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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) reported strong growth in its unaudited financial results for Q4 and the full year ending December 31, 2022. The company achieved a 91% increase in charging volume in Q4, reaching 856.8 GWh, and a 116% annual growth to 2,753.7 GWh. Gross transaction value grew by 94% to RMB840.2 million in Q4, and by 119% to RMB2,701.2 million for the year. Despite these increases, NaaS incurred a net loss of RMB126.9 million in Q4 and RMB5.6 billion for 2022, reflecting a significant rise in operational costs attributed to business expansion, including RMB1.9 billion in listing costs. For 2023, the company anticipates revenues between RMB500 million and RMB600 million, representing growth of up to 644% compared to 2022.
NaaS Technology reported significant adjustments to its unaudited financial results for the quarter and six months ending June 30, 2022. The net revenues surged by 591% year-over-year, reaching RMB36.5 million (US$5.5 million), primarily driven by increased platform order volumes. However, total operating costs soared to RMB2,280.8 million (US$340.5 million), resulting in a net loss of RMB5,401.5 million (US$806.4 million). The adjustments included updates to share-based compensation, fair value changes, and reclassifications within financial statements. Notably, online EV charging solutions contributed RMB19.7 million (US$2.9 million) in revenue, reflecting a 451% growth, while offline EV charging revenues saw a 997% increase. The substantial losses were attributed mainly to equity-settled listing costs and share-based compensation expenses.
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