The company's financial position has deteriorated significantly, with total debt reaching $846.0 million against a negative equity base of $637.1 million as of 2025Q2.
| Total Current Assets | 402.24M | 214.18M | 439.5M | 1.14B | 930.79M | 152.78M | 48.36M | 1.08B | 1.4B | 1.14B | 707.74M | 553.22M |
| Cash & Short-Term Investments | 74.77M | 81.21M | 135.79M | 534.3M | 513.35M | 8.49M | 3.67M | 999.01M | 1.29B | 1.06B | 640M | 518.47M |
| Cash Only | 74.72M | 81.21M | 126.61M | 436.24M | 513.35M | 8.49M | 3.67M | 999.01M | 1.29B | 1.06B | 640M | 517.44M |
| Short-Term Investments | 0 | 0 | 9.17M | 98.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.03M |
| Accounts Receivable | 34.77M | 21.73M | 113.16M | 355.64M | 156.66M | 38.46M | 21.66M | 7.47M | 12.76M | 11.2M | 976K | 740K |
| Days Sales Outstanding | 422.4 | 63.37 | 205.51 | 405.55 | 616.08 | 419.59 | 1.28K | 1.78 | 3.66 | 4.22 | 0.5 | 0.51 |
| Inventory | 67K | 17.01K | 1.18M | 22.46M | -130M | 48.13M | 0 | 8.69M | 11.32M | 7.91M | 5.53M | 5.96M |
| Days Inventory Outstanding | 12.77 | 0.35 | 3.83 | 35.44 | - | 593.78 | - | 4.56 | 7.17 | 6.38 | 5.55 | 6.28 |
| Other Current Assets | 292.63M | 111.23M | 55.03M | 7.14M | 130M | 13.73M | 0 | 69.7M | 90.11M | 67.36M | 61.23M | 28.05M |
| Total Non-Current Assets | 218.5M | 237.04M | 211.15M | 321.13M | 175.15M | 25.31M | 19.25M | 1.72B | 878.5M | 813.89M | 792.56M | 782.51M |
| Property, Plant & Equipment | 5.36M | 3.92M | 7.41M | 18.4M | 19.63M | 21.1M | 19.24M | 747.66M | 128.41M | 100.18M | 75.67M | 70.86M |
| Fixed Asset Turnover | 20.60x | 31.89x | 27.14x | 17.39x | 4.73x | 1.59x | 0.32x | 2.05x | 9.90x | 9.68x | 9.40x | 7.47x |
| Goodwill | 0 | 0 | 0 | 40.09M | 0 | 0 | 328.29M | 665.42M | 491.97M | 475.73M | 461.69M | 444.41M |
| Intangible Assets | 1.96M | 1.59M | 2.33M | 13.32M | 833K | 25.31M | 14.51M | 210.35M | 198.06M | 200.62M | 225.95M | 244.8M |
| Long-Term Investments | 848.62M | 231.33M | 199.36M | 240.74M | 140.81M | 5M | -2.02B | 33M | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 311K | 194.13K | 2.05M | 8.58M | 13.87M | -26.44M | 1.68B | 49.64M | 53.35M | 34.97M | 25.16M | 22.07M |
| Total Assets | 620.74M | 451.22M | 650.64M | 1.47B | 1.11B | 178.09M | 67.6M | 2.8B | 2.28B | 1.96B | 1.5B | 1.34B |
| Asset Turnover | 0.20x | 0.28x | 0.31x | 0.22x | 0.08x | 0.19x | 0.09x | 0.55x | 0.56x | 0.50x | 0.47x | 0.40x |
| Asset Growth % | -189.12% | -30.65% | -55.59% | 32.48% | 520.99% | 163.43% | -97.59% | 22.85% | 16.58% | 30.4% | 12.32% | - |
| Total Current Liabilities | 1.17B | 1.12B | 1.35B | 817.03M | 192.14M | 136.09M | 1.17B | 1.23B | 1.28B | 1.03B | 763.37M | 571.43M |
| Accounts Payable | 183.81M | 230.98M | 104.22M | 152.07M | 49.24M | 16.87M | 11.03M | 7.55M | 1.23M | 0 | 585.37K | 452.44K |
| Days Payables Outstanding | 1.45K | 4.79K | 338.35 | 239.95 | 207.42 | 208.14 | 614.82 | 3.97 | 0.78 | - | 0.59 | 0.48 |
| Short-Term Debt | 751.59M | 525.61M | 1.01B | 345.64M | 38M | 1.11M | 226.74M | 291.93M | 82.51M | 29.73M | 38.19M | 9.69M |
| Deferred Revenue (Current) | 32.51M | 0 | 32.51M | 101.05M | 33.54M | 25.11M | 563.74M | 716.64M | 1B | 812.82M | 601.32M | 489.92M |
| Other Current Liabilities | 228.46M | 366.49M | 50.59M | 0 | 0 | 0 | 333.25M | 217.4M | 185.14M | 182.1M | 119.79M | 68.88M |
| Current Ratio | 0.35x | 0.19x | 0.33x | 1.40x | 4.84x | 1.12x | 0.04x | 0.88x | 1.10x | 1.11x | 0.93x | 0.97x |
| Quick Ratio | 0.35x | 0.19x | 0.32x | 1.37x | 5.52x | 0.77x | 0.04x | 0.87x | 1.09x | 1.10x | 0.92x | 0.96x |
| Cash Conversion Cycle | -1.02K | -4.72K | -129.01 | 201.04 | - | 805.23 | - | 2.38 | 10.05 | - | 5.47 | 6.31 |
| Total Non-Current Liabilities | 92.93M | 82.13M | 54.37M | 691.67M | 474.92M | 12.57M | 13.9M | 944.14M | 561.07M | 629.91M | 338.5M | 12.99M |
| Long-Term Debt | 91.83M | 81.01M | 51.07M | 681.82M | 465.15M | 108.33M | 0 | 834.47M | 502.36M | 623.44M | 333.1M | 0 |
| Capital Lease Obligations | 11.03M | 1.12M | 3.3M | 6.94M | 9.33M | 12.57M | 13.9M | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 2.92M | 438K | 0 | 0 | 31.12M | 14.54M | 3.79M | 3.07M | 4.12M |
| Other Non-Current Liabilities | 0 | 0 | 0 | 2.92M | 0 | 0 | 0 | 39.16M | 8.13M | 2.68M | 2.33M | 8.87M |
| Total Liabilities | 1.26B | 1.21B | 1.4B | 1.51B | 667.06M | 148.65M | 1.92B | 2.18B | 1.84B | 1.66B | 1.1B | 584.41M |
| Total Debt | 845.98M | 607.74M | 1.07B | 1.04B | 519.34M | 19.63M | 244.86M | 1.13B | 584.86M | 623.44M | 371.29M | 0 |
| Net Debt | 771.25M | 526.54M | 943.51M | 605.31M | 5.98M | 4.08M | 241.2M | 127.38M | -703.22M | -432.54M | -268.71M | -517.44M |
| Debt / Equity | -1.33x | - | - | - | 1.18x | 0.67x | 16.82x | 1.85x | 1.28x | 2.01x | 0.91x | - |
| Debt / EBITDA | -1.53x | - | - | - | - | - | - | 20.57x | 2.20x | 12.70x | 2.64x | - |
| Net Debt / EBITDA | -1.39x | - | - | - | - | - | - | 2.33x | -2.65x | -8.81x | -1.91x | -12.32x |
| Interest Coverage | -51.95x | -12.05x | -23.39x | -34.16x | -53.31x | -231.58x | -253.74x | 5.54x | 7.34x | 0.97x | 14.67x | - |
| Total Equity | -637.51M | -754.79M | -754.13M | -43.6M | 438.87M | 29.44M | 14.56M | 608.9M | 455.75M | 310.13M | 407.2M | 757.02M |
| Equity Growth % | -2315.24% | -0.09% | -1629.47% | -109.94% | 1390.79% | 102.22% | -97.61% | 33.6% | 46.96% | -23.84% | -46.21% | - |
| Book Value per Share | -179.50 | -248.13 | -917.32 | -61.75 | 639.24 | 43.99 | 412.95 | 16771.22 | 12585.40 | 9740.30 | 13030.40 | 24224.58 |
| Total Shareholders' Equity | -637.13M | -796.13M | -754.46M | -47.04M | 438.87M | 29.44M | 495.11M | 608.9M | 455.75M | 310.13M | 407.2M | 757.02M |
| Common Stock | 422.15M | 239.15K | 186.68M | 165.18M | 146.73M | 0 | 6.96M | 6.95M | 7.07M | 6.78M | 6.12M | 6.12M |
| Retained Earnings | -8.19B | -8.7B | -8.25B | -7.34B | -6.03B | -393.89M | -138.22M | -127.06M | -248.67M | -315.53M | -134.26M | -181.55M |
| Treasury Stock | -6.86M | -1K | -6.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -104.65M | 76.8M | -97.19M | -65.7M | -35.2M | 5.18M | 145M | 145.75M | 120.8M | 86.41M | 82.97M | 54.06M |
| Minority Interest | -380K | 41.34M | 321K | 3.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Insolvency and liquidity risk
As reported in recent financial filings, NaaS has seen its equity position collapse from a positive $369.3 million in 2023Q2 to a deficit of $637.1 million by 2025Q2, signaling a severe and accelerating deterioration of the company's net worth over the last two years.
The transition into a deep negative equity position suggests that cumulative losses have significantly outpaced any capital injections or operational gains. This trajectory indicates that the company's business model is currently failing to generate sufficient value to offset its persistent operational deficits.
Based on the latest quarterly data, the company's current ratio has plummeted to 0.35 as of 2025Q2, reflecting a precarious liquidity position where current assets are insufficient to cover short-term obligations, leaving the firm with limited flexibility to navigate ongoing operational cash requirements.
A current ratio well below 1.0 indicates that the company may struggle to meet its immediate financial commitments without external financing or asset liquidation. Investors should monitor this metric closely, as it suggests a high probability of a liquidity event in the near term.
According to the provided balance sheet records, total debt has climbed to $846.0 million while total assets have stagnated at $620.7 million, creating a structural imbalance where liabilities significantly exceed the company's reported asset value, raising serious concerns regarding long-term solvency.
The reliance on debt to fund operations in the absence of positive cash flow suggests that the company is increasingly dependent on external capital to remain a going concern. This leverage profile appears unsustainable given the lack of corresponding growth in the underlying asset base.
As indicated by the financial statements, the company's reliance on intangible assets and the rapid decline in PPE from $22.6 million in 2023Q2 to $5.4 million in 2025Q2 suggest that the balance sheet may be overstating the quality of its remaining operational assets.
The significant reduction in physical assets relative to the total balance sheet size may imply that the company is struggling to maintain its infrastructure footprint. This trend warrants further investigation into whether the remaining assets are truly productive or if they are subject to future impairment risks.
Quick answers to the most common questions about buying NAAS stock.
As of 2025, NaaS Technology Inc. (NAAS) had total assets of $451.2M including $214.2M in current assets.
NaaS Technology Inc. (NAAS) carries total debt of $607.7M, offset by $81.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
NaaS Technology Inc. (NAAS) has total shareholders' equity (book value) of $-796.1M ($-248.13 book value per share). Book value represents the net worth of the company belonging to common stock holders.
NaaS Technology Inc. (NAAS) reported a current ratio of 0.19x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.