NaaS Technology Inc. (NASDAQ:NAAS) Q1 2024 Earnings Conference Call May 10, 2024 8:00 AM ET

Company Participants

John Wang - Director, Investor Relations
Cathy Wang Yang - Chief Executive Officer
Vivian Wu Ye - Chief Strategy Officer
Alex Wu - President and CFO

Conference Call Participants

Zoe Feng - TF Securities
Ting Song - Goldman Sachs
Ethan Zhang - Nomura

Operator

Ladies and gentlemen, thank you for standing by. And welcome to the NaaS First Quarter 2024 Earnings Conference Call. At this time, all participants are in listen-only mode. I must advise you that this conference is being recorded.

I would now like to turn the conference over to your first speaker today, Mr. John Wang, Director of Investor Relations. Thank you and please go ahead.

John Wang

Thank you, Operator. Hello, everyone. And welcome to NaaS first quarter 2024 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; Ms. Vivian Wu Ye [ph], our Chief Strategy 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. Ms. Wu will discuss our operating results, and Mr. Wu will go through our financial highlights.

Before we continue, I refer you to our Safe Harbor statement in the earnings press release, which applies to this call as we will make 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 reconciliation of non-IFRS measures to the most comparable IFRS measures.

Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in RMB.

I will now turn the call over to our CEO, Ms. Cathy Wang Yang. Cathy, please go ahead.

Cathy Wang Yang

Hello, everyone. I’m NaaS CEO, Cathy Wang Yang. It’s my pleasure to share NaaS first quarter 2024 earnings results with you and discuss our recent development. 2024 is off to a great start, showing significant growth across our business.

In the first quarter, we achieved revenue of RMB96.24 million, 156% increase year-over-year. Our growth margin expanded by 8.4 percentage points year-over-year to 25%. These financial achievements reflect our strong operational execution and the power of our strategic steps, making significant progress as we transform our business into one with lucrative and diversified revenue streams across our comprehensive energy solution offerings.