NaaS Technology ADR Stock Price, News & Analysis

NaaS Technology reported significant financial improvements in Q3 2024, achieving its first positive non-IFRS net profit of RMB20.6 million (US$2.9 million). The company reached a record-high gross margin of 57%, while IFRS net loss approached breakeven at RMB8.3 million. Charging services revenue grew 36% year-over-year, representing 95% of total revenue. The company's platform saw a 34% increase in transaction users and 49% growth in connected chargers, while reducing sales expenses by 81%. The proportion of orders with positive Net Take Rate reached 73%, demonstrating improved operational efficiency.

NaaS Technology Inc. (Nasdaq: NAAS), the first U.S.-listed EV charging service company in China, has announced it will release its unaudited financial results for the third quarter ended September 30, 2024 before U.S. market opens on November 20, 2024. The company will host an earnings conference call at 8:00 AM U.S. Eastern time (9:00 PM Beijing/Hong Kong time) on the same day. Participants can join via dial-in numbers after online registration, and a live and archived webcast will be available on the company's investor relations website. A replay will be accessible until November 27, 2024.

NaaS Technology (Nasdaq: NAAS) has successfully launched the Zhejiang Province Charging Infrastructure Governance and Supervision Service Platform in collaboration with the Energy Bureau of Zhejiang Province. The platform, awarded to NaaS in December 2023, integrates the company's proprietary NEF system with government cloud resources to optimize EV charging infrastructure layout and operations. Notable operational improvements include a reduction in marketing expenses from 177% to 57% of revenue in Q2 2024, alongside 60% growth in registered users and 90% increase in transaction users.

NaaS Technology Inc. (Nasdaq: NAAS), the first U.S.-listed EV charging service company in China, announced that its Chief Financial Officer, Steven Sim, will participate in UBS's Charging Industry Call Series. The online event, titled 'Charged Up: Inflection of Earnings,' will be moderated by UBS's Head of China Auto Research, Wei Shen, and is scheduled for November 4, 2024, at 5:00 p.m. Beijing Time. Interested investors should contact their UBS institutional sales representative to join the event.

NaaS Technology Inc. (Nasdaq: NAAS) reported connecting approximately 1.15 million chargers to its charging network as of September 30, 2024, marking a 30% increase from the end of 2023. This growth surpassed the national average of 22% for the same period. The company's expansion is supported by AI-powered technologies and its Energy Fintech system, which enhance operational efficiency and enable predictive maintenance and strategic site selection. The company aims to improve the EV charging ecosystem through digital innovation and strategic partnerships.

NaaS Technology Inc. (Nasdaq: NAAS), the first U.S.-listed EV charging service company in China, has announced a strategic partnership with a leading regional charging station operator in Fujian Province. This collaboration will integrate over 100 charging stations and 1,600+ DC fast chargers into NaaS's strategic partner Kuaidian's charging service network, expanding NaaS's presence in major cities like Xiamen and Fuzhou, as well as smaller cities in the region.

The partnership aims to enhance charging facility interconnectivity, targeted traffic guidance, and seamless payments. Fujian Province has over 700,000 NEVs and 105,000 public charging piles as of August 2024, with Xiamen and Fuzhou experiencing robust growth in NEV penetration. NaaS continues to expand partnerships with prominent NEV brands and third-party platforms, while leveraging its AI-driven NEF system to improve charging operators' profitability.

NaaS Technology Inc. (Nasdaq: NAAS), the first U.S.-listed EV charging service company in China, has announced a strategic focus on its interconnectivity charging business. The company aims to leverage AI technology and industry partnerships to accelerate ecosystem development in China's rapidly growing EV charging industry.

NaaS is expanding its charging station network by attracting local operators with advanced AI-powered services. The company has introduced the NEF (NaaS Energy Fintech) system, which automates site selection and optimizes charging efficiency. NaaS is also expanding its user base by integrating services into car manufacturers' systems and partnering with third-party platforms.

In the first half of 2024, NaaS expanded partnerships with major enterprises and industry leaders, as well as prominent electric vehicle brands. The company's Kuaidian mobile app and in-vehicle smart systems enable EV owners to easily access NaaS charging stations.

NaaS Technology Inc. (Nasdaq: NAAS), the first U.S. listed EV charging service company in China, has joined the China ESG Alliance as the inaugural member from the electric vehicle charging sector. This strategic move underscores NaaS's commitment to advancing sustainable practices and enhancing green, low-carbon initiatives in the industry.

CEO Ms. Yang Wang emphasized that joining the alliance is a important step in driving sustainable practices across NaaS's operations, guided by their comprehensive GREEN strategy (Governance, Reinvention, Eco-consciousness, Empathy, and Nurture). This strategy reinforces their commitment to low-carbon operations and strengthens their market leadership in sustainable energy asset management.

NaaS's induction into the China ESG Alliance, alongside prominent companies like Microsoft, Lenovo, and Tencent, marks a significant milestone in its journey towards sustainability leadership in the EV charging industry. This membership is expected to enhance NaaS's credibility and market position as a sustainable investment choice in the global new energy sector.

NaaS Technology Inc. (Nasdaq: NAAS), the first U.S. listed EV charging service company in China, has announced a strategic partnership with IM Motors, an electric vehicle joint venture among Alibaba, SAIC Motor, and Zhangjiang Hi-Tech. This collaboration aims to expand NaaS's automotive ecosystem partnerships and provide IM Motors customers with access to a broader range of intelligent, efficient, and convenient charging options.

The partnership will enable platform interoperability and charging experience upgrades. IM Motors users can access real-time information about NaaS network charging stations through their app and in-car charging maps. The collaboration offers seamless, intelligent services with interoperable charging stations, plug-and-play capabilities, and one-touch payment solutions.

NaaS has established comprehensive charging service partnerships with major new energy vehicle manufacturers in China, including BYD, Geely, Hyundai, and others. Its AI-powered charging services now cater to over 150 new energy vehicle models.