NaaS Technology Inc. (NAAS) Cash Flow Statement

NASDAQ: NAASOperating cash, capex, free cash flow and buybacks.

Where NAAS’s cash came from and went, 2025

December 31, 2025 · Chinese yuan
Cash from operations
−CN¥31.4M
Capital expenditures
CN¥14
0.0% of revenue
Free cash flow
−CN¥31.4M
−25.1% margin
Returned to shareholders
—
Change in cash
−CN¥40.1M
cash at year-end CN¥81.2M
Investments (net): CN¥9.1MInvestments (net)CN¥9.1MOther financing: CN¥50.1MOther financingCN¥50.1MDrawn from cash: CN¥40.1MDrawn from cashCN¥40.1MCurrency & other: CN¥3.2MCurrency & otherCN¥3.2MAcquisitions & other: CN¥2.7MAcquisitions & otherCN¥2.7MDebt repayment: CN¥73.8MDebt repaymentCN¥73.8M · 70%Cash used in operations: CN¥31.4MCash used in operationsCN¥31.4M · 30%Capital expenditures: CN¥14Capital expendituresCN¥14 · 0%CN¥105.2M
Cash from operations
−CN¥31.4M
Investments (net)
+CN¥9.1M
Acquisitions & other
+CN¥2.7M
Net borrowing (repayment)
−CN¥73.8M
Other financing
+CN¥50.1M
Currency & other
+CN¥3.2M
Change in cash
−CN¥40.1M

Drawn to scale: where the cash came from and how it was used. Hover for values.

NAAS operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

NAAS cash flow trends, 2016–2025

MetricTrendThenLatestChange
Operating cash flowCN¥240.1M2016−CN¥31.4M2025—
Capital expendituresCN¥43.8M2016CN¥142025−81.0%/yr
Free cash flowCN¥196.3M2016−CN¥31.4M2025—
Free cash flow margin27.6%2016−25.1%2025−52.7 pts
Operating cash flow / net income4.4520162.662018−1.79
Stock-based compensationCN¥95.3M2017−CN¥17.5M2025—
Dividends paidCN¥426.0M2016CN¥02025−100.0%
Share buybacks (net)CN¥21.4M2018CN¥40.0M2023+13.3%/yr
Capex / revenue6.2%20160.0%2025−6.2 pts

Change is the average annual growth (CAGR) or the difference between the first and latest year.

NAAS cash flow by activity

OperatingInvestingFinancingChange in cash

NAAS net income vs operating cash flow

Net incomeOperating cash flow

Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).

NAAS cash flow statement in Chinese yuan

2025202420232022202120202019201820172016
Operating activities
Net income−CN¥402.8M−CN¥913.5M−CN¥1.30B−CN¥5.63B−CN¥260.5M−CN¥82.1M−CN¥15.2MCN¥143.0M−CN¥48.0MCN¥53.9M
Depreciation & amortizationCN¥5.6MCN¥15.9MCN¥17.0MCN¥9.6MCN¥6.6MCN¥3.5MCN¥70.0MCN¥58.2MCN¥49.7MCN¥69.8M
Stock-based compensation−CN¥17.5MCN¥160.4MCN¥399.1MCN¥2.13BCN¥10.8MCN¥18.0MCN¥47.9MCN¥18.6MCN¥95.3M—
Change in working capitalCN¥302.0MCN¥194.6MCN¥5.3M−CN¥293.7M−CN¥92.8MCN¥15.3M−CN¥5.0MCN¥145.9MCN¥247.5MCN¥124.2M
Other non-cash itemsCN¥81.4MCN¥363.4MCN¥316.7MCN¥3.20BCN¥116.8M−CN¥17.8M−CN¥137.6MCN¥14.3MCN¥687,000−CN¥7.8M
Cash from operating activities−CN¥31.4M−CN¥179.1M−CN¥565.2M−CN¥580.7M−CN¥219.1M−CN¥63.0M−CN¥39.9MCN¥380.0MCN¥345.3MCN¥240.1M
Investing activities
Capital expenditures−CN¥14CN¥0−CN¥6.3M−CN¥17.1M−CN¥606,000−CN¥23.9M−CN¥50.8M−CN¥74.0M−CN¥53.1M−CN¥43.8M
Investments (net)CN¥9.1M−CN¥208.6M−CN¥339.6M−CN¥161.3M−CN¥5.0M−CN¥5.0M−CN¥114.7M———
Acquisitions & other investingCN¥2.7M—CN¥6.3MCN¥17.1MCN¥0CN¥34.3MCN¥50.8M−CN¥26.9MCN¥12,000CN¥1.2M
Cash from investing activitiesCN¥11.8M—−CN¥339.6M−CN¥161.3M−CN¥5.6MCN¥5.4M−CN¥114.7M−CN¥100.9M−CN¥53.1M−CN¥42.5M
Financing activities
Dividends paidCN¥0CN¥0CN¥0CN¥0CN¥0CN¥0——−CN¥571.8M−CN¥426.0M
Share repurchases & issuance (net)——−CN¥40.0M−CN¥8.6MCN¥0CN¥0−CN¥48.0M−CN¥21.4M——
Net borrowing (repayment)−CN¥73.8MCN¥112.3MCN¥900.8MCN¥1.27B−CN¥6.1M−CN¥4.0M————
Shares issuedCN¥0CN¥0CN¥149.0MCN¥768.7MCN¥0CN¥0CN¥0CN¥0CN¥0CN¥0
Other financingCN¥50.1M−CN¥41.0M−CN¥182.1M−CN¥783.7MCN¥235.7MCN¥68.5M−CN¥92.7M−CN¥35.9MCN¥700.8MCN¥345.8M
Cash from financing activities−CN¥23.7MCN¥71.3MCN¥827.7MCN¥1.25BCN¥229.5MCN¥64.6M−CN¥140.7M−CN¥57.3MCN¥129.0M−CN¥80.2M
Summary
Net change in cash−CN¥40.1M−CN¥309.5M−CN¥77.1MCN¥504.9MCN¥4.8MCN¥1.5M−CN¥294.0MCN¥231.9MCN¥416.0MCN¥122.6M
Cash at end of periodCN¥81.2MCN¥126.7MCN¥436.2MCN¥513.4MCN¥8.5MCN¥3.7MCN¥1.02BCN¥1.32BCN¥1.06BCN¥640.0M
Free cash flow−CN¥31.4M−CN¥179.1M−CN¥571.6M−CN¥597.8M−CN¥219.7M−CN¥86.9M−CN¥90.7MCN¥306.0MCN¥292.2MCN¥196.3M
Free cash flow margin−25.1%−89.1%−178.6%−644.1%−656.8%−1,409.9%−5.9%24.1%30.1%27.6%
Capex / revenue0.0%0.0%2.0%18.5%1.8%387.4%3.3%5.8%5.5%6.2%
Operating cash flow / net income———————2.66—4.45

Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.

NAAS cash generation

In fiscal 2025 (ended December 31, 2025), NaaS Technology generated -CN¥31.4 million of cash from operations and spent CN¥0.0 million on capital expenditures, leaving free cash flow of -CN¥31.4 million, −25.1% of revenue. Cash and equivalents fell by CN¥40.1 million over the year.

Related: NAAS income statement, NAAS balance sheet. See the NAAS stock overview for the latest quote and news.

NAAS cash flow FAQ

What is NaaS Technology's free cash flow?

NaaS Technology's free cash flow was -CN¥31.4 million in fiscal 2025: -CN¥31.4 million of operating cash flow minus CN¥0.0 million of capital expenditures It was -CN¥179.1 million a year earlier..

How much cash does NaaS Technology generate from operations?

NaaS Technology generated -CN¥31.4 million of cash from operating activities in fiscal 2025.

How much does NaaS Technology spend on capital expenditures?

NaaS Technology spent CN¥0.0 million on capital expenditures in fiscal 2025, 0.0% of revenue.

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