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Side-by-side financial comparison of NaaS Technology Inc. (NAAS) and TELA Bio, Inc. (TELA). Click either name above to swap in a different company.
NaaS Technology Inc. is the larger business by last-quarter revenue ($25.9M vs $20.9M, roughly 1.2× TELA Bio, Inc.). TELA Bio, Inc. runs the higher net margin — -43.3% vs -193.3%, a 149.9% gap on every dollar of revenue. On growth, NaaS Technology Inc. posted the faster year-over-year revenue change (121.2% vs 18.2%).
NaaS Technology Inc. is a leading electric vehicle energy service provider based in China. It delivers one-stop solutions covering charging network operation, software and hardware support for charging station operators, and value-added services such as charging location search and payment for EV owners, serving both enterprise and individual customers across domestic and select overseas markets.
TELA Bio, Inc. is a medical technology company focused on developing and commercializing innovative soft tissue repair solutions for surgical procedures. Its core product portfolio targets applications including hernia repair, abdominal wall reconstruction and other general surgery use cases, serving hospitals, ambulatory surgical centers and healthcare providers primarily across the United States and select global markets.
NAAS vs TELA — Head-to-Head
Income Statement — Q2 FY2024 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $25.9M | $20.9M |
| Net Profit | $-50.0M | $-9.0M |
| Gross Margin | 29.2% | 65.9% |
| Operating Margin | -144.2% | -31.9% |
| Net Margin | -193.3% | -43.3% |
| Revenue YoY | 121.2% | 18.2% |
| Net Profit YoY | 18.4% | 1.8% |
| EPS (diluted) | $-0.02 | $-0.17 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $20.9M | ||
| Q3 25 | — | $20.7M | ||
| Q2 25 | — | $20.2M | ||
| Q1 25 | — | $18.5M | ||
| Q4 24 | — | $17.6M | ||
| Q3 24 | — | $19.0M | ||
| Q2 24 | $25.9M | $16.1M | ||
| Q1 24 | — | $16.6M |
| Q4 25 | — | $-9.0M | ||
| Q3 25 | — | $-8.6M | ||
| Q2 25 | — | $-9.9M | ||
| Q1 25 | — | $-11.3M | ||
| Q4 24 | — | $-9.2M | ||
| Q3 24 | — | $-10.4M | ||
| Q2 24 | $-50.0M | $-12.6M | ||
| Q1 24 | — | $-5.7M |
| Q4 25 | — | 65.9% | ||
| Q3 25 | — | 67.5% | ||
| Q2 25 | — | 69.8% | ||
| Q1 25 | — | 67.6% | ||
| Q4 24 | — | 63.6% | ||
| Q3 24 | — | 67.8% | ||
| Q2 24 | 29.2% | 68.8% | ||
| Q1 24 | — | 68.3% |
| Q4 25 | — | -31.9% | ||
| Q3 25 | — | -36.5% | ||
| Q2 25 | — | -45.0% | ||
| Q1 25 | — | -56.5% | ||
| Q4 24 | — | -47.3% | ||
| Q3 24 | — | -49.4% | ||
| Q2 24 | -144.2% | -71.9% | ||
| Q1 24 | — | -29.1% |
| Q4 25 | — | -43.3% | ||
| Q3 25 | — | -41.6% | ||
| Q2 25 | — | -49.1% | ||
| Q1 25 | — | -60.8% | ||
| Q4 24 | — | -52.2% | ||
| Q3 24 | — | -54.7% | ||
| Q2 24 | -193.3% | -78.3% | ||
| Q1 24 | — | -34.1% |
| Q4 25 | — | $-0.17 | ||
| Q3 25 | — | $-0.19 | ||
| Q2 25 | — | $-0.22 | ||
| Q1 25 | — | $-0.25 | ||
| Q4 24 | — | $-0.17 | ||
| Q3 24 | — | $-0.42 | ||
| Q2 24 | $-0.02 | $-0.51 | ||
| Q1 24 | — | $-0.23 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $24.7M | $50.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-33.4M | $6.3M |
| Total Assets | $180.2M | $81.4M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $50.8M | ||
| Q3 25 | — | $29.7M | ||
| Q2 25 | — | $35.0M | ||
| Q1 25 | — | $42.8M | ||
| Q4 24 | — | $52.7M | ||
| Q3 24 | — | $17.3M | ||
| Q2 24 | $24.7M | $26.5M | ||
| Q1 24 | — | $37.1M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $41.4M | ||
| Q1 25 | — | $41.3M | ||
| Q4 24 | — | $41.1M | ||
| Q3 24 | — | $41.0M | ||
| Q2 24 | — | $40.8M | ||
| Q1 24 | — | $40.7M |
| Q4 25 | — | $6.3M | ||
| Q3 25 | — | $1.6M | ||
| Q2 25 | — | $9.2M | ||
| Q1 25 | — | $18.1M | ||
| Q4 24 | — | $28.5M | ||
| Q3 24 | — | $-6.3M | ||
| Q2 24 | $-33.4M | $2.9M | ||
| Q1 24 | — | $14.4M |
| Q4 25 | — | $81.4M | ||
| Q3 25 | — | $61.6M | ||
| Q2 25 | — | $67.5M | ||
| Q1 25 | — | $77.3M | ||
| Q4 24 | — | $86.6M | ||
| Q3 24 | — | $53.0M | ||
| Q2 24 | $180.2M | $60.2M | ||
| Q1 24 | — | $71.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 4.51× | ||
| Q1 25 | — | 2.28× | ||
| Q4 24 | — | 1.45× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 14.22× | ||
| Q1 24 | — | 2.83× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-25.7M | $-4.9M |
| Free Cash FlowOCF − Capex | — | $-5.0M |
| FCF MarginFCF / Revenue | — | -23.8% |
| Capex IntensityCapex / Revenue | — | 0.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-28.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-4.9M | ||
| Q3 25 | — | $-5.7M | ||
| Q2 25 | — | $-7.9M | ||
| Q1 25 | — | $-9.7M | ||
| Q4 24 | — | $-7.5M | ||
| Q3 24 | — | $-9.0M | ||
| Q2 24 | $-25.7M | $-10.7M | ||
| Q1 24 | — | $-14.4M |
| Q4 25 | — | $-5.0M | ||
| Q3 25 | — | $-5.9M | ||
| Q2 25 | — | $-8.0M | ||
| Q1 25 | — | $-9.8M | ||
| Q4 24 | — | $-7.8M | ||
| Q3 24 | — | $-9.1M | ||
| Q2 24 | — | $-11.0M | ||
| Q1 24 | — | $-14.7M |
| Q4 25 | — | -23.8% | ||
| Q3 25 | — | -28.7% | ||
| Q2 25 | — | -39.7% | ||
| Q1 25 | — | -52.7% | ||
| Q4 24 | — | -44.2% | ||
| Q3 24 | — | -48.0% | ||
| Q2 24 | — | -68.3% | ||
| Q1 24 | — | -88.5% |
| Q4 25 | — | 0.4% | ||
| Q3 25 | — | 1.0% | ||
| Q2 25 | — | 0.6% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 1.5% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | 1.9% | ||
| Q1 24 | — | 1.8% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NAAS
Segment breakdown not available.
TELA
| Ovitex | $13.4M | 64% |
| Ovitex Prs | $6.8M | 33% |
| Other | $597.0K | 3% |
