Nano Labs

Semiconductors · Technology

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Strong

Growth

Good

Cash Flow

Weak

Stability

Strong

Valuation

Good

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Winston Score History

The full picture

Nano Labs Ltd is a Chinese semiconductor company that designs chips used for cryptocurrency mining and other computing tasks. Its main products are integrated circuit chips, which it sells to companies and individuals who build machines for mining digital currencies like Bitcoin. The company operates in the competitive semiconductor design industry, focusing on high-performance computing chips.

Nano Labs makes money primarily by selling its chips and related hardware products. It is a small company, with a market cap around $100 million, and it operates mainly in China while also targeting international crypto mining markets. The negative gross margin signals the company is currently selling products at a loss relative to their cost, which is a serious financial concern. Its biggest risk is the volatile nature of the cryptocurrency market — when crypto prices fall, demand for mining chips drops sharply, which can quickly hurt revenue and make an already thin business model even harder to sustain.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

>+1,000% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+327.3% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

46.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~0 months

$381M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Revenue accelerating

Nano Labs grew revenue 340541% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

-147.3%

Thin — -147.3% gross margin

Profit after running costs

Operating Margin

264.4%

Excellent — 264.4% operating margin

Return on the money invested

ROCE

7279.0%

Exceptional — 7279.0% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

>+1,000%

Fast-growing sales (>+1,000% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

-80%

Weak — only -80% of profit becomes cash

Spare cash per sale

FCF Margin

-401.1%

Burning cash (-401.1%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.31

Conservative — low debt load (0.31)

Covers its interest

Interest Cover

4.21x

Adequate interest coverage (4.2x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

1.4x

no trend

Attractive valuation — P/E 1.4

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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