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UCAR

U Power Limited

UCAR

U Power Limited • NASDAQ
$1.94 ▼ -0.26% (-0.01)
Market Cap $9.41 M
52w High $9.43
52w Low $1.74
Dividend Yield 0%
P/E -0.9
Volume 4.12K
Outstanding Shares 4.86M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2024 $31.1M ▲ $40.768M ▲ $-24.397M ▼ -78.447% ▲ $-9.6 ▲ $-20.707M ▼
Q2-2024 $13.283M ▼ $22.401M ▲ $-23.691M ▼ -178.355% ▼ $-19.04 ▼ $-20.342M ▼
Q4-2023 $17.488M ▲ $20.558M ▲ $-15.534M ▼ -88.824% ▲ $-12.47 ▼ $-11.17M ▼
Q2-2023 $1.981M ▲ $18.547M ▼ $-3.623M ▲ -182.858% ▲ $-7.17 ▲ $-1.311M ▲
Q4-2022 $1.76M $21.854M $-17.482M -993.578% $-34.96 $-20.553M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2024 $23.435M ▼ $385.714M ▼ $64.734M ▼ $291.47M ▼
Q2-2024 $41.706M ▲ $420.939M ▼ $74.874M ▼ $311.106M ▲
Q4-2023 $1.927M ▼ $428.988M ▲ $84.368M ▼ $306.67M ▲
Q2-2023 $107.83M ▲ $389.242M ▲ $88.752M ▲ $260.123M ▲
Q4-2022 $4.881M $281.854M $76.839M $165.937M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2024 $-24.397M ▼ $-41.396M ▼ $35.62M ▼ $-9.619M ▼ $-40.515M ▼ $-41.057M ▼
Q2-2024 $-23.525M ▼ $-31.999M ▲ $36.808M ▲ $-503.531K ▼ $3.388M ▲ $-32.35M ▼
Q4-2023 $-15.534M ▼ $-57.917M ▼ $-88.945M ▼ $70.89M ▼ $-69.962M ▼ $0 ▲
Q2-2023 $-3.623M ▲ $-6.273M ▼ $11.807M ▲ $102.045M ▲ $107.58M ▲ $-6.273M ▼
Q4-2022 $-17.482M $-374.5K $-4.75M $1.699M $0 $-3.828M

Five-Year Company Overview

Income Statement

Income Statement UCAR looks very much like an early‑stage technology platform rather than a mature auto business. Revenue is tiny and has only inched up over several years, while costs to run and build the business are far higher than what it brings in. The company has reported operating and net losses every year, and those losses are meaningful relative to its very small scale. Earnings per share look extremely negative, partly amplified by the share structure changes, but the core message is simple: the business model is still in the investment and build‑out phase, not yet anywhere close to self‑sustaining profitability.

Balance Sheet

Balance Sheet The balance sheet is lean. Total assets are modest, and the cash position is thin versus the ongoing losses, leaving only a limited financial cushion. There is some debt but not an overwhelming amount; the bigger issue is the company’s small size and ongoing cash burn rather than heavy leverage. Shareholders’ equity remains positive, but it has been gradually eroded by repeated losses. Overall, the company has a narrow margin for error and may be dependent on future capital raises to support growth and operations.

Cash Flow

Cash Flow Cash flow paints a clear picture of a company still in build‑out mode. Operating cash flow has been consistently negative, meaning the core business consumes cash rather than generates it. Free cash flow is also negative, even though spending on equipment and facilities has been relatively modest — most of the outflow is tied to operating and development expenses, not large physical investments. This pattern suggests UCAR is reliant on external financing to fund its strategy until (and unless) its ecosystem reaches much greater scale.

Competitive Edge

Competitive Edge UCAR is a very small player in a rapidly evolving global EV infrastructure landscape, but it is trying to differentiate itself sharply. Instead of acting like a traditional auto dealer, it is positioning around battery‑swapping technology and services, especially for commercial fleets where uptime is critical. Its strengths lie in its first‑mover status as a pure‑play swapping company, an integrated “vehicle–station–cloud–token” ecosystem, and partnerships with regional vehicle makers and energy companies. The flip side is that it competes against much larger, better funded players in EV charging and energy, and its network is still in the early stages of deployment. Its competitive position is therefore promising on concept but unproven in scale and durability.

Innovation and R&D

Innovation and R&D Innovation is clearly the centerpiece of UCAR’s story. The UOTTA modular battery‑swapping system, AI‑driven fleet and battery management, and planned blockchain‑based “Battery Tokens” all point to a company trying to build a full digital‑physical ecosystem rather than a single product. A growing patent portfolio supports this strategy, providing some technical protection and signaling sustained R&D effort. The company is also experimenting with autonomous logistics vehicles and positioning its stations as future energy‑storage and smart‑grid nodes. All of this underscores strong technological ambition, but also implies ongoing spending and execution risk: turning these ideas into a widely adopted, profitable platform is far from guaranteed.

Summary

UCAR combines a very early‑stage financial profile with an ambitious, highly innovative EV infrastructure vision. On the financial side, it is a small, loss‑making company with minimal revenue, a modest asset base, limited cash, and persistently negative cash flow — all hallmarks of a business that will likely need continued external funding. On the strategic side, it aims to build a comprehensive battery‑swapping ecosystem for commercial vehicles, backed by proprietary technology, patents, and partnerships, and extending into AI, blockchain, and smart‑grid integration. The key tension is straightforward: the long‑term opportunity and technological vision are large, but the current financial footing is thin and the business model is still unproven at scale. Outcomes will depend heavily on UCAR’s ability to roll out stations, attract fleet users, deepen partnerships, and manage funding needs over the coming years in a highly competitive and fast‑moving EV landscape.

NEWS

October 21, 2025 · 8:00 AM UTC

U Power Signs Initial €540,000 Sales Agreement with Polestar Energy for the Purchase and Deployment of Twenty Battery-Swapping Electric Vans in Southern Europe

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October 13, 2025 · 8:00 AM UTC

U Power Reports Unaudited Financial Results for the First Half of 2025

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September 22, 2025 · 8:00 AM UTC

U Power Signs Initial Sales Agreement with Treep Mobility for the Purchase and Deployment of Fifty Two- and Three-Wheeled Vehicles, Eight Battery-Swapping Cabinets and Corresponding Number of Compatible Batteries

Read more