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NAAS Gains on News

NaaS Technology Inc. (NASDAQ: NAAS) shares began Thursday in positive territory, as the first U.S. listed EV charging service company in China, today provided an update on its recent business developments and announced its revised revenue guidance for the financial year ended December 31, 2023.

Focusing on improving operational efficiency, the Company has achieved a positive net take rate (NTR, transaction-side gross margin) while maintaining a 49% year-over-year growth in charging volume for its connectivity business during the month of January 2024. This achievement is built on the momentum of the continuous expansion of its charging service, with charging volume in the fourth quarter of 2023 increasing by over 55% as compared to the same period in 2022.

The Company currently expects its revenue for the full year of 2023 to be in the range of RMB310 million (US$44 million) to RMB330 million (US$46 million), representing a year-over-year growth of 234% to 256%, respectively. The foregoing is the current and preliminary view of the Company's management and is subject to changes and uncertainties.

As of September 30, 2023, NaaS had connected 767,611 chargers covering 73,710 charging stations, representing 41.6% and 50.0% of China's public charging market share respectively.

NAAS shares took on a nickel, or 2.8%, to $1.86.