Financial stability is deteriorating as total assets dropped to $378.8M in 2025Q4, while the accumulated deficit in retained earnings has ballooned to negative $289.8M.
| Total Current Assets | 147.4M | 105.08M | 163.2M | 54.01M | 128.3M | 135.33M |
| Cash & Short-Term Investments | 21.95M | 23.43M | 3.75M | 4.88M | 14.79M | 121.43M |
| Cash Only | 21.95M | 23.43M | 1.93M | 4.88M | 14.79M | 121.43M |
| Short-Term Investments | 0 | 0 | 1.83M | 0 | 0 | 0 |
| Accounts Receivable | 96.36M | 55.06M | 43.86M | 1.74M | 193K | 12K |
| Days Sales Outstanding | 855.21 | 453.76 | 810.04 | 81.32 | 8.79 | 2.99 |
| Inventory | 12.29M | 9.87M | 5.44M | 5.46M | 13.45M | 197K |
| Days Inventory Outstanding | 171.18 | 106.52 | 261.49 | 387.74 | 955.45 | - |
| Other Current Assets | 2.32M | 1.94M | 32.52M | 40.84M | 98.97M | 12.88M |
| Total Non-Current Assets | 231.39M | 280.64M | 265.79M | 227.84M | 225.37M | 193.38M |
| Property, Plant & Equipment | 18.41M | 24.86M | 33.42M | 35.53M | 35.76M | 5.49M |
| Fixed Asset Turnover | 2.23x | 1.78x | 0.59x | 0.22x | 0.22x | 0.27x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 62K | 132K | 201K | 286K | 608K | 46K |
| Long-Term Investments | 133.94M | 134.11M | 123.37M | 111.81M | 110M | 120M |
| Other Non-Current Assets | 78.98M | 121.53M | 108.8M | 30K | 189K | 95K |
| Total Assets | 378.8M | 385.71M | 428.99M | 281.85M | 353.67M | 328.71M |
| Asset Turnover | 0.11x | 0.11x | 0.05x | 0.03x | 0.02x | 0.00x |
| Asset Growth % | -1.79% | -10.09% | 52.2% | -20.31% | 7.59% | - |
| Total Current Liabilities | 81.86M | 56.9M | 74.88M | 59.15M | 76.82M | 29.31M |
| Accounts Payable | 19.53M | 14.31M | 10.23M | 11.13M | 9.8M | 1.31M |
| Days Payables Outstanding | 272.04 | 154.38 | 491.88 | 790.82 | 696.18 | - |
| Short-Term Debt | 21.15M | 22.76M | 37.52M | 19.6M | 3.35M | 16M |
| Deferred Revenue (Current) | 3.58M | 1.45M | 0 | 3.56M | 53.98M | 8.81M |
| Other Current Liabilities | 560K | 2.74M | 17.53M | 13.31M | 57.14M | 9.6M |
| Current Ratio | 1.80x | 1.85x | 2.18x | 0.91x | 1.67x | 4.62x |
| Quick Ratio | 1.65x | 1.67x | 2.11x | 0.82x | 1.50x | 4.61x |
| Cash Conversion Cycle | 754.35 | 405.9 | 579.66 | -321.76 | 268.07 | - |
| Total Non-Current Liabilities | 8.16M | 7.84M | 9.49M | 17.69M | 19.16M | 9.32M |
| Long-Term Debt | 0 | 3.7M | 0 | 10M | 15.5M | 7M |
| Capital Lease Obligations | 2.36M | 4.14M | 5.98M | 4.79M | 3.67M | 2.32M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 5.8M | 0 | 3.51M | 2.9M | 0 | 0 |
| Total Liabilities | 90.03M | 64.73M | 84.37M | 76.84M | 95.99M | 38.63M |
| Total Debt | 24.76M | 32.44M | 45.25M | 36.09M | 26.83M | 26.81M |
| Net Debt | 2.81M | 9M | 43.32M | 31.21M | 12.04M | -94.62M |
| Debt / Equity | 0.09x | 0.10x | 0.13x | 0.18x | 0.10x | 0.09x |
| Debt / EBITDA | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - | - |
| Interest Coverage | -408.03x | -39.20x | -11.29x | -74.47x | -65.78x | -11.27x |
| Total Equity | 288.77M | 320.98M | 344.62M | 205.01M | 257.68M | 290.08M |
| Equity Growth % | -10.03% | -6.86% | 68.09% | -20.44% | -11.17% | - |
| Book Value per Share | 6533.45 | 11244.31 | 27722.63 | 41003.00 | 51536.40 | 58015.20 |
| Total Shareholders' Equity | 271.02M | 291.47M | 306.67M | 165.94M | 211.86M | 239.19M |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -289.82M | -221.1M | -173.18M | -153.84M | -107.92M | -66.52M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -4.23M | 0 | 446K | 0 | 0 | 0 |
| Minority Interest | 17.75M | 29.51M | 37.95M | 39.08M | 45.82M | 50.88M |
Liquidity and solvency risk
As reported in recent financial filings, UCAR's total assets have declined from a peak of $429.0M in 2023Q4 to $378.8M by 2025Q4, signaling a contraction in the company's resource base that complicates its ability to sustain long-term infrastructure deployment in the competitive Chinese NEV market.
The consistent decline in total assets alongside a widening accumulated deficit of $289.8M suggests that the company is consuming its capital base to fund ongoing operational losses. This trajectory indicates that the business model has yet to achieve the necessary scale to stabilize its balance sheet, leaving the firm increasingly reliant on external financing.
Based on the latest quarterly data, UCAR's cash position has dwindled to $22.0M as of 2025Q4, a significant reduction from the $121.4M reported in 2020Q4, which severely limits the company's financial flexibility to navigate periods of operational volatility or unexpected capital requirements.
While the current ratio of 1.80 appears superficially adequate, the absolute cash balance is insufficient given the company's history of heavy operating losses and negative free cash flow. Investors should monitor the burn rate closely, as the current liquidity buffer may be exhausted within the next several quarters without a fundamental shift in revenue generation.
According to the provided balance sheet, net PPE has decreased to $18.4M in 2025Q4 from $35.8M in 2021Q4, suggesting that the company is either aggressively depreciating its battery-swapping infrastructure or failing to reinvest in the capital-intensive assets required to maintain its UOTTA technology platform.
The reduction in net PPE relative to total assets implies that the company's core infrastructure is aging without sufficient replacement or expansion. This trend raises concerns regarding the long-term viability of the swapping network, as the asset base appears to be shrinking rather than scaling to meet market demand.
As indicated by the financial statements, UCAR's retained earnings have deteriorated to a negative $289.8M as of 2025Q4, reflecting a persistent history of value destruction that continues to erode the company's total equity base over time.
The consistent growth of the accumulated deficit highlights the structural inability of the current business model to generate positive net income. This erosion of equity quality suggests that shareholders are bearing the brunt of the company's ongoing operational inefficiencies and lack of market penetration.
Based on the reported figures, deferred revenue has fluctuated significantly, dropping from $54.0M in 2021Q4 to $3.6M in 2025Q4, which suggests a substantial decline in future performance obligations and a potential loss of momentum in securing long-term service contracts with fleet operators.
The volatility in deferred revenue is a critical indicator that the company's pipeline for future services is not growing, which contradicts the growth narrative often associated with infrastructure-as-a-service models. This decline in unearned revenue may signal that the company is struggling to convert its technological concept into durable, long-term commercial commitments.
Quick answers to the most common questions about buying UCAR stock.
As of 2025, U Power Limited (UCAR) had total assets of $378.8M including $147.4M in current assets.
U Power Limited (UCAR) carries total debt of $24.8M, offset by $22.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
U Power Limited (UCAR) has total shareholders' equity (book value) of $271.0M ($6533.45 book value per share). Book value represents the net worth of the company belonging to common stock holders.
U Power Limited (UCAR) reported a current ratio of 1.80x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.