NaaS Technology Inc. Scores First Quarterly Profit, with Strategy Focused on EV Charging Services
November 20 2024 - 9:26AM
JCN Newswire
NaaS Technology Inc. (Nasdaq: NAAS), a U.S.-listed EV charging
service provider in China, released its Q3 2024 financial results,
highlighting its first-ever positive quarterly non-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, increased by 36% year-over-year to
RMB 42.4 million ($6.0 million). The proportion of orders with
positive net take rates rose to 73%, while sales expenses decreased
by 81% year over year to RMB29.7 million (US$4.2 million) due to
reduced reliance on customer incentives and improved operational
efficiencies. Total revenue decreased by 55% year-over-year to RMB
44.4 million due to the company's decision to phase out low-margin
energy solution projects. Despite a decrease in revenue, the
company also reported a gross profit margin of 57%, the company's
highest to date. Total gross profit for this quarter arrived at
RMB25.2 million (US$3.6 million) as compared to RMB28.6 million in
the same period of 2023.
The company emphasized advancements in its AI-powered NaaS Energy
Fintech (NEF) system, which is designed to optimize charging
operations, including site selection and revenue management.
Partnerships with FAW-Volkswagen and IM Motors appear to have also
expanded NaaS' network, with the company claiming to now connect
around 1.15 million chargers.
NaaS also reiterated its focus on environmental, social, and
governance (ESG) initiatives, joining the China ESG Alliance and
releasing its 2023 ESG report. The company outlined its efforts to
integrate sustainability into its business model and support the
transition to green energy.
CEO of NaaS, Ms. Yang Wang, commented on the results and emphasized
to shareholders that the company's financial performance reflects
NaaS' strategic focus and operational adjustments. Wang reiterated
the company's emphasis on core EV charging services and ongoing
efficiency improvements, and aimed to continue adapting to China's
dynamic EV market.
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