NaaS Technology Inc. Earns First Quarterly Profit, Strategy Focuses on EV Charging Services By Investing.com

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NaaS Technology Inc. Earns First Quarterly Profit, Strategy Focuses on EV Charging Services By Investing.com

HONG KONG, Nov 20, 2024 – (ACN Newswire) – – NaaS Technology Inc. (Nasdaq: NAAS), a US-listed EV charging service provider in China, released its financial results for Q3 2024, highlighting -IFRS net profit of RMB 20.6 million ($2.9 million).

Revenue from the company’s EV charging services business, which represents 95% of total revenue, rose 36% year-on-year to RMB 42.4 million ($6.0 million). The proportion of orders with a net takeaway value increased to 73%, while cost of sales decreased by 81% year-on-year to RMB29.7 million (US$4.2 million) due to reduced reliance on customer benefits and improved operational efficiency. Total (EPA:) revenue fell 55% year-on-year to RMB 44.4 million due to the company’s decision to end low-energy solution projects. Despite the decline in revenue, the company also reported a net profit margin of 57%, the company’s highest figure to date. Net profit for the quarter came to RMB25.2 million (US$3.6 million) compared to RMB28.6 million in the same period of 2023.

The company highlighted improvements in its AI-powered NaaS Energy Fintech (NEF) system, designed to improve charging performance, including site selection and revenue management. The partnership with FAW-Volkswagen and IM Motors appears to have expanded the NaaS network, with the company saying it now connects approximately 1.15 million chargers.

NaaS has reiterated its focus on environmental, social, and governance (ESG) initiatives, joining the China ESG Alliance and releasing its 2023 ESG report. The company has highlighted its efforts to integrate sustainability into its business model and support the transition to green energy.

The CEO of NaaS, Ms. Yang Wang, commented on the results and emphasized to shareholders that the company’s financial performance reflects the focus on NaaS strategies and operational improvements. Wang reiterated the company’s emphasis on EV charging services and continuous improvements in efficiency, and aims to continue adapting to China’s dynamic EV market.

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