HONG KONG, Nov 20, 2024 – (ACN Newswire) – NaaS Technology Inc. (Nasdaq: NAAS), a U.S.-listed EV charging service provider in China, released its Q3 2024 financial results, highlighting its first-ever positive quarterly non-IFRS net profit of RMB 20.6 million ($2.9 million).
Revenue from the company’s EV charging services business, which represents 95% of total revenue, increased by 36% year-over-year to RMB 42.4 million ($6.0 million). The proportion of orders with positive net take rates rose to 73%, while sales expenses decreased by 81% year over year to RMB29.7 million (US$4.2 million) due to reduced reliance on customer incentives and improved operational efficiencies. Total revenue decreased by 55% year-over-year to RMB 44.4 million due to the company’s decision to phase out low-margin energy solution projects. Despite a decrease in revenue, the company also reported a gross profit margin of 57%, the company’s highest to date. Total gross profit for this quarter arrived at RMB25.2 million (US$3.6 million) as compared to RMB28.6 million in the same period of 2023.
The company emphasized advancements in its AI-powered NaaS Energy Fintech (NEF) system, which is designed to optimize charging operations, including site selection and revenue management. Partnerships with FAW-Volkswagen and IM Motors appear to have also expanded NaaS’ network, with the company claiming to now connect around 1.15 million chargers.
NaaS also reiterated its focus on environmental, social, and governance (ESG) initiatives, joining the China ESG Alliance and releasing its 2023 ESG report. The company outlined its efforts to integrate sustainability into its business model and support the transition to green energy.
CEO of NaaS, Ms. Yang Wang, commented on the results and emphasized to shareholders that the company’s financial performance reflects NaaS’ strategic focus and operational adjustments. Wang reiterated the company’s emphasis on core EV charging services and ongoing efficiency improvements, and aimed to continue adapting to China’s dynamic EV market.
Topic: Press release summary
Sectors: Automotive, EVs, Transportation
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