NaaS Technology (NAAS) AI Stock Analysis

• Market Cap: $3.31M
• Dividend Yield: N/A
• Average Volume (3M): 147.45K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.26
• Revenue Growth: -13.78%
• EPS Growth: 38.11%
• Country: US
• Employees: 611
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Specialty Retail
• EPS (TTM): N/A
• Shares Outstanding: 1,926,928
• 10 Day Avg. Volume: 133,581
• 30 Day Avg. Volume: 147,450
• 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: 58.79
• Enterprise Value/Revenue: 0.70
• Enterprise Value/Gross Profit: 1.81
• Enterprise Value/Ebitda: -0.22
• 1Y Price Target: $3.00
• Price Target Upside: -21.87% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 46 Neutral
• Price Target: $3.00 ▼(-21.87% Downside)

The overall stock score is heavily impacted by the company's poor financial performance, which is the most significant factor. Technical analysis provides a slight positive offset, but the negative valuation score due to unprofitability and lack of dividends further weighs down the score.

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 pricing models for its Network as a Service offerings. This includes monthly or annual fees charged to clients for access to its virtual networking solutions and bandwidth services. Key revenue streams also include one-time fees for setup and configuration services, as well as tiered pricing based on usage levels, which allows clients to scale their services according to their needs. Additionally, NAAS collaborates with major telecom providers and cloud service platforms, forming strategic partnerships that enhance its service offerings and expand its market reach, thus contributing to its overall earnings.

NaaS Technology Financial Statement Overview

Summary

NaaS Technology is facing significant financial challenges, characterized by declining revenues, persistent losses, high leverage, and negative cash flows. The financial statements suggest an urgent need for strategic restructuring and improvement in operational efficiency to stabilize the company's financial health.

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	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	200.98M	320.08M	92.81M	33.45M	6.16M
Gross Profit	88.54M	88.76M	6.17M	3.87M	-384.00K
EBITDA	-873.31M	-1.06B	-547.41M	-247.47M	-72.59M
Net Income	-913.48M	-1.31B	-5.64B	-260.46M	-77.90M
Balance Sheet
Total Assets	650.64M	1.47B	1.11B	178.09M	67.60M
Cash, Cash Equivalents and Short-Term Investments	135.79M	534.30M	513.35M	8.49M	3.67M
Total Debt	1.07B	1.04B	519.34M	19.63M	436.75M
Total Liabilities	1.40B	1.51B	667.06M	148.65M	1.92B
Stockholders Equity	-754.46M	-47.04M	438.87M	29.44M	495.11M
Cash Flow
Free Cash Flow	-179.14M	-571.57M	-597.83M	-250.64M	-86.89M
Operating Cash Flow	-179.14M	-565.24M	-580.70M	-250.03M	-63.01M
Investing Cash Flow	-201.67M	-339.61M	-161.34M	-5.61M	5.44M
Financing Cash Flow	71.27M	827.74M	1.25B	229.54M	64.56M

NaaS Technology Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 3.84
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NAAS, the sentiment is Positive. The current price of 3.84 is above the 20-day moving average (MA) of 3.21, above the 50-day MA of 2.89, and below the 200-day MA of 13.11, indicating a neutral trend. The MACD of 0.17 indicates Negative momentum. The RSI at 66.90 is Neutral, neither overbought nor oversold. The STOCH value of 93.00 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NAAS.

NaaS Technology Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EVGO	59 Neutral	1.38B	-11.56	21.07%	―	49.06%	1.30%
NAAS	46 Neutral	$3.31M	―		―	-13.78%	38.11%
CHPT	40 Underperform	244.98M	-0.91	-367.24%	―	-9.95%	39.66%
NVVE	40 Underperform	4.93M	-0.02	<0.01%	―	-15.24%	92.60%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%

NaaS Technology Corporate Events

NaaS Technology Schedules AGM for October 2025

NaaS Technology Inc. announced it will hold its annual general meeting (AGM) on October 10, 2025, in Langfang City, Hebei Province, China. The meeting will consider proposed resolutions supported by the Board of Directors, with shareholders and ADS holders eligible to vote. This AGM is significant for stakeholders as it involves key decisions that could impact the company’s operations and strategic direction.

NaaS Technology Announces Share Reclassification and New Class D Issuance

On May 7, 2025, NaaS Technology Inc.’s board of directors approved the re-designation and reclassification of 2.1 billion authorized but unissued shares into Class A ordinary shares, effective immediately. Furthermore, on September 4, 2025, the board authorized the creation and issuance of 16 million Class D ordinary shares to Newlink Envision Limited, granting significant voting power and establishing the company as a ‘controlled company’ under Nasdaq rules, allowing for certain governance exemptions.

NaaS Technology Announces Board Changes with New Appointment

On August 20, 2025, NaaS Technology Inc. announced changes to its board of directors with the resignation of Mr. Guangming Ren and the appointment of Mr. Wei Zhang as an independent director. Mr. Zhang, with extensive experience in education, technology, and finance, is expected to enhance the company’s strategic priorities and operational excellence. This leadership change is poised to strengthen NaaS Technology’s position in the EV charging industry, reflecting its commitment to innovation and growth.

NaaS Technology Issues Warrant to LMR, Enhancing Financial Strategy

On August 8, 2025, NaaS Technology Inc. issued a warrant to LMR Multi-Strategy Master Fund Limited, allowing them to purchase Class A ordinary shares once the company’s market capitalization reaches at least $90 million. This strategic financial move, part of a Deed of Settlement from June 2025, enables NaaS to manage its indebtedness while potentially increasing its share capital. The warrant also includes a redemption option for NaaS, providing flexibility in managing its equity and financial commitments. This development could impact NaaS’s financial structure and market positioning, offering potential benefits to stakeholders through improved capital management.

NaaS Technology Announces ADS Ratio Change Effective July 30, 2025

On July 14, 2025, NaaS Technology Inc. announced its plan to change the ratio of its American Depositary Shares (ADS) from one ADS to 800 Class A ordinary shares to one ADS to 3,200 Class A ordinary shares, effectively implementing a one-for-four reverse ADS split. This change, expected to be effective around July 30, 2025, aims to proportionally increase the ADS trading price and involves an amendment to the deposit agreement with JPMorgan Chase Bank, N.A. The change will not affect the underlying Class A ordinary shares, and fractional ADS entitlements will be sold with proceeds distributed to ADS holders.

NaaS Technology Faces Nasdaq Compliance Challenge

On June 20, 2025, NaaS Technology Inc. announced it received a notification from Nasdaq regarding non-compliance with the minimum market value of listing securities requirement of $35 million. The company has until December 10, 2025, to regain compliance by maintaining this market value for ten consecutive business days. This notice does not immediately affect the listing or trading of NaaS’s Class A ordinary shares. The company plans to monitor its market value and address the deficiency within the grace period, while continuing to trade on the Nasdaq Capital Market.