NaaS Technology (NAAS) Registration filing summary

Company overview and business model

• AI-enabled energy asset services match EV charging supply and demand; mobility connectivity links drivers to stations, while full-station operations and SaaS support station owners.

• Energy solutions cover site selection, charger procurement and EPC; new initiatives include electricity procurement, virtual power plant services and non-charging retail and amenities.

• Operations are conducted primarily through PRC subsidiaries; the Cayman Islands holding company has no operations of its own and may rely on subsidiary dividends for cash needs.

Financial performance and metrics

• Described as early-stage with a history of losses; significant expenses and continuing losses are expected in the near term, and additional funding may be needed.

• The auditor’s report on FY2025 consolidated financial statements includes an explanatory paragraph on ability to continue as a going concern.

Use of proceeds and capital allocation

• Net proceeds from securities sold under the shelf are intended for uses to be specified in the applicable prospectus supplement.