U Power Ltd

Listed Company

UCARCIK 0001939780NasdaqNon-AcceleratedEmerging GrowthMiscellaneous Electrical Machinery, Equipment & SuppliesE9KYFY ends Dec 31

Period

FY 2024

Revenue

$6.07M

Net Income

$-6.57M

Total Assets

$52.84M

Equity

$39.93M

Shares Out

3.17M

Op. Cash Flow

$-10.03M

Business

U Power Ltd is a vehicle sourcing service provider that is shifting focus to becoming an EV market player centered on its proprietary UOTTA battery-swapping technology. It offers vehicle sourcing and brokerage services, UOTTA-powered EV adaptations, modular battery-swapping stations (Titan and Chipbox), a UOTTA data management platform, and station operation/cooperation models. Its business is organized around two principal segments: vehicle sourcing and its EV business (vehicles, stations, platform and station operations). It primarily serves lower-tier cities in China and distributes through wholesalers, SME dealers, automaker partners, station owners/operators and international JV partners in Thailand and Portugal.

Summary from filing dated 2025-05-15

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31	Dec 31, 2023 2023-12-31
Net revenues	—	—	—
Total net revenues	41	44	20
Cost of revenues	26	34	8
Gross profit	15	10	12
Operating expenses:	—	—	—
Sales and marketing expenses	3	3	2
General and administrative expenses	53	47	41
Research and development expenses	5	3	2
Loss on impairment of long-lived assets and long-term investment	—	11	2
Allowance for expected credit losses	13	5	1
Total operating expenses	73	68	49
Operating loss	−58	−58	−37
Interest income	3	742,000	562,000
Interest expenses	188,000	1	2
Other income	3	6	17
Other expenses	24	3	2
Loss before income taxes	−77	−56	−23
Income tax expenses	4	—	3
Net loss	−80	−56	−25
Less: Net loss attributable to non-controlling interests	−12	−8	−6
Net loss attributable to the Company’s shareholders	−69	−48	−19
Basic (in Dollars per share and Yuan Renminbi per share)	−15.05	−16.79	−15.56
Diluted (in Dollars per share and Yuan Renminbi per share)	−15.05	−16.79	−15.56
Basic (in Shares)	5	3	1
Diluted (in Shares)	5	3	1
Net loss	−80	−56	−25
Other comprehensive income, net of tax of nil:	—	—	—
Foreign currency translation adjustments	−4	−446,000	446,000
Comprehensive loss	−85	−57	−25

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31
Current assets:	—	—
Cash and cash equivalents	22	23
Restricted cash	343,000	1
Accounts receivable	22	10
Inventories	12	10
Advance to suppliers	11	9
Contract Assets	1	—
Other current assets	18	29
Amount due from related parties	60	22
Total current assets	147	105
Non-current assets:	—	—
Property, plant and equipment, net	9	9
Intangible assets, net	62,000	132,000
Operating lease right-of-use assets, net	10	16
Long-term investments	134	134
Refundable deposit for investment	54,000	40
Other non-current assets	79	82
Total non-current assets	231	281
Total assets	379	386
Current liabilities:	—	—
Bank borrowings	19	18
Accounts payable	20	14
Accrued expenses and other liabilities	30	13
Income tax payables	8	5
Advances from customers	3	1
Operating lease liabilities – current	1	2
Amount due to related parties	1	3
Total current liabilities	82	57
Non-current liabilities:	—	—
Operating lease liabilities – non-current	2	4
Bank borrowings	—	4
Total non-current liabilities	2	8
Total liabilities	84	65
Commitments and contingencies	6	—
Shareholders’ equity:	—	—
Ordinary shares	—	—
Additional paid-in capital	565	513
Translation reserve	−4	—
Accumulated deficit	−290	−221
Total U POWER LIMITED’s shareholders’ equity	271	291
Non-controlling interests	18	30
Total equity	289	321
Total liabilities and equity	379	386

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31	Dec 31, 2023 2023-12-31
CASH FLOWS FROM OPERATING ACTIVITIES	—	—	—
Net loss	−80	−56	−25
Adjustments to reconcile net loss to net cash used in operating activities:	—	—	—
Depreciation and amortization	2	3	3
Amortization of right-of-use assets	6	5	6
Allowance for expected credit losses	13	5	1
Loss on impairment of property, plant and equipment	—	—	−2
Loss on impairment of long-term investment	—	−11	−100,000
Share of loss/(gain) in equity method investee	339,000	−295,000	−94,000
Reversal of loss on impairment of Inventories	—	−79,000	—
Changes in operating assets and liabilities:	—	—	—
Accounts receivables	13	−4	14
Inventories	2	4	−107,000
Advance to suppliers	3	−1	4
Other current assets	22	−8	21
Amount due from related parties	−2	2	22,000
Other non-current assets	—	46	−30,000
Accounts payables	5	4	−899,000
Accrued expenses and other payables	19	−2	−15
Income tax payables	3	−31,000	3
Advance from customers	2	−1	−721,000
Amount due to related parties	−3	−2	5
Commitments and contingent liabilities	6	—	—
Contract assets	1	—	—
Operating lease liabilities	−2	−2	−3
Net cash used in operating activities	−70	−73	−65
CASH FLOWS FROM INVESTING ACTIVITIES	—	—	—
Purchases of property, plant and equipment	500,000	10,000	881,000
Proceeds from disposal of property, plant and equipment	—	130,000	—
Loans (provided to)/received from third parties	—	−17	33
Received from loans to third parties	24	—	—
Received from refundable deposit for investment	40	33	7
Loans provided to related parties	40	—	—
Repayments of loan from related parties	1	—	—
Prepayment	—	—	−43
Payment for deferred consideration in relation to investment	—	—	3
Increase in long-term investments	−29,000	736,000	12
Net cash provided by investing activities	24	49	−84
CASH FLOWS FROM FINANCING ACTIVITIES	—	—	—
Capital contribution by non-controlling shareholders	—	—	5
Loans received from a third party	—	—	15
Proceeds from issuance of ordinary shares	53	26	156
Proceeds from short-term bank borrowing	2	10	5
Repayments of long-term bank borrowing	5	3	500,000
Repayments of loan payable	3	20	1
Net cash provided by financing activities	47	13	179
Net (decrease)/ increase in cash and cash equivalents and restricted cash	1	−11	30
Effects of exchange rate changes	−3	−446,000	446,000
Cash and cash equivalents and restricted cash at end of year	—	—	—
Cash and cash equivalents and restricted cash at end of year	—	—	—
Supplemental disclosures of non-cash activities:	—	—	—
Right-of-use assets obtained in exchange for new operating lease liabilities	—	—	5
Issue of share for right-of-use assets	—	—	3
Supplemental disclosures cash flow information	—	—	—
Interest payment	1	—	—
Income tax payment	—	—	—

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro