NaaS Technology, Inc. (NASDAQ:NAAS) Q3 2023 Earnings Conference Call October 26, 2023 8:00 AM ET
Company Participants
Cynthia Tan - Senior IR
Wang Yang - CEO & Director
Alex Wu - President, CFO & Director
Conference Call Participants
Yizhen Du - CICC
Operator
Ladies and gentlemen, thank you for standing by, and welcome to the NaaS Third Quarter 2023 Earnings Conference Call. [Operator Instructions]. I must advise you that this conference is being recorded. I'd now like to turn the conference over to your first speaker today, Ms. Cynthia Tan, Senior IR Director. Thank you. Please go ahead.
Cynthia Tan
Thank you, operator. Hello, everyone, and welcome to NaaS Third Quarter 2023 Earnings Conference Call. The company's results were issued earlier today and are posted online. Joining me on the call today are Ms. Cathy Wang Yang, our Chief Executive Officer; and Mr. Alex Wu, our President and Chief Financial Officer. For today's agenda, Ms. Wang will provide an overview of our recent performance and highlights. And Mr. Wu will discuss our operating and financial results.
Before we continue, I refer you to our safe harbor statement in the earnings press release, which applies to today's call on forward-looking statements. Also, please note that this call includes discussion of certain non-IFRS financial measures, please refer to our earnings release, which contains a reconciliation of non-IFRS measures to the most [indiscernible] . Finally, please note that unless otherwise stated, [indiscernible] RMB terms. I will now turn the call over to our CEO, Ms. Cathy Wang Yang. Cathy, please go ahead.
Wang Yang
Hello, everyone. I'm not CEO, Kathy Wang Yang. It's my pleasure to share NaaS third quarter 2023 earnings results with all of you to discuss and discuss our recent development. In the third quarter of 2023, our total revenues increased by 536% year-over-year to reach and RMB 171 million. Our non-IFRS net margin attributable to ordinary shareholders narrowed by 256 percentage points compared with the same quarter last year, the total charge volume transacted through our network during the quarter increased by year-over-year. Reaching 1,383 gigawatt hours. This accounted for 21.8% of all charging volume completed through public chargers in China during the same period.
Since the beginning of 2023, NaaS has undergone a fundamental shift in its revenue structure. In the second quarter of 2023, the proportion of off-line and innovation service revenue exceeded 50% for the first time, reaching 53.4% in the third quarter. Revenue from EPC Energy storage and other solutions accounted for 81% of the total revenues. We affirm our full year 2023 revenue guidance to be between RMB 500 million to RMB 600 million. And we expect our full year 2024 revenue to be between RMB 2 billion to RMB 3 billion, a growth of 4 to 5x.