NaaS Technology (NAAS) Q4 2025 earnings summary

Executive summary

• Report covers fiscal year ended December 31, 2025, with consolidated financials prepared under IFRS and audited by Guangdong Prouden CPAs GP and Enrome LLP.

• The company is a Cayman Islands holding entity, operating primarily through PRC subsidiaries, with a multi-class share structure and significant influence from Newlink.

• The group incurred a net loss of RMB450.0 million in 2025, with accumulated losses of RMB8,690.6 million and a working capital deficit of RMB909.1 million, raising substantial doubt about its ability to continue as a going concern.

Financial highlights

• Total revenues for 2025 were RMB125.1 million (US$17.9 million), down from RMB201.0 million in 2024 and RMB233.4 million in 2023.

• Charging services revenues decreased to RMB118.8 million in 2025 from RMB169.1 million in 2024, mainly due to a strategic shift away from capital-intensive, low-margin full station operation business.

• Energy solutions revenues dropped sharply to RMB0.8 million in 2025 from RMB25.5 million in 2024, reflecting a reduction in working capital-intensive offline business.

• Net loss for 2025 was RMB450.0 million (US$64.3 million), a significant improvement from RMB914.4 million in 2024 and RMB1,307.2 million in 2023.

• Gross profit margin improved to 85.9% in 2025, up from 44.1% in 2024 and 27.1% in 2023, driven by cost reductions and business model optimization.

• Operating expenses decreased to RMB379.8 million in 2025 from RMB916.5 million in 2024, reflecting cost control initiatives.

• Cash and cash equivalents at year-end 2025 were RMB82.2 million (US$11.8 million), with 96.5% held in RMB.

Outlook and guidance

• Management expects to continue investing in R&D and business development, but notes the need for additional capital resources to support ongoing operations.

• The company plans to seek further debt and/or equity financing and has implemented cost reduction measures to improve liquidity.

• No specific quantitative guidance for 2026 was provided.