Company research
U Power Ltd
CIK 1939780Updated Sep 24, 2026
SecurityUCAR · NASDAQ · equity
UCAR price & chart
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NASDAQ:UCAR on TradingView ↗About the company
We are a vehicle sourcing service provider in China, with a vision to becoming an EV market player primarily focused on our proprietary battery-swapping technology, or UOTTA technology, which is an intelligent modular battery-swapping technology designed to provide a comprehensive battery power solution for EVs. In addition, we are exploring new business models, including the development of artificial intelligence-integrated solutions for energy grids and transportation systems. Our goal is to become a leading provider of comprehensive energy solutions powered by artificial intelligence (“AI”) that seamlessly connect EVs with advanced energy infrastructure.
In the news
U Power Provides 2025 Year-End Key Business Updates in CEO's Letter to Shareholders News provided by U Power Limited Dec 09, 2025, 09:45 ET Share this article Share to X Share this article Share to X Advancing Battery-Swapping Solutions in Major International Markets SHANGHAI , Dec. 9, 2025 /PRNews ↗
Recent filings
Show 5 more recent filings
Financials
FY 2025 · USDSource
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balance sheet · annual statements
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| ASSETS | ||||
| AssetsUSD | 53,893,000Source | 52,843,000Source | 60,420,000Source | 40,864,000Source |
| Property, Plant and Equipment, NetUSD | 1,215,000Source | 1,186,000Source | 1,657,000Source | 2,361,000Source |
| Intangible Assets, Net (Excluding Goodwill)USD | — | — | 28,000Source | 41,000Source |
| Current assets: | ||||
| Cash and Cash Equivalents, at Carrying ValueUSD | 3,123,000Source | 3,211,000Source | 271,000Source | 708,000Source |
| Accounts Receivable, after Allowance for Credit Loss, CurrentUSD | 3,158,000Source | 1,421,000Source | 2,218,000Source | 234,000Source |
| Inventory, NetUSD | 1,749,000Source | 1,352,000Source | 766,000Source | 791,000Source |
| Assets, CurrentUSD | 20,972,000Source | 14,395,000Source | 22,984,000Source | 7,831,000Source |
| Prepaid Expense and Other Assets, CurrentUSD | — | — | 6,000,000Source | — |
| Operating Lease, Right-of-Use AssetUSD | 1,405,000Source | 2,220,000Source | 3,050,000Source | 2,791,000Source |
| Other Assets, NoncurrentUSD | 11,228,000Source | 11,198,000Source | 5,075,000Source | 4,000Source |
| LIABILITIES AND EQUITY | ||||
| LiabilitiesUSD | 11,983,000Source | 8,868,000Source | 11,388,000Source | 10,719,000Source |
| Commitments and ContingenciesUSD | 825,000Source | — | 494,000Source | 420,000Source |
| Stockholders’ equity: | ||||
| Additional Paid in CapitalUSD | — | — | — | 46,363,000Source |
| Retained Earnings (Accumulated Deficit)USD | -41,233,000Source | -30,290,000Source | -24,392,000Source | -22,304,000Source |
| Stockholders' Equity Attributable to ParentUSD | 38,559,000Source | 39,932,000Source | 43,193,000Source | 24,059,000Source |
| Additional Paid in Capital, Common StockUSD | 80,394,000Source | 70,222,000Source | 67,522,000Source | — |
| Liabilities and EquityUSD | 53,893,000Source | 52,843,000Source | 60,420,000Source | 40,864,000Source |
| Current liabilities: | ||||
| Liabilities, CurrentUSD | 11,647,000Source | 7,794,000Source | 10,546,000Source | 8,575,000Source |
| Operating Lease, Liability, CurrentUSD | 177,000Source | 252,000Source | 246,000Source | 246,000Source |
| Accounts Payable, CurrentUSD | — | — | 1,441,000Source | 1,614,000Source |
| Operating Lease, Liability, NoncurrentUSD | 336,000Source | 567,000Source | 842,000Source | 694,000Source |
| Stockholders' Equity Attributable to Noncontrolling InterestUSD | 2,526,000Source | 4,043,000Source | 5,345,000Source | 5,666,000Source |
| Additional Financial Items | ||||
| Accounts Receivable, after Allowance for Credit LossUSD | 420,000Source | — | — | 234,000Source |
| Accrued Liabilities, CurrentUSD | 56,000Source | 46,000Source | 47,000Source | — |
| Long-term Debt, Excluding Current Maturities | — | — | — | — |
| Long-term Debt, Current MaturitiesUSD | 2,699,000Source | — | 1,338,000Source | — |
| Long-term Debt, Excluding Current MaturitiesUSD | — | — | — | 1,450,000Source |
cash flow · annual statements
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Cash flows from operating activities: | ||||
| Net Income (Loss), Including Portion Attributable to Noncontrolling InterestUSD | -11,449,000Source | -7,721,000Source | -3,587,000Source | -8,361,000Source |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||
| Depreciation, Depletion and AmortizationUSD | — | — | 367,000Source | 303,000Source |
| Changes in operating assets and liabilities: | ||||
| Increase (Decrease) in Accounts ReceivableUSD | 1,874,000Source | -522,000Source | 1,996,000Source | 206,000Source |
| Increase (Decrease) in InventoriesUSD | 344,000Source | 596,000Source | -15,000Source | -1,132,000Source |
| Increase (Decrease) in Accounts PayableUSD | 744,000Source | 558,000Source | -127,000Source | 193,000Source |
| Net Cash Provided by (Used in) Operating ActivitiesUSD | -9,941,000Source | -10,025,000Source | -9,218,000Source | -1,870,000Source |
| Cash flows from investing activities: | ||||
| Payments to Acquire Businesses, Net of Cash AcquiredUSD | — | — | 6,000,000Source | — |
| Net Cash Provided by (Used in) Investing ActivitiesUSD | 3,392,000Source | 6,726,000Source | -11,842,000Source | -1,650,000Source |
| Payments to Acquire Property, Plant, and EquipmentUSD | 71,000Source | 1,000Source | 124,000Source | 1,126,000Source |
| Cash flows from financing activities: | ||||
| Net Cash Provided by (Used in) Financing ActivitiesUSD | 6,699,000Source | 1,776,000Source | 25,269,000Source | 653,000Source |
| Repayments of Long-term DebtUSD | 669,000Source | 411,000Source | 70,000Source | 72,000Source |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate EffectUSD | — | — | — | -2,867,000Source |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash EquivalentsUSD | 3,172,000Source | 3,381,000Source | 5,104,000Source | 857,000Source |
| Supplemental disclosure of cash flow information: | ||||
| Interest Paid, Excluding Capitalized Interest, Operating ActivitiesUSD | 143,000Source | — | — | — |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash EquivalentsUSD | -359,000Source | -61,000Source | 63,000Source | — |
| Additional Financial Items | ||||
| AmortizationUSD | — | — | — | 50,000Source |
| Amortization of Intangible AssetsUSD | 9,000Source | 10,000Source | 12,000Source | — |
| DepreciationUSD | 291,000Source | 393,000Source | — | — |
| Gain (Loss) on Disposition of AssetsUSD | — | — | — | -254,000Source |
| Gain (Loss) on Disposition of Property Plant EquipmentUSD | — | — | -267,000Source | — |
| Gain (Loss) on Termination of LeaseUSD | — | — | — | 254,000Source |
| General and Administrative ExpenseUSD | 7,487,000Source | 6,427,000Source | 5,806,000Source | 5,468,000Source |
| Income (Loss) from Equity Method InvestmentsUSD | 48,000Source | -40,000Source | -13,000Source | -6,000Source |
| Income Tax Expense (Benefit)USD | 509,000Source | — | 368,000Source | 1,000Source |
| InterestExpenseNonoperatingUSD | 27,000Source | 192,000Source | — | — |
| Investment Income, InterestUSD | 402,000Source | 102,000Source | 79,000Source | 7,000Source |
| Net Income (Loss) Attributable to ParentUSD | -9,776,000Source | -6,565,000Source | -2,724,000Source | -6,658,000Source |
| Net Income (Loss) Attributable to Noncontrolling InterestUSD | -1,673,000Source | -1,156,000Source | -863,000Source | -1,703,000Source |
| Net Income (Loss) Available to Common Stockholders, BasicUSD | — | — | — | -6,658,000Source |
| Operating ExpensesUSD | 10,411,000Source | 9,378,000Source | 6,912,000Source | 8,541,000Source |
| Other Depreciation and AmortizationUSD | — | — | — | 50,000Source |
| Proceeds from Contributions from AffiliatesUSD | — | — | 704,000Source | 725,000Source |
| Proceeds from Issuance of Common StockUSD | 7,469,000Source | 3,545,000Source | 22,000,000Source | — |
income statement · annual statements
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Total RevenueUSD | 5,851,000Source | 6,068,000Source | 2,783,000Source | 1,131,000Source |
| Cost of Goods and Services Sold | — | — | — | — |
| Operating Income (Loss)USD | -8,289,000Source | -7,944,000Source | -5,198,000Source | -8,155,000Source |
| Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling InterestUSD | -10,940,000Source | -7,721,000Source | -3,219,000Source | -8,360,000Source |
| Income Tax Expense (Benefit)USD | 509,000Source | — | 368,000Source | 1,000Source |
| Net Income (Loss) Attributable to Noncontrolling InterestUSD | -1,673,000Source | -1,156,000Source | -863,000Source | -1,703,000Source |
| Net Income (Loss) Attributable to ParentUSD | -9,776,000Source | -6,565,000Source | -2,724,000Source | -6,658,000Source |
| Earnings Per Share, BasicUSD per share | -2.14Source | -2.3Source | -2.19Source | -0.13Source |
| Earnings Per Share, DilutedUSD per share | -2.14Source | -2.3Source | -0.22Source | -0.13Source |
| Weighted Average Number of Shares Outstanding, Basicshares | 4,567,460Source | 2,854,594Source | 1,243,140Source | 50,000,000Source |
| Weighted Average Number of Shares Outstanding, Dilutedshares | 4,567,460Source | 2,854,594Source | 1,243,140Source | 50,000,000Source |
| Interest Expense (non-operating)USD | 27,000Source | 192,000Source | — | — |
| Additional Financial Items | ||||
| Amortization of Intangible AssetsUSD | 9,000Source | 10,000Source | 12,000Source | — |
| Current Income Tax Expense (Benefit)USD | 509,000Source | — | 368,000Source | 1,000Source |
| Depreciation, Depletion and Amortization, NonproductionUSD | 301,000Source | 419,000Source | — | — |
| General and Administrative ExpenseUSD | 7,487,000Source | 6,427,000Source | 5,806,000Source | 5,468,000Source |
| Gross ProfitUSD | 2,122,000Source | 1,434,000Source | 1,714,000Source | 386,000Source |
| Income (Loss) from Continuing Operations before Income Taxes, DomesticUSD | — | — | -3,219,000Source | -8,360,000Source |
| Income (Loss) from Equity Method InvestmentsUSD | 48,000Source | -40,000Source | -13,000Source | -6,000Source |
| Interest ExpenseUSD | — | — | 262,000Source | — |
| Interest Income (Expense), NetUSD | — | — | — | -1,000Source |
| Investment Income, InterestUSD | 402,000Source | 102,000Source | 79,000Source | 7,000Source |
| Net Income (Loss) Available to Common Stockholders, BasicUSD | — | — | — | -6,658,000Source |
| Operating ExpensesUSD | 10,411,000Source | 9,378,000Source | 6,912,000Source | 8,541,000Source |
| Other ExpensesUSD | — | — | — | 566,000Source |
| Other IncomeUSD | — | — | — | 465,000Source |
| Research and Development ExpenseUSD | 654,000Source | 409,000Source | 308,000Source | 1,356,000Source |
| Selling and Marketing ExpenseUSD | 478,000Source | 382,000Source | 349,000Source | 296,000Source |
Offerings
Registration 333-294161
- Gross proceeds
- 6898436.0
- Net proceeds
- 6415545.48
- Deal price
- 0.449
- Shares
- 15364000
- Offering price
- $0.449
- Ticker
- UCAR
Registration 333-289713
Registration 333-285126
Filing attachments
ea028032701ex4-2.htm · F-1 · 2026-03-10
EX-4.2 4 ea028032701ex4-2.htm FORM OF PRE-FUNDED WARRANT Exhibit 4.2 PRE-FUNDED ORDINARY SHARE PURCHASE WARRANT U Power Limited Warrant Shares: [_______] Issuance Date: [_______], 2026 THIS PRE-FUNDED ORDINARY SHARE PURCHASE WARRANT (this “Warrant”) certifies that, for value received, [_____________] or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof …
Read attachment ↗ea028032701ex4-3.htm · F-1 · 2026-03-10
EX-4.3 5 ea028032701ex4-3.htm FORM OF CLASS A ORDINARY SHARE PURCHASE WARRANT Exhibit 4.3 CLASS A ORDINARY SHARE PURCHASE WARRANT U Power Limited Warrant Shares: [_______] Issuance Date: ________, 2026 THIS CLASS A ORDINARY SHARE PURCHASE WARRANT (this “Warrant”) certifies that, for value received, [_____________] or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after th…
Read attachment ↗