NaaS Technology Posts Strong Q3 Results, Eyes Growth

Naas Technology Inc. ( (NAAS) ) has released its Q3 earnings. Here is a breakdown of the information Naas Technology Inc. presented to its investors.

NaaS Technology Inc., the first U.S. listed EV charging service company in China, provides comprehensive solutions for energy asset owners, focusing on charging services, energy solutions, and new initiatives to facilitate energy transition. In its recent Q3 2024 financial report, NaaS announced key achievements including a significant net profit milestone and a record-high gross profit margin of 57%. Charging services revenue grew by 36% year over year, making up 95% of the total revenue, and the company’s AI-driven technology advancements continue to improve operational efficiency.

The company reported a notable non-IFRS net profit of RMB20.6 million, while IFRS net loss approached breakeven at RMB8.3 million. NaaS’s strategic focus on core charging services and efficiency enhancements led to substantial operating cost reductions, with a 70% decrease in total operating expenses year over year. The company also emphasized its AI-powered interconnectivity charging business and partnerships to expand its EV charging ecosystem.

Strategic collaborations were highlighted, such as partnerships with FAW-Volkswagen and IM Motors, which expand NaaS’s charging network and enhance service offerings. NaaS’s participation in the development of Zhejiang Province’s Charging Infrastructure Governance Platform exemplifies its commitment to optimizing EV charging infrastructure.

Looking ahead, NaaS’s management remains optimistic about sustainable growth by leveraging its advanced AI technologies and strategic partnerships to capture opportunities in the rapidly expanding EV charging market. The company aims to continue enhancing its service offerings and further expand its presence in the industry.