NaaS Technology Inc recorded an annual net revenue of 92.8 million yuan ($13.5 million), up 177 percent year-on-year, and a net revenue of 29.5 million yuan in the fourth quarter, a yearly increase of 95 percent, according to its unaudited financial results for the fourth quarter and full year which ended December 31, 2022.

According to NaaS, its net revenue in the fiscal year 2023 is expected to be between 500 million yuan and 600 million yuan, growing by 5.4-6.4 times. Regarding business, as of March 31, 2023, NaaS has connected 55,000 charging stations and 575,000 chargers, both of which have maintained rapid growth. In the first quarter of 2023, the charging volume of NaaS reached 1.023 billion kWh and the total transaction value reached 990.5 million yuan, representing an increase of 112 percent and 107 percent respectively, and the number of orders reached 44.4 million, up 110 percent year-on-year.

Annual net revenues grew sharply

In 2022, NaaS gross transaction value exceeded 2.7 billion yuan, an increase of 119 percent year-on-year, and its annual net revenues reached 92.8 million yuan, an increase of 177 percent year-on-year. In the fourth quarter, its gross transaction value exceeded 840 million yuan, up 94 percent year-on-year, and the net revenue was 29.5 million yuan, up 95 percent year-on-year.

According to the financial results, the revenue from online EV charging solutions of NaaS totaled 50.2 million yuan in the full year of 2022, and 14.9 million yuan in the fourth quarter, up 179 percent and 100 percent year-on-year respectively, mainly due to the increases in platform order volumes and continued improvements in operations. The revenue from offline EV charging solutions in the full year of 2022 increased by 178 percent year-on-year to 40.6 million, and the revenue in the fourth quarter increased by 96 percent to 14 million yuan, which was driven by the growth in the full station operation business as well as the hardware procurement business.

In the full year of 2022, its sales turnover of chargers exceeded 136.2 million yuan, a year-on-year increase of 169 percent; in the fourth quarter, the turnover reached 124.7 million yuan, a year-on-year increase of 391 percent.

Serviced 1,581 charge station operators, up 111 percent year-on-year

Based on the financial results, the annual charging volume of NaaS in 2022 reached 2.753 billion kWh, of which 856 million kWh occurred in the fourth quarter, up 116 percent and 91 percent respectively. It had 122 million orders in the full year, including 38.1 million in the fourth quarter, up 114 percent and 89 percent year-on-year respectively. As of Dec 31, 2022, NaaS has served 1,581 charge station operators, a year-on-year increase of 111 percent; It has connected over 50,000 charging stations and over 515,000 charging connectors, up 67 percent and 85 percent year-on-year respectively.

According to China Insights Consultancy data, in 2022, EV charging volume continued to maintain rapid growth, and China's public point charging volume reached 13.688 billion KWh, accounting for 20 percent of China's public charging volume market.

The company, as a leading IoT company of new energy, 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.

Through the cooperation with ecological partners, the company has been expanding its service network. Since 2023, NaaS has been strategically cooperating with Hyper Strong, a leading energy storage system integrator and system service provider, to lay out diversified energy storage solutions. The two have also established a joint venture company called "Smart Charging" with China's leading hotel information integrated solution service provider, Smart Order, to build a shared charging service network for electric vehicle destinations. Also, NaaS launched its self-developed automatic charging robot, which is equipped with a unique embedded robotic arm vision algorithm and vehicle system protocol integration. It supports autonomous vehicle positioning, intelligent charging, and automatic payment and settlement to meet current charging demands in closed scenes and layout the future unmanned intelligent energy replenishment and storage market.

"2022 was a pivotal year for NaaS," said Yang Wang, NaaS' founder and CEO. "We completed our Nasdaq listing and solidified our leadership position in the charging service while significantly strengthening our one-stop energy solutions, a key component of our strategy for future growth and profitability. Our charging service network expanded rapidly in 2022. We leveraged this massive network to expand our one-stop solutions for energy assets operations. Our services cover the charging stations' entire lifecycle, from construction to operation and upgrades, serving enterprises across the new energy value chain, resulting in increasing customer recognition of our charging and non-electric services. Moving ahead, we will continue to devote ourselves to the transformative movement in the new energy industry."

Alex Wu, NaaS' co-founder, president and CFO added: "NaaS ended the year on a high note with robust financial performance. Looking to the future, we will continue to propel the 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."

NaaS' expected net revenues in fiscal year 2023 to reach 500 - 600 yuan, up 5.4 to 6.4 times year-on-year

At present, the ratio of public chargers in China's new energy market is about 7:1. There is plenty of space for the development of infrastructure construction and operation & investment of chargers, resulting in great opportunities for NaaS.

According to the latest financial results, as of March 31, 2023, NaaS has connected 55,000 charging stations and 575,000 chargers. In the first quarter of 2023, the charging volume of NaaS reached 1.023 billion kWh, the total transaction value reached 990 million yuan, representing an increase of 112 percent and 107 percent respectively, and the number of orders reached 44.4 million, up 110 percent year-on-year. According to NaaS, its net revenue in fiscal year 2023 is expected to be between 500 million yuan and 600 million yuan, growing to 5.4-6.4 times.