NaaS Technology (ADR)
Connecting drivers and charging stations through software, transaction commissions, and selected operations.
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Profile
Connects EV drivers with third-party Chinese charging stations, earning transaction commissions while supplying operator software and selected station operations. The business is shifting away from capital-intensive hardware and EPC work toward an asset-light platform, with driver connectivity dependent on Kuaidian's third-party operator.
Matches EV drivers with third-party charging stations in China through mobility connectivity and charging-station software. Kuaidian presents location and charger information, while the platform supports traffic, marketing, payments, charger and order management, load management, and memberships.
Earns commissions when charging transactions complete and, where it holds operating rights, runs stations and pays owners transaction-linked fees. Energy solutions include site selection, hardware procurement, EPC, and optimization, while newer services include electricity procurement, virtual-power-plant services, and station amenities. Recent retrenchment favors an asset-light platform over capital-intensive operations.
Operations run chiefly through PRC subsidiaries, but driver connectivity depends on Kuaidian's third-party operator, station coverage, and charging demand. The Cayman holding-company structure also depends on PRC rules governing cash transfers, foreign exchange, data, cybersecurity, and personal information.
Company facts
Key statistics
Year to date −1.9% · Average volume (30d) 19.9K
Analysts
No analyst consensus on record.
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Apr 16, 2026 | $7.38 | −$7.73 | −204.8% | $4.2M | $4.2M | 0.0% | −7.26% |
| Oct 1, 2025Q2 FY25 | — | −$6.72 | — | — | — | — | +1.77% |
| Jul 22, 2025Q2 FY25 | — | $1.30 | — | — | $4.6M | — | −7.37% |
| Jun 4, 2025Q1 FY25 | — | $1.28 | — | — | $4.6M | — | −5.79% |
Financial highlights
| 12 quarters | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | |
|---|---|---|---|---|---|---|---|
| Revenue | $6.6M | $6.7M | $5.0M | $5.0M | $4.4M | $4.4M | |
| Gross profit | $3.7M | $4.1M | $4.8M | $4.8M | $3.2M | $3.2M | |
| Operating income | −$7.5M | −$71.5M | −$2.9M | −$2.9M | −$16.9M | −$16.9M | |
| Net income | −$1.1M | −$80.8M | $4.9M | $4.9M | −$37.6M | −$37.6M | |
| Diluted EPS | −$1.33 | −$95.23 | $0.00 | $0.00 | −$8.05 | −$8.05 | |
| Gross margin | 56.6% | 61.3% | 96.7% | 96.7% | 73.7% | 73.7% | |
| Operating margin | -112.9% | -1,061.8% | -58.7% | -58.7% | -387.2% | -387.2% |
Fiscal years (4-quarter sums)FY21 $4.9M · FY22 $13.8M · FY23 $36.9M · FY24 $41.3M · FY25 $18.6M
Revenue by product · FY24
Balance sheet, Dec 31, 2025Cash & short-term investments $12.3M · Total debt $87.1M · Total assets $46.5M · Shareholders' equity −$139.0M
Dividends
No dividends on record.
Ownership
Shares outstanding 1.18M · Float —
Float — provider float is below the insider stake.
Insiders — filings are in the shares behind the receipt.
This listing is a depositary receipt and the Form 4 positions here are filed in the shares behind it, a different unit from the share count and in a ratio the filings never state, so no insider percentage is shown.
The provider's float is smaller than the insider stake it should exclude, so it is not shown.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Citadel Advisors LLC | 14.4K | 1.22% | 13F | May 15, 2026 |
| Susquehanna International Group, LLP | 10.2K | 0.87% | 13F | May 15, 2026 |
| Morgan Stanley | 2.0K | 0.17% | 13F | May 15, 2026 |
| UBS Group AG | 458 | 0.04% | 13F | May 5, 2026 |
| Rhumbline Advisers | 349 | 0.03% | 13F | May 12, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
View detailsPeers
- NIO (ADR)
Power Map and charging network compete for driver traffic and station data.
- Li Auto (ADR)
Rapidly expanding supercharging network competes for China EV charging volume.
- XPeng (ADR)
Self-operated fast charging network competes for driver access in China.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| NaaS Technology (ADR) | $3.15 | +0.64% | $3.7M | — | 0.0 | 0.2 | — |
| NIO (ADR) | $4.37 | +0.23% | $10.84B | — | — | 0.7 | +123.9% |
| Li Auto (ADR) | $12.19 | −0.37% | $12.35B | — | 64.9 | 0.8 | −10.4% |
| XPeng (ADR) | $11.50 | −0.29% | $10.95B | — | — | 1.0 | +14.0% |
| Median | — | 64.9 | 0.8 | +14.0% |