NaaS Technology Inc. Reports Unaudited 2023 Second Quarter and First Half Financial Results
Second Quarter and First Half 2023 Operational Highlights:
- Charging volume transacted through NaaS' network reached 1,228 GWh in the second quarter of 2023 and 2,251 GWh in the first half of 2023, representing an increase of 112% and 112% year over year, respectively.
- Gross transaction value transacted through NaaS' network reached
RMB1.2 billion (US$160.8 million ) in the second quarter of 2023 andRMB2.2 billion (US$297.4 million ) in the first half of 2023, representing an increase of 109% and 108% year over year, respectively. - Number of orders transacted through
NaaS' network reached 53.8 million in the second quarter of 2023 and 98.2 million in the first half of 2023, representing an increase of 110% and 110% year over year, respectively. - As of
June 30, 2023 , more than 652,000 chargers in over 62,000 charging stations were connected and accessible onNaaS' network, up by 80% from 362,000 and 59% from 39,000 as ofJune 30, 2022 , respectively.
Second Quarter and First Half 2023 Financial Highlights:
- Revenues grew by 121% year over year to
RMB48.6 million (US$6.7 million ) in the second quarter of 2023 and 132% year over year toRMB84.8 million (US$11.7 million ) in the first half of 2023. - Total operating costs and expenses decreased by 82% year over year to
RMB388.6 million (US$53.6 million ) in the second quarter of 2023 and 76% year over year toRMB538.4 million (US$74.2 million ) in the first half of 2023. - Net loss attributable to ordinary shareholders decreased by 94% year over year to
RMB334.7 million (US$46.2 million ) in the second quarter of 2023 and 92% year over year toRMB444.3 million (US$61.3 million ) in the first half of 2023. - Non-IFRS net loss1 attributable to ordinary shareholders increased by 12% year over year to
RMB108.0 million (US$14.9 million ) in the second quarter of 2023 and 44% year over year toRMB210.3 million (US29.0 million) in the first half of 2023.
1Non-IFRS net loss was arrived at after excluding share-based compensation expenses, equity-settled listing costs, 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
Secured a
In
Established Strategic Collaboration with
In
Charge Amps Acquisition
On
Completed
In
"In the second quarter of 2023, we continued to deliver solid operating and financial performance while driving innovation and strengthening our core competitiveness," said
"Alongside our progress in the domestic market, we also achieved significant milestones in global expansion by acquiring
Second Quarter and First Half 2023 Financial Results:
Revenues
Total revenues reached
Revenues from online EV charging solutions contributed
Revenues from offline EV charging solutions increased by 153% year over year to
Revenues from innovative and other businesses increased significantly by 227% year over year to
Operating costs and expenses
Total operating costs and expenses decreased by 82% year over year to
Cost of revenues increased by 27% year over year to
Selling and marketing expenses increased by 48% year over year to
Administrative expenses decreased by 87% year over year to
Research and development expenses increased by 57% year over year to
Finance costs
Finance costs were
Income tax benefits/expenses
Net loss and non-IFRS net loss attributable to ordinary shareholders
Net loss attributable to ordinary shareholders was
Outlook:
Based on preliminary assessment of the current market conditions, the Company reaffirms its previous 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/10033478-hf76e4.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: 10033478
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, equity-settled listing costs, 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
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||||||||||||||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF LOSS AND OTHER COMPREHENSIVE LOSS |
||||||||||||||||||||||||
For the Three Months Ended |
For the Six Months Ended |
|||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
(In thousands, except for share and per share and per ADS data) |
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
||||||||||||||||||
Revenues from Online EV Charging Solutions |
11,850 |
22,666 |
3,126 |
19,716 |
41,921 |
5,781 |
||||||||||||||||||
Revenues from Offline EV Charging Solutions |
9,783 |
24,716 |
3,408 |
16,316 |
40,393 |
5,570 |
||||||||||||||||||
Revenues from Innovative and Other Businesses |
377 |
1,233 |
170 |
457 |
2,462 |
339 |
||||||||||||||||||
Revenues |
22,010 |
48,615 |
6,704 |
36,489 |
84,776 |
11,690 |
||||||||||||||||||
Other gains, net |
1,927 |
6,467 |
892 |
2,608 |
6,960 |
960 |
||||||||||||||||||
Operating costs and expenses |
||||||||||||||||||||||||
Cost of revenues |
(23,315) |
(29,505) |
(4,069) |
(39,144) |
(59,552) |
(8,213) |
||||||||||||||||||
Selling and marketing expenses |
(58,228) |
(86,096) |
(11,873) |
(102,441) |
(152,486) |
(21,029) |
||||||||||||||||||
Administrative expenses |
(2,082,854) |
(261,808) |
(36,105) |
(2,124,158) |
(307,304) |
(42,379) |
||||||||||||||||||
Research and development expenses |
(7,119) |
(11,181) |
(1,542) |
(15,105) |
(19,013) |
(2,622) |
||||||||||||||||||
Total operating costs and expenses |
(2,171,516) |
(388,590) |
(53,589) |
(2,280,848) |
(538,355) |
(74,243) |
||||||||||||||||||
Operating loss |
(2,147,579) |
(333,508) |
(45,993) |
(2,241,751) |
(446,619) |
(61,593) |
||||||||||||||||||
Finance costs |
(36) |
(7,243) |
(999) |
(262) |
(14,303) |
(1,973) |
||||||||||||||||||
Fair value changes of convertible and redeemable preferred shares |
(3,155,006) |
— |
— |
(3,158,498) |
— |
— |
||||||||||||||||||
Fair value changes of financial assets at fair value through profit or loss |
1,753 |
1,560 |
215 |
1,753 |
15,131 |
2,087 |
||||||||||||||||||
Loss before income tax |
(5,300,868) |
(339,191) |
(46,777) |
(5,398,758) |
(445,791) |
(61,479) |
||||||||||||||||||
Income tax (expenses)/benefits |
(1,284) |
4,817 |
664 |
(2,697) |
1,762 |
243 |
||||||||||||||||||
Net loss |
(5,302,152) |
(334,374) |
(46,113) |
(5,401,455) |
(444,029) |
(61,236) |
||||||||||||||||||
Net loss attributable to: |
||||||||||||||||||||||||
Equity holders of the company |
(5,302,152) |
(334,665) |
(46,153) |
(5,401,455) |
(444,320) |
(61,276) |
||||||||||||||||||
Non-controlling interests |
— |
291 |
40 |
— |
291 |
40 |
||||||||||||||||||
(5,302,152) |
(334,374) |
(46,113) |
(5,401,455) |
(444,029) |
(61,236) |
|
||||||||||||||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF LOSS AND OTHER COMPREHENSIVE LOSS |
||||||||||||||||||||||||
For the Three Months Ended |
For the Six Months Ended |
|||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
(In thousands, except for share and per share and per ADS data) |
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
||||||||||||||||||
Basic and diluted loss per share for loss attributable to the |
||||||||||||||||||||||||
Basic |
(2.91) |
(0.15) |
(0.02) |
(3.10) |
(0.20) |
(0.03) |
||||||||||||||||||
Diluted |
(2.91) |
(0.15) |
(0.02) |
(3.10) |
(0.20) |
(0.03) |
||||||||||||||||||
Basic and diluted loss per ADS for loss attributable to the |
||||||||||||||||||||||||
Basic |
(29.13) |
(1.51) |
(0.21) |
(31.02) |
(2.02) |
(0.28) |
||||||||||||||||||
Diluted |
(29.13) |
(1.51) |
(0.21) |
(31.02) |
(2.02) |
(0.28) |
||||||||||||||||||
Weighted average number of ordinary shares |
1,819,927,626 |
2,209,304,961 |
2,209,304,961 |
1,741,385,264 |
2,203,175,595 |
2,203,175,595 |
||||||||||||||||||
Weighted average number of ordinary shares |
1,819,927,626 |
2,209,304,961 |
2,209,304,961 |
1,741,385,264 |
2,203,175,595 |
2,203,175,595 |
||||||||||||||||||
Net loss |
(5,302,152) |
(334,374) |
(46,113) |
(5,401,455) |
(444,029) |
(61,236) |
||||||||||||||||||
Other comprehensive loss that will not be reclassified to profit or loss in subsequent period: |
||||||||||||||||||||||||
Fair value changes on equity investment designated at fair value |
— |
1,737 |
240 |
— |
(21,616) |
(2,981) |
||||||||||||||||||
Currency translation differences |
(584) |
915 |
126 |
(584) |
(325) |
(45) |
||||||||||||||||||
Other comprehensive loss, net of tax |
(584) |
2,652 |
366 |
(584) |
(21,941) |
(3,026) |
||||||||||||||||||
Total comprehensive loss |
(5,302,736) |
(331,722) |
(45,747) |
(5,402,039) |
(465,970) |
(64,262) |
||||||||||||||||||
Total comprehensive loss attributable to: |
||||||||||||||||||||||||
Equity holders of the company |
(5,302,736) |
(332,013) |
(45,787) |
(5,402,039) |
(466,261) |
(64,302) |
||||||||||||||||||
Non-controlling interests |
— |
291 |
40 |
— |
291 |
40 |
||||||||||||||||||
(5,302,736) |
(331,722) |
(45,747) |
(5,402,039) |
(465,970) |
(64,262) |
|
||||||||||||||||||||||||
UNAUDITED RECONCILIATIONS OF IFRS AND NON-IFRS RESULTS |
||||||||||||||||||||||||
For the Three Months Ended |
For the Six Months Ended |
|||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
(In thousands, except for share and per share and per ADS data) |
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
||||||||||||||||||
Reconciliation of Adjusted net loss |
||||||||||||||||||||||||
Net loss attributable to ordinary |
(5,302,152) |
(334,665) |
(46,153) |
(5,401,455) |
(444,320) |
(61,276) |
||||||||||||||||||
Add: Share-based compensation expenses |
140,172 |
228,248 |
31,477 |
186,260 |
249,188 |
34,365 |
||||||||||||||||||
Equity-settled listing costs |
1,912,693 |
— |
— |
1,912,693 |
— |
— |
||||||||||||||||||
Fair value changes of convertible |
3,155,006 |
— |
— |
3,158,498 |
— |
— |
||||||||||||||||||
Fair value changes of financial |
(1,753) |
(1,560) |
(215) |
(1,753) |
(15,131) |
(2,087) |
||||||||||||||||||
Adjusted net loss attributable to |
(96,034) |
(107,977) |
(14,891) |
(145,757) |
(210,263) |
(28,998) |
||||||||||||||||||
Adjusted net basic and diluted loss |
||||||||||||||||||||||||
Basic |
(0.05) |
(0.05) |
(0.01) |
(0.08) |
(0.10) |
(0.01) |
||||||||||||||||||
Diluted |
(0.05) |
(0.05) |
(0.01) |
(0.08) |
(0.10) |
(0.01) |
||||||||||||||||||
Adjusted net basic and diluted loss per |
||||||||||||||||||||||||
Basic |
(0.53) |
(0.49) |
(0.07) |
(0.84) |
(0.95) |
(0.13) |
||||||||||||||||||
Diluted |
(0.53) |
(0.49) |
(0.07) |
(0.84) |
(0.95) |
(0.13) |
||||||||||||||||||
Weighted average number of ordinary |
1,819,927,626 |
2,209,304,961 |
2,209,304,961 |
1,741,385,264 |
2,203,175,595 |
2,203,175,595 |
||||||||||||||||||
Weighted average number of ordinary |
1,819,927,626 |
2,209,304,961 |
2,209,304,961 |
1,741,385,264 |
2,203,175,595 |
2,203,175,595 |
|
||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
||||||||||
As of |
||||||||||
|
|
|||||||||
(In thousands) |
RMB |
RMB |
US$ |
|||||||
ASSETS |
||||||||||
Current assets |
||||||||||
Cash and cash equivalents |
513,351 |
516,541 |
71,234 |
|||||||
Trade receivables |
130,004 |
181,720 |
25,060 |
|||||||
Inventories |
— |
29,582 |
4,079 |
|||||||
Prepayments, other receivables and other assets |
287,435 |
349,516 |
48,200 |
|||||||
Other financial assets |
— |
101,161 |
13,951 |
|||||||
Total current assets |
930,790 |
1,178,520 |
162,524 |
|||||||
Non-current assets |
||||||||||
Right-of-use assets |
17,030 |
18,241 |
2,516 |
|||||||
Financial assets at fair value through profit or loss |
11,753 |
16,275 |
2,244 |
|||||||
Financial assets at fair value through other comprehensive income |
129,060 |
107,444 |
14,817 |
|||||||
Investments accounted for using equity method |
— |
160 |
22 |
|||||||
Property, plant and equipment |
2,600 |
4,340 |
599 |
|||||||
Other non-current assets |
13,869 |
10,664 |
1,471 |
|||||||
Intangible assets |
833 |
12,146 |
1,675 |
|||||||
|
— |
40,522 |
5,588 |
|||||||
Total non-current assets |
175,145 |
209,792 |
28,932 |
|||||||
Total assets |
1,105,935 |
1,388,312 |
191,456 |
|||||||
LIABILITIES AND EQUITY |
||||||||||
Current liabilities |
||||||||||
Interest-bearing bank borrowings |
38,000 |
154,249 |
21,272 |
|||||||
Current lease liabilities |
6,853 |
6,190 |
854 |
|||||||
Trade payables |
49,239 |
114,763 |
15,827 |
|||||||
Income tax payables |
16,214 |
14,137 |
1,950 |
|||||||
Other payables and accruals |
81,835 |
143,618 |
19,804 |
|||||||
Total current liabilities |
192,141 |
432,957 |
59,707 |
|||||||
Non-current liabilities |
||||||||||
Non-current lease liabilities |
9,327 |
11,114 |
1,533 |
|||||||
Interest-bearing bank borrowings |
465,155 |
572,841 |
78,998 |
|||||||
Deferred tax liabilities |
438 |
2,431 |
335 |
|||||||
Total non-current liabilities |
474,920 |
586,386 |
80,866 |
|||||||
Total liabilities |
667,061 |
1,019,343 |
140,573 |
|||||||
EQUITY |
||||||||||
Share capital |
146,730 |
149,230 |
20,580 |
|||||||
Additional paid in capital |
6,358,600 |
6,752,773 |
931,250 |
|||||||
Accumulated losses |
(6,031,255) |
(6,475,575) |
(893,023) |
|||||||
Other reserves |
(35,201) |
(57,142) |
(7,880) |
|||||||
Non-controlling interests |
— |
(317) |
(44) |
|||||||
Total equity |
438,874 |
368,969 |
50,883 |
|||||||
Total equity and liabilities |
1,105,935 |
1,388,312 |
191,456 |
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