U Power Reports Financial Results for Full Year of 2025
Transitioning to a Provider of Sustainable Mobility and Energy Solutions by Expanding into AI-Driven Energy Management Solutions for IDCs
SHANGHAI, May 15, 2026 /PRNewswire/ -- U Power Limited (Nasdaq: UCAR) (the "Company" or "U Power"), a provider of AI-integrated solutions for next-generation energy grids and intelligent transportation systems, building on its proprietary UOTTA TM electric vehicle (EV) battery-swapping technology, today announced its financial results for the full year ended December 31, 2025 ("FY 2025"). [1]
FY 2025 Financial Highlights
FY 2025 Operational Highlights
[1] All amounts presented in U.S. dollars ($) in this news release are based on a conversion rate of RMB7.0288 to $1.00 for the reporting period ended December 31, 2025.
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:
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 42.6% and gross margin expanded to 36.3% from 23.6%, reflecting our shift toward higher-margin international markets. With RMB22.0 million in cash and cash equivalents, we believe we are well-positioned to support our 2026 growth pipeline. We also made operational progress across key international markets. In Thailand, the world's first commercial battery-swapping taxi fleet is now in service, and in Hong Kong SAR, we deployed the first battery-swapping station under our planned 55-station rollout and continue progressing toward a commercial launch. We also advanced deployments in Peru and Southern Europe across multiple vehicle classes and station applications."
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 RMB41.1 million (or $5.9 million), representing a decrease of 7.1% from RMB44.3 million during the fiscal year ended December 31, 2024 ("FY 2024"), primarily due to a decrease in revenues from product sales, partially offset by increased revenues from sourcing services and battery-swapping services. Specifically:
Gross profit for FY 2025 was RMB14.9 million (or $2.1 million), representing an increase of 42.6% from RMB10.5 million during FY 2024, mainly due to increased profits associated with overseas sales of battery-swapping stations. Similarly, gross margin improved to 36.3% during FY 2025, compared to 23.6% during FY 2024.
Total operating expenses for FY 2025 were RMB73.2 million (or $10.4 million), representing an increase of 6.9% from RMB68.5 million in FY 2024. The increase was mainly a result of RMB7.3 million higher allowance for expected credit losses, RMB5.7 million higher general and administrative expenses, RMB1.6 million higher research and development expenses and RMB0.6 million higher selling expenses, and was partially offset by the absence of FY 2024's RMB10.5 million asset impairment loss. Specifically, for FY 2025:
Net loss was RMB80.5 million (or $11.4 million), compared to net loss of RMB56.3 million in FY 2024. Basic and diluted losses per common share were RMB15.05 (or $2.14), compared to RMB16.79 during FY 2024.
Cash and cash equivalents were RMB22.0 million ($3.1 million) as of December 31, 2025, compared to RMB23.4 million as of December 31, 2024. Working capital was RMB65.5 million ($9.3 million) as of December 31, 2025, compared to RMB48.2 million as of December 31, 2024.
Total assets were RMB378.8 million ($53.9 million) as of December 31, 2025, compared to RMB385.7 million as of December 31, 2024. Total liabilities were RMB84.2 million ($12.0 million), compared to RMB64.7 million as of December 31, 2024. Total shareholders' equity was RMB271.0 million ($38.6 million), compared to RMB291.5 million as of December 31, 2024.
About U Power Limited
U Power is a provider of comprehensive AI-integrated energy solutions that connect electric vehicles (EVs) with advanced energy infrastructure, optimizing both mobility and grid performance. Originally a distributor of various battery-swapping station models built on its proprietary modular battery-swapping technology UOTTA™, U Power has evolved into a provider of AI-integrated solutions for energy grids and transportation systems.
Through investments in next-generation technologies, U Power is endeavoring to build intelligent ecosystems that integrate resilient AI driven solutions able to transform EVs into dynamic energy assets. By incorporating AI algorithms, U Power's comprehensive solutions for smart energy grids are designed to support autonomous EV driving, optimize energy replenishment efficiency, and seamlessly connect EV assets with advanced AI-powered transportation systems, enabling peak and off-peak energy load balancing.
For more information, please visit the Company's website: https://www.upower-limited.com/.
Exchange Rate Information
This announcement contains translations of certain Renminbi ("RMB") amounts into U.S. dollars ("$") 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$1.00, the exchange rate on December 31, 2025, representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on December 31, 2025. The Company makes no representation that RMB or U.S. dollars amounts referred to could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.
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 U.S. Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. References and links (including QR codes) to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.
Contact
U Power Limited
Investor Relations Department
[email protected]
The Equity Group
Lena Cati, Senior Vice President
212-836-9611 / [email protected]
Alice Zhang, Associate
212-836-9610 / [email protected]
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 (US$0.00001 par value; 5,000,000,000 shares authorized; 3,378,188 and
4,971,484 issued and outstanding as of December 31, 2024 and 2025) *
-
-
-
Class A ordinary shares, $0.00001 par value, 3,999,411,812 Class A ordinary shares
authorized, 2,790,000 and 4,603,440 Class A ordinary shares issued and outstanding as of
December 31, 2024 and 2025*
-
-
-
Class B ordinary shares, $0.00001 par value, 1,000,588,188 Class B ordinary shares
authorized, 588,188 and 368,044 Class B ordinary shares issued and outstanding as of
December 31, 2024 and 2025*
-
-
-
Additional paid-in capital
512,568
565,069
80,394
Translation reserve
-
(4,231)
(602)
Accumulated deficit
(221,098)
(289,818)
(41,233)
Total U POWER LIMITED's shareholders' equity
291,470
271,020
38,559
Non-controlling interests
29,510
17,752
2,526
Total equity
320,980
288,772
41,085
Total liabilities and equity
385,714
378,798
53,893
U POWER LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Amounts in thousands of RMB and US$, 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
investment
(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
the Company's shareholders *
Basic and diluted
(15.56
)
(16.79
)
(15.05
)
(2.14
)
Weighted average shares used in calculating basic and
diluted loss per share *
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
)
SOURCE U Power Limited