NaaS Technology (NAAS) AI Stock Analysis

• Market Cap: $3.10M
• Dividend Yield: N/A
• Average Volume (3M): 14.60K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.23
• 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: 38.39
• Enterprise Value/Revenue: 0.43
• Enterprise Value/Gross Profit: 1.11
• Enterprise Value/Ebitda: -0.14
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 1.75
• Revenue Forecast (FY): $32.00M

• Rating: 46 Neutral
• Price Target: $3.50 ▼(-1.96% Downside)

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	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	244.86M
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: Negative
• Last Price: 3.57
• 50DMA: Positive
• 100DMA: Positive
• 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 3.57 is below the 20-day moving average (MA) of 3.63, below the 50-day MA of 3.58, and below the 200-day MA of 5.25, indicating a neutral trend. The MACD of 0.04 indicates Negative momentum. The RSI at 49.05 is Neutral, neither overbought nor oversold. The STOCH value of 56.54 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	$957.83M	-7.80	―	―	39.21%	9.08%
CHPT	48 Neutral	$180.00M	―	-219.20%	―	-6.32%	28.82%
NAAS	46 Neutral	$3.10M	-0.02	―	―	-13.78%	38.67%
NVVE	38 Underperform	$5.39M	-0.31	-3734.39%	―	-9.58%	86.27%

NaaS Technology Corporate Events

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.

NaaS Technology Amends Memorandum and Articles of Association

On October 10, 2025, NaaS Technology Inc. shareholders approved a special resolution to amend the company’s Second Amended and Restated Memorandum and Articles of Association to the Third Amended and Restated version. This amendment reflects the company’s ongoing efforts to streamline its corporate governance structure, potentially impacting its operational flexibility and market positioning. The changes are expected to enhance the company’s ability to adapt to evolving market conditions and regulatory requirements, which could have implications for its stakeholders.

NaaS Technology Reports Strong Financial Turnaround and Strategic Partnerships in H1 2025

NaaS Technology Inc. reported significant financial improvements for the first half of 2025, with a gross margin increase to 97% and a net profit of RMB65.4 million, reversing a net loss from the previous year. The company has strategically shifted away from capital-intensive businesses, resulting in reduced revenue but improved profitability and cost efficiency. Recent developments include a pioneering carbon credit transaction for EV charging and a strategic partnership with Xiaomi Auto, enhancing its market position in sustainable mobility.

NaaS Technology Approves Key Resolutions at 2025 AGM

On October 10, 2025, NaaS Technology Inc. announced the results of its 2025 annual general meeting held in Langfang, Hebei Province. Shareholders approved all five proposed resolutions, including increasing the company’s authorized share capital and amending the company’s Memorandum and Articles of Association. These changes aim to enhance the company’s operational capabilities and strategic positioning in the EV charging industry, reflecting NaaS’s commitment to growth and innovation.

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.