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NAAS

NaaS Technology Inc.

NAAS

NaaS Technology Inc. • NASDAQ
$3.55 ▼ -2.17% (-0.08)
Market Cap $4.20 M
52w High $48.00
52w Low $1.96
Dividend Yield 0%
P/E -0.04
Volume 8.56K
Outstanding Shares 1.18M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2024 $45.244M ▲ $508.158M ▲ $-542.931M ▼ -1.2K% ▼ $-640 ▼ $-554.183M ▼
Q3-2024 $44.448M ▼ $75.327M ▼ $-7.684M ▲ -17.288% ▲ $-8.96 ▲ $-47.96M ▲
Q2-2024 $91.693M ▼ $114.861M ▼ $-135.471M ▲ -147.744% ▲ $-166.4 ▲ $-86.789M ▲
Q1-2024 $96.237M ▲ $210.943M ▼ $-227.399M ▲ -236.291% ▲ $-289.92 ▲ $-184.378M ▲
Q4-2023 $64.359M $402.961M $-495.73M -770.257% $-640 $-382.037M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2024 $135.788M ▼ $650.644M ▼ $1.405B ▼ $-754.455M ▼
Q3-2024 $374.749M ▼ $1.288B ▼ $1.508B ▼ $-219.97M ▲
Q2-2024 $428.761M ▲ $1.31B ▲ $1.552B ▲ $-255.432M ▼
Q1-2024 $381.547M ▼ $1.295B ▼ $1.457B ▼ $-164.863M ▼
Q4-2023 $534.304M $1.465B $1.509B $-47.039M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2024 $-542.931M ▼ $0 $0 $0 $0 $0
Q3-2024 $-7.684M ▲ $0 $0 $0 $0 $0
Q2-2024 $-135.471M ▲ $0 $0 $0 $0 $0
Q1-2024 $-227.399M ▲ $0 $0 $0 $0 $0
Q4-2023 $-495.73M $0 $0 $0 $0 $0

Revenue by Products

Product Q1-2019Q1-2020
Educational Programs
Educational Programs
 $1.07Bn ▲$1.32Bn ▲
Franchise
Franchise
 $130.00M ▲$160.00M ▲
Product and Service Other
Product and Service Other
 $80.00M ▲$50.00M ▼

Five-Year Company Overview

Income Statement

Income Statement NaaS looks like an early‑stage, “growth first, profits later” business. Revenue has risen steadily from a very small base, showing that customers and usage are building, but the scale is still modest. The company does generate positive gross profit, which means its basic services are priced above their direct costs. However, overall operating expenses are much larger than gross profit, so operating and net losses remain very heavy. Losses ballooned a few years ago and have since narrowed somewhat, but the business is still far from break‑even and remains in a high‑burn phase.

Balance Sheet

Balance Sheet The balance sheet is thin and stressed. Total assets are relatively small, and cash has declined from prior peaks, which reduces financial flexibility. Debt sits high relative to the asset base, and shareholders’ equity has turned negative, meaning obligations now exceed reported assets. That combination points to a leveraged, fragile capital structure that depends on outside funding and market confidence. Multiple reverse stock splits over the years also hint at past share‑price pressure and dilution risk for existing owners.

Cash Flow

Cash Flow The company has consistently burned cash from its core operations, with no year of positive operating cash flow yet. Free cash flow has also been negative throughout, showing that the business is not self‑funding and still relies on external capital to sustain growth and cover losses. On the positive side, spending on physical assets is relatively light, which fits the asset‑light platform model and keeps capital needs lower than a fully asset‑heavy charging network. Still, until operating cash outflows shrink meaningfully, funding and liquidity will remain key risk areas to watch.

Competitive Edge

Competitive Edge Commercially, NaaS holds a strong strategic spot in China’s EV charging ecosystem. It connects a very large number of charging stations and chargers, giving it meaningful scale and network effects: more stations attract more drivers, which in turn attract more station partners. Its asset‑light focus on software, services, and data differentiates it from players that mainly own hardware or individual stations. Deep integrations and partnerships with leading EV makers embed its services directly into vehicles and apps, creating user stickiness. The flip side is that this is a highly competitive, policy‑sensitive sector in China, and NaaS must keep proving its value to both drivers and station operators to protect margins.

Innovation and R&D

Innovation and R&D Innovation is a clear strength. NaaS invests heavily in advanced fast‑charging hardware, robotic autonomous chargers, and an AI‑driven platform that optimizes where and how charging happens. Its “NaaS Energy Fintech” system uses data and algorithms to help partners choose sites, manage loads, and maintain equipment more efficiently, which can create a technology edge over simpler hardware providers. The firm also offers bundled solutions that combine software, hardware, construction, maintenance, and even solar and storage integration, turning it into a one‑stop infrastructure partner. Future initiatives like “NaaS 2.0,” more capable autonomous charging, and overseas expansion could extend this edge if execution matches ambition.

Summary

Overall, NaaS is a high‑growth, high‑uncertainty EV infrastructure platform with a notable gap between its commercial positioning and its financial strength. On the positive side, it has built substantial scale in China’s EV charging market, forged strong partnerships with major automakers, and developed a differentiated, technology‑rich, asset‑light model. On the risk side, it remains deeply loss‑making, cash‑flow negative, and balance‑sheet constrained, with negative equity and dependence on continued external funding. The investment case around NaaS therefore hinges on whether its innovation, network effects, and international expansion can translate into sustainable profitability before funding or competitive pressures become too severe.

NEWS

October 10, 2025 · 4:00 PM UTC

NaaS Technology Inc. Announces Results of 2025 Annual General Meeting

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September 9, 2025 · 4:00 PM UTC

NaaS Technology Inc. to Hold Annual General Meeting on October 10, 2025

Read more