MeritValue

Nano Labs Ltd

NAdata completeness 100%4 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Nano Labs Ltd earns about -56% on invested capital, but has diluted owners by 273% over 4 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025
Revenue$141.2M1$11.1M2$5.65M3$3.84M4
Net income$4.47M5−$35.7M6−$15.7M7$19.3M8
Operating cash flow−$39.5M9−$18.8M10−$19.4M11−$15.4M12
Capital expenditure$2.52M13$14.9M14$5.06M15$6,58516
Free cash flow (derived)−$42M9−$33.7M10−$24.4M11−$15.4M12
Total debt$40,20317$20.3M18$27M19$31.4M20
Cash & equivalents$12.6M21$6.8M22$4.51M23$1.21M24
Diluted shares5.3M5.9M8.0M19.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$53.6
your share of equity
Profit it earned you last year
$9.7
Free cash flow it threw off
−$7.76
Debt you’d be carrying
$15.82

10 shares is a claim on $53.6 of net worth that earned you $9.7 and generated −$7.76 of cash last year, against $15.82 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-56% avg · 4y
FY22 40%FY23 -249%FY24 -24%FY25 10%

It earned an average -56% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+273% shares · 4y

Share count is up 273% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 78035% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$10.82
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2022-12-31 · accession 0000950170-23-013293 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F/A · period ending 2023-12-31 · accession 0001213900-24-047062 (Revenues)
  3. 20-F · period ending 2024-12-31 · accession 0001213900-25-031065 (Revenues)
  4. 20-F · period ending 2025-12-31 · accession 0001213900-26-042816 (Revenues)
  5. 20-F · period ending 2022-12-31 · accession 0000950170-23-013293 (NetIncomeLoss)
  6. 20-F/A · period ending 2023-12-31 · accession 0001213900-24-047062 (NetIncomeLoss)
  7. 20-F · period ending 2024-12-31 · accession 0001213900-25-031065 (NetIncomeLoss)
  8. 20-F · period ending 2025-12-31 · accession 0001213900-26-042816 (NetIncomeLoss)
  9. 20-F · period ending 2022-12-31 · accession 0000950170-23-013293 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F/A · period ending 2023-12-31 · accession 0001213900-24-047062 (NetCashProvidedByUsedInOperatingActivities)
  11. 20-F · period ending 2024-12-31 · accession 0001213900-25-031065 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2025-12-31 · accession 0001213900-26-042816 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F · period ending 2022-12-31 · accession 0000950170-23-013293 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 20-F/A · period ending 2023-12-31 · accession 0001213900-24-047062 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 20-F · period ending 2024-12-31 · accession 0001213900-25-031065 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 20-F · period ending 2025-12-31 · accession 0001213900-26-042816 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 20-F · period ending 2022-12-31 · accession 0000950170-23-013293 (LongTermDebtCurrent)
  18. 20-F/A · period ending 2023-12-31 · accession 0001213900-24-047062 (LongTermDebtNoncurrent)
  19. 20-F · period ending 2024-12-31 · accession 0001213900-25-031065 (LongTermDebtNoncurrent)
  20. 20-F · period ending 2025-12-31 · accession 0001213900-26-042816 (LongTermDebtNoncurrent)
  21. 20-F · period ending 2022-12-31 · accession 0000950170-23-013293 (CashAndCashEquivalentsAtCarryingValue)
  22. 20-F/A · period ending 2023-12-31 · accession 0001213900-24-047062 (CashAndCashEquivalentsAtCarryingValue)
  23. 20-F · period ending 2024-12-31 · accession 0001213900-25-031065 (CashAndCashEquivalentsAtCarryingValue)
  24. 20-F · period ending 2025-12-31 · accession 0001213900-26-042816 (CashAndCashEquivalentsAtCarryingValue)