Revenue contracted by 63.7% in 2025Q2, while the reported 96.7% gross margin appears to reflect a shift in accounting rather than underlying operational improvement.
| Sales/Revenue | 156.29M | 125.14M | 200.98M | 320.08M | 92.81M | 33.45M | 6.16M | 1.53B | 1.27B | 969.27M | 710.99M | 529.47M |
| Revenue Growth % | -55.5% | -37.73% | -37.21% | 244.86% | 177.45% | 442.8% | -99.6% | 20.25% | 31.22% | 36.33% | 34.28% | - |
| Cost of Goods Sold | 39.03M | 17.62M | 112.43M | 231.32M | 86.65M | 29.59M | 6.55M | 694.69M | 576.53M | 452.22M | 363.58M | 346.67M |
| COGS % of Revenue | - | 14.08% | 55.94% | 72.27% | 93.36% | 88.44% | 106.23% | 45.42% | 45.33% | 46.66% | 51.14% | 65.48% |
| Gross Profit | 117.26M | 107.52M | 88.54M | 88.76M | 6.17M | 3.87M | -384K | 834.75M | 695.36M | 517.05M | 347.41M | 182.8M |
| Gross Margin % | 75.03% | 85.92% | 44.06% | 27.73% | 6.64% | 11.56% | -6.23% | 54.58% | 54.67% | 53.34% | 48.86% | 34.52% |
| Gross Profit Growth % | - | 21.43% | -0.24% | 1339.26% | 59.52% | 1106.77% | -100.05% | 20.05% | 34.48% | 48.83% | 90.05% | - |
| Operating Expenses | 686.97M | 298.24M | 895.57M | 1.16B | 2.47B | 257.91M | 75.74M | 15.28M | 487.75M | 517.68M | 276.57M | 232.29M |
| OpEx % of Revenue | - | 238.33% | 445.61% | 360.89% | 2657.63% | 770.97% | 1228.93% | 1% | 38.35% | 53.41% | 38.9% | 43.87% |
| Selling, General & Admin | 391.63M | 283.64M | 573.51M | 1.12B | 2.44B | 227.8M | 58.41M | 15.28M | 487.75M | 517.68M | 276.57M | 232.29M |
| SG&A % of Revenue | - | 226.66% | 285.36% | 348.84% | 2626.12% | 680.95% | 947.82% | 1% | 38.35% | 53.41% | 38.9% | 43.87% |
| Research & Development | 16.82M | 14.6M | 42.07M | 63.05M | 36.56M | 37.16M | 20.45M | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 11.67% | 20.93% | 19.7% | 39.39% | 111.08% | 331.79% | - | - | - | - | - |
| Other Operating Expenses | -2M | 0 | 279.99M | -24.47M | -7.32M | -7.04M | -3.12M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -569.71M | -190.72M | -807.03M | -1.07B | -2.46B | -254.05M | -76.12M | -15.28M | 207.61M | -628K | 70.85M | -49.49M |
| Operating Margin % | -364.51% | -152.41% | -401.55% | -333.16% | -2650.98% | -759.41% | -1235.16% | -1% | 16.32% | -0.06% | 9.96% | -9.35% |
| Operating Income Growth % | - | 76.37% | 24.32% | 56.66% | -868.52% | -233.73% | -398.35% | -107.36% | 33159.24% | -100.89% | 243.14% | - |
| EBITDA | -554.24M | -185.14M | -791.16M | -1.06B | -2.46B | -247.47M | -72.59M | 54.75M | 265.84M | 49.08M | 140.67M | 42.01M |
| EBITDA Margin % | -354.62% | -147.95% | -393.66% | -330.39% | -2650.58% | -739.77% | -1177.77% | 3.58% | 20.9% | 5.06% | 19.78% | 7.94% |
| EBITDA Growth % | 37.91% | 76.6% | 25.19% | 57.01% | -894.09% | -240.94% | -232.59% | -79.41% | 441.61% | -65.11% | 234.81% | - |
| D&A (Non-Cash Add-back) | 15.47M | 5.58M | 15.87M | 8.87M | 377K | 6.57M | 3.54M | 70.02M | 58.23M | 49.71M | 69.82M | 91.51M |
| EBIT | -666.6M | -392.54M | -889.17M | -1.06B | -547.79M | -254.05M | -76.12M | 188.78M | 248M | 25.91M | 89.12M | 0 |
| Net Interest Income | -30.82M | -32.57M | -38.01M | -31.16M | -10.28M | -1.1M | -300K | 34.17M | -7.43M | -7.03M | 10.55M | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 80K | 26.38M | 19.56M | 16.62M | 17.85M |
| Interest Expense | 12.83M | 32.57M | 38.01M | 31.16M | 10.28M | 1.1M | 300K | -34.09M | 33.8M | 26.59M | 6.07M | 0 |
| Other Income/Expense | 95.41M | -234.39M | -120.16M | -223.88M | -3.17B | -1.1M | -300K | -237.98M | 6.59M | -48K | 12.2M | 16.63M |
| Pretax Income | -474.3M | -425.11M | -927.19M | -1.29B | -5.63B | -255.14M | -76.42M | -15.2M | 214.2M | -676K | 83.05M | -32.86M |
| Pretax Margin % | -303.47% | -339.71% | -461.34% | -403.1% | -6063.21% | -762.69% | -1240.03% | -0.99% | 16.84% | -0.07% | 11.68% | -6.21% |
| Income Tax | -11.96M | 0 | -19.15M | 3.79M | 9.86M | 5.32M | 1.47M | -163.38M | 71.76M | 52.92M | 32.2M | -1.12M |
| Effective Tax Rate % | 2.52% | 0% | 2.07% | -0.29% | -0.18% | -2.08% | -1.93% | 1075.19% | 33.5% | -7828.99% | 38.78% | 3.41% |
| Net Income | -484.54M | -438.95M | -913.48M | -1.31B | -5.64B | -260.46M | -77.9M | 148.1M | 142.96M | -47.97M | 53.92M | -26.29M |
| Net Margin % | -310.02% | -350.77% | -454.52% | -408.31% | -6073.83% | -778.59% | -1263.95% | 9.68% | 11.24% | -4.95% | 7.58% | -4.96% |
| Net Income Growth % | 60.46% | 51.95% | 30.1% | 76.82% | -2064.37% | -234.37% | -152.6% | 3.6% | 397.99% | -188.97% | 305.15% | - |
| Net Income (Continuing) | -462.34M | -425.11M | -908.04M | -1.29B | -5.64B | -260.46M | -77.9M | 148.1M | 142.96M | -47.97M | 53.92M | -26.29M |
| Discontinued Operations | -2M | -24.86M | -6.4M | -13.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -380K | 41.34M | 321K | 3.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -136.43 | -140.48 | -1120.00 | -1856.00 | -8192.00 | -384.00 | -2208.00 | 4064.00 | 4096.00 | -1504.00 | 1800.00 | -840.00 |
| EPS Growth % | 58.66% | 87.46% | 39.66% | 77.34% | -2033.33% | 82.61% | -154.33% | -0.78% | 372.34% | -183.56% | 314.29% | - |
| EPS (Basic) | - | -140.48 | -1088.00 | -1856.00 | -8192.00 | -384.00 | -2208.00 | 4128.00 | 4176.00 | -1504.00 | 1800.00 | -840.00 |
| Diluted Shares Outstanding | 3.55M | 3.04M | 822.11K | 706.17K | 686.55K | 669.25K | 35.25K | 36.31K | 36.21K | 31.84K | 31.25K | 31.25K |
| Basic Shares Outstanding | 4.13M | 3.04M | 822.11K | 706.17K | 686.55K | 669.25K | 35.25K | 35.91K | 35.57K | 31.84K | 31.25K | 31.25K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and solvency risk
As reported in recent financial filings, NaaS experienced a sharp revenue decline of 63.7% in 2025Q2, marking a sustained period of contraction that suggests the company's aggregator model is struggling to maintain market share within the increasingly competitive and fragmented Chinese EV charging infrastructure landscape.
The consistent downward trend in top-line performance indicates that the platform's value proposition may be failing to resonate with charging operators or end-users. Investors should monitor whether this decline reflects a strategic pivot away from lower-margin hardware sales or a fundamental loss of competitive positioning against asset-heavy incumbents.
According to the latest income statement data, NaaS reported a gross margin of 96.7% in 2025Q2, a significant expansion from previous periods that likely reflects a shift toward net-basis revenue recognition rather than an improvement in the underlying economics of the charging service business.
While the high gross margin appears impressive, it likely obscures the actual scale of transaction volume flowing through the platform. This accounting nuance warrants further investigation to determine if the company is effectively capturing value or merely acting as a pass-through entity with limited pricing power.
Based on reported figures, NaaS continues to struggle with extreme operating inefficiency, as evidenced by an operating margin of -58.7% in 2025Q2, which suggests that the company has failed to achieve the necessary scale to cover its substantial fixed-cost base and research expenditures.
The persistent gap between gross profit and operating income highlights a structural inability to control SG&A expenses relative to revenue generation. This lack of operating leverage implies that the current business model may be fundamentally unscalable without a drastic reduction in customer acquisition costs.
The market's perception of NaaS as a high-growth platform appears challenged by the data, which suggests the company is caught in a middleman squeeze where it lacks the physical asset control required to defend its territory against integrated charging operators in the Chinese market.
Short-term volatility in net income, including the anomalous positive figures in 2025, suggests that non-operating items or accounting adjustments may be distorting the true financial health of the firm. Investors should remain cautious, as the reliance on third-party partnerships leaves the company vulnerable to consolidation or platform bypass.
Quick answers to the most common questions about buying NAAS stock.
For fiscal year 2025, NaaS Technology Inc. (NAAS) reported total revenue of $125.1M. This represents a 76.4% decline compared to $529.5M in 2015.
NaaS Technology Inc. (NAAS) reported a net loss of $439.0M for the fiscal year ending 2025.
NaaS Technology Inc. (NAAS) reported an operating income of $-190.7M, resulting in an operating profit margin of -152.4%. This margin reflects the operational efficiency of the business before interest and taxes.
NaaS Technology Inc. (NAAS) generated $107.5M in gross profit for the year, representing a gross profit margin of 85.9%. This demonstrates the company's core pricing power and production efficiency.