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NaaS Technology
(NASDAQ:NAAS)
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Rating:52Neutral
Price Target:
$3.50
▲(16.67% Upside)
Action:Reiterated
Date:07/08/26
The score is held down primarily by weak financial performance—shrinking revenue, persistent large losses, negative equity, and ongoing cash burn—despite some improvement in loss and cash outflow trends. Technicals are a partial offset with the stock above key moving averages and a positive MACD, though RSI is elevated (stretched momentum). Valuation appears low on P/E, but it is not enough to overcome the fundamental balance-sheet and cash-flow risks.
Positive Factors
Improving gross profit
Gross profit increased consistently through 2025 despite falling revenues, implying improving unit economics or cheaper cost inputs. Sustained higher gross profit provides a durable foundation for eventual operating leverage if management can control SG&A and scale volumes over the next quarters.
Negative Factors
Two-year revenue contraction
Consecutive revenue declines over multiple years signal weakening demand or loss of scale, which undermines the company's ability to absorb fixed costs and achieve operating leverage. Persistent top-line shrinkage is a structural headwind to margin recovery and long-term profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving gross profit
Gross profit increased consistently through 2025 despite falling revenues, implying improving unit economics or cheaper cost inputs. Sustained higher gross profit provides a durable foundation for eventual operating leverage if management can control SG&A and scale volumes over the next quarters.
Read all positive factors
NaaS Technology (NAAS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$36.52M
Dividend YieldN/A
Average Volume (3M)14.60K
Price to Earnings (P/E)―
Beta (1Y)0.16
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees181
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)N/A
Shares Outstanding11,641,592
10 Day Avg. Volume12,341
30 Day Avg. Volume14,597
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)-0.09
Price to Sales (P/S)0.57
P/FCF Ratio-2.29
Enterprise Value/Market Cap14.50
Enterprise Value/Revenue4.23
Enterprise Value/Gross Profit4.93
Enterprise Value/Ebitda-3.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
NaaS Technology Business Overview & Revenue Model
Company Description
Founded in 2019 and headquartered in Beijing, China, this company offers electric vehicle (EV) charging solutions throughout the country. Its services cater to a wide range of clients, including charging station operators, manufacturers of EV char...
How the Company Makes Money
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NaaS Technology Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
8
Very Negative
Cash Flow
10
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 125.14M | 200.98M | 320.08M | 92.81M | 33.45M |
| Gross Profit | 107.52M | 88.54M | 88.76M | 6.17M | 3.87M |
| EBITDA | -386.96M | -873.31M | -1.06B | -547.41M | -247.47M |
| Net Income | -438.95M | -913.48M | -1.31B | -5.64B | -260.46M |
Balance Sheet | |||||
| Total Assets | 451.22M | 650.64M | 1.47B | 1.11B | 178.09M |
| Cash, Cash Equivalents and Short-Term Investments | 81.21M | 135.79M | 534.30M | 513.35M | 8.49M |
| Total Debt | 607.74M | 1.07B | 1.04B | 519.34M | 19.63M |
| Total Liabilities | 1.21B | 1.40B | 1.51B | 667.06M | 148.65M |
| Stockholders Equity | -796.13M | -754.46M | -47.04M | 438.87M | 29.44M |
Cash Flow | |||||
| Free Cash Flow | -31.41M | -179.14M | -571.57M | -597.83M | -250.64M |
| Operating Cash Flow | -31.41M | -179.14M | -565.24M | -580.70M | -250.03M |
| Investing Cash Flow | 11.80M | -201.67M | -339.61M | -161.34M | -5.61M |
| Financing Cash Flow | -23.66M | 71.27M | 827.74M | 1.25B | 229.54M |
NaaS Technology Technical Analysis
Positive
3.00
Price Trends
2.91
Positive
2.60
Positive
3.01
Positive
Market Momentum
0.12
Negative
65.76
Neutral
62.09
Neutral
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 is below the 20-day moving average (MA) of 3.12, above the 50-day MA of 2.91, and below the 200-day MA of 3.01, indicating a bullish trend. The MACD of 0.12 indicates Negative momentum. The RSI at 65.76 is Neutral, neither overbought nor oversold. The STOCH value of 62.09 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NAAS.
NaaS Technology Risk Analysis
NaaS Technology disclosed 67 risk factors in its most recent earnings report. NaaS Technology reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
NaaS Technology Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
52 Neutral | $36.52M | -0.42 | 64.38% | ― | ― | ― | |
52 Neutral | $561.81M | ― | 79.86% | ― | 51.05% | 14.89% | |
50 Neutral | $149.69M | -0.68 | -680.26% | ― | 1.89% | 28.53% | |
45 Neutral | $4.61M | ― | 1386.52% | ― | -8.90% | 80.07% |
* Consumer Cyclical Sector Average
NAAS
NaaS Technology
3.40
0.77
29.28%
CHPT
ChargePoint Holdings
5.99
-6.83
-53.29%
NVVE
Nuvve Holding
13.67
-663.06
-97.98%
EVGO
EVgo
1.81
-1.70
-48.43%
NaaS Technology Corporate Events
NaaS Technology Signs Non-Binding Term Sheet for US$15 Million Related-Party Acquisition
Jun 29, 2026
On June 29, 2026, NaaS Technology Inc. entered into a non-binding term sheet to acquire 100% of China Newlink Holding Limited from affiliate Newlink Digital Energy Holding Limited in a related-party transaction. The deal would be paid entirely in ...
NaaS Technology Massively Expands Share Pool in 2022 Equity Incentive Plan Revision
Jun 5, 2026
On June 3, 2026, NaaS Technology Inc. amended and restated its New 2022 Share Incentive Plan, significantly expanding the pool of Class A ordinary shares available for equity awards to directors, employees, and consultants. The maximum number of s...
NaaS Technology Discloses Resignation of Chief Strategy Officer Ye Wu
Jun 1, 2026
NaaS Technology Inc., a foreign private issuer under U.S. securities rules with headquarters in Beijing, operates internationally while maintaining compliance with U.S. reporting requirements. The company’s regulatory status and listing fram...
NaaS Technology Ends LMR Warrants Through US$4.5 Million Settlement
May 20, 2026
On May 19, 2026, NaaS Technology Inc. entered into a warrant termination agreement with LMR Multi-Strategy Master Fund Limited, cancelling previously issued LMR Warrants to purchase the company’s Class A ordinary shares that originated from ...
NaaS Technology Wins Shareholder Approval to Vastly Expand Authorized Share Capital
May 1, 2026
At an extraordinary general meeting held in Langfang, Hebei Province, on April 29, 2026, NaaS Technology Inc. obtained shareholder approval to significantly amend its authorized share capital structure. The move expands total authorized and issued...
NaaS Technology Narrows Annual Losses but Revenues Decline Through 2025
Apr 16, 2026
NaaS Technology Inc. has reported audited consolidated financial results for the years ended December 31, 2023, 2024, and 2025, showing a shift in its revenue mix across charging services, energy solutions, and new initiatives. Total revenues decl...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.