NaaS Technology Q2 Loss Narrows On Strong Revenue, Volume; Reaffirms FY23 View

NaaS Technology Inc. (NAAS), a Chinese EV charging service company, reported Friday that its second-quarter net loss attributable to ordinary shareholders of RMB334.7 million or $46.2 million was narrower than last year’s loss of RMB5.30 billion.

Adjusted net loss attributable to ordinary shareholders, however, increased by 12 percent year over year to RMB108.0 million or $14.9 million, as compared to net loss of RMB96.0 million for the same period of 2022.

Revenues grew 121 percent to RMB48.6 million or $6.7 million from last year’s RMB22.01 million.

Charging volume transacted through NaaS’ network reached 1,228 GWh in the second quarter, an increase of 112 percent from last year.

Gross transaction value transacted through NaaS’ network reached RMB1.2 billion or $160.8 million, up 109 percent. Number of orders climbed 110 percent to 53.8 million.

As of June 30, 2023, more than 652,000 chargers in over 62,000 charging stations were connected and accessible on NaaS’ network, up 80 percent from 362,000 and 59 percent from 39,000 as of June 30, 2022, respectively.

Looking ahead, the company reaffirmed its previous guidance and expects its full-year 2023 revenues to be between RMB500 million or $69 million and RMB600 million or $83 million. This represents a year-over-year increase of 5 to 6 times.

In pre-market activity on Nasdaq, NaaS shares were gaining around 1.4 percent to trade at $5.90.

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