Nano Labs Announces Second Half of 2023 Financial Results

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 equivalents87,811,272  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  

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