Summary by Moomoo AI
NaaS Technology reported financial results for Q3 2024. Total revenue decreased 9.7% YoY to RMB155.7 million (US$22.2 million), mainly due to reduced low-margin energy solution projects. Charging services revenue grew 65.5% to RMB135.1 million on increased network usage.Net loss attributable to shareholders narrowed to RMB370.6 million (US$52.8 million) from RMB811.2 million last year. Operating expenses decreased 45.6% to RMB409.7 million on optimized operations. Gross margin improved to 39.0% from 29.9%.Non-IFRS net loss was RMB145.0 million (US$20.7 million), compared to RMB386.0 million in Q3 2023. The company's charging volume reached 3,636 GWh for the quarter. NaaS continues to focus on its core charging services business while reducing reliance on user subsidies.
