  We provide a precise formula for the spectrum of the Hatano-Nelson model with
strictly ergodic potentials in terms of its Lyapunov exponent. As applications,
one clearly observes the real-complex spectrum transition. Moreover, if the
Lyapunov exponent is continuous, the spectrum of the Hatano-Nelson model in
$\ell^{2}(\mathbb{Z})$ can be approximated by the spectrum of its
finite-interval truncation with periodic boundary conditions. Both of these
results are strikingly different from the Hatano-Nelson model with random
potentials \cite{Dav01A, Dav01, Dav02}.
