NAAS

MKT CAP:$3M

NaaS Technology Inc.

Market Cap

$3M

Consumer Cyclical·Specialty Retail·🇨🇳 China·NASDAQ

Consumer Cyc.·Specialty Retail·🇨🇳·NASDAQ

Stock Price

$2.10-$1.09 (-34.17%)

Apr 23, 2026

Company Details

NaaS Technology Inc. provides electric vehicle (EV) charging services in China. It serves charging station operators, charger manufacturers, EV OEMs, and other end-users. The company was founded in 2019 and is based in Beijing, China.

CEO

Yang Wang

IPO Date

Oct 20, 2017

Website

www.enaas.com

Key Metrics TTM

Revenue

$23M

-55.5% YoY

Net Income

-$71M

EPS (Diluted)

-$97.16

Free Cash Flow

$0

Revenue / Share

$6.43

Gross Margin

75.0%

Operating Margin

-364.5%

Net Margin

-310.0%

FCF Margin

0.0%

P/S

0.1x

P/E

—

Earnings Reports

Q2 2025

Jun 30, 2025

$5M-63.7%EPS -$1.17

Q1 2025

Mar 31, 2025

$5M-65.4%EPS -$1.17

Q4 2024

Jul 9, 2025

$7M-29.7%EPS -$93.51

Q3 2024

Sep 30, 2024

$6M-55.1%EPS -$1.31

Q2 2024

Aug 15, 2024

$13MEPS -$24.31

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 20	$47M	$23M	$3M
Q4 20	$53M	$30M	$7M
Q2 21	$484.1K	$2.3K	-$12M
Q3 21	$2M	$351.5K	-$10M
Q1 22	$2M	-$197.3K	-$14M
Q2 22	$3M	-$460.8K	-$75M
Q4 22	$4M	$1M	-$18M
Q1 23	$5M	$893.4K	-$17M
Q3 23	$14M	$4M	-$36M
Q4 23	$9M	$2M	-$56M
Q1 24	$14M	$4M	-$27M
Q2 24	$13M	$4M	-$12M
Q3 24	$6M	$4M	-$7M
Q4 24	$7M	$4M	-$70M
Q1 25	$5M	$5M	-$3M
Q2 25	$5M	$5M	-$3M

Valuation

Quarter	P/S	P/E
Q3 20	11.4x	—
Q4 20	12.0x	—
Q2 21	48.6x	—
Q3 21	25.6x	—
Q1 22	59.9x	—
Q2 22	153.8x	—
Q4 22	80.8x	—
Q1 23	149.6x	—
Q3 23	28.3x	—
Q4 23	11.7x	—
Q1 24	6.7x	—
Q2 24	0.6x	—
Q3 24	1.2x	—
Q4 24	0.7x	—
Q1 25	0.3x	—
Q2 25	0.1x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 17	$14M	$10M
Q2 20	$0	$0
Q3 20	$0	$0
Q4 20	-$44M	-$44M
Q4 22	$0	$0
Q1 23	$0	$0
Q3 23	$0	$0
Q4 23	$0	$0
Q1 24	$0	$0
Q2 24	$0	$0
Q3 24	$0	$0
Q4 24	$0	$0
Q1 25	$0	$0
Q2 25	$0	$0

Capital Expenditures

Quarter	CapEx
Q4 17	$4M
Q2 20	$0
Q3 20	$0
Q4 20	$149.6K
Q4 22	$0
Q1 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 20	-22.2%	-12.9%
Q4 20	-12.4%	-10.8%
Q2 21	-97.0%	-64.3%
Q3 21	-91.5%	-65.4%
Q1 22	-95.5%	-62.7%
Q2 22	-94.0%	+67.8%
Q4 22	+789.0%	+77.9%
Q1 23	+156.7%	+81.3%
Q3 23	+583.3%	+204.9%
Q4 23	+195.1%	-15.3%
Q1 24	+226.7%	+85.2%
Q2 24	+153.6%	+17.6%
Q3 24	-55.1%	-72.3%
Q4 24	-29.7%	+16.7%
Q1 25	-65.4%	-81.3%
Q2 25	-63.7%	-70.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 17	$0	0.0%
Q2 20	$0	0.0%
Q3 20	$0	0.0%
Q4 20	$3M	4.9%
Q4 22	$282M	6544.9%
Q1 23	$3M	57.9%
Q3 23	$10M	70.9%
Q4 23	$12M	123.9%
Q1 24	$12M	83.5%
Q2 24	$6M	46.8%
Q3 24	$2M	34.9%
Q4 24	$3M	47.8%
Q1 25	$723.5K	14.9%
Q2 25	$723.5K	14.9%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q3 20	—	$9M	$11M
Q4 20	—	$13M	$11M
Q2 21	$1M	$951.1K	$10M
Q3 21	$1M	$2M	$7M
Q1 22	$1M	$6M	$6M
Q2 22	$956.6K	$66M	$8M
Q4 22	$2M	$7M	$10M
Q1 23	$1M	$7M	$10M
Q3 23	$3M	$15M	$23M
Q4 23	$4M	$37M	$20M
Q1 24	$3M	$18M	$10M
Q2 24	$2M	$9M	$8M
Q3 24	$718.9K	$7M	$4M
Q4 24	$639.0K	$22M	$7M
Q1 25	$549.5K	$4M	$4M
Q2 25	$549.5K	$4M	$4M

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 21	$1M	$0	$1M
Q4 21	$1M	$0	$1M
Q1 22	$0	$2M	$2M
Q2 22	$60M	$0	$60M
Q4 22	$75M	$0	$75M
Q1 23	$79M	$4M	$84M
Q2 23	$75M	$15M	$90M
Q3 23	$58M	$45M	$103M
Q4 23	$64M	$14M	$78M
Q1 24	$43M	$12M	$56M
Q2 24	$26M	$36M	$63M
Q3 24	$19M	$36M	$55M
Q4 24	$19M	$1M	$20M
Q1 25	$11M	$0	$11M
Q2 25	$11M	$0	$11M
Q4 25	$12M	$188.6K	$12M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 20	35K	+0.7%	-0.7%
Q4 20	35K	-0.3%	-0.7%
Q2 21	272K	+668.9%	+672.0%
Q3 21	509K	+87.0%	+1343.8%
Q1 22	515K	+1.2%	+1350.3%
Q2 22	569K	+10.5%	+1507.7%
Q4 22	705K	+23.9%	+159.0%
Q1 23	687K	-2.6%	+34.9%
Q3 23	703K	+2.4%	+36.5%
Q4 23	767K	+9.1%	+34.9%
Q1 24	784K	+2.2%	+11.3%
Q2 24	816K	+4.1%	+18.9%
Q3 24	842K	+3.1%	+19.7%
Q4 24	827K	-1.7%	+7.8%
Q1 25	4M	+329.2%	+353.0%
Q2 25	4M	0.0%	+335.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 20	$47M	1
Q4 20	$53M	1
Q2 21	$484.1K	1
Q3 21	$2M	1
Q1 22	$9.5K	222
Q2 22	$14.4K	222
Q4 22	$13.8K	311
Q1 23	$17.0K	311
Q3 23	$46.5K	311
Q4 23	$15.4K	611
Q1 24	$23.0K	611
Q2 24	$21.9K	611
Q3 24	$10.6K	611
Q4 24	$29.4K	225
Q1 25	$21.6K	225
Q2 25	$21.6K	225

Revenue / Employee