Operating cash flow has remained at $0 for eight of the last ten quarters, indicating a fundamental inability to generate liquidity from core business activities.
| Cash from Operations | 0 | -31.41M | -179.14M | -565.24M | -580.7M | -250.03M | -63.01M | -39.85M | 380.03M | 345.27M | 240.08M | 163.72M |
| Operating CF Margin % | - | -25.1% | -89.13% | -176.6% | -625.66% | -747.42% | -1022.46% | -2.61% | 29.88% | 35.62% | 33.77% | 30.92% |
| Operating CF Growth % | 0% | 82.47% | 68.31% | 2.66% | -132.25% | -296.79% | -58.11% | -110.49% | 10.07% | 43.81% | 46.64% | - |
| Net Income | -484.54M | -402.82M | -932.4M | -1.3B | -5.63B | -251.91M | -82.14M | -15.2M | 142.96M | -47.97M | 53.92M | -26.29M |
| Depreciation & Amortization | 0 | 5.58M | 15.87M | 17.03M | 9.6M | 6.75M | 3.54M | 70.02M | 58.23M | 49.71M | 69.82M | 91.51M |
| Stock-Based Compensation | 47.07M | -17.5M | 160.42M | 399.08M | 2.13B | 10.79M | 18M | 47.89M | 18.63M | 95.31M | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | -2.13B | -10.79M | -31.15M | 6.47M | 6.74M | 1.15M | -4.76M | -12M |
| Other Non-Cash Items | 437.48M | 81.35M | 382.35M | 316.74M | 5.33B | 2.16M | 13.39M | -144.08M | 7.61M | -464K | -3.06M | -4.97M |
| Working Capital Changes | 0 | 301.98M | 194.63M | 5.28M | -293.74M | -7.04M | 15.34M | -4.96M | 145.87M | 247.54M | 124.17M | 115.47M |
| Change in Receivables | 0 | 145.85M | 15.2M | -66.48M | -111.33M | -740K | -647K | 706K | 112K | -1.7M | 12.1M | 12.99M |
| Change in Inventory | 0 | 2.28M | 22.82M | -36.84M | 0 | 0 | 871K | 3.1M | -3.42M | -2.37M | 430K | 1.52M |
| Change in Payables | 0 | 137.61M | 0 | 0 | 0 | 0 | 3.48M | -873K | 2.38M | 1.97M | 1.13M | -659K |
| Cash from Investing | 0 | 11.8M | -201.67M | -339.61M | -161.34M | -5.61M | 5.44M | -114.72M | -100.88M | -53.07M | -42.54M | -38.23M |
| Capital Expenditures | 0 | 0 | 0 | -6.33M | -17.13M | -606K | -23.88M | -50.85M | -73.99M | -53.08M | -43.77M | -43.39M |
| CapEx % of Revenue | 0% | 0% | - | 1.98% | 18.46% | 1.81% | 387.41% | 3.32% | 5.82% | 5.48% | 6.16% | 8.19% |
| Acquisitions | 0 | 2.92M | 2.62M | -34.45M | 0 | 15.93M | -19.9M | -16.78M | -26.98M | 2.74M | 8.32M | 8.41M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 4.27M | 0 | 0 | -15.93M | 53.22M | -14.09M | 100K | -2.73M | -8.13M | -8.22M |
| Cash from Financing | 0 | -23.66M | 71.27M | 827.74M | 1.25B | 229.54M | 64.56M | -140.73M | -57.31M | 129M | -80.21M | 98K |
| Debt Issued (Net) | 0 | -67.73M | 143.61M | 749.38M | 496.32M | -1.88M | 0 | -97.33M | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 0 | -2.46M | 0 | 109.05M | 760.11M | 0 | 0 | -48.05M | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -48.05M | -21.37M | 0 | 0 | 0 |
| Other Financing | 0 | 46.53M | -72.34M | -30.69M | -9.54M | 231.43M | 64.56M | 4.65M | -57.31M | 129M | -80.21M | 98K |
| Net Change in Cash | 0 | -40.09M | -309.54M | -77.11M | 504.86M | 4.82M | 1.54M | -293.96M | 231.89M | 415.98M | 122.56M | 127.96M |
| Free Cash Flow | 0 | -31.41M | -179.14M | -571.57M | -597.83M | -250.64M | -86.89M | -90.7M | 306.04M | 292.19M | 196.32M | 120.33M |
| FCF Margin % | 0% | -25.1% | -89.13% | -178.57% | -644.11% | -749.23% | -1409.87% | -5.93% | 24.06% | 30.15% | 27.61% | 22.73% |
| FCF Growth % | - | 82.47% | 68.66% | 4.39% | -138.52% | -188.46% | 4.2% | -129.64% | 4.74% | 48.84% | 63.15% | - |
| FCF per Share | 0.00 | -10.33 | -217.90 | -809.39 | -870.76 | -374.51 | -2464.68 | -2498.29 | 8451.22 | 9176.79 | 6282.11 | 3850.62 |
| FCF Conversion (FCF/Net Income) | -0.00x | 0.07x | 0.20x | 0.43x | 0.10x | 0.96x | 0.81x | -0.27x | 2.66x | -7.20x | 4.45x | -6.23x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and solvency risk
Based on reported financial statements, NaaS exhibits a complete decoupling of net income from operating cash flow, with the company reporting zero operating cash flow for eight of the last ten quarters despite significant fluctuations in net income, suggesting a fundamental inability to convert earnings into liquidity.
The persistent absence of positive operating cash flow, even during periods of reported net income, suggests that the company's accounting earnings are not reflective of actual cash generation. Investors should monitor this divergence as it indicates that the business model may be reliant on non-cash accounting adjustments or external financing to sustain operations.
As indicated by the provided quarterly data, NaaS has failed to generate consistent free cash flow, with the exception of a single quarter in 2023, highlighting a structural inability to fund operations through core business activities while maintaining a trajectory of persistent cash burn across the reporting period.
The lack of meaningful free cash flow generation suggests that the company's platform-as-a-service model has yet to reach a scale where it can cover its own operating costs. This trend warrants further investigation into whether the company can achieve self-sustainability before its current cash reserves are exhausted.
According to historical data, NaaS has consistently utilized share-based compensation, peaking at $80.3 million in 2024Q1, which serves to obscure the true extent of the company's cash burn by substituting equity for cash-based operational expenses in an attempt to preserve limited liquidity for ongoing platform maintenance.
The reliance on share-based compensation as a primary tool for managing expenses suggests that the company is attempting to mitigate its cash flow deficit through dilution. This practice may provide temporary relief but does not address the underlying issue of negative operating margins and the lack of organic cash generation.
Based on the provided financial records, NaaS has demonstrated no meaningful capital deployment toward dividends or share repurchases, reflecting a company entirely focused on survival rather than returning value to shareholders while struggling to manage its limited cash position amidst a period of significant revenue contraction.
The absence of capital deployment activities is consistent with a firm in a defensive posture, prioritizing the preservation of its remaining $81 million in cash. This suggests that management's primary focus is on extending the company's runway rather than pursuing growth-oriented investments or returning capital to investors.
Quick answers to the most common questions about buying NAAS stock.
NaaS Technology Inc. (NAAS) generated $-31.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
NaaS Technology Inc. (NAAS) reported negative free cash flow of $31.4M in 2025, indicating capital requirements exceeded cash from operations.
NaaS Technology Inc. (NAAS) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.