Detailed financial statements for U Power Limited (UCAR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Founded in 2013 and headquartered in Shanghai, People's Republic of China, U Power Limited is engaged in the new energy sector. The company primarily focuses on the conceptualization, manufacturing, and distribution of new energy vehicles and their associated battery exchange infrastructure within China. Additionally, it provides services for battery swapping and acquisition.
Analysis Summary
U Power Limited reported revenue of $41.1M in the most recent fiscal year, growing at a 5-year CAGR of 94.9%.
Trailing-twelve-month margins: gross margin 15.6%, operating margin -142.0%, net margin -167.4%.
At the current price of $3.85, UCAR has negative trailing earnings (P/E not meaningful) and an ROE of -3.34%. Market capitalisation stands at $0M.
Balance sheet quality for UCAR: current ratio of 1.8, net debt of $2.8M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $1.5M | $8.0M | $7.8M | $19.8M | $44.3M | $41.1M |
| Cost of Revenue | 0 | $5.1M | $5.1M | $7.6M | $33.8M | $26.2M |
| Gross Profit | $1.5M | $2.9M | $2.7M | $12.2M | $10.5M | $14.9M |
| Research & Development | $111000 | $5.4M | $9.4M | $2.2M | $3.0M | $4.6M |
| Selling, General & Admin | $17.1M | $42.5M | $39.8M | $43.7M | $49.7M | $56.0M |
| Operating Expenses | $17.5M | $47.8M | $58.9M | $49.1M | $68.5M | $73.2M |
| Operating Income | -$16.0M | -$45.0M | -$56.2M | -$36.9M | -$58.0M | -$58.3M |
| EBITDA | -$4.6M | -$40.6M | -$49.2M | -$12.7M | -$46.5M | -$68.3M |
| Interest Expense | $532000 | $696000 | $764000 | $1.9M | $1.4M | $188000 |
| Pre-tax Income | -$6.5M | -$46.5M | -$57.7M | -$22.9M | -$56.4M | -$76.9M |
| Income Tax | 0 | $2.6M | $5000 | $2.6M | 0 | $3.6M |
| Net Income | -$5.5M | -$41.4M | -$45.9M | -$19.3M | -$47.9M | -$68.7M |
| EPS | $-22040.00 | $-165600.00 | $-183680.00 | $-31120.00 | $-33580.00 | $-31095.80 |
| EPS (Diluted) | $-22040.00 | $-165600.00 | $-183680.00 | $-31120.00 | $-33580.00 | $-31095.80 |
| Shares Outstanding (Diluted) | $250 | $250 | $250 | $622 | $1427 | $2210 |
Income Statement (Quarterly)
| Year | 2024-Q2 | 2024-Q4 | 2025-Q2 | 2025-Q4 |
|---|
| Revenue | $13.3M | $31.1M | $2.4M | $3.3M |
| Gross Profit | -$4.2M | $9.2M | $359076 | $532972 |
| Operating Income | -$26.6M | -$31.6M | -$2.4M | -$5.7M |
| EBITDA | -$20.3M | -$20.7M | -$1.6M | -$5.3M |
| Net Income | -$23.7M | -$24.4M | -$3.0M | -$6.6M |
| EPS | $-38080.00 | $-19200.00 | $-9960.00 | $-1844.60 |
| EPS (Diluted) | $-38080.00 | $-19220.00 | $-9960.00 | $-1844.60 |
Balance Sheet (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $121.4M | $14.8M | $4.9M | $1.9M | $23.4M | $22.0M |
| Short-term Investments | 0 | 0 | 0 | $1.8M | 0 | 0 |
| Receivables | $12000 | $193000 | $1.7M | $43.9M | $55.1M | $96.4M |
| Inventory | $197000 | $13.4M | $5.5M | $5.4M | $9.9M | $12.3M |
| Total Current Assets | $135.3M | $128.3M | $54.0M | $163.2M | $105.1M | $147.4M |
| Property, Plant & Equipment | $5.5M | $35.8M | $35.5M | $33.4M | $24.9M | $18.4M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $46000 | $608000 | $286000 | $201000 | $132000 | $62000 |
| Total Assets | $328.7M | $353.7M | $281.9M | $429.0M | $385.7M | $378.8M |
| Accounts Payable | $1.3M | $9.8M | $11.1M | $10.2M | $14.3M | $19.5M |
| Short-term Debt | $16.0M | $3.3M | $19.6M | $37.5M | $22.8M | $21.1M |
| Total Current Liabilities | $29.3M | $76.8M | $59.1M | $74.9M | $56.9M | $81.9M |
| Long-term Debt | $7.0M | $15.5M | $10.0M | 0 | $3.7M | 0 |
| Total Liabilities | $38.6M | $96.0M | $76.8M | $84.4M | $64.7M | $90.0M |
| Retained Earnings | -$66.5M | -$107.9M | -$153.8M | -$173.2M | -$221.1M | -$289.8M |
| Total Equity | $239.2M | $211.9M | $165.9M | $306.7M | $291.5M | $271.0M |
| Total Debt | $26.8M | $26.8M | $36.1M | $45.2M | $32.4M | $24.8M |
| Net Debt | -$94.6M | $12.0M | $31.2M | $41.5M | $9.0M | $2.8M |
| Working Capital | $106.0M | $51.5M | -$5.1M | $88.3M | $48.2M | $65.5M |
Balance Sheet (Quarterly)
| Year | 2024-Q2 | 2024-Q4 | 2025-Q2 | 2025-Q4 |
|---|
| Cash & Equivalents | $39.6M | $23.4M | $22.7M | $22.0M |
| Total Assets | $420.9M | $385.7M | $396.0M | $378.8M |
| Total Liabilities | $74.9M | $64.7M | $69.1M | $90.0M |
| Total Equity | $311.1M | $291.5M | $302.9M | $271.0M |
| Total Debt | $38.1M | $32.4M | $29.7M | $24.8M |
Cash Flow (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$6.5M | -$49.1M | -$57.7M | -$19.3M | -$56.4M | -$80.5M |
| Depreciation & Amortization | $786000 | $1.8M | $7.7M | $8.3M | $8.5M | $8.4M |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | -$17.3M | -$38.4M | $25.3M | -$51.6M | -$41.3M | -$10.1M |
| Operating Cash Flow | -$22.4M | -$82.2M | -$12.9M | -$65.4M | -$73.2M | -$69.9M |
| Capital Expenditure | -$1.3M | -$11.0M | -$7.8M | -$881000 | -$10000 | -$500000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$23.7M | -$93.2M | -$20.7M | -$66.3M | -$73.2M | -$70.4M |
Cash Flow (Quarterly)
| Year | 2024-Q2 | 2024-Q4 | 2025-Q2 | 2025-Q4 |
|---|
| Operating Cash Flow | -$32.0M | -$41.4M | -$35.9M | -$34.0M |
| Capital Expenditure | -$351439 | $339000 | -$94000 | -$400186 |
| Free Cash Flow | -$32.3M | -$41.1M | -$36.0M | -$34.4M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +447.1% | -2.7% | +153.5% | +124.1% | -7.1% |
| Net Income Growth (YoY) | | -651.3% | -10.9% | +57.9% | -147.8% | -43.4% |
| EPS Growth (YoY) | | -651.4% | -10.9% | +83.1% | -7.9% | +7.4% |
| Shares Change (YoY) | | +0.0% | +0.0% | +148.8% | +129.4% | +54.9% |
| FCF Growth (YoY) | | -292.9% | +77.8% | -220.5% | -10.3% | +3.8% |
| Gross Margin | 100.0% | 35.9% | 34.1% | 61.6% | 23.6% | 36.3% |
| Operating Margin | -1093.7% | -561.2% | -721.5% | -186.7% | -130.9% | -141.7% |
| EBITDA Margin | -313.7% | -506.4% | -631.0% | -64.1% | -104.9% | -166.0% |
| Net Margin | -376.4% | -516.8% | -589.0% | -97.8% | -108.2% | -167.1% |
| FCF Margin | -1620.6% | -1163.9% | -265.4% | -335.6% | -165.2% | -171.2% |
| Effective Tax Rate | -0.0% | -5.6% | -0.0% | -11.4% | -0.0% | -4.7% |
Per-Share Data (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-94900.00 | $-372900.00 | $-82768.00 | $-106628.62 | $-51282.41 | $-31852.49 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $250 | $250 | $250 | $622 | $1427 | $2210 |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | -3.34% |
| Return on Invested Capital | -2.55% |
| Return on Assets | -2.53% |
| Gross Margin | 15.57% |
| Operating Margin | -142.02% |
| Net Margin | -167.44% |
Financial Health
| Debt / Equity | 0.09 |
| Current Ratio | 1.80 |
| Piotroski F-Score | 2 |
| Altman Z-Score | -1.23 |
Key Ratios (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -255.67 | -33.13 | -32.43 | -0.81 | -0.29 | -0.07 |
| P/B | 5.89 | 6.47 | 8.97 | 0.05 | 0.05 | 0.02 |
| P/S | 962.26 | 171.21 | 191.01 | 0.79 | 0.31 | 0.11 |
| Gross Margin | 100.0% | 35.9% | 34.1% | 61.6% | 23.6% | 36.3% |
| Operating Margin | -1093.7% | -561.2% | -721.5% | -186.7% | -130.9% | -141.7% |
| Net Margin | -376.4% | -516.8% | -589.0% | -97.8% | -108.2% | -167.1% |