NaaS Stellar Q3 - 536% YoY Revenue Surge of $23.4M

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NaaS Stellar Q3: 536% YoY Revenue Surge of $23.4M, 81% Attributed to Energy Solutions, Expects FY24 Revenues Up to $411M.

In NaaS' today announced unaudited financial results for Q3 2023, NaaS' single-quarter revenue reached a record high of US$23.4M, marking an impressive increase of 536% YoY. Revenue in September surpassed CNY100 million, exceeding the entire revenue of 2022, strongly evidenced its expansion and high-growth profile as well as profitability trajectory. The full earnings release can be viewed online here.

Notable Financial Performance:
- Gross margin increased from 6.1% to 27.4% year over year.
- Gross profit grew 28 times year over year to US$6.4 million.
- Non-IFRS2 net loss attributable to ordinary shareholders was US$24.1 million.

Operational Metrics:
- Charging volume transacted through NaaS’ network reached 1,383 GWh in the third quarter of 2023, representing an increase of 66% year over year.
- Gross transaction value transacted through NaaS’ network reached US$178.8 million, representing an increase of 58% year over year.
- Number of orders transacted through NaaS’ network reached 59.2 million, representing an increase of 58% year over year.
- As of September 30, 2023, NaaS’ network had connected 767,611 EV chargers covering 73,710 charging stations, up by 76% from 436,296 and 65% from 44,767 as of September 30, 2022, respectively.