NaaS Technology Inc. (NASDAQ:NAAS) Q2 2022 Results Conference Call August 22, 2022 7:00 AM ET
Company Participants
Yang Wang - Chairwoman and Chief Executive Officer
Lei Zhao - Chief Financial Officer
Conference Call Participants
David Gu - CICC
Operator
Ladies and gentlemen, thank you for standing by and welcome to the NaaS's Second Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. I must advise you that this conference is begin recorded today.
I would now like to turn the conference over to your first speaker today, [indiscernible] Vice President of Strategy. Thank you and please go ahead.
Unidentified Company Representative
Thank you, operator. Hello, everyone and welcome to NaaS second quarter 2022 earnings conference call. The Company's results were issued earlier today and up listed online. Joining me today on the call are Ms. Cathy Wang Yang, our Founder and Chief Executive Officer; Mr. Lei Zhao, Chief Financial Officer and other members of our team. For today's agenda, Ms. Wang will provide an overview of our recent performance and highlights and Mr. Zhao will discuss our financial results.
Before we continue, I will refer to our safe harbor statement in the earnings press release, which positively quote [indiscernible] forward looking statements. Also, please note that this call includes discussions of certain non-IFRS financial measures. Please refer to our earnings release, which contains a reconfirmation of non-IFRS measures to it most directly comparable IFRS measures. Finally, please note that unless otherwise stated all figures mentioned during the conference call are in renminbi.
I will now turn the call over to our CEO, Ms. Yang Wang, who I'll translate for.
Yang Wang
Greetings everyone. I'm NaaS's CEO, Yang Wang, and it's my pleasure to be able to share with everyone NaaS second quarter 2022 and first half 2022 earnings report.
First our financial situation, second quarter net revenue increased by 5.9 times.
In the second quarter of 2022, net total revenues increased by 47% and net revenues increased by 5.9 times while losses are increased by 5% reflecting our strong improvement in operating efficiency.
During the first half of the year, the macroeconomic environment was [cutback] with different COVID lockdowns as well as reduced demand for [chargers]. It was under these difficult circumstances that NaaS overall revenues continues to increase by 90% reaching RMB1.8 billion.
In the first half of the year, net offline services revenue increased by 4.3 tons and by 5.6 tons in the second quarter. This was improvement mix the result of strong increases in offline charging stations revenue and growth in charge of sales.