NaaS Technology (NAAS) Q4 2025 earnings summary

Executive summary

• Achieved significant gross margin expansion to 86% in 2025, up 42 percentage points year-over-year, driven by a shift to an asset-light, platform-based model.

• Generated positive operating cash flow for the first time on a full-year basis, with RMB0.5 million net cash from operations in 2025 versus RMB179.1 million used in 2024.

• Revenue declined to RMB125.1 million in 2025 from RMB201.0 million in 2024, reflecting a strategic exit from capital-intensive, lower-margin businesses.

• Net loss narrowed by 51% year-over-year to RMB450.0 million in 2025, with net loss attributable to shareholders at RMB439.0 million.

• Completed a 21,000-ton carbon asset transaction, advancing carbon monetization and supporting China's dual carbon goals.

Financial highlights

• Total revenues: RMB125.1 million in 2025, down from RMB201.0 million in 2024.

• Gross profit: RMB107.5 million in 2025, up from RMB88.5 million in 2024.

• Gross margin: 86% in 2025, up from 44% in 2024.

• Operating expenses: RMB379.8 million in 2025, down 59% from RMB916.5 million in 2024.

• Net loss: RMB450.0 million in 2025, compared to RMB914.4 million in 2024.

Outlook and guidance

• Plans to continue leveraging artificial intelligence for supply-demand matching in EV charging and expand enterprise energy management as fleet electrification accelerates.

• Management expects to sustain improvements in operating efficiency and financial flexibility, aiming for long-term value creation.