The following is a summary of the NaaS Technology, Inc. (NAAS) Q4 2023 Earnings Call Transcript:
Financial Performance:
NaaS Technology reported a total revenue of RMB320 million for FY 2023, representing a 245% YoY increase.
The full year gross profit surged by 14 times to reach RMB89 million.
The company significantly improved its full year gross profit margin, growing from 6.6% to 27.7% YoY.
Despite the impressive growth, NaaS' Non-IFRS net margin narrowed by 162% YoY.
Business Progress:
NaaS aggressively expanded its charging network in 2023, with the full year charging volume hitting approximately 5,000 gigawatt hours, an 81% YoY increase.
-In January 2024, the company achieved a net positive take rate and experienced continued expansion.
NaaS has diversified its income sources, with revenue from energy solutions reaching RMB187 million in 2023, which accounted for over 58% of total revenues.
Strategic partnerships with Foshan Chengcheng City Construction Group, China Construction Third Engineering Bureau and automakers have been established to promote new energy infrastructure construction.
The company demonstrated significant growth in the supply of Charging Point Operators (CPOs) across China, a 170% increase, reaching 4,270 operators by end of 2023.
NaaS is focusing on high-quality growth and enhanced profitability, targeting to reach a monthly break-even at the average level by end of 2024.
The company is expanding globally, with a particular focus on European and Southeast Asian markets, through collaborations with leading Chinese EV OEMs and international CPOs. It also received CE certification for its branded DC and AC chargers, signaling new growth opportunities in markets prioritizing EV infrastructure investment.
More details: NaaS Technology IR
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