NaaS Technology Inc.
NAAS · Retail-Retail Stores, NEC · EDGAR filings ↗
Grade
D43China EV-charging operator with explosive growth but deeply negative margins and stale, high-risk data.
Strengths
- Revenue growth 100th pct (4.4x) with large addressable EV-charging market
- Strong current/quick ratios (90th pct)
Risks
- Net margin -743% and ROA -8.1% (sub-5th pct); ROE of 2.79 is a negative-equity artifact
- FY2021 data is stale; China VIE/HFCAA/regulatory and going-concern-adjacent profile
Notable findings
- Negative equityNegative book equity (debt/equity -1.09)
- Net lossNet loss (net margin -455.0%)
- Weak liquidityCurrent ratio 0.33 (<1)
- Revenue declineRevenue -16.2% YoY
- Pending mergerThe Transactions, including the Mergers, contemplated by the Merger Agreement were consummated on June 10, 2022 and NaaS became our wholly-owned subsidiary thereupon
Key metrics
Gross margin
44.1%
Operating margin
-401.5%
Net margin
-455.0%
Return on equity
121.3%
Return on assets
-140.5%
ROIC
-911.5%
Revenue growth (QoQ)
-16.2%
Debt / equity
-1.1×
Current ratio
0.3×
Tangible book value
-$103M
Cash & investments
$17M
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-17 | 2025-12-31 | 0001185185-26-001417 ↗ |
| 20-F | 2025-07-09 | 2024-12-31 | 0001410578-25-001444 ↗ |
| 20-F | 2024-05-09 | 2023-12-31 | 0001193125-24-134831 ↗ |
| 20-F | 2023-05-01 | 2022-12-31 | 0001193125-23-128620 ↗ |
| 20-F | 2022-06-16 | 2021-12-31 | 0001193125-22-175584 ↗ |
| 20-F | 2022-05-13 | 2021-12-31 | 0001193125-22-150252 ↗ |
| 20-F | 2021-04-19 | 2020-12-31 | 0001193125-21-121322 ↗ |
| 20-F | 2020-04-17 | 2019-12-31 | 0001193125-20-109840 ↗ |
| 20-F | 2019-04-19 | 2018-12-31 | 0001193125-19-111694 ↗ |
| 20-F | 2018-04-19 | 2017-12-31 | 0001144204-18-021371 ↗ |