NaaS Technology (NAAS) investor relations material

Company overview and business model

• Operates as a Cayman Islands holding company with primary operations in China through PRC subsidiaries, focusing on new energy asset operation services and leveraging AI for intelligent EV charging solutions.

• Provides integrated charging services, energy solutions (site selection, EPC, hardware procurement), and new initiatives such as electricity procurement and non-charging ancillary services for charging stations.

• Business model includes mobility connectivity via the Kuaidian platform, full station operation, SaaS products, and aggregation of electricity procurement for favorable pricing.

• Strategic shift in 2025 away from capital-intensive, low-margin full station operation to a platform-based, asset-light model.

Financial performance and metrics

• Revenues declined from RMB233.4 million in 2023 to RMB125.1 million (US$17.9 million) in 2025, mainly due to reduced full station operation and energy solutions.

• Net losses narrowed from RMB1,307.2 million in 2023 to RMB450.0 million (US$64.3 million) in 2025, reflecting cost optimization and reduced operating expenses.

• Gross profit improved to RMB107.5 million (US$15.4 million) in 2025, with operating expenses reduced to RMB379.8 million (US$54.3 million).

• Cash and cash equivalents at year-end 2025 were RMB82.2 million (US$11.8 million), with a working capital deficit of RMB909.1 million.

• Auditor issued a going concern warning due to accumulated losses and working capital deficit.

Use of proceeds and capital allocation

• No proceeds will be received from the sale of shares by selling shareholders; all proceeds go to selling shareholders.

• Company intends to retain future earnings to finance operations and expansion; no plans to pay dividends in the foreseeable future.

• Recent capital allocation includes debt restructuring, equity financing, and cost reduction initiatives.