U Power Reports Financial Results for Full Year of 2025
Rhea-AI Summary
U Power (Nasdaq: UCAR) reported FY 2025 revenue of RMB41.1 million, down 7.1% year over year, with gross profit of RMB14.9 million and gross margin improving to 36.3%.
Net loss widened to RMB80.5 million. The company expanded global battery-swapping deployments and entered AI-driven IDC energy solutions and tokenized RWA initiatives.
AI-generated analysis. Not financial advice.
Positive
- Gross profit rose 42.6% to RMB14.9 million; margin improved to 36.3%
- Battery-swapping services revenue increased 41.5% to RMB3.4 million in FY 2025
- Working capital grew to RMB65.5 million from RMB48.2 million year over year
- International battery-swapping rollouts across Thailand, Hong Kong SAR, Southern Europe, Mexico and Peru
- Joint venture launched AI-driven energy management solutions for IDCs in April 2026
- Tokenized real-world assets launched on BNB Chain in January 2026
Negative
- Total FY 2025 revenue declined 7.1% to RMB41.1 million
- Product sales revenue fell 12.4% to RMB36.6 million, 89.1% of total
- Net loss widened to RMB80.5 million from RMB56.3 million year over year
- Total operating expenses increased 6.9% to RMB73.2 million in FY 2025
- Total liabilities rose to RMB84.2 million from RMB64.7 million
News Market Reaction – UCAR
On the day this news was published, UCAR gained 0.77%, reflecting a mild positive market reaction. Our momentum scanner triggered 3 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $55K to the company's valuation, bringing the market cap to $7.21M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Sector momentum data show 3 peers moving up with a median gain near 9.5%, while one declined. This supports a broader positive move in related auto/mobility names rather than a purely company-specific pattern.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Oct 13 | H1 2025 earnings | Positive | -3.0% | Strong H1 2025 revenue and margin gains but continued net loss. |
| Oct 08 | H1 2024 earnings | Positive | -0.3% | Massive H1 2024 revenue growth offset by higher losses and expenses. |
Past earnings updates with improving margins but ongoing losses were followed by modest negative price reactions.
Recent history shows UCAR using capital markets to fund expansion and AI-focused initiatives while scaling its battery-swapping platform. Prior offerings in March–April 2026 raised equity capital and involved dilutive warrants. Earlier earnings in H1 2024 and H1 2025 reported strong revenue and margin growth but persistent net losses, with shares slipping modestly afterward. Today’s FY 2025 results extend that pattern of margin improvement alongside widening losses and limited cash.
Historical Comparison
In the past, UCAR’s earnings releases led to an average move of -1.63%, with modest declines despite generally improving revenue and margin metrics.
Earnings disclosures progressed from rapid revenue growth in H1 2024 to higher margins and lower expenses in H1 2025, and now to FY 2025 results showing sustained gross-margin expansion but larger net losses and relatively flat cash.
Market Pulse Summary
This announcement delivers FY 2025 results showing revenue contraction but a higher gross margin of 36.3% and growing contributions from battery-swapping services. Net loss expanded to RMB80.5M with cash of RMB22.0M, underscoring funding needs after recent offerings. Historically, earnings updates brought modest share declines despite operational gains. Investors may watch cash trends, service-revenue mix, and execution of AI-driven IDC energy and international battery-swapping projects.
Key Terms
tokenized real-world assets financial
BNB Chain technical
Level 4 autonomous technical
AI-generated analysis. Not financial advice.
Transitioning to a Provider of Sustainable Mobility and Energy Solutions by Expanding into AI-Driven Energy Management Solutions for IDCs
FY 2025 Financial Highlights
- Total revenue of
RMB41.1 million (or$5.9 million RMB44.3 million in the same period of 2024. - Gross profit of
RMB14.9 million (or$2.1 million RMB10.5 million in the same period of 2024. Gross margin of36.3% , compared to23.6% in the same period of 2024. - Net loss of
RMB 80.5 million (or$11.4 million RMB56.3 million in the same period of 2024. - Cash and cash equivalents of
RMB22.0 million ($3.1 million RMB23.4 million as of December 31, 2024.
FY 2025 Operational Highlights
Thailand :- Delivered
Southeast Asia's first battery-swapping taxi fleet in Phuket Island, and the region's first smart battery-swapping station.
- Strategic partnership with Whale Logistics Ltd. ("Whale Logistics"), to deploy up to 1,000 battery-swapping electric truck tractors, as part of a broader plan to deliver 4,200 SAIC-Hongyan heavy trucks.
- Deployment of battery-swapping agricultural drones through a partnership with Chia Tai Co., Ltd.
- Delivered
- Hong Kong SAR:
- Inaugurated
Hong Kong's first operational smart battery-swapping station and plans to build, install and operate a total of 50 stations, and deploy 300 battery-swapping vehicles.
- Inaugurated
Southern Europe :- Joint venture with ANTRAL to deliver battery-swapping stations serving 150-200 electric vehicles for taxi drivers.
- Initial
€540,000 sales agreement with Polestar Energy S.L. for the deployment of twenty battery-swapping electric vans and a supporting station inItaly ; potential expansion acrossSpain ,Portugal , andAlbania .
Latin America :Mexico : Strategic partnership to deploy battery-swapping vehicles for ride-hailing services.Peru : Pilot project of two/three-wheeled vehicles for Treep Mobility Group S.A.C.; sold and delivered 50 two- and three-wheeled vehicles, eight battery-swapping cabinets and a corresponding number of compatible batteries for taxi services.
[1] All amounts presented in |
Year-to-Date 2026 Operational Milestones
U Power entered 2026 focused on scaling its UOTTA™ battery‑swapping platform in international markets while expanding into digital and AI‑driven energy solutions. Year‑to‑date 2026 operational milestones include:
- Further expansion in key markets:
Thailand : Passed comprehensive operational testing and full‑stack integration for heavy‑duty truck prototypes; production of first batch of 30 trucks completed, with shipment to Whale Logistics scheduled for late May 2026 under the 1,000‑vehicle plan.- Hong Kong SAR: Completed road testing and compatibility validation of battery-swapping taxi fleet; first batch of 60 taxis and a supporting battery-swapping station expected to be delivered in the second quarter of 2026.
- New business initiatives:
- Tokenized real‑world assets: Launched its first regulatory-compliant tokenized real-world assets ("RWA") on the BNB Chain in January 2026, leveraging UOTTA™ technology; initial focus on the
Southern Europe market, with planned expansion into other key markets. - AI‑driven IDC energy solutions: Entered AI-driven energy management for Intelligent Data Centers ("IDCs") in April 2026 through a joint venture with Guofu Hydrogen Energy (
Hong Kong ) Development Co., Limited and Cloud Digital Chain Limited , marking U Power's strategic expansion into providing AI-driven energy management solutions.
- Tokenized real‑world assets: Launched its first regulatory-compliant tokenized real-world assets ("RWA") on the BNB Chain in January 2026, leveraging UOTTA™ technology; initial focus on the
Mr. Jia Li, CEO and Chairman of the Board of Directors of U Power, commented on the FY 2025 results, "2025 was a transformative year for U Power as we advanced our overseas battery-swapping strategy through international expansion and R&D investment. While revenue declined during the year, gross profit rose
Mr. Li concluded, "U Power is developing an AI-powered intelligent energy and transportation network. We believe our automated battery-swapping stations are not just efficient energy-replenishment facilities for commercial EVs, but critical infrastructure nodes linking cloud-based intelligent dispatch to real-world transportation. We anticipate this industrial-grade technology to deliver a 'near-zero human intervention' replenishment model for future Level 4 autonomous fleets. In parallel, we are endeavoring to advance the integration of AI within our energy storage systems, which we expect will allow us to optimize energy dispatch based on time-of-use pricing, unlocking both cost savings and potential power-market revenue. On the Web3 front, U Power is pursuing the RWA tokenization of its battery-swapping infrastructure, battery assets, and associated revenue streams. This approach aims to transform operational data and energy assets into a scalable digital-asset ecosystem."
"Looking ahead, we are planning to broaden our platform into AI-driven energy solutions for IDCs which may position U Power as a more diversified sustainable mobility and energy solutions provider. We are encouraged by the continued confidence of our shareholders, which reflects a shared belief in U Power's long-term strategic direction and value creation potential. We believe this strategy, combined with disciplined execution and a growing partner ecosystem, can drive meaningful growth in 2026."
FY 2025 Financial Review and Analysis
Total net revenues for FY 2025 were
- Net revenues from product sales of
RMB36.6 million (or$5.2 million 12.4% during FY 2025 as compared toRMB41.8 million in FY 2024 and accounted for89.1% of total net revenues. The decrease was mainly attributable to lower domestic deliveries, partially offset by overseas market expansion during the period. - Net revenues from sourcing services of
RMB1.1 million (or$0.2 million RMB0.06 million in FY 2024 and accounted for2.7% of total net revenues. The increase was primarily a result of the fleet of vehicles equipped with the Company's proprietary UOTTA battery-swapping technology delivered to theThailand andHong Kong markets in FY 2025. - Net revenues from battery-swapping services of
RMB3.4 million (or$0.49 million 41.5% during FY 2025 as compared toRMB2.4 million in FY 2024 and accounted for8.3% of total net revenues. The increase was a result of an increased number of vehicles utilizing battery-swapping services during the period, especially as more two-wheeled battery-swapping vehicles were delivered to thePeru market.
Gross profit for FY 2025 was
Total operating expenses for FY 2025 were
- General and administrative expenses of
RMB52.6 million (or$7.5 million RMB5.7 million as compared to FY 2024, mainly as a result of expanded operations to support overseas market growth during the period. - Research and development expenses of
RMB4.6 million (or$0.7 million RMB1.6 million as compared to FY 2024, primarily due to increased research investments to support technological compatibility of EVs during international expansion. - Sales and marketing expenses of
RMB3.4 million (or$0.5 million RMB0.6 million as compared to FY 2024, primarily due to higher overseas marketing expenses incurred for business expansion initiatives.
Net loss was
Cash and cash equivalents were
Total assets were
About U Power Limited
U Power is a provider of comprehensive AI-integrated energy solutions that connect electric vehicles (EVs) with advanced energy infrastructure, optimizing both mobility and grid performance. Originally a distributor of various battery-swapping station models built on its proprietary modular battery-swapping technology UOTTA™, U Power has evolved into a provider of AI-integrated solutions for energy grids and transportation systems.
Through investments in next-generation technologies, U Power is endeavoring to build intelligent ecosystems that integrate resilient AI driven solutions able to transform EVs into dynamic energy assets. By incorporating AI algorithms, U Power's comprehensive solutions for smart energy grids are designed to support autonomous EV driving, optimize energy replenishment efficiency, and seamlessly connect EV assets with advanced AI-powered transportation systems, enabling peak and off-peak energy load balancing.
For more information, please visit the Company's website: https://www.upower-limited.com/.
Exchange Rate Information
This announcement contains translations of certain Renminbi ("RMB") amounts into U.S. dollars ("$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to U.S. dollars were made at the rate of RMB7.0288 to US
Safe Harbor Statements
This press release contains "forward-looking statements". Forward-looking statements reflect our current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "could," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "propose," "potential," "continue" or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results, and encourages investors to review other factors that may affect its future results in the Company's registration statements and other filings with the
Contact
U Power Limited
Investor Relations Department
ir@upincar.com
The Equity Group
Lena Cati, Senior Vice President
212-836-9611 / lcati@theequitygroup.com
Alice Zhang, Associate
212-836-9610 / azhang@theequitygroup.com
U POWER LIMITED | |||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||||
(Amounts in thousands of RMB and US$, except for number of shares) | |||||||||||||
As of December 31, | |||||||||||||
2024 | 2025 | 2025 | |||||||||||
RMB | RMB | US$ | |||||||||||
ASSETS | |||||||||||||
Current assets: | |||||||||||||
Cash and cash equivalents | 23,435 | 21,951 | 3,123 | ||||||||||
Restricted cash | 1,239 | 343 | 49 | ||||||||||
Accounts receivable | 10,374 | 22,198 | 3,158 | ||||||||||
Inventories | 9,872 | 12,291 | 1,749 | ||||||||||
Advance to suppliers | 9,466 | 11,334 | 1,613 | ||||||||||
Contract Assets | - | 1,050 | 149 | ||||||||||
Other current assets | 29,032 | 17,963 | 2,556 | ||||||||||
Amount due from related parties | 21,657 | 60,274 | 8,575 | ||||||||||
Total current assets | 105,075 | 147,404 | 20,972 | ||||||||||
Non-current assets: | |||||||||||||
Property, plant and equipment, net | 8,656 | 8,537 | 1,215 | ||||||||||
Intangible assets, net | 132 | 62 | 9 | ||||||||||
Operating lease right-of-use assets, net | 16,205 | 9,873 | 1,405 | ||||||||||
Long-term investments | 134,114 | 133,942 | 19,056 | ||||||||||
Refundable deposit for investment | 39,799 | 54 | 8 | ||||||||||
Other non-current assets | 81,733 | 78,926 | 11,228 | ||||||||||
Total non-current assets | 280,639 | 231,394 | 32,921 | ||||||||||
Total assets | 385,714 | 378,798 | 53,893 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||
Current liabilities: | |||||||||||||
Bank borrowings | 17,972 | 18,972 | 2,699 | ||||||||||
Accounts payable | 14,307 | 19,533 | 2,779 | ||||||||||
Accrued expenses and other liabilities | 13,281 | 29,915 | 4,256 | ||||||||||
Income tax payables | 5,169 | 7,947 | 1,131 | ||||||||||
Advances from customers | 1,086 | 3,213 | 457 | ||||||||||
Operating lease liabilities – current | 1,843 | 1,247 | 177 | ||||||||||
Amount due to related parties | 3,239 | 1,037 | 148 | ||||||||||
Total current liabilities | 56,897 | 81,864 | 11,647 | ||||||||||
Non-current liabilities: | |||||||||||||
Operating lease liabilities – non-current | 4,137 | 2,362 | 336 | ||||||||||
Bank borrowings | 3,700 | - | - | ||||||||||
Total non-current liabilities | 7,837 | 2,362 | 336 | ||||||||||
Total liabilities | 64,734 | 84,226 | 11,983 | ||||||||||
U POWER LIMITED | |||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||||
(Amounts in thousands of RMB and US$, except for number of shares) (CONTINUED) | |||||||||||||
As of December 31, | |||||||||||||
2024 | 2025 | 2025 | |||||||||||
RMB | RMB | US$ | |||||||||||
Commitments and contingencies | - | 5,800 | 825 | ||||||||||
Shareholders' equity: | |||||||||||||
Ordinary shares ( | - | - | - | ||||||||||
Class A ordinary shares, | - | - | - | ||||||||||
Class B ordinary shares, | - | - | - | ||||||||||
Additional paid-in capital | 512,568 | 565,069 | 80,394 | ||||||||||
Translation reserve | - | (4,231) | (602) | ||||||||||
Accumulated deficit | (221,098) | (289,818) | (41,233) | ||||||||||
Total U POWER LIMITED's shareholders' equity | 291,470 | 271,020 | 38,559 | ||||||||||
Non-controlling interests | 29,510 | 17,752 | 2,526 | ||||||||||
Total equity | 320,980 | 288,772 | 41,085 | ||||||||||
Total liabilities and equity | 385,714 | 378,798 | 53,893 | ||||||||||
U POWER LIMITED | |||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | |||||||||||||||||
(Amounts in thousands of RMB and US$, except for number of shares and per share data) | |||||||||||||||||
For the years ended December 31, | |||||||||||||||||
2023 | 2024 | 2025 | 2025 | ||||||||||||||
RMB | RMB | RMB | US$ | ||||||||||||||
Net revenues | |||||||||||||||||
Product sales | 17,062 | 41,819 | 36,628 | 5,211 | |||||||||||||
Sourcing services | 1,513 | 63 | 1,090 | 155 | |||||||||||||
Battery-swapping services | 1,189 | 2,408 | 3,407 | 485 | |||||||||||||
Total net revenues | 19,764 | 44,290 | 41,125 | 5,851 | |||||||||||||
Cost of revenues | (7,592 | ) | (33,827 | ) | (26,208 | ) | (3,729 | ) | |||||||||
Gross profit | 12,172 | 10,463 | 14,917 | 2,122 | |||||||||||||
Operating expenses: | |||||||||||||||||
Sales and marketing expenses | (2,477 | ) | (2,789 | ) | (3,362 | ) | (478 | ) | |||||||||
General and administrative expenses | (41,222 | ) | (46,910 | ) | (52,627 | ) | (7,487 | ) | |||||||||
Research and development expenses | (2,184 | ) | (2,985 | ) | (4,597 | ) | (654 | ) | |||||||||
Loss on impairment of long-lived assets and long-term | (1,996 | ) | (10,504 | ) | - | - | |||||||||||
Allowance for expected credit losses | (1,196 | ) | (5,264 | ) | (12,597 | ) | (1,792 | ) | |||||||||
Total operating expenses | (49,075 | ) | (68,452 | ) | (73,183 | ) | (10,411 | ) | |||||||||
Operating loss | (36,903 | ) | (57,989 | ) | (58,266 | ) | (8,289 | ) | |||||||||
Interest income | 562 | 742 | 2,829 | 402 | |||||||||||||
Interest expenses | (1,860 | ) | (1,402 | ) | (188 | ) | (27 | ) | |||||||||
Other income | 16,927 | 5,612 | 3,072 | 437 | |||||||||||||
Other expenses | (1,579 | ) | (3,325 | ) | (24,344 | ) | (3,463 | ) | |||||||||
Loss before income taxes | (22,853 | ) | (56,362 | ) | (76,897 | ) | (10,940 | ) | |||||||||
Income tax expenses | (2,613 | ) | - | (3,581 | ) | (509 | ) | ||||||||||
Net loss | (25,466 | ) | (56,362 | ) | (80,478 | ) | (11,449 | ) | |||||||||
Less: Net loss attributable to non-controlling interests | (6,128 | ) | (8,440 | ) | (11,758 | ) | (1,673 | ) | |||||||||
Net loss attributable to the Company's shareholders | (19,338 | ) | (47,922 | ) | (68,720 | ) | (9,776 | ) | |||||||||
Loss per share attributable to ordinary shareholders of | |||||||||||||||||
Basic and diluted | (15.56 | ) | (16.79 | ) | (15.05 | ) | (2.14 | ) | |||||||||
Weighted average shares used in calculating basic and | |||||||||||||||||
Basic and diluted | 1,243,140 | 2,854,594 | 4,567,460 | 4,567,460 | |||||||||||||
Net loss | (25,466 | ) | (56,362 | ) | (80,478 | ) | (11,449 | ) | |||||||||
Other comprehensive income, net of tax of nil: | |||||||||||||||||
Foreign currency translation adjustments | 446 | (446 | ) | (4,231 | ) | (602 | ) | ||||||||||
Comprehensive loss | (25,020 | ) | (56,808 | ) | (84,709 | ) | (12,051 | ) | |||||||||
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SOURCE U Power Limited