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NaaS Technology Inc. is a leading electric vehicle (EV) charging service provider in China, dedicated to revolutionizing the energy sector with carbon-neutral solutions. Listed on the NASDAQ under the symbol NAAS, the company offers an integrated suite of online and offline services to charging station operators, enhancing their operational efficiency and customer satisfaction.
NaaS provides a comprehensive range of services that cater to every need of the EV charging ecosystem. From siting consultation, software and hardware procurement, to EPC (Engineering, Procurement, and Construction), operation and maintenance, and energy storage solutions, NaaS simplifies the intricacies of managing charging stations. The company's robust digital platform also offers non-charging services, such as food and beverage options for station operators, ensuring a holistic service experience.
Recent financial results highlight NaaS's impressive growth trajectory. In 2023, the company reported a revenue of RMB320.1 million (US$45.1 million), reflecting a remarkable year-over-year growth of 245%. Gross profit surged to RMB88.8 million (US$12.5 million), with gross margins increasing from 6.6% to 27.7%. The charging volume through NaaS's network rose by 81% YoY, reaching 4,958 GWh. Additionally, the gross transaction value saw a 74% YoY increase, amounting to RMB4.7 billion (US$661.6 million).
NaaS's network is expansive, connecting 875,655 EV chargers across 77,017 charging stations as of the end of 2023. This extensive network is further bolstered by strategic partnerships with leading national operators and automobile manufacturers, including Deepal Automobile, GAC Energy Technology Co., Ltd., and Great Wall Motors. These collaborations not only enhance NaaS's service offerings but also strengthen its technological capabilities, enabling it to deliver optimized energy solutions worldwide.
One of the notable recent developments includes NaaS's partnership with Beijing Car Network New Energy Co., Ltd. (CNNE), aimed at improving the connectivity and customer flow of public EV charging piles in Beijing. This collaboration is set to integrate NaaS's digital capabilities with CNNE's charging stations, providing EV owners with enhanced services such as pricing information, one-click charging, and online payment options.
NaaS has also been recognized in the Global Unicorn Index, highlighting its status as a significant player in the new energy sector. The company's digital solutions in energy management, including the NEF (NaaS Energy Fintech) system, are designed to optimize the operation, trading, and coordination of transport energy. This innovation underscores NaaS's commitment to leveraging AI and digital technologies to drive high-quality development in the energy sector.
NaaS Technology Inc. is not only transforming the EV charging landscape but also positioning itself as a pivotal force in the global energy transition. With its continuous focus on innovation, strategic partnerships, and financial growth, NaaS is set to play a crucial role in the future of sustainable energy solutions.
NaaS Technology Inc. (Nasdaq: NAAS), the first U.S.-listed EV charging service company in China, announced that its Chief Financial Officer, Steven Sim, will participate in UBS's Charging Industry Call Series. The online event, titled 'Charged Up: Inflection of Earnings,' will be moderated by UBS's Head of China Auto Research, Wei Shen, and is scheduled for November 4, 2024, at 5:00 p.m. Beijing Time. Interested investors should contact their UBS institutional sales representative to join the event.
NaaS Technology Inc. (Nasdaq: NAAS) reported connecting approximately 1.15 million chargers to its charging network as of September 30, 2024, marking a 30% increase from the end of 2023. This growth surpassed the national average of 22% for the same period. The company's expansion is supported by AI-powered technologies and its Energy Fintech system, which enhance operational efficiency and enable predictive maintenance and strategic site selection. The company aims to improve the EV charging ecosystem through digital innovation and strategic partnerships.
NaaS Technology Inc. (Nasdaq: NAAS), the first U.S.-listed EV charging service company in China, has announced a strategic partnership with a leading regional charging station operator in Fujian Province. This collaboration will integrate over 100 charging stations and 1,600+ DC fast chargers into NaaS's strategic partner Kuaidian's charging service network, expanding NaaS's presence in major cities like Xiamen and Fuzhou, as well as smaller cities in the region.
The partnership aims to enhance charging facility interconnectivity, targeted traffic guidance, and seamless payments. Fujian Province has over 700,000 NEVs and 105,000 public charging piles as of August 2024, with Xiamen and Fuzhou experiencing robust growth in NEV penetration. NaaS continues to expand partnerships with prominent NEV brands and third-party platforms, while leveraging its AI-driven NEF system to improve charging operators' profitability.
NaaS Technology Inc. (Nasdaq: NAAS), the first U.S.-listed EV charging service company in China, has announced a strategic focus on its interconnectivity charging business. The company aims to leverage AI technology and industry partnerships to accelerate ecosystem development in China's rapidly growing EV charging industry.
NaaS is expanding its charging station network by attracting local operators with advanced AI-powered services. The company has introduced the NEF (NaaS Energy Fintech) system, which automates site selection and optimizes charging efficiency. NaaS is also expanding its user base by integrating services into car manufacturers' systems and partnering with third-party platforms.
In the first half of 2024, NaaS expanded partnerships with major enterprises and industry leaders, as well as prominent electric vehicle brands. The company's Kuaidian mobile app and in-vehicle smart systems enable EV owners to easily access NaaS charging stations.
NaaS Technology Inc. (Nasdaq: NAAS), the first U.S. listed EV charging service company in China, has joined the China ESG Alliance as the inaugural member from the electric vehicle charging sector. This strategic move underscores NaaS's commitment to advancing sustainable practices and enhancing green, low-carbon initiatives in the industry.
CEO Ms. Yang Wang emphasized that joining the alliance is a important step in driving sustainable practices across NaaS's operations, guided by their comprehensive GREEN strategy (Governance, Reinvention, Eco-consciousness, Empathy, and Nurture). This strategy reinforces their commitment to low-carbon operations and strengthens their market leadership in sustainable energy asset management.
NaaS's induction into the China ESG Alliance, alongside prominent companies like Microsoft, Lenovo, and Tencent, marks a significant milestone in its journey towards sustainability leadership in the EV charging industry. This membership is expected to enhance NaaS's credibility and market position as a sustainable investment choice in the global new energy sector.
NaaS Technology Inc. (Nasdaq: NAAS), the first U.S. listed EV charging service company in China, has announced a strategic partnership with IM Motors, an electric vehicle joint venture among Alibaba, SAIC Motor, and Zhangjiang Hi-Tech. This collaboration aims to expand NaaS's automotive ecosystem partnerships and provide IM Motors customers with access to a broader range of intelligent, efficient, and convenient charging options.
The partnership will enable platform interoperability and charging experience upgrades. IM Motors users can access real-time information about NaaS network charging stations through their app and in-car charging maps. The collaboration offers seamless, intelligent services with interoperable charging stations, plug-and-play capabilities, and one-touch payment solutions.
NaaS has established comprehensive charging service partnerships with major new energy vehicle manufacturers in China, including BYD, Geely, Hyundai, and others. Its AI-powered charging services now cater to over 150 new energy vehicle models.
NaaS Technology Inc. (Nasdaq: NAAS), the first U.S. listed EV charging service company in China, announced a significant leadership change. Mr. Alex Wu has resigned as President, Chief Financial Officer, and Director, effective August 9, 2024. The company has appointed Mr. Steven Sim as the new Chief Financial Officer, starting August 12, 2024.
Mr. Sim brings over 20 years of experience in Singapore, London, and mainland China. He holds an MBA from INSEAD and has worked at three of the Big Four accounting firms. His previous roles include Vice President of Finance at Sohu and CFO at Pintec Group, where he led the company's IPO process.
To ensure a smooth transition, Mr. Wu will continue in an advisory role until November 8, 2024. Ms. Yang Wang, speaking on behalf of NaaS, expressed gratitude for Mr. Wu's contributions and confidence in Mr. Sim's ability to drive growth for the company.
NaaS Technology Inc. (Nasdaq: NAAS), the first U.S. listed EV charging service company in China, has released its 2023 Environmental, Social and Governance (ESG) report. The report highlights NaaS's progress towards its long-term ESG goals, including:
- Achieving a carbon emission reduction of 3.29 million tons through new energy charging
- Procuring 305 million kWh of clean energy, accounting for 81.14% of total electricity consumption
- Scoring 60 points in the S&P Global Corporate Sustainability Assessment, ranking in the top 2% globally and second in the industry in China
The report also details NaaS's strategic initiatives in sustainability, technological advancements in autonomous charging solutions, and commitment to sound governance and employee development.
NaaS Technology Inc. (Nasdaq: NAAS) reported its Q2 and H1 2024 financial results, showing significant progress towards profitability. Key highlights include:
- 59% YoY reduction in net loss for Q2 2024
- 73% YoY increase in charging services revenue for Q2 2024
- 89% YoY overall revenue growth in Q2 2024
- 59% YoY gross profit growth in Q2 2024
- Non-IFRS net profit turned positive in June 2024
The company's core charging services business continued to drive revenue growth, with 70% of orders achieving positive Net Take Rate (NTR) in Q2. NaaS also advanced its autonomous charging robot solutions and formed strategic partnerships to expand its ecosystem.
NaaS Technology Inc. (Nasdaq: NAAS), the first U.S. listed EV charging service company in China, has announced it will report its unaudited financial results for the second quarter and first half of 2024 on July 24, 2024, before the U.S. market opens. The company will host an earnings conference call at 8:00 AM U.S. Eastern time (8:00 PM Beijing/Hong Kong time) on the same day.
Investors and analysts can access the call through various toll-free and international numbers. A live and archived webcast of the conference call will be available on the company's investor relations website. Additionally, a replay of the call will be accessible until July 31, 2024.
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