U Power Limited Financials
U Power Limited (UCAR) reported $5.9M in revenue for fiscal year 2025, down 3.6% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
U Power's core mechanic is overhead-heavy commercialization: modest revenue and gross profit still do not cover the cash cost base.
In FY2025, operating cash flow of-$9.9M closely matched the net loss of-$9.8M , so the shortfall is not mainly an accounting timing issue; the business is consuming real cash as it operates. Because capital spending was only$71K , most of that drain came from the current operating model rather than from heavy reinvestment.
The rebound in gross margin to
Year-end cash of
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of U Power Limited's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
U Power Limited scores -0.51, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($14.9M) relative to total liabilities ($12.0M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
U Power Limited passes 1 of 8 computable financial strength tests (1 of the nine could not be computed from available data). No profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
U Power Limited reported a net loss of $9.8M while operations used $9.9M of cash. With neither figure positive, the ratio between the two carries no quality signal.
U Power Limited reported an operating loss of $8.3M against $27K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
U Power Limited generated $5.9M in revenue in fiscal year 2025. This represents a decrease of 3.6% from the prior year.
U Power Limited's EBITDA was -$8.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 6.2% from the prior year.
U Power Limited reported -$9.8M in net income in fiscal year 2025. This represents a decrease of 48.9% from the prior year.
Cash & Balance Sheet
U Power Limited recorded an outflow of $10.0M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 0.1% from the prior year.
U Power Limited held $3.1M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
U Power Limited's gross margin was 36.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 12.6 percentage points from the prior year.
U Power Limited's ROE was -25.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 8.9 percentage points from the prior year.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
U Power Limited invested $654K in research and development in fiscal year 2025. This represents an increase of 59.9% from the prior year.
U Power Limited invested $71K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 7000.0% from the prior year.
Not reported for fiscal year 2025.
UCAR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|
| Revenue | $5.9M-3.6% | $6.1M+118.0% | $2.8M+146.1% | $1.1M |
| Cost of Revenue | $3.7M-19.5% | $4.6M+333.5% | $1.1M+43.5% | $745K |
| Gross Profit | $2.1M+48.0% | $1.4M-16.3% | $1.7M+344.0% | $386K |
| R&D Expenses | $654K+59.9% | $409K+32.8% | $308K-77.3% | $1.4M |
| SG&A Expenses | $7.5M+16.5% | $6.4M+10.7% | $5.8M+6.2% | $5.5M |
| Operating Income | -$8.3M-4.3% | -$7.9M-52.8% | -$5.2M+36.3% | -$8.2M |
| Interest Expense | $27K-85.9% | $192K-26.7% | $262K+26300.0% | -$1K |
| Income Tax | $509K | N/A | $368K+36700.0% | $1K |
| Net Income | -$9.8M-48.9% | -$6.6M-141.0% | -$2.7M+59.1% | -$6.7M |
| EPS (Diluted) | -$2.14 | -$2.30 | -$0.22 | -$0.13 |
UCAR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|
| Total Assets | $53.9M+2.0% | $52.8M-12.5% | $60.4M+47.9% | $40.9M |
| Current Assets | $21.0M+45.7% | $14.4M-37.4% | $23.0M+193.5% | $7.8M |
| Cash & Equivalents | $3.1M-2.7% | $3.2M+1084.9% | $271K-61.7% | $708K |
| Inventory | $1.7M+29.4% | $1.4M+76.5% | $766K-3.2% | $791K |
| Accounts Receivable | $3.2M+122.2% | $1.4M-35.9% | $2.2M+847.9% | $234K |
| Total Liabilities | $12.0M+35.1% | $8.9M-22.1% | $11.4M+6.2% | $10.7M |
| Current Liabilities | $11.6M+49.4% | $7.8M-26.1% | $10.5M+23.0% | $8.6M |
| Long-Term Debt | N/A | N/A | N/A | $1.4M |
| Total Equity | $38.6M-3.4% | $39.9M-7.5% | $43.2M+79.5% | $24.1M |
| Retained Earnings | -$41.2M-36.1% | -$30.3M-24.2% | -$24.4M-9.4% | -$22.3M |
Not reported in any period shown, so not listed: Goodwill.
UCAR Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|
| Operating Cash Flow | -$9.9M+0.8% | -$10.0M-8.8% | -$9.2M-392.9% | -$1.9M |
| Capital Expenditures | $71K+7000.0% | $1K-99.2% | $124K-89.0% | $1.1M |
| Free Cash Flow | -$10.0M+0.1% | -$10.0M-7.3% | -$9.3M-211.8% | -$3.0M |
| Investing Cash Flow | $3.4M-49.6% | $6.7M+156.8% | -$11.8M-617.7% | -$1.6M |
| Financing Cash Flow | $6.7M+277.2% | $1.8M-93.0% | $25.3M+3769.7% | $653K |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
UCAR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|
| Gross Margin | 36.3%+12.6pp | 23.6%-38.0pp | 61.6%+27.5pp | 34.1% |
| Operating Margin | -141.7% | -130.9% | -186.8% | -721.0% |
| Net Margin | -167.1% | -108.2% | -97.9% | -588.7% |
| Return on Equity | -25.4%-8.9pp | -16.4%-10.1pp | -6.3%+21.4pp | -27.7% |
| Return on Assets | -18.1%-5.7pp | -12.4%-7.9pp | -4.5%+11.8pp | -16.3% |
| Current Ratio | 1.800.0x | 1.85-0.3x | 2.18+1.3x | 0.91 |
| Debt-to-Equity | 0.31+0.1x | 0.220.0x | 0.26+0.2x | 0.06 |
| FCF Margin | -171.1% | -165.2% | -335.7% | -264.9% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where U Power Limited Ranks
Frequently Asked Questions
What is U Power Limited's annual revenue?
U Power Limited (UCAR) reported $5.9M in total revenue for fiscal year 2025. This represents a -3.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is U Power Limited's revenue growing?
U Power Limited (UCAR) revenue declined by 3.6% year-over-year, from $6.1M to $5.9M in fiscal year 2025.
Is U Power Limited profitable?
No, U Power Limited (UCAR) reported a net income of -$9.8M in fiscal year 2025.
What is U Power Limited's EBITDA?
U Power Limited (UCAR) had EBITDA of -$8.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is U Power Limited's gross margin?
U Power Limited (UCAR) had a gross margin of 36.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is U Power Limited's return on equity (ROE)?
U Power Limited (UCAR) has a return on equity of -25.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is U Power Limited's free cash flow?
U Power Limited (UCAR) recorded an outflow of $10.0M in free cash flow during fiscal year 2025. This represents a 0.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is U Power Limited's operating cash flow?
U Power Limited (UCAR) recorded an outflow of $9.9M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are U Power Limited's total assets?
U Power Limited (UCAR) had $53.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are U Power Limited's capital expenditures?
U Power Limited (UCAR) invested $71K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does U Power Limited spend on research and development?
U Power Limited (UCAR) invested $654K in research and development during fiscal year 2025.
What is U Power Limited's current ratio?
U Power Limited (UCAR) had a current ratio of 1.80 as of fiscal year 2025, which is generally considered healthy.
What is U Power Limited's debt-to-equity ratio?
U Power Limited (UCAR) had a debt-to-equity ratio of 0.31 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is U Power Limited's return on assets (ROA)?
U Power Limited (UCAR) had a return on assets of -18.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is U Power Limited's cash runway?
Based on fiscal year 2025 data, U Power Limited (UCAR) had $3.1M in cash against an annual operating cash burn of $9.9M. This gives an estimated cash runway of approximately 4 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is U Power Limited's Altman Z-Score?
U Power Limited (UCAR) has an Altman Z-Score of -0.51, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is U Power Limited's Piotroski F-Score?
U Power Limited (UCAR) has a Piotroski F-Score of 1 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are U Power Limited's earnings high quality?
U Power Limited (UCAR) reported a net loss of $9.8M while operations used $9.9M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can U Power Limited cover its interest payments?
U Power Limited (UCAR) reported an operating loss of $8.3M against $27K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is U Power Limited?
U Power Limited (UCAR) scores 37 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.