What are the company's future plans for its digital assets reserves?

BNB is designated as the core strategic reserve asset based on ecosystem potential. Management will manage reserves prudently, assessing market conditions, liquidity needs, and strategic priorities before making additional investments. “We have designated BNB at our core strategic reserve asset based on our assessment of its ecosystem potential and long-term value.”

What is the company's long-term business development strategy?

The strategy rests on two pillars: a disciplined digital asset reserve strategy centered on BNB, and driving sustainable business growth by integrating AI and Web3 technologies through expanding the open cloud hardware and software ecosystem. “Our long-term strategy is built on two complementary pillars. The first is maintaining a disciplined digital asset reserve strategy... The second is driving sustainable business growth through the integration of AI and Web3 technologies...”

What are the company's expectations for operating performance in the second half of 2026?

Management will focus on executing priorities including advancing digital asset initiatives and expanding the AI ecosystem. CFO provided an update on capital management, noting 1,117,401 shares repurchased as of June 30, 2026 under the program. “As of June 30, 2026, we had repurchased an aggregate of 1,117,401 shares and we intend to continue executing the program in accordance with its churn and prevailing market conditions.”

Nano Labs (NA) Q2 FY26 earnings call: guidance and Q&A

Earnings call· Jun 2026 (Q2 FY26)· Information Technology· Aug 28, 2026

Source: earnings call transcript

Executive summary

Nano Labs Ltd H1 FY26 — Strategic Shift to AI & Web3 Integration Amid Net Revenue Decline

Nano Labs is repositioning its business model around the convergence of AI and Web3 technologies, anchored by its new iPollo ClawPC A1 Mini product and a corporate digital asset reserve in BNB. Financial performance for H1 2026 reflected severe top-line pressure from legacy product declines alongside significant crypto fair-value markdowns. Management remains focused on advancing capital management and expanding its open cloud ecosystem.

Highlights

Launched next-generation product iPollo ClawPC A1 Mini targeting open cloud AI agent ecosystem
Established digital asset reserve strategy, holding 30,000 BNB as a core strategic asset
Continued execution of USD 25 million share repurchase program, buying USD 3.2 million (1,117,401 shares)

Concerns

Net revenue declined sharply to RMB 2.8 million ($0.4 million) from RMB 8.3 million YoY due to lower iPollo V-Series sales volume
Net loss expanded to RMB 316.7 million ($46.5 million) compared to RMB 11.8 million in H1 2025
Recognized RMB 250.5 million ($36.8 million) loss from change in fair value of cryptocurrencies due to falling BNB prices

Guidance & targets

Category	Target	Timeline	Confidence
Digital Asset Allocation Strategy	Manage reserve portfolio prudently based on market conditions, liquidity needs, and strategic priorities medium materiality	H2 FY26 and long-term	Medium
Share Repurchase Program	Up to USD 25 million total authorization medium materiality	Ongoing long-term	High

Segment performance

Segment	Revenue	YoY	QoQ	Margin
iPollo V-Series Decrease in sales volume of iPollo V-Series was the main driver of the decline in overall company net revenue. Sales Volume Impact: Primary driver of company net revenue decline to RMB 2.8M ($0.4M) in H1 2026	—	—	—	—

Product announcements

Product	Type	Timeline	Details
iPollo ClawPC A1 Mini	launch	H1 FY26

Risks & headwinds

Cryptocurrency Market Volatility H1 FY26

RMB 250.5 million ($36.8 million) fair value loss in H1 FY26

Mitigation:Evaluating market conditions, liquidity needs, and strategic priorities prudently before making additional digital asset investments.

iPollo V-Series Demand Decline H1 FY26

Net revenue fell from RMB 8.3 million to RMB 2.8 million ($0.4 million) YoY

Mitigation:Pivoting to AI-integrated Web3 computing devices such as the iPollo ClawPC A1 Mini and expanding the open cloud ecosystem.

What to watch in Q3 FY26

BNB Reserve Value and Fair Value Impact

H2 FY26

Current 30,000 BNB balance ($36.8M H1 mark-to-market loss)

Target Stabilization or recovery in digital asset fair value charges

Why it matters

BNB mark-to-market changes dominate the company's P&L and operating expense line.

Change in fair value of cryptocurrencies was a loss of RMB 250.5 million, USD 36.8 million for the first half of 2026 compared to a gain of RMB 48.6 million for the same period of 2025.

Find out whether NA delivers this. Inve re-checks your case every morning.

Q&A highlights

Why has the company chosen to focus on AI-related business this year?

Expansion into AI is a long-term strategic choice driven by capabilities built in blockchain infrastructure, hardware development, and product operations. The convergence of AI and Web3 presents significant opportunities, starting with the iPollo ClawPC A1 Mini product.

“Our expansion into AI is the result of a long-term strategic evaluation rather than a short-term market trend. Over the years, we have built solid capabilities in blockchain infrastructure...”

asked by Marina Robano · answered by Jianping Kong

2 min read 5 chapters

Detailed narrative

AI and Web3 Strategic Integration

Nano Labs is actively pivoting toward the integration of artificial intelligence and Web3 technologies. Management believes this convergence will reshape blockchain infrastructure and unlock new commercial application scenarios. Central to this strategy is the launch of the iPollo ClawPC A1 Mini, an AI-focused device designed to support an open cloud AI agent system across entertainment, content creation, and office productivity.

Digital Asset Reserve Framework

The company has formally integrated digital assets into its corporate capital allocation framework as a long-term strategic component. Nano Labs holds 30,000 BNB as its core strategic reserve asset. Management views this prudent digital asset allocation as a mechanism to strengthen the balance sheet, facilitate ecosystem collaboration, and build long-term portfolio resilience.

H1 2026 Financial Results Overview

Top-line revenue decreased significantly to RMB 2.8 million ($0.4 million) in H1 2026 from RMB 8.3 million in H1 2025, driven by declining sales of the iPollo V-Series. Gross loss stood at RMB 5.8 million ($0.9 million) compared to RMB 10.7 million in the prior-year period.

Total operating expenses surged to RMB 285.8 million ($42 million), primarily impacted by a RMB 250.5 million ($36.8 million) fair-value loss on cryptocurrencies.

Operating Expenses and Cost Structure

Cost of revenue fell to RMB 8.6 million ($1.3 million) due to lower sales volumes. Selling and marketing expenses rose 17% to RMB 3.1 million ($0.4 million) on expansion efforts. General and administrative expenses grew 29.5% to RMB 27.9 million ($4.1 million) owing to professional fees and real estate taxes.

Research and development expenses increased 39.8% to RMB 4.4 million ($0.6 million) driven by system development service fees.

Capital Structure and Share Repurchases

As of June 30, 2026, Nano Labs held RMB 9.0 million ($1.3 million) in cash and cash equivalents, compared with RMB 8.5 million as of December 31, 2025. Under its share repurchase program initiated in late 2025 with up to $25 million authorization, the company had repurchased 1,117,401 Class A ordinary shares for a total consideration of $3.2 million as of August 2026.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.