NASDAQ : NAAS
NaaS Technology Inc. — Financial statements
Consumer Discretionary · Specialty Retail · China
Last price 2.34 USD (Oct 30, 2026, 2:59 PM EDT) · Market cap 57.48M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
NaaS Technology Inc. (NAAS) reported revenue of 104.00M CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 104.00M | 125.14M | 200.98M | 233.36M | 92.81M | 33.45M |
| Cost of Revenue | 16.48M | 17.62M | 112.43M | 170.17M | 86.65M | 29.59M |
| Gross Profit | 87.52M | 107.52M | 88.54M | 63.19M | 6.17M | 3.87M |
| Selling, General & Admin | 187.57M | 283.64M | 573.51M | 1.01B | 4.33B | 227.80M |
| Research & Development | 11.05M | 14.60M | 42.07M | 61.61M | 36.56M | 30.25M |
| Other Operating Expenses | -14.77M | -6.48M | -20.93M | -24.08M | -7.32M | -138.00K |
| Operating Expenses | 183.85M | 291.76M | 594.65M | 1.04B | 4.36B | 257.91M |
| Operating Income | -96.33M | -184.24M | -506.11M | -981.39M | -4.35B | -254.05M |
| Interest Expense | -32.94M | -32.57M | -38.01M | -31.16M | -10.24M | -1.10M |
| Other Non Operating Income (Expenses) | -1.82M | -697.00K | -3.16B | |||
| EBT Excluding Unusual Items | -129.26M | -216.80M | -545.95M | -1.01B | -7.52B | -255.14M |
| Merger & Restructuring Charges | -5.70M | 1.91B | ||||
| Gain (Loss) on Sale of Investments | -264.17M | -126.75M | -80.32M | -203.66M | 1.75M | |
| Asset Writedown | -95.73M | -81.56M | -300.92M | -73.82M | -22.04M | |
| Pretax Income | -494.86M | -425.11M | -927.19M | -1.29B | -5.63B | -255.14M |
| Income Tax Expense | -19.15M | 3.31M | 9.86M | 5.32M | ||
| Earnings From Continuing Operations | -494.86M | -425.11M | -908.04M | -1.29B | -5.64B | -260.46M |
| Earnings From Discontinued Operations | -697.00K | -24.86M | -6.40M | -13.12M | ||
| Net Income to Company | -495.56M | -449.97M | -914.44M | -1.31B | -5.64B | -260.46M |
| Minority Interest in Earnings | 6.64M | 11.01M | 958.00K | 237.00K | ||
| Net Income | -488.92M | -438.95M | -913.48M | -1.31B | -5.64B | -260.46M |
| Net Income to Common | -488.92M | -438.95M | -913.48M | -1.31B | -5.64B | -260.46M |
| Shares Outstanding (Basic) | 7.32M | 3.04M | 822.11K | 706.17K | 602.42K | 514.86K |
| Shares Outstanding (Diluted) | 7.32M | 3.04M | 822.11K | 706.17K | 602.42K | 514.86K |
| EPS (Basic) | -66.82 | -144.30 | -1,111.15 | -1,850.69 | -9,357.85 | -505.89 |
| EPS (Diluted) | -66.82 | -144.30 | -1,127.79 | -1,850.69 | -9,357.85 | -512.00 |
| Free Cash Flow | 532.00K | -179.14M | -573.93M | -603.25M | -219.72M | |
| Free Cash Flow Per Share | 0.17 | -217.90 | -812.73 | -1,001.38 | -426.76 | |
| Gross Margin | 84.15% | 85.92% | 44.06% | 27.08% | 6.64% | 11.56% |
| Operating Margin | -92.63% | -147.22% | -251.83% | -420.54% | -4,688.02% | -759.41% |
| Profit Margin | -470.12% | -350.77% | -454.52% | -560.03% | -6,073.83% | -778.59% |
| Free Cash Flow Margin | 0.43% | -89.13% | -245.94% | -649.96% | -656.80% | |
| EBITDA | -95.30M | -180.30M | -496.38M | -972.52M | -4.35B | -253.99M |
| EBITDA Margin | -91.63% | -144.08% | -246.98% | |||
| D&A For EBITDA | 1.03M | 3.93M | 9.73M | 8.87M | 377.00K | 58.00K |
| EBIT | -96.33M | -184.24M | -506.11M | -981.39M | -4.35B | -254.05M |
| EBIT Margin | -92.63% | -147.22% | -251.82% | |||
| Revenue as Reported | 104.00M | 125.14M | 200.98M | 233.36M | ||
| Advertising Expenses | 7.33M | 22.38M | 39.86M | 24.84M | 17.93M |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 77.23M | 81.15M | 126.61M | 436.24M | 513.35M | 8.49M |
| Short-Term Investments | 9.13M | 27.90M | ||||
| Trading Asset Securities | 1.29M | 45.00K | 70.16M | |||
| Cash & Short-Term Investments | 77.23M | 82.44M | 135.79M | 534.30M | 513.35M | 8.49M |
| Accounts Receivable | 18.27M | 21.71M | 78.92M | 150.83M | 130.00M | 38.46M |
| Other Receivables | 1.21M | 27.70M | 556.00K | |||
| Receivables | 18.27M | 21.71M | 80.13M | 178.53M | 130.00M | 39.01M |
| Inventory | 17.00K | 17.00K | 22.46M | |||
| Prepaid Expenses | 52.23M | 132.06M | 224.43M | 259.19M | 42.51M | |
| Other Current Assets | 116.99M | 57.64M | 91.53M | 184.24M | 28.24M | 62.77M |
| Total Current Assets | 212.51M | 214.05M | 439.50M | 1.14B | 930.79M | 152.78M |
| Property, Plant & Equipment | 722.00K | 3.92M | 7.41M | 18.40M | 19.63M | 20.31M |
| Long-Term Investments | 78.28M | 92.82M | 199.36M | 140.03M | 140.81M | 5.00M |
| Goodwill | 40.09M | |||||
| Other Intangible Assets | 1.22M | 1.59M | 2.33M | 13.32M | 833.00K | |
| Other Long-Term Assets | 194.00K | 2.05M | 109.30M | 13.87M | ||
| Total Assets | 292.73M | 312.57M | 650.64M | 1.47B | 1.11B | 178.09M |
| Accounts Payable | 240.45M | 237.74M | 141.89M | 152.07M | 49.24M | 16.87M |
| Accrued Expenses | 326.62M | 134.76M | 164.97M | 47.39M | 80.09M | |
| Short-Term Debt | 2.60M | 294.31M | ||||
| Current Portion of Long-Term Debt | 519.07M | 501.76M | 782.98M | 72.95M | 38.00M | |
| Current Portion of Leases | 1.47M | 1.25M | 7.15M | 6.85M | 7.07M | |
| Current Income Taxes Payable | 796.00K | 796.00K | 796.00K | 19.17M | 16.21M | 6.79M |
| Current Unearned Revenue | 27.51M | 32.51M | 101.05M | 33.54M | 25.11M | |
| Other Current Liabilities | 368.33M | 27.26M | 253.62M | 5.36M | 906.00K | 155.00K |
| Total Current Liabilities | 1.13B | 1.12B | 1.35B | 817.03M | 192.14M | 136.09M |
| Long-Term Debt | 54.43M | 80.96M | 51.07M | 681.82M | 465.15M | |
| Long-Term Leases | 1.12M | 3.30M | 6.94M | 9.33M | 12.57M | |
| Long-Term Deferred Tax Liabilities | 2.92M | 438.00K | ||||
| Total Liabilities | 1.18B | 1.21B | 1.40B | 1.51B | 667.06M | 148.65M |
| Common Stock | 272.00K | 239.00K | 186.68M | 165.18M | 146.73M | |
| Additional Paid-In Capital | 7.84B | 7.82B | 7.39B | 7.20B | 6.36B | 423.33M |
| Retained Earnings | -8.67B | -8.69B | -8.25B | -7.34B | -6.03B | -393.89M |
| Treasury Stock | -1.00K | -1.00K | -6.86M | |||
| Comprehensive Income & Other | -97.98M | -61.61M | -72.30M | -70.39M | -35.20M | |
| Total Common Equity | -935.32M | -933.98M | -754.46M | -47.04M | 438.87M | 29.44M |
| Minority Interest | 44.98M | 41.31M | 321.00K | 3.43M | ||
| Shareholders' Equity | -890.34M | -892.67M | -754.13M | -43.60M | 438.87M | 29.44M |
| Total Liabilities & Equity | 292.73M | 312.57M | 650.64M | 1.47B | 1.11B | 178.09M |
| Total Debt | 573.50M | 585.31M | 841.20M | 1.06B | 519.34M | 19.63M |
| Net Cash (Debt) | -496.26M | -502.87M | -705.41M | -528.87M | -5.98M | -11.14M |
| Net Cash Per Share | -67.83 | -165.31 | -858.05 | -748.92 | -9.93 | -21.64 |
| Filing Date Shares Outstanding | 10.07M | 12.06M | 2.34M | 805.89K | 686.56K | 669.25K |
| Total Common Shares Outstanding | 10.07M | 10.56M | 861.74K | 767.25K | 686.56K | 15.62K |
| Working Capital | -916.13M | -909.12M | -910.92M | 326.94M | 738.65M | 16.69M |
| Book Value Per Share | -92.91 | -88.49 | -875.50 | -61.31 | 639.24 | 1,884.10 |
| Tangible Book Value | -936.54M | -935.58M | -756.79M | -100.44M | 438.04M | 29.44M |
| Tangible Book Value Per Share | -93.03 | -88.64 | -878.21 | -130.91 | 638.03 | 1,884.10 |
| Machinery | 5.69M | 5.83M | 6.20M | 2.87M | 606.00K |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -438.95M | -913.48M | -1.31B | -5.64B | -260.46M | |
| Depreciation & Amortization | 5.58M | 15.87M | 17.03M | 9.60M | 6.57M | |
| Loss (Gain) From Sale of Assets | 102.00K | -16.27M | ||||
| Loss (Gain) From Sale of Investments | 126.75M | 311.38M | 205.84M | -1.75M | 3.21M | |
| Stock-Based Compensation | -17.50M | 160.42M | 399.08M | 2.13B | 10.79M | |
| Other Operating Activities | 38.98M | -2.82M | 54.16M | 3.18B | 6.42M | |
| Change in Accounts Receivable | 149.94M | 91.56M | 6.45M | -90.74M | -33.63M | |
| Change in Inventory | 2.35M | 22.82M | -36.84M | |||
| Change in Accounts Payable | 141.47M | -33.65M | 220.93M | -7.16M | 101.10M | |
| Change in Unearned Revenue | -3.11M | -42.05M | 56.12M | 24.02M | 6.08M | |
| Change in Other Net Operating Assets | 19.79M | 232.31M | -170.81M | -187.83M | -59.18M | |
| Operating Cash Flow | 532.00K | -179.14M | -567.60M | -586.12M | -219.11M | |
| Capital Expenditures | -6.33M | -17.13M | -606.00K | |||
| Cash Acquisitions | -34.05M | |||||
| Investment in Securities | 9.13M | -208.56M | -303.51M | -144.20M | -5.00M | |
| Other Investing Activities | 3.05M | 6.89M | 4.28M | |||
| Investing Cash Flow | 12.18M | -201.67M | -339.61M | -161.34M | -5.61M | |
| Short-Term Debt Issued | 237.33M | |||||
| Long-Term Debt Issued | 222.60M | 305.10M | 1.05B | 1.28B | ||
| Total Debt Issued | 459.94M | 305.10M | 1.05B | 1.28B | ||
| Long-Term Debt Repaid | -533.73M | -192.83M | -153.85M | -6.83M | -1.88M | |
| Lease Payments | -1.56M | -5.50M | -7.23M | -6.83M | -1.88M | |
| Net Debt Issued (Repaid) | -73.79M | 112.27M | 898.01M | 1.27B | -1.88M | |
| Issuance of Common Stock | 231.62M | |||||
| Other Financing Activities | 16.60M | -41.00M | -67.91M | -18.16M | -193.00K | |
| Financing Cash Flow | -57.19M | 71.27M | 830.11M | 1.25B | 229.54M | |
| Net Cash Flow | -44.48M | -309.54M | -77.11M | 504.86M | 4.82M | |
| Free Cash Flow | 532.00K | -179.14M | -573.93M | -603.25M | -219.72M | |
| Free Cash Flow Margin | 0.43% | -89.13% | -245.94% | -649.96% | -656.80% | |
| Free Cash Flow Per Share | 0.17 | -217.90 | -812.73 | -1,001.38 | -426.76 | |
| Levered Free Cash Flow | 81.03M | 263.13M | -119.97M | -861.76M | -147.86M | |
| Unlevered Free Cash Flow | 101.39M | 286.89M | -100.49M | -855.36M | -147.18M | |
| Free Cash Flow After Leases | -1.03M | -184.64M | -581.16M | -610.08M | -221.60M | |
| Cash Interest Paid | 32.88M | 42.33M | 32.23M | 9.54M | 193.00K | |
| Change in Working Capital | 310.44M | 270.99M | 75.85M | -261.72M | 14.37M |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 57.72M | 35.67M | 26.43M | 371.73M | 833.08M | |
| Enterprise Value | 130.78M | 143.27M | 132.07M | 443.38M | 773.81M | |
| Last Close Price | 2.35 | 3.38 | 32.00 | 486.40 | 1,244.80 | |
| PS Ratio | 3.77 | 1.99 | 0.96 | 11.29 | 61.91 | |
| PB Ratio | -0.28 | -0.26 | -60.45 | 13.09 | ||
| P/TBV Ratio | 13.12 | |||||
| P/FCF Ratio | 721.71 | 468.93 | ||||
| P/OCF Ratio | 468.93 | |||||
| EV/Sales Ratio | 8.54 | 8.01 | 4.80 | 13.47 | 57.50 | |
| EV/FCF Ratio | 1,635.14 | 1,883.59 | ||||
| Debt / Equity Ratio | -0.64 | -0.66 | -1.11 | -24.38 | 1.18 | 0.67 |
| Debt / FCF Ratio | 1,100.21 | |||||
| Net Debt / Equity Ratio | -0.56 | -0.56 | -0.94 | -12.13 | 0.01 | 0.38 |
| Net Debt / EBITDA Ratio | -5.21 | -2.79 | -1.42 | -0.54 | -0.00 | -0.04 |
| Net Debt / FCF Ratio | 945.24 | -3.94 | -0.92 | -0.01 | -0.05 | |
| Asset Turnover | 0.23 | 0.26 | 0.19 | 0.18 | 0.14 | 0.26 |
| Quick Ratio | 0.09 | 0.09 | 0.16 | 0.87 | 3.35 | 0.35 |
| Current Ratio | 0.19 | 0.19 | 0.33 | 1.40 | 4.84 | 1.12 |
| Return on Equity (ROE) | -654.76% | -2,407.52% | -1,184.00% | |||
| Return on Assets (ROA) | -13.18% | -23.91% | -29.90% | -47.71% | -423.58% | -124.65% |
| Return on Capital Employed (ROCE) | 11.50% | 22.70% | 72.30% | -151.40% | -476.20% | -604.80% |
| Earnings Yield | -418.61% | -175.96% | -473.44% | -49.58% | -98.11% | |
| FCF Yield | 0.14% | 0.21% | -92.84% | -21.77% | -10.50% | |
| Buyback Yield / Dilution | -518.62% | -270.02% | -16.42% | -17.22% | -17.01% |