NaaS Technology Inc. ("NaaS") (Nasdaq: NaaS), the first U.S. listed EV charging service company in China, announced its unaudited financial results for the second quarter and six months ended June 30, 2024.
Highlights for the Second Quarter of 2024:
- Notable progress towards profitability in the second quarter of 2024.
- Monthly net loss continued to narrow throughout the second quarter of 2024 while monthly non-IFRS net profit[1] turned positive for the first time in June 2024. This resulted in a 59% and 63% year over year reduction in net loss and non-IFRS net loss, respectively, for the second quarter of 2024.
- Gross profit grew 59% year over year for the second quarter of 2024.
- Core charging services business continued to drive revenue growth.
- Charging services business continued to realize positive network effects that increased the proportion of orders with positive NTR[2] to a record high of 70% in the second quarter of 2024.
- Charging services revenue increased by 73% year over year for the second quarter of 2024, driving overall revenue to grow 89% year over year in the same period.
- Strategic partnership captures monetization opportunities in intelligent and automated charging.
- Established strategic partnerships with several leading auto brands in China, to further enhance NaaS' technology capabilities in automated charging, artificial intelligence and digital analytics.
"In the second quarter we significantly strengthened our ecosystem by advancing our smart charging technologies and developing our autonomous charging robots tailored for automated charging scenarios," said Ms. Yang Wang, chief executive officer of NaaS. "By advancing the digitalization and intelligence in the automotive charging industry, we are not only enhancing operational efficiency but also leading the way in the commercialization of autonomous driving technologies. Furthermore, our expanding partnerships with top automakers are laying a strong foundation for extending our intelligent charging services and propelling us to the forefront of the electric vehicle charging industry. By leveraging the synergies within our ecosystem and its extensive coverage, we're well positioned to drive technological innovation that aligns with our strategic vision for intelligent charging solutions and further our earnings growth trajectory."
Mr. Alex Wu, president and chief financial officer of NaaS, added, "We greatly improved our financial performance in the second quarter, reducing our net loss margins to all-time lows. June marked another milestone with our non-IFRS net profit turning positive for the month, showcasing substantial operational efficiencies and cost optimization. These accomplishments demonstrate our focused approach to managing expenses, resulting in expenses dropping to record lows as a percentage of revenues. This underscores our disciplined financial management approach and our dedication to creating long-term value for our stakeholders."
