NaaS Technology Inc. Reports Unaudited 2023 First Quarter Financial Results
First Quarter 2023 Operational Highlights:
- Charging volume transacted through
NaaS' network reached 1,023 GWh in the first quarter of 2023, representing an increase of 112% year over year. - Gross transaction value transacted through
NaaS' network reachedRMB990.5 million (US$144.2 million ) in the first quarter of 2023, representing an increase of 107% year over year. - Number of orders transacted through
NaaS' platform reached 44.4 million in the first quarter of 2023, representing an increase of 110% year over year. - As of
March 31, 2023 , more than 575,000 chargers in over 55,000 charging stations were connected and accessible onNaaS' network as ofMarch 31, 2023 , up by 84% from 313,000 and 67% from 33,000 as ofMarch 31, 2022 , respectively.
First Quarter 2023 Financial Highlights:
- Revenues grew by 150% year over year and reached
RMB36.2 million (US$5.3 million ) in the first quarter of 2023. - Total operating costs increased by 37% year over year to
RMB149.8 million (US$21.8 million ) in the first quarter of 2023. - Net loss increased by 10% year over year to
RMB109.7 million (US$16.0 million ) in the first quarter of 2023. - Non-IFRS net loss1 increased by 106% year over year to
RMB102.3 million (US$14.9 million ) in the first quarter of 2023.
1Non-IFRS net loss was arrived at after excluding share-based compensation expenses, fair value changes of convertible and redeemable preferred shares, and fair value changes of financial assets at fair value through profit or loss. Please refer to the section titled "Unaudited reconciliations of IFRS and non-IFRS results" for details.
Recent Developments
Progress in One-Stop Charging Solution Business
The Company continued to advance its one-stop charging solutions business. Notable offline service engagements signed recently include station cleaning for Haohan Energy, a subsidiary of Geely Auto, and station operation and maintenance services for XPeng. As of
Continuous Expansion of Partner Network
In
Launch of Virtual Power Plant Platform
On
In addition, the Company has strategically partnered with Beijing Jingneng International Comprehensive Intelligent Energy Co., Ltd. and Tsintergy Technology to deliver industry-leading solutions in areas such as charging station operations, electricity trading optimization, resource aggregation modeling and dispatch optimization, as well as the development of integrated energy projects.
Sinopower Acquisition
On
Successful Completion of Registered Direct Offering
On
"In the first quarter of 2023, we navigated challenges and achieved solid results, reaffirming our leadership position in the third-party charging services market," said Ms.
"In the first quarter of 2023, we achieved strong business growth and solid financial performance," added Mr.
First Quarter 2023 Financial Results:
Revenues
Total revenues reached
Revenues from online EV charging solutions contributed
Revenues from offline EV charging solutions increased significantly by 140% year over year to
Revenues from innovative and other businesses increased by 1,435% year over year to
Operating costs
Total operating costs increased by 37% year over year to
Cost of revenues increased by 90% year over year to
Selling and marketing expenses increased by 50% year over year to
Administrative expenses increased by 10% year over year to
Research and development expenses were
Finance costs, net
Finance costs were
Income tax expenses
Net loss and non-IFRS net loss
Net loss for the first quarter of 2023 was
Outlook:
Based on preliminary assessment of the current market conditions, the Company reaffirms its guidance and expects its full year 2023 revenues to be between
Conference Call Information
The Company's management will host an earnings conference call at
Participants who wish to join the conference call should register online at:
https://s1.c-conf.com/diamondpass/10031481-ayd7hr.html.
Once registration is completed, participants will receive the dial-in information for the conference call.
Participants joining the conference call should dial-in at least 10 minutes before the scheduled start time.
Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.enaas.com.
A replay of the conference call will be accessible approximately two hours after the conclusion of the live call until
Replay Access Code: 10031481
Exchange Rate
This announcement contains translations of certain RMB amounts into
Non-IFRS Financial Measure
The Company uses non-IFRS net profit/loss for the period, which is a non-IFRS financial measure, in evaluating its operating results and for financial and operational decision-making purposes.
Non-IFRS net profit/loss for the period should not be considered in isolation or construed as an alternative to operating profit or net profit for the period or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review non-IFRS net profit/loss for the period and the reconciliation to its most directly comparable IFRS measure. Non-IFRS net profit/loss for the period presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company's data.
Non-IFRS net profit/loss for the period represents profit/loss for the period excluding share-based compensation expenses, fair value changes of convertible and redeemable preferred shares, and fair value changes of financial assets at fair value through profit or loss.
Merger Transactions
On
About
Safe Harbor Statement
This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the
For investor and media inquiries, please contact: |
Investor Relations |
|
E-mail: ir@enaas.com |
Media inquiries: |
E-mail: pr@enaas.com |
|
||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF LOSS AND OTHER COMPREHENSIVE LOSS |
||||||||||||
For the Three Months Ended |
||||||||||||
|
|
|||||||||||
(In thousands, except for share and per share and per ADS data) |
RMB |
RMB |
US$ |
|||||||||
Revenues from Online EV Charging Solutions |
7,866 |
19,255 |
2,804 |
|||||||||
Revenues from Offline EV Charging Solutions |
6,533 |
15,678 |
2,283 |
|||||||||
Revenues from Innovative and Other Businesses |
80 |
1,228 |
179 |
|||||||||
Revenues |
14,479 |
36,161 |
5,266 |
|||||||||
Other gain, net |
681 |
493 |
72 |
|||||||||
Operating costs and expenses |
||||||||||||
Cost of revenues |
(15,829) |
(30,047) |
(4,375) |
|||||||||
Selling and marketing expenses |
(44,213) |
(66,389) |
(9,667) |
|||||||||
Administrative expenses |
(41,304) |
(45,497) |
(6,625) |
|||||||||
Research and development expenses |
(7,986) |
(7,832) |
(1,140) |
|||||||||
Total operating costs and expenses |
(109,332) |
(149,765) |
(21,807) |
|||||||||
Operating loss |
(94,172) |
(113,111) |
(16,469) |
|||||||||
Finance costs |
(226) |
(7,060) |
(1,028) |
|||||||||
Fair value changes of convertible and redeemable preferred shares |
(3,492) |
— |
— |
|||||||||
Fair value changes of financial assets at fair value through profit or loss |
— |
13,571 |
1,976 |
|||||||||
Loss before income tax |
(97,890) |
(106,600) |
(15,521) |
|||||||||
Income tax expenses |
(1,413) |
(3,055) |
(445) |
|||||||||
Net loss |
(99,303) |
(109,655) |
(15,966) |
|||||||||
Net loss attributable to: |
||||||||||||
Equity holders of the Company |
(99,303) |
(109,655) |
(15,966) |
|||||||||
Basic and diluted loss per share for loss attributable to the ordinary |
||||||||||||
Basic |
(0.06) |
(0.05) |
(0.01) |
|||||||||
Diluted |
(0.06) |
(0.05) |
(0.01) |
|||||||||
Basic and diluted loss per ADS for loss attributable to the ordinary |
||||||||||||
Basic |
(0.60) |
(0.50) |
(0.07) |
|||||||||
Diluted |
(0.60) |
(0.50) |
(0.07) |
|||||||||
Weighted average number of ordinary shares |
1,647,547,772 |
2,196,978,125 |
2,196,978,125 |
|||||||||
Weighted average number of ordinary shares |
1,647,547,772 |
2,196,978,125 |
2,196,978,125 |
|||||||||
Net loss |
(99,303) |
(109,655) |
(15,966) |
|||||||||
Other comprehensive loss that will not be reclassified to profit or loss in |
||||||||||||
Fair value change on equity investment designated at fair value through |
— |
(23,353) |
(3,400) |
|||||||||
Currency translation differences |
— |
(1,240) |
(181) |
|||||||||
Other comprehensive loss, net of tax |
— |
(24,593) |
(3,581) |
|||||||||
Total comprehensive loss |
(99,303) |
(134,248) |
(19,547) |
|||||||||
Total comprehensive loss attributable to: |
||||||||||||
Equity holders of the company |
(99,303) |
(134,248) |
(19,547) |
|
||||||||||||
UNAUDITED RECONCILIATIONS OF IFRS AND NON-IFRS RESULTS |
||||||||||||
For the Three Months Ended |
||||||||||||
|
|
|||||||||||
(In thousands, except for share and per share and per ADS |
RMB |
RMB |
US$ |
|||||||||
Reconciliation of Adjusted net loss attributable to |
||||||||||||
Net loss attributable to ordinary shareholders of the |
(99,303) |
(109,655) |
(15,966) |
|||||||||
Add: Share-based compensation expenses |
46,088 |
20,940 |
3,049 |
|||||||||
Fair value changes of convertible and redeemable |
3,492 |
— |
— |
|||||||||
Fair value changes of financial assets at fair value |
— |
(13,571) |
(1,976) |
|||||||||
Adjusted net loss attributable to ordinary shareholders |
(49,723) |
(102,286) |
(14,893) |
|||||||||
Adjusted net basic and diluted loss per share for loss |
||||||||||||
Basic |
(0.03) |
(0.05) |
(0.01) |
|||||||||
Diluted |
(0.03) |
(0.05) |
(0.01) |
|||||||||
Adjusted net basic and diluted loss per ADS for loss |
||||||||||||
Basic |
(0.30) |
(0.47) |
(0.07) |
|||||||||
Diluted |
(0.30) |
(0.47) |
(0.07) |
|||||||||
Weighted average number of ordinary shares |
1,647,547,772 |
2,196,978,125 |
2,196,978,125 |
|||||||||
Weighted average number of ordinary shares |
1,647,547,772 |
2,196,978,125 |
2,196,978,125 |
|
||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
||||||||||
As of |
||||||||||
|
|
|||||||||
(In thousands) |
RMB |
RMB |
US$ |
|||||||
ASSETS |
||||||||||
Current assets |
||||||||||
Cash and cash equivalents |
513,351 |
541,664 |
78,872 |
|||||||
Trade receivables |
130,004 |
181,989 |
26,500 |
|||||||
Financial assets at fair value through profit or loss |
— |
30,530 |
4,445 |
|||||||
Prepayments, other receivables and other assets |
287,435 |
239,749 |
34,910 |
|||||||
Total current assets |
930,790 |
993,932 |
144,727 |
|||||||
Non-current assets |
||||||||||
Right-of-use assets |
17,030 |
15,106 |
2,200 |
|||||||
Financial assets at fair value through profit or loss |
11,753 |
12,588 |
1,833 |
|||||||
Financial assets at fair value through other comprehensive income |
129,060 |
105,707 |
15,392 |
|||||||
Investments accounted for using equity method |
— |
186 |
27 |
|||||||
Property, plant and equipment |
2,600 |
2,766 |
403 |
|||||||
Intangible assets |
833 |
783 |
114 |
|||||||
Other non-current assets |
13,869 |
12,222 |
1,780 |
|||||||
Total non-current assets |
175,145 |
149,358 |
21,749 |
|||||||
Total assets |
1,105,935 |
1,143,290 |
166,476 |
|||||||
LIABILITIES AND EQUITY |
||||||||||
Current liabilities |
||||||||||
Interest-bearing bank borrowings |
38,000 |
138,000 |
20,094 |
|||||||
Current lease liabilities |
6,853 |
6,325 |
921 |
|||||||
Trade payables |
49,239 |
81,168 |
11,819 |
|||||||
Income tax payables |
16,214 |
19,060 |
2,775 |
|||||||
Other payables and accruals |
81,835 |
99,238 |
14,451 |
|||||||
Total current liabilities |
192,141 |
343,791 |
50,060 |
|||||||
Non-current liabilities |
||||||||||
Interest-bearing bank borrowings |
465,155 |
465,155 |
67,732 |
|||||||
Non-current lease liabilities |
9,327 |
8,131 |
1,184 |
|||||||
Deferred tax liabilities |
438 |
647 |
94 |
|||||||
Total non-current liabilities |
474,920 |
473,933 |
69,010 |
|||||||
Total liabilities |
667,061 |
817,724 |
119,070 |
|||||||
EQUITY |
||||||||||
Share capital |
146,730 |
146,730 |
21,366 |
|||||||
Additional paid in capital |
6,358,600 |
6,379,540 |
928,933 |
|||||||
Other reserves |
(35,201) |
(59,794) |
(8,707) |
|||||||
Accumulated losses |
(6,031,255) |
(6,140,910) |
(894,186) |
|||||||
Total equity |
438,874 |
325,566 |
47,406 |
|||||||
Total equity and liabilities |
1,105,935 |
1,143,290 |
166,476 |
View original content:https://www.prnewswire.com/news-releases/naas-technology-inc-reports-unaudited-2023-first-quarter-financial-results-301852969.html
SOURCE