NaaS Technology (NAAS) AI Stock Analysis

• Market Cap: $2.70M
• Dividend Yield: N/A
• Average Volume (3M): 14.60K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.28
• Revenue Growth: -13.78%
• EPS Growth: 38.67%
• Country: US
• Employees: 611
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Specialty Retail
• EPS (TTM): N/A
• Shares Outstanding: 10,138,721
• 10 Day Avg. Volume: 12,341
• 30 Day Avg. Volume: 14,597
• PEG Ratio: <0.01
• Price to Book (P/B): -0.25
• Price to Sales (P/S): 0.96
• P/FCF Ratio: -1.07
• Enterprise Value/Market Cap: 321.58
• Enterprise Value/Revenue: 5.55
• Enterprise Value/Gross Profit: 7.40
• Enterprise Value/Ebitda: -1.33
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 46 Neutral
• Price Target: $3.00 ▲(0.00% Upside)

NaaS Technology's overall stock score is primarily impacted by its poor financial performance, characterized by declining revenues, persistent losses, and high leverage. Technical analysis provides some stability with neutral indicators, but the negative MACD suggests bearish momentum. The valuation is unattractive due to a negative P/E ratio and lack of dividend yield.

Positive Factors

Strategic Partnerships

The partnership with Xiaomi Auto strengthens NaaS's position in the EV charging market, potentially driving long-term growth and innovation in sustainable mobility solutions.

Operational Flexibility

The amendment to the company's governance documents is expected to improve its ability to adapt to market changes and regulatory requirements, supporting long-term strategic goals.

Profitability Improvement

Improved profitability and cost efficiency indicate a successful strategic shift, enhancing financial stability and potential for sustainable growth.

Negative Factors

Declining Revenue

The significant revenue decline over recent years suggests challenges in maintaining market share and competitiveness, impacting long-term growth prospects.

High Leverage

High leverage and negative equity indicate financial instability, limiting the company's ability to invest in growth and manage economic downturns.

Negative Cash Flows

Persistent negative cash flows suggest operational inefficiencies and reliance on external financing, posing risks to long-term financial health and sustainability.

NaaS Technology Business Overview & Revenue Model

Company Description

NaaS Technology Inc. provides electric vehicle (EV) charging services in China. It serves charging station operators, charger manufacturers, EV OEMs, and other end-users. The company was founded in 2019 and is based in Beijing, China.

How the Company Makes Money

NaaS Technology generates revenue primarily through subscription-based models for its Network as a Service offerings. Customers pay a recurring fee for access to the company's virtualized network infrastructure and services. Additional revenue streams include usage-based billing for bandwidth and additional features, such as enhanced security options and network analytics tools. The company also partners with major cloud service providers and telecommunications firms to offer integrated solutions, which contributes to its earnings through joint ventures and co-marketing initiatives. Furthermore, NAAS may earn revenue through professional services, including system integration and support, further diversifying its income sources.

NaaS Technology Financial Statement Overview

Summary

NaaS Technology is facing significant financial challenges, with declining revenues, persistent losses, high leverage, and negative cash flows. The balance sheet shows potential financial distress with negative stockholders' equity and a high debt-to-equity ratio. Cash flow statements indicate negative operating and free cash flows, highlighting inefficiencies in cash management.

Income Statement

NaaS Technology has experienced a consistent decline in revenue over the years, with a significant drop from $1.5 billion in 2019 to approximately $200 million in 2024. The company has not been able to achieve profitability, as evidenced by the negative net income and EBIT margins across the years. The gross profit margin remains volatile, showing some improvement in the latest year but still insufficient to offset the high operating costs.

Balance Sheet

The balance sheet is concerning with a negative stockholders' equity, indicating potential financial distress. The company has a high debt-to-equity ratio due to substantial liabilities, far exceeding its equity base. The equity ratio is negative, reflecting an imbalance in the capital structure and a reliance on debt financing.

Cash Flow

NaaS Technology's cash flow statements indicate negative operating and free cash flows, pointing to challenges in generating cash from operations. The company has relied heavily on financing activities to fund its operations, which may not be sustainable in the long term. The operating cash flow to net income ratio is negative, further highlighting inefficiencies in cash management.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	156.29M	200.98M	320.08M	92.81M	33.45M	6.16M
Gross Profit	117.26M	88.54M	88.76M	6.17M	3.87M	-384.00K
EBITDA	-651.13M	-873.31M	-1.06B	-547.41M	-247.47M	-72.59M
Net Income	-484.54M	-913.48M	-1.31B	-5.64B	-260.46M	-77.90M
Balance Sheet
Total Assets	620.74M	650.64M	1.47B	1.11B	178.09M	67.60M
Cash, Cash Equivalents and Short-Term Investments	74.77M	135.79M	534.30M	513.35M	8.49M	3.67M
Total Debt	845.98M	1.07B	1.04B	519.34M	19.63M	244.86M
Total Liabilities	1.26B	1.40B	1.51B	667.06M	148.65M	1.92B
Stockholders Equity	-637.13M	-754.46M	-47.04M	438.87M	29.44M	495.11M
Cash Flow
Free Cash Flow	0.00	-179.14M	-571.57M	-597.83M	-250.64M	-86.89M
Operating Cash Flow	0.00	-179.14M	-565.24M	-580.70M	-250.03M	-63.01M
Investing Cash Flow	0.00	-201.67M	-339.61M	-161.34M	-5.61M	5.44M
Financing Cash Flow	0.00	71.27M	827.74M	1.25B	229.54M	64.56M

NaaS Technology Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NAAS, the sentiment is Negative. The current price of 3 is below the 20-day moving average (MA) of 3.25, below the 50-day MA of 3.47, and below the 200-day MA of 3.95, indicating a bearish trend. The MACD of -0.10 indicates Negative momentum. The RSI at 40.05 is Neutral, neither overbought nor oversold. The STOCH value of 50.02 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NAAS.

NaaS Technology Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
EVGO	51 Neutral	$942.43M	-8.04	―	―	39.21%	9.08%
CHPT	48 Neutral	$157.77M	-0.63	-219.20%	―	-6.32%	28.82%
NAAS	46 Neutral	$2.70M	-0.02	―	―	-13.78%	38.67%
NVVE	42 Neutral	$4.29M	>-0.01	-3734.39%	―	-9.58%	86.27%

NaaS Technology Corporate Events

NaaS Technology Sets January 23, 2026 Extraordinary General Meeting for Key Shareholder Votes

On January 5, 2026, NaaS Technology Inc. announced it will convene an extraordinary general meeting (EGM) of shareholders in Langfang, Hebei Province, at 3:00 p.m. Beijing time on January 23, 2026, to consider and vote on a series of proposed resolutions detailed in the company’s EGM notice. Shareholders of record of ordinary shares and holders of American depositary shares as of the close of business on January 2, 2026, are eligible to participate, with ADS investors required to vote through the program’s depositary, JPMorgan Chase Bank. The board has signaled strong support for the resolutions and is urging both shareholders and ADS holders to vote in favor, underscoring the strategic importance of the upcoming decisions for NaaS’s governance and future direction amid its positioning as a leading EV charging service and energy asset operator in China.

The most recent analyst rating on (NAAS) stock is a Hold with a $3.50 price target. To see the full list of analyst forecasts on NaaS Technology stock, see the NAAS Stock Forecast page.

NaaS Technology Regains Nasdaq Compliance as of December 2025

On December 9, 2025, NaaS Technology Inc. announced it had regained compliance with Nasdaq’s minimum market value of listed securities requirement, closing a matter that began on June 13, 2025, when the company was notified of non-compliance. The company maintained a market value of at least $35 million for twenty consecutive business days, allowing it to meet Nasdaq’s standards and continue its listing on the Nasdaq Capital Market.

The most recent analyst rating on (NAAS) stock is a Hold with a $3.50 price target. To see the full list of analyst forecasts on NaaS Technology stock, see the NAAS Stock Forecast page.

NaaS Technology Executes Major Share Subscription Agreement

On November 4, 2025, NaaS Technology Inc. executed share subscription agreements with Newlink Envision Limited, Newlink Linkage Limited, and other accredited investors to issue 27,776,000,000 Class A ordinary shares at a price of US$0.001 per share, raising US$31.2 million. This transaction, approved by the company’s audit committee and board, increases Newlink’s voting power to 54.0% and reflects strategic financial maneuvers to strengthen NaaS Technology’s market position.

The most recent analyst rating on (NAAS) stock is a Hold with a $3.50 price target. To see the full list of analyst forecasts on NaaS Technology stock, see the NAAS Stock Forecast page.