newsfilter
← Latest News
PR Newswire·

U Power Reports Unaudited Financial Results for the First Half of 2026

UCAR
  • U Power Limited reported H1 2026 total net revenues of RMB14.8 million (US$2.2 million), a 16.5% decrease compared to RMB17.7 million in H1 2025.
  • Revenue from battery-swapping services increased 30.2% to RMB1.3 million, driven by growth in two-wheeled vehicle swapping operations.
  • The company recorded a net loss of RMB97.6 million (US$14.4 million) for H1 2026, an increase from RMB27.4 million in the prior year period.
  • Gross profit declined 56.8% to RMB3.6 million with a gross margin of 24.5%, primarily due to the absence of high-margin station sales from the Thailand subsidiary & higher procurement costs.
  • Total operating expenses rose 224.1% to RMB83.8 million, largely due to a RMB15.2 million provision for expected credit losses & increased general administrative costs related to overseas expansion.
  • Cash & cash equivalents reached RMB54.9 million (US$8.1 million) as of June 30, 2026, compared to RMB22.0 million at the end of 2025, supported by RMB207.2 million in share issuance proceeds.
  • Working capital improved to RMB123.3 million (US$18.2 million) from RMB65.5 million as of December 31, 2025.
  • In Thailand, the first batch of 30 heavy-duty battery-swapping trucks was produced & tested, with deliveries to Whale Logistics occurring in July 2026.
  • In Hong Kong SAR, foundation work began for the first MAXUS MIFA 7 battery-swapping taxi station, with vehicles receiving type approval in August 2026 for sale.
  • A joint venture was formed in April 2026 to develop AI-driven energy management solutions for intelligent data centers, including a 3MW pilot project in Rayong, Thailand.
  • The company completed a US$16 million private placement of Class A ordinary shares in August 2026 to four existing shareholders.
  • Loss per share was RMB150.11 (US$22.13), with per-share amounts retrospectively restated for 1-for-10 & 1-for-20 share consolidations effective in April 2026 & September 2026 respectively.
Company
U Power Limited
Keywords
U Power Limited