/C O R R E C T I O N -- NaaS Technology Inc./
- Significant growth in charging volume, transaction value, and number of orders
- Revenues increased by 121% in Q2 and 132% in H1
- Net loss decreased by 94% in Q2 and 92% in H1
- Secured a RMB204 million order for energy storage solutions
- Established strategic collaborations with Hyundai, PICC Real Estate, and CR Capital MGMT
- Acquired Charge Amps for US$66.4 million
- Completed a US$70 million financing
- None.
In the news release, "NaaS Technology Inc. Reports Unaudited 2023 Second Quarter and First Half Financial Results", issued on September 8, 2023 over PR Newswire, the complete, corrected release follows:
NaaS Technology Inc. Reports Unaudited 2023 Second Quarter and First Half Financial Results
Second Quarter and First Half 2023 Operational Highlights:
- Charging volume transacted through NaaS' network reached 1,228 GWh in the second quarter of 2023 and 2,251 GWh in the first half of 2023, representing an increase of
112% and112% year over year, respectively. - Gross transaction value transacted through NaaS' network reached
RMB1.2 billion (US ) in the second quarter of 2023 and$160.8 million RMB2.2 billion (US ) in the first half of 2023, representing an increase of$297.4 million 109% and108% year over year, respectively. - Number of orders transacted through NaaS' network reached 53.8 million in the second quarter of 2023 and 98.2 million in the first half of 2023, representing an increase of
110% and110% year over year, respectively. - As of June 30, 2023, more than 652,000 chargers in over 62,000 charging stations were connected and accessible on NaaS' network, up by
80% from 362,000 and59% from 39,000 as of June 30, 2022, respectively.
Second Quarter and First Half 2023 Financial Highlights:
- Revenues grew by
121% year over year toRMB48.6 million (US ) in the second quarter of 2023 and$6.7 million 132% year over year toRMB84.8 million (US ) in the first half of 2023.$11.7 million - Total operating costs and expenses decreased by
82% year over year toRMB388.6 million (US ) in the second quarter of 2023 and$53.6 million 76% year over year toRMB538.4 million (US ) in the first half of 2023.$74.2 million - Net loss attributable to ordinary shareholders decreased by
94% year over year toRMB334.7 million (US ) in the second quarter of 2023 and$46.2 million 92% year over year toRMB444.3 million (US ) in the first half of 2023.$61.3 million - Non-IFRS net loss1 attributable to ordinary shareholders increased by
12% year over year toRMB108.0 million (US ) in the second quarter of 2023 and$14.9 million 44% year over year toRMB210.3 million (US29.0 million) in the first half of 2023.
1Non-IFRS net loss was arrived at after excluding share-based compensation expenses, equity-settled listing costs, fair value changes of convertible and redeemable preferred shares, and fair value changes of financial assets at fair value through profit or loss. Please refer to the section titled "Unaudited reconciliations of IFRS and non-IFRS results" for details.
Recent Developments
Secured a
In September 2023, the Company secured a
Established Strategic Collaboration with Hyundai Motor Group (
In August 2023, the Company signed strategic collaboration agreements with Hyundai Motor Group (
Charge Amps Acquisition
On August 22, 2023, the Company entered into a definitive agreement to acquire
Completed
In July 2023, LMR Partners Limited ("LMR") completed the purchase of the
"In the second quarter of 2023, we continued to deliver solid operating and financial performance while driving innovation and strengthening our core competitiveness," said Ms. Yang Wang, NaaS' CEO. "We more than doubled our revenue year-over-year and at the same time achieved a significant loss reduction in the second quarter, thanks to our continuous network expansion, growing client base of station owners across various stages of charging station construction, operation, and upgrades, as well as improving operating efficiency. Our strategic partnerships also continued to deepen and broaden, with leading enterprises attracted to our innovative solutions and one-stop services. In addition, we are thrilled to have secured a
"Alongside our progress in the domestic market, we also achieved significant milestones in global expansion by acquiring
Second Quarter and First Half 2023 Financial Results:
Revenues
Total revenues reached
Revenues from online EV charging solutions contributed
Revenues from offline EV charging solutions increased by
Revenues from innovative and other businesses increased significantly by
Operating costs and expenses
Total operating costs and expenses decreased by
Cost of revenues increased by
Selling and marketing expenses increased by
Administrative expenses decreased by
Research and development expenses increased by
Finance costs
Finance costs were
Income tax benefits/expenses
NaaS' income tax benefits were
Net loss and non-IFRS net loss attributable to ordinary shareholders
Net loss attributable to ordinary shareholders was
Outlook:
Based on preliminary assessment of the current market conditions, the Company reaffirms its previous guidance and expects its full-year 2023 revenues to be between
Conference Call Information
The Company's management will host an earnings conference call at 8:00 AM
Participants who wish to join the conference call should register online at:
https://s1.c-conf.com/diamondpass/10033478-hf76e4.html
Once registration is completed, participants will receive the dial-in information for the conference call.
Participants joining the conference call should dial-in at least 10 minutes before the scheduled start time.
Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.enaas.com.
A replay of the conference call will be accessible approximately two hours after the conclusion of the live call until September 15, 2023, by dialing the following telephone numbers:
Replay Access Code: 10033478
Exchange Rate
This announcement contains translations of certain RMB amounts into
Non-IFRS Financial Measure
The Company uses non-IFRS net profit/loss for the period, which is a non-IFRS financial measure, in evaluating its operating results and for financial and operational decision-making purposes. NaaS believes that non-IFRS net profit/loss helps identify underlying trends in the Company's business that could otherwise be distorted by the effect of certain expenses that the Company includes in its results for the period. NaaS believes that non-IFRS net profit/loss for the period provides useful information about its results of operations, enhances the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metrics used by its management in its financial and operational decision-making.
Non-IFRS net profit/loss for the period should not be considered in isolation or construed as an alternative to operating profit or net profit for the period or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review non-IFRS net profit/loss for the period and the reconciliation to its most directly comparable IFRS measure. Non-IFRS net profit/loss for the period presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company's data. NaaS encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.
Non-IFRS net profit/loss for the period represents profit/loss for the period excluding share-based compensation expenses, equity-settled listing costs, fair value changes of convertible and redeemable preferred shares, and fair value changes of financial assets at fair value through profit or loss.
Merger Transactions
On June 10, 2022, RISE Education Cayman Ltd, the Company's predecessor, completed the merger and other related transactions (the "Merger Transactions") with Dada Auto Inc. ("Dada"),as a result of which Dada became a wholly-owned subsidiary of the Company and the Company assumed and began conducting the principal business of Dada. The name of the Company was changed from "RISE Education Cayman Ltd" to "NaaS Technology Inc." and its ticker was changed from "REDU" to "NAAS."
About NaaS Technology Inc.
NaaS Technology Inc. is the first
Safe Harbor Statement
This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the
For investor and media inquiries, please contact:
Investor Relations
NaaS Technology Inc.
E-mail: ir@enaas.com
Media inquiries:
E-mail: pr@enaas.com
NAAS TECHNOLOGY INC. | ||||||||||||||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF LOSS AND OTHER COMPREHENSIVE LOSS | ||||||||||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||
June 30, 2022 | June 30, 2023 | June 30, 2022 | June 30, 2023 | |||||||||||||||||||||
(In thousands, except for share and per share and per ADS data) | RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||||||||
Revenues from Online EV Charging Solutions | 11,850 | 22,666 | 3,126 | 19,716 | 41,921 | 5,781 | ||||||||||||||||||
Revenues from Offline EV Charging Solutions | 9,783 | 24,716 | 3,408 | 16,316 | 40,393 | 5,570 | ||||||||||||||||||
Revenues from Innovative and Other Businesses | 377 | 1,233 | 170 | 457 | 2,462 | 339 | ||||||||||||||||||
Revenues | 22,010 | 48,615 | 6,704 | 36,489 | 84,776 | 11,690 | ||||||||||||||||||
Other gains, net | 1,927 | 6,467 | 892 | 2,608 | 6,960 | 960 | ||||||||||||||||||
Operating costs and expenses | ||||||||||||||||||||||||
Cost of revenues | (23,315) | (29,505) | (4,069) | (39,144) | (59,552) | (8,213) | ||||||||||||||||||
Selling and marketing expenses | (58,228) | (86,096) | (11,873) | (102,441) | (152,486) | (21,029) | ||||||||||||||||||
Administrative expenses | (2,082,854) | (261,808) | (36,105) | (2,124,158) | (307,304) | (42,379) | ||||||||||||||||||
Research and development expenses | (7,119) | (11,181) | (1,542) | (15,105) | (19,013) | (2,622) | ||||||||||||||||||
Total operating costs and expenses | (2,171,516) | (388,590) | (53,589) | (2,280,848) | (538,355) | (74,243) | ||||||||||||||||||
Operating loss | (2,147,579) | (333,508) | (45,993) | (2,241,751) | (446,619) | (61,593) | ||||||||||||||||||
Finance costs | (36) | (7,243) | (999) | (262) | (14,303) | (1,973) | ||||||||||||||||||
Fair value changes of convertible and redeemable preferred shares | (3,155,006) | — | — | (3,158,498) | — | — | ||||||||||||||||||
Fair value changes of financial assets at fair value through profit or loss | 1,753 | 1,560 | 215 | 1,753 | 15,131 | 2,087 | ||||||||||||||||||
Loss before income tax | (5,300,868) | (339,191) | (46,777) | (5,398,758) | (445,791) | (61,479) | ||||||||||||||||||
Income tax (expenses)/benefits | (1,284) | 4,817 | 664 | (2,697) | 1,762 | 243 | ||||||||||||||||||
Net loss | (5,302,152) | (334,374) | (46,113) | (5,401,455) | (444,029) | (61,236) | ||||||||||||||||||
Net loss attributable to: | ||||||||||||||||||||||||
Equity holders of the company | (5,302,152) | (334,665) | (46,153) | (5,401,455) | (444,320) | (61,276) | ||||||||||||||||||
Non-controlling interests | — | 291 | 40 | — | 291 | 40 | ||||||||||||||||||
(5,302,152) | (334,374) | (46,113) | (5,401,455) | (444,029) | (61,236) |
NAAS TECHNOLOGY INC. | ||||||||||||||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF LOSS AND OTHER COMPREHENSIVE LOSS | ||||||||||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||
June 30, 2022 | June 30, 2023 | June 30, 2022 | June 30, 2023 | |||||||||||||||||||||
(In thousands, except for share and per share and per ADS data) | RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||||||||
Basic and diluted loss per share for loss attributable to the | ||||||||||||||||||||||||
Basic | (2.91) | (0.15) | (0.02) | (3.10) | (0.20) | (0.03) | ||||||||||||||||||
Diluted | (2.91) | (0.15) | (0.02) | (3.10) | (0.20) | (0.03) | ||||||||||||||||||
Basic and diluted loss per ADS for loss attributable to the | ||||||||||||||||||||||||
Basic | (29.13) | (1.51) | (0.21) | (31.02) | (2.02) | (0.28) | ||||||||||||||||||
Diluted | (29.13) | (1.51) | (0.21) | (31.02) | (2.02) | (0.28) | ||||||||||||||||||
Weighted average number of ordinary shares | 1,819,927,626 | 2,209,304,961 | 2,209,304,961 | 1,741,385,264 | 2,203,175,595 | 2,203,175,595 | ||||||||||||||||||
Weighted average number of ordinary shares | 1,819,927,626 | 2,209,304,961 | 2,209,304,961 | 1,741,385,264 | 2,203,175,595 | 2,203,175,595 | ||||||||||||||||||
Net loss | (5,302,152) | (334,374) | (46,113) | (5,401,455) | (444,029) | (61,236) | ||||||||||||||||||
Other comprehensive loss that will not be reclassified to profit or loss in subsequent period: | ||||||||||||||||||||||||
Fair value changes on equity investment designated at fair value | — | 1,737 | 240 | — | (21,616) | (2,981) | ||||||||||||||||||
Currency translation differences | (584) | 915 | 126 | (584) | (325) | (45) | ||||||||||||||||||
Other comprehensive loss, net of tax | (584) | 2,652 | 366 | (584) | (21,941) | (3,026) | ||||||||||||||||||
Total comprehensive loss | (5,302,736) | (331,722) | (45,747) | (5,402,039) | (465,970) | (64,262) | ||||||||||||||||||
Total comprehensive loss attributable to: | ||||||||||||||||||||||||
Equity holders of the company | (5,302,736) | (332,013) | (45,787) | (5,402,039) | (466,261) | (64,302) | ||||||||||||||||||
Non-controlling interests | — | 291 | 40 | — | 291 | 40 | ||||||||||||||||||
(5,302,736) | (331,722) | (45,747) | (5,402,039) | (465,970) | (64,262) |
NAAS TECHNOLOGY INC. | ||||||||||||||||||||||||
UNAUDITED RECONCILIATIONS OF IFRS AND NON-IFRS RESULTS | ||||||||||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||
June 30, 2022 | June 30, 2023 | June 30, 2022 | June 30, 2023 | |||||||||||||||||||||
(In thousands, except for share and per share and per ADS data) | RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||||||||
Reconciliation of Adjusted net loss | ||||||||||||||||||||||||
Net loss attributable to ordinary | (5,302,152) | (334,665) | (46,153) | (5,401,455) | (444,320) | (61,276) | ||||||||||||||||||
Add: Share-based compensation expenses | 140,172 | 228,248 | 31,477 | 186,260 | 249,188 | 34,365 | ||||||||||||||||||
Equity-settled listing costs | 1,912,693 | — | — | 1,912,693 | — | — | ||||||||||||||||||
Fair value changes of convertible | 3,155,006 | — | — | 3,158,498 | — | — | ||||||||||||||||||
Fair value changes of financial | (1,753) | (1,560) | (215) | (1,753) | (15,131) | (2,087) | ||||||||||||||||||
Adjusted net loss attributable to | (96,034) | (107,977) | (14,891) | (145,757) | (210,263) | (28,998) | ||||||||||||||||||
Adjusted net basic and diluted loss | ||||||||||||||||||||||||
Basic | (0.05) | (0.05) | (0.01) | (0.08) | (0.10) | (0.01) | ||||||||||||||||||
Diluted | (0.05) | (0.05) | (0.01) | (0.08) | (0.10) | (0.01) | ||||||||||||||||||
Adjusted net basic and diluted loss per | ||||||||||||||||||||||||
Basic | (0.53) | (0.49) | (0.07) | (0.84) | (0.95) | (0.13) | ||||||||||||||||||
Diluted | (0.53) | (0.49) | (0.07) | (0.84) | (0.95) | (0.13) | ||||||||||||||||||
Weighted average number of ordinary | 1,819,927,626 | 2,209,304,961 | 2,209,304,961 | 1,741,385,264 | 2,203,175,595 | 2,203,175,595 | ||||||||||||||||||
Weighted average number of ordinary | 1,819,927,626 | 2,209,304,961 | 2,209,304,961 | 1,741,385,264 | 2,203,175,595 | 2,203,175,595 |
NAAS TECHNOLOGY INC. | ||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | ||||||||||
As of | ||||||||||
December 31, 2022 | June 30, 2023 | |||||||||
(In thousands) | RMB | RMB | US$ | |||||||
ASSETS | ||||||||||
Current assets | ||||||||||
Cash and cash equivalents | 513,351 | 516,541 | 71,234 | |||||||
Trade receivables | 130,004 | 181,720 | 25,060 | |||||||
Inventories | — | 29,582 | 4,079 | |||||||
Prepayments, other receivables and other assets | 287,435 | 349,516 | 48,200 | |||||||
Other financial assets | — | 101,161 | 13,951 | |||||||
Total current assets | 930,790 | 1,178,520 | 162,524 | |||||||
Non-current assets | ||||||||||
Right-of-use assets | 17,030 | 18,241 | 2,516 | |||||||
Financial assets at fair value through profit or loss | 11,753 | 16,275 | 2,244 | |||||||
Financial assets at fair value through other comprehensive income | 129,060 | 107,444 | 14,817 | |||||||
Investments accounted for using equity method | — | 160 | 22 | |||||||
Property, plant and equipment | 2,600 | 4,340 | 599 | |||||||
Other non-current assets | 13,869 | 10,664 | 1,471 | |||||||
Intangible assets | 833 | 12,146 | 1,675 | |||||||
Goodwill | — | 40,522 | 5,588 | |||||||
Total non-current assets | 175,145 | 209,792 | 28,932 | |||||||
Total assets | 1,105,935 | 1,388,312 | 191,456 | |||||||
LIABILITIES AND EQUITY | ||||||||||
Current liabilities | ||||||||||
Interest-bearing bank borrowings | 38,000 | 154,249 | 21,272 | |||||||
Current lease liabilities | 6,853 | 6,190 | 854 | |||||||
Trade payables | 49,239 | 114,763 | 15,827 | |||||||
Income tax payables | 16,214 | 14,137 | 1,950 | |||||||
Other payables and accruals | 81,835 | 143,618 | 19,804 | |||||||
Total current liabilities | 192,141 | 432,957 | 59,707 | |||||||
Non-current liabilities | ||||||||||
Non-current lease liabilities | 9,327 | 11,114 | 1,533 | |||||||
Interest-bearing bank borrowings | 465,155 | 572,841 | 78,998 | |||||||
Deferred tax liabilities | 438 | 2,431 | 335 | |||||||
Total non-current liabilities | 474,920 | 586,386 | 80,866 | |||||||
Total liabilities | 667,061 | 1,019,343 | 140,573 | |||||||
EQUITY | ||||||||||
Share capital | 146,730 | 149,230 | 20,580 | |||||||
Additional paid in capital | 6,358,600 | 6,752,773 | 931,250 | |||||||
Accumulated losses | (6,031,255) | (6,475,575) | (893,023) | |||||||
Other reserves | (35,201) | (57,142) | (7,880) | |||||||
Non-controlling interests | — | (317) | (44) | |||||||
Total equity | 438,874 | 368,969 | 50,883 | |||||||
Total equity and liabilities | 1,105,935 | 1,388,312 | 191,456 |
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SOURCE NaaS Technology Inc.