NaaS Technology (NAAS) Q2 2026 earnings summary

Executive summary

• Achieved first operating profit in company history: RMB28.9 million in H1 2026, compared to a loss of RMB39.1 million in H1 2025, reflecting a successful transition to an asset-light, platform-based model.

• Second consecutive first half with positive net profit (RMB19.8 million) and positive operating cash flow (RMB39.7 million), indicating growing operational self-sufficiency.

• Total revenues declined to RMB45.5 million from RMB66.6 million year-over-year, as the company prioritized order quality and profitability over volume.

Financial highlights

• Operating profit reached RMB28.9 million in H1 2026, reversing a RMB39.1 million loss in H1 2025.

• Net profit was RMB19.8 million, down from RMB65.4 million in H1 2025, mainly due to the absence of a one-time fair value gain recognized last year.

• Gross margin was 85% in H1 2026, compared to 97% in H1 2025, with the decrease mainly due to a non-recurring share-based compensation credit in the prior year.

• Cash and cash equivalents stood at RMB77.2 million as of June 30, 2026, down RMB5.0 million from year-end 2025, reflecting a significant reduction in cash consumption.

Outlook and guidance

• Management intends to focus resources on AI-powered supply-demand matching and enterprise-grade energy management services as fleet electrification accelerates.

• Commitment to maintaining rigorous financial discipline and selective capital allocation to support long-term value creation.