NaaS Technology reported strong revenue growth in Q1 2024, with total revenues reaching RMB96.2 million, up 166% YoY. Charging services revenue grew 99% to RMB47.8 million, while energy solutions revenue surged 334% to RMB47.2 million. Gross profit increased 4-fold to RMB24.3 million, with gross margin improving from 16.9% to 25.3%.Operating expenses rose significantly to RMB215.7 million, with administrative expenses nearly tripling to RMB123.0 million. The company's net loss widened to RMB227.4 million from RMB109.7 million in Q1 2023, though net margin improved from -303% to -236%. Operating metrics showed positive momentum with charging volume up 19% YoY to 1,216 GWh and gross transaction value increasing 17% to RMB1.2 billion.The company announced a change in ADS ratio effective June 13, 2024, from 1:10 to 1:200 Class A ordinary shares per ADS. Despite revenue growth, increased operating costs and investments in business expansion continue to impact profitability.

NaaS Technology reported strong revenue growth in Q1 2024, with total revenues reaching RMB96.2 million, up 166% YoY. Charging services revenue grew 99% to RMB47.8 million, while energy solutions revenue surged 334% to RMB47.2 million. Gross profit increased 4-fold to RMB24.3 million, with gross margin improving from 16.9% to 25.3%.Operating expenses rose significantly to RMB215.7 million, with administrative expenses nearly tripling to RMB123.0 million. The company's net loss widened to RMB227.4 million from RMB109.7 million in Q1 2023, though net margin improved from -303% to -236%. Operating metrics showed positive momentum with charging volume up 19% YoY to 1,216 GWh and gross transaction value increasing 17% to RMB1.2 billion.The company announced a change in ADS ratio effective June 13, 2024, from 1:10 to 1:200 Class A ordinary shares per ADS. Despite revenue growth, increased operating costs and investments in business expansion continue to impact profitability.