NaaS Expects 2023 Revenue to Exceed CNY 500 Mn with Net Revenue 2022 Boosts 177% YoY

Automotive Author: Yiru Qian Apr 26, 2023 11:38 AM (GMT+8)

2022 was a pivotal year for NaaS. The company successfully listed on Nasdaq and further solidified its leadership position in providing charging service and one-stop energy solutions.


NaaS (NAAS:NASDAQ), one of the largest and fastest growing electric vehicles charging service providers in China, released its unaudited financial results for the fourth quarter and full year ended December 31, 2022 on April 21. 

Naas’ net revenues in the fourth quarter of 2022 were CNY 29.5 million (USD 4.3 million), which grew by 95% from last year. The gross transaction value in the fourth quarter of 2022 exceeded CNY 840 million (USD 121.8 million), up 94% YoY, with a non-IFRS net loss of CNY 111.8 million (USD 16.2 million).

For the fiscal year 2022, NaaS’s gross transaction value exceeded CNY 2.7 billion (USD 391.6 million), up 119% YoY, and net revenue increased by 177% YoY to CNY 92.8 million (USD 13.5 million). The total value of charging piles sold through Naas' network totaled CNY 136.2 million (USD 21.1 million), marking an increase of 169% compared with the previous year. 

 "NaaS ended the year on a high note with robust financial performance,” said Alex Wu, the company’s Co-founder, President and CFO. “Looking to the future, we will continue to propel growth of our one-stop energy solutions while managing cost with discipline and improve efficiency across the organization, aiming to create long-term value for all industry participants and our shareholders." 

The company expects its net revenue in the fiscal year 2023 to be between CNY 500 million (USD 72 million) and CNY 600 million (USD 87 million), growing 5.37 times to 6.44 times from 2022. 

As of March 31, 2023, NaaS has connected 55,000 charge station operators and 575,000 chargers. The charging volume transacted through the company's network increased 112% YoY to 1.023 billion kWh in the first quarter of 2023, with the gross transaction value climbing 107% to CNY 990.5 million. The number of orders reached 44.4 million in the reporting period, up 110% YoY.

As the penetration rate of new energy vehicles continues to climb alongside  favorable policies and soaring NEV sales, the construction of charging piles as supporting infrastructure is accerlerating, resulting in an expansion of the market space for charging operation services. The consensus opinion is that going forward, as China's charging service market continues to expand and mature commercially, it is likely to grow by leaps and bounds - and capital is always the first-mover.

On the day of the earnings release, the investment management giant Invesco (IVZ:NYSE) disclosed on its website that its fund promoting the  advancement of cleaner energy and conservation, Invesco WilderHill Clean Energy ETF, held a large position in NaaS, accounting for as much as 2.69% of the fund's portfolio and ranking as the fund’s top holding. 

The market value of Invesco’s position, as measured by the disclosed data, was approximately USD 20.5 million. Booming demand from China’s new energy vehicle market and the ongoing wave of energy transition may be the decisive factor behind Invesco’s heavy bet on NaaS.

“Moving ahead, we will continue to devote ourselves to the transformative movement in the new energy industry," commented Ms. Yang Wang, Founder and CEO of NaaS.

NaaS is a subsidiary of Newlinks Technology Limited. It has been listed on Nasdaq on June 13, 2022, becoming China's first publicly-listed charging services provider. The company is committed to delivering EV owners a better and faster charging experience. It provides value-added services ranging from site selection consultation, software and hardware procurement, EPC general contracting, to station management, user acquisition, operating and maintenance services, unmanned retail cabinets, as well as one-stop solutions covering user-side energy storage, PV and virtual power plants to ensure more efficient operation in the industrial chain.

As of the close of trading on April 21, NaaS’ stock price was USD 9.40 apiece, with a market cap of USD 2.01 billion.