Nano Labs Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	135.47	-113.19	-252.82	31.12	-174.94
Depreciation & Amortization	12.16	11.63	10.18	9.43	5.53
Loss (Gain) From Sale of Assets	-0.1	-0.01	-	-	-
Loss (Gain) From Sale of Investments	9.07	-	-	-	-
Stock-Based Compensation	0.07	0.4	0.72	9.35	0.02
Other Operating Activities	-231.28	20.2	59.35	184.07	26.74
Change in Accounts Receivable	0.29	1.18	-1.73	-	1.17
Change in Inventory	-16.48	-27.88	28.78	-71.45	-233.39
Change in Accounts Payable	1.37	1.08	0.9	10.59	-2.78
Change in Unearned Revenue	-29.52	-9.02	-16.66	-794.3	851.99
Change in Other Net Operating Assets	10.68	-23.72	37.82	346.24	-402.6
Operating Cash Flow	-108.27	-139.33	-133.47	-274.94	71.73
Capital Expenditures	-0.05	-36.37	-105.48	-17.53	-8.69
Sale of Property, Plant & Equipment	1.85	0.02	-	-	-
Sale (Purchase) of Intangibles	-	-	-	-49.29	-
Investment in Securities	-2	-	-	33.64	-32.29
Other Investing Activities	-295.99	-220.41	-	-	4.94
Investing Cash Flow	-296.19	-256.77	-105.48	-33.18	-36.05
Long-Term Debt Issued	50.11	220.03	128.25	17.09	-
Total Debt Issued	50.11	220.03	128.25	17.09	-
Short-Term Debt Repaid	-	-	-	-	-36.36
Long-Term Debt Repaid	-23.35	-169.67	-1.53	-0.14	-
Total Debt Repaid	-23.35	-169.67	-1.53	-0.14	-36.36
Net Debt Issued (Repaid)	26.76	50.36	126.72	16.95	-36.36
Issuance of Common Stock	357.3	325.62	72.8	144.04	201.25
Repurchase of Common Stock	-1.67	-	-	-	-
Financing Cash Flow	382.39	375.98	199.52	161	164.9
Foreign Exchange Rate Adjustments	-0.93	4.38	0.16	1.13	-2.06
Net Cash Flow	-23	-15.73	-39.28	-145.99	198.52
Free Cash Flow	-108.32	-175.7	-238.96	-292.47	63.04
Free Cash Flow Margin	-401.07%	-432.79%	-305.04%	-29.75%	159.83%
Free Cash Flow Per Share	-5.45	-21.83	-40.58	-54.87	14.03
Cash Interest Paid	10.58	9.28	3.77	0.18	-
Cash Income Tax Paid	-	-	-	0.09	0.28
Levered Free Cash Flow	-176.95	-343.02	-60.64	-238.69	152.25
Unlevered Free Cash Flow	-166.36	-338.7	-60.64	-238.69	152.57
Change in Working Capital	-33.66	-58.37	49.1	-508.91	214.39

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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