On July 24th, Geelong announced its performance report for the second quarter of 2024. Total revenue for the second quarter of 2024 was RMB 91.7 million, an increase of 89% year-on-year; for the first half of 2024, it was RMB 1.879 billion, an increase of 122% year-on-year. Total gross profit for the second quarter of 2024 was RMB 30.5 million, a year-on-year increase of 59%; for the first half of 2024, it was RMB 54.8 million, a year-on-year increase of 117%. Gross profit margin for the second quarter of 2024 was 33%, and gross profit margin for the first half of 2024 was approximately 29%. Net loss attributable to ordinary shareholders for the second quarter of 2024 was RMB 0.1355 billion, compared to a net loss of RMB 0.3347 billion in the same period in 2023; net loss attributable to ordinary shareholders for the first half of 2024 was RMB 0.3629 billion, compared to a net loss of RMB 0.4443 billion in the same period in 2023. Each ADS had a loss of $1.43 in the second quarter of 2024.
In terms of cash flow, for the quarter ended June 30, 2024,net cash provided by operating activities was RMB 13.1 million, while net cash used for operating activities in the same period in 2023 was RMB 56.2 million.
In terms of income, charging service income contributed RMB 44.8 million in the second quarter of 2024 and RMB 92.6 million in the first half of 2024, with year-on-year growth rates of 73% and 85%, respectively. In the first half of 2024, the amount of charging and number of orders traded through the NaaS network reached 2352Gwh and 103 million, respectively, with the proportion of positive NTR orders rising to 64%. Energy solution revenue in the second quarter of 2024 increased by 105% year-on-year to RMB 44 million, while in the first half of 2024 it increased by 182% year-on-year to RMB 91.2 million.
"In the second quarter, we significantly strengthened our ecosystem by promoting intelligent charging technology and developing self-driving charging robots tailored to automation charging scenarios," said Ms. Yang Wang, CEO of NaaS. "By promoting digitization and intelligence in the car charging industry, we have not only improved operational efficiency, but also led the trend in the commercialization of self-driving technologies. In addition, our expanding partnership with top auto manufacturers has laid a solid foundation for expanding our intelligent charging services, driving us to the forefront of the electric vehicle charging industry. With the synergies within our ecosystem and wide coverage, we are fully capable of driving technological innovation that aligns with our strategic vision for intelligent charging solutions and further driving our revenue growth trajectory."
Mr. Alex Wu, President and CFO of NaaS, added: "We greatly improved our financial performance in the second quarter, reducing our net loss rate to its historic low. June marked another milestone, as our non-GAAP net income turned positive for that month, demonstrating significant operational efficiency and cost optimization. These achievements demonstrate our focus on managing expenses, leading to expenses falling to a historic low as a percentage of revenue. This highlights our stringent financial management practices and our commitment to creating long-term value for stakeholders."