via the following dial-in details:
Dial-in Numbers:
| US/Canada: | 1855 883 1031 |
| Hong Kong: | 800 930 639 |
| China: | 400 1209 216 |
| Replay PIN: | 10037655 |
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*. 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
Tina Xiao
Phone: +1-646-932-7242
Email:
investors@ascent-ir.com
| Consolidated Balance Sheets | ||||||||
| (Unaudited) | ||||||||
| As of December 31, | As of December 31, | |||||||
| 2022 |
2023
| |||||||
| RMB | RMB | US$ | ||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | 87,811,272 | 48,164,664 | 6,800,325 | |||||
| Restricted cash | 48,112 | 417,990 | 59,016 | |||||
| Accounts receivable, net | - | 1,739,065 | 245,537 | |||||
| Inventories, net | 102,201,746 | 12,874,986 | 1,817,808 | |||||
| Prepayments | 71,314,254 | 24,386,010 | 3,443,039 | |||||
| Other current assets | 27,275,215 | 37,908,092 | 5,352,209 | |||||
| Total current assets | 288,650,599 | 125,490,807 | 17,717,934 | |||||
| Non-current assets: | ||||||||
| Property, plant and equipment, net | 21,426,955 | 169,653,582 | 23,953,236 | |||||
| Intangible asset, net | 48,717,132 | 47,731,288 | 6,739,137 | |||||
| Operating lease right-of-use assets | 8,447,978 | 7,424,554 | 1,048,266 | |||||
| Total non-current assets | 78,592,065 | 224,809,424 | 31,740,639 | |||||
| TOTAL ASSETS | 367,242,664 | 350,300,231 | 49,458,573 | |||||
| LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | ||||||||
| Current liabilities: | ||||||||
| Short-term debts | - | 20,000,000 | 2,823,782 | |||||
| Current portion of long-term debts | 280,000 | 3,410,000 | 481,455 | |||||
| Accounts payable | 15,292,843 | 16,875,586 | 2,382,649 | |||||
| Advance from customers | 124,469,097 | 107,826,617 | 15,223,942 | |||||
| Operating lease liabilities, current | 4,199,361 | 3,479,752 | 491,303 | |||||
| Other current liabilities | 39,399,532 | 90,978,171 | 12,845,126 | |||||
| Total current liabilities | 183,640,833 | 242,570,126 | 34,248,257 | |||||
| Non-current liabilities: | ||||||||
| Long-term debts | 16,673,316 | 120,260,783 | 16,979,511 | |||||
| Operating lease liabilities, non-current | 2,514,115 | 3,730,672 | 526,730 | |||||
| Total non-current liabilities | 19,187,431 | 123,991,455 | 17,506,241 | |||||
| Total liabilities | 202,828,264 | 366,561,581 | 51,754,498 | |||||
| Shareholders' equity (deficit): | ||||||||
| Class A ordinary shares ($0.0002 par value; 121,410,923 shares authorized; 27,159,258 and 41,927,302 shares issued as of December 31, 2022 and 2023, respectively; 27,159,258 and 37,242,359 shares outstanding as of December 31, 2022 and 2023, respectively)* | 35,425 | 50,106 | 7,074 | |||||
| Class B ordinary shares ($0.0002 par value; 28,589,078 shares authorized; 28,589,078 shares issued and outstanding as of December 31, 2022 and December 31, 2023)* | 36,894 | 36,894 | 5,209 | |||||
| Additional paid-in capital | 354,803,564 | 428,310,028 | 60,472,706 | |||||
| Accumulated deficit | (199,207,921 | ) | (452,031,693 | ) | (63,821,945 | ) | ||
| Statutory reserves | 6,647,109 | 6,647,109 | 938,499 | |||||
| Accumulated other comprehensive income | 2,099,329 | 2,254,558 | 318,319 | |||||
| Total Nano Labs Ltd shareholders' equity (deficit) | 164,414,400 | (14,732,998 | ) | (2,080,138 | ) | |||
| Noncontrolling interests | - | (1,528,352 | ) | (215,787 | ) | |||
| Total shareholders' equity (deficit) | 164,414,400 | (16,261,350 | ) | (2,295,925 | ) | |||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | 367,242,664 | 350,300,231 | 49,458,573 | |||||
