NaaS Technology Inc. Reports its 2023 Fourth Quarter and Full Year Unaudited Financial Results

BEIJING, March 28, 2024 — NaaS Technology Inc. (“NaaS” or the “Company”) (Nasdaq: NAAS), the first U.S. listed EV charging service company in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2023. Fourth Quarter and Full Year 2023 Financial Highlights: Revenues increased by 119% year over year and reached RMB64.4 million (US$9.1 million) for the fourth quarter of 2023. Revenues for the full year of 2023 were RMB320.1 million (US$45.1 million), increasing by 245% year over year.Gross margin was 26.0% for the fourth quarter of 2023, compared with 24.4% for the same period of 2022. Gross margin increased from 6.6% for the full year of 2022 to 27.7% for the full year of 2023.Gross profit grew 2.3 times year over year to RMB16.7 million (US$2.4 million) for the fourth quarter of 2023 and 14.4 times year over year to RMB88.8 million (US$12.5 million) for the full year of 2023. Fourth Quarter and Full Year 2023 Operational Highlights: Charging volume transacted through NaaS’ network reached 1,324 GWh for the fourth quarter of 2023 and 4,958 GWh for the full year of 2023, representing increases of 55% and 81% year over year, respectively.Gross transaction value transacted through NaaS’ network reached RMB1.2 billion (US$174.0 million) for the fourth quarter of 2023 and RMB4.7 billion (US$661.5 million) for the full year of 2023, representing increases of 47% and 74% year over year, respectively.Number of orders transacted through NaaS’ network reached 56.4 million for the fourth quarter of 2023 and 213.8 million for the full year of 2023, representing increases of 48% and 75% year over year, respectively.As of December 31, 2023, NaaS’ network had connected 875,655 EV chargers covering 77,017 charging stations, up by 70% from 515,924 EV chargers and 54% from 50,065 charging stations as of December 31, 2022, respectively. Recent Developments Fifth Consecutive Month of NTR Improvement and Further Increased GTR  2023  2024  September October November December  January February GTR 9.16%9.68% 11.94%12.24%  13.09% 13.02%NTR -8.14%-6.17% -2.95%-0.92%  0.02% 0.75%