BEIJING - NaaS Technology Inc. (NASDAQ:NAAS), a pioneer in China's electric vehicle (EV) charging services, reported a significant expansion of its charging network in the fourth quarter of 2024. The company, which achieved revenue growth of 50.34% in the last twelve months, stated that the number of chargers connected during this period increased by over 50% compared to the third quarter of 2024, with more than 70% being DC fast chargers.
This expansion underscores NaaS's strategic focus on fast-charging infrastructure to meet the growing demand for EVs in China. The company attributes this growth to its strategic partnerships, including recent collaborations with a major regional charge point operator in Fujian Province and the State Grid Corporation of China's Hebei EV Charging Service Company. According to InvestingPro analysis, while expansion continues, the company operates with a significant debt burden, with a debt-to-capital ratio of 0.88.
CEO Ms. Yang Wang highlighted the importance of these partnerships in advancing the company's commitment to charging interconnection and increasing supply-side coverage. CFO Mr. Steven Sim emphasized the company's innovative approach and ecosystem partnerships as key drivers of consistent growth and financial profitability. InvestingPro analysis indicates the stock is currently trading below its Fair Value, with 15+ additional ProTips available for subscribers looking to deep-dive into NAAS's financial health and market position.
NaaS Technology Inc., part of Newlinks Technology Limited, offers comprehensive solutions for energy asset owners, including charging services and energy solutions. The company's expansion efforts are part of its strategy to cement its leadership in China's EV charging market. Investors seeking detailed insights can access the comprehensive Pro Research Report, available exclusively on InvestingPro, covering all crucial aspects of NAAS's business model and growth trajectory.
The information in this article is based on a press release statement from NaaS Technology Inc.
In other recent news, NaaS Technology Inc. has made significant strides in its operations. The company reported a 30% increase in charger connections, surpassing the national average growth rate, with a total of 1.15 million chargers connected as of September 2024. This expansion is part of NaaS's broader strategy to facilitate energy transition and provide comprehensive solutions throughout the lifecycle of energy assets.
The company also marked a key milestone by achieving its first positive average monthly profit in June 2024, bolstered by an 89% year-over-year revenue growth. However, it's worth noting that NaaS recorded a net loss in Q2 2024, marking the lowest historical net loss margin for a second quarter.
In a strategic move, NaaS expanded its EV charging network using artificial intelligence and industry partnerships. The company also announced a partnership with IM Motors to enhance the EV charging experience for its customers. Lastly, in recent personnel changes, Steven Sim was appointed as the new Chief Financial Officer following Alex Wu's resignation. These are the recent developments that continue to shape NaaS Technology Inc.'s journey in China's rapidly evolving EV charging service industry.
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