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CHINA, 17 June 2023: NaaS Technology Inc, a leading third-party electric vehicle (EV) charging services provider in China, announced its unaudited financial results for the first quarter of 2023. The company achieved a remarkable milestone with revenue reaching USD 5.3m (RMB 36.2m), demonstrating an impressive year-on-year growth of 150%. The non-GAAP loss was successfully curtailed to USD 14.9m (RMB 102m), reflecting a narrowing of loss margin by 60ppts.
Revenue Growth Driven by Strong Expansion of Charging Network and One-Stop EV Charging Solutions
NaaS’ revenue growth was driven by the strong expansion of its charging network and one-stop EV charging solutions. As of 31 March 2023, NaaS’ extensive network had connected 55,000 charging stations and 575,000 chargers, increasing by 67% and 84% YoY, respectively. The company also placed a strong emphasis on technological innovation by introducing independently developed automatic charging robots that equipped with unique robotic arm, vision algorithms and on-board system protocol integration. These robots feature autonomous vehicle positioning, intelligent charging, automatic payment settlement and other functionalities to cater to charging requirements of public parking lots, closed-field parks and other infrastructures.
Revenue Guidance for 2023 Updated to USD 73-87 Million
Based on preliminary assessment of the current market conditions, NaaS reaffirms its guidance and expects its full year 2023 revenues to be between USD 73m(RMB500m) and USD 87m(RMB600m), representing year-over-year increase by 5 to 6 times.
Strategic Partnerships and Pioneering Collaborations
In addition to its strong financial performance, NaaS also announced a number of strategic partnerships and pioneering collaborations in the first quarter of 2023. These include:
- The acquisition of SinoPower HK, a leading one-stop service provider of solar photovoltaic products in Hong Kong.
- The launch of a virtual power plant product that leverages flexible management of solar power, energy storage, and charging piles.
- The completion of a successful registered direct offering, highlighting investor confidence in the company and the new energy sector.
NaaS is Well-Positioned for Continued Growth
NaaS is well-positioned for continued growth in the rapidly growing EV charging market in China. The company has a strong track record of execution, a leading market position, and a diversified product portfolio. NaaS is also committed to technological innovation and strategic partnerships, which will help the company to stay ahead of the curve in the evolving EV charging landscape.
