The following is a summary of the NaaS Technology Inc. (NAAS) Q1 2024 Earnings Call Transcript:
Financial Performance:
NaaS Technology reported Q1 2024 revenue of RMB 96.24 million, a 156% YoY growth.
Gross margin expanded by 8.4 percentage points YoY to 25%.
They aim to turn their single month EBIT positive by year end.
Revenue from energy solutions business increased by 334% YoY to RMB 47.2 million.
Gross profit for Q1 increased 4 times YoY to RMB 24.3 million with an improved gross margin of 25.3%.
The company reduced their expense ratio and controlled overhead expenses successfully, maintaining a positive net take rate since January 2024.
Business Progress:
NaaS Technology diversified business portfolio and provided comprehensive energy solutions.
Strengthened its position in the energy market via partnership with Newlinks New Energy Technology.
Initiated pilot electronic vehicle services in Hong Kong, providing EPC services for private charging piles in residential areas.
Joined the Open Invention Network (OIN) and filed over 250 patent applications, illustrating focus on technological development.
Developed AI models for business operations and plans to enhance intellectual property and R&D capabilities.
Energy Solution Business maintains a stable gross profit margin.
Optimizing on energy transition process and is planning to leverage the synergies between oil and electricity in future.
Maintained a positive net take rate at the transaction level since January 2024, focusing more on profitability.
More details: NaaS Technology IR
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