The company's profitability is severely compromised, with an operating margin of -174.4% in 2025Q4 reflecting an inability to align overhead costs with declining revenue.
| Sales/Revenue | 41.13M | 44.29M | 19.76M | 7.8M | 8.01M | 1.46M |
| Revenue Growth % | -7.15% | 124.09% | 153.51% | -2.67% | 447.13% | - |
| Cost of Goods Sold | 26.21M | 33.83M | 7.59M | 5.14M | 5.14M | 0 |
| COGS % of Revenue | 63.73% | 76.38% | 38.41% | 65.89% | 64.13% | - |
| Gross Profit | 14.92M | 10.46M | 12.17M | 2.66M | 2.87M | 1.46M |
| Gross Margin % | 36.27% | 23.62% | 61.59% | 34.11% | 35.87% | 100% |
| Gross Profit Growth % | 42.57% | -14.04% | 357.77% | -7.45% | 96.24% | - |
| Operating Expenses | 73.18M | 68.45M | 49.08M | 58.91M | 47.82M | 17.48M |
| OpEx % of Revenue | 177.95% | 154.55% | 248.31% | 755.62% | 597.05% | 1193.72% |
| Selling, General & Admin | 55.99M | 49.7M | 43.7M | 39.76M | 42.45M | 17.08M |
| SG&A % of Revenue | 136.14% | 112.21% | 221.1% | 509.94% | 529.96% | 1166.39% |
| Research & Development | 4.6M | 2.98M | 2.18M | 9.35M | 5.37M | 111K |
| R&D % of Revenue | 11.18% | 6.74% | 11.05% | 119.96% | 67.09% | 7.58% |
| Other Operating Expenses | 12.6M | 15.77M | 3.19M | -698K | 0 | 9.58M |
| Operating Income | -58.27M | -57.99M | -36.9M | -56.25M | -44.95M | -16.01M |
| Operating Margin % | -141.68% | -130.93% | -186.72% | -721.51% | -561.19% | -1093.72% |
| Operating Income Growth % | -0.48% | -57.14% | 34.39% | -25.13% | -180.73% | - |
| EBITDA | -49.82M | -49.48M | -28.58M | -48.55M | -39.73M | -14.61M |
| EBITDA Margin % | -121.15% | -111.72% | -144.59% | -622.69% | -496% | -997.68% |
| EBITDA Growth % | -0.69% | -73.15% | 41.13% | -22.19% | -172.01% | - |
| D&A (Non-Cash Add-back) | 8.45M | 8.51M | 8.33M | 7.7M | 5.22M | 1.41M |
| EBIT | -76.71M | -54.96M | -20.99M | -56.9M | -45.79M | -6M |
| Net Interest Income | 2.64M | -660K | -1.3M | -715K | -259K | -96K |
| Interest Income | 2.83M | 742K | 562K | 49K | 437K | 436K |
| Interest Expense | 188K | 1.4M | 1.86M | 764K | 696K | 532K |
| Other Income/Expense | -18.63M | 1.63M | 14.05M | -1.41M | -1.53M | 9.48M |
| Pretax Income | -76.9M | -56.36M | -22.85M | -57.66M | -46.48M | -6.53M |
| Pretax Margin % | -186.98% | -127.26% | -115.63% | -739.64% | -580.3% | -446.04% |
| Income Tax | 3.58M | 0 | 2.61M | 5K | 2.58M | 0 |
| Effective Tax Rate % | -4.66% | 0% | -11.43% | -0.01% | -5.55% | 0% |
| Net Income | -68.72M | -47.92M | -19.34M | -45.92M | -41.4M | -5.51M |
| Net Margin % | -167.1% | -108.2% | -97.84% | -589.03% | -516.84% | -376.37% |
| Net Income Growth % | -43.4% | -147.81% | 57.89% | -10.92% | -651.34% | - |
| Net Income (Continuing) | -80.48M | -56.36M | -25.47M | -57.67M | -49.06M | -6.53M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 17.75M | 29.51M | 37.95M | 39.08M | 45.82M | 50.88M |
| EPS (Diluted) | -1554.79 | -1679.00 | -1556.00 | -9184.00 | -8280.00 | -1102.00 |
| EPS Growth % | 7.4% | -7.9% | 83.06% | -10.92% | -651.36% | - |
| EPS (Basic) | -1554.79 | -1679.00 | -1556.00 | -9184.00 | -8280.00 | -1102.00 |
| Diluted Shares Outstanding | 44.2K | 28.55K | 12.43K | 5K | 5K | 5K |
| Basic Shares Outstanding | 44.2K | 28.54K | 12.43K | 5K | 5K | 5K |
| Dividend Payout Ratio | - | - | - | - | - | - |
Unsustainable Operating Cash Burn
As reported in recent financial filings, UCAR experienced a significant 26.2% revenue contraction in 2025Q4, highlighting the inability of the company to maintain consistent growth momentum in the competitive Chinese NEV infrastructure market despite previous periods of expansionary volatility observed in earlier quarterly reporting cycles.
The erratic revenue trajectory suggests that UCAR's business model remains highly dependent on lumpy, project-based contracts rather than a recurring service revenue stream. This lack of predictable growth indicates that the company has yet to achieve the necessary market penetration to stabilize its top-line performance.
Based on the provided income statement data, UCAR's gross margin plummeted to 16.2% in 2025Q4, a sharp decline from the 47.3% reported in 2025Q2, suggesting that the company lacks the pricing power or cost efficiency required to maintain profitability in its core battery-swapping service offerings.
The significant fluctuation in gross margins implies that the company's cost of goods sold is highly sensitive to operational inefficiencies or unfavorable shifts in the revenue mix. Investors should monitor whether this margin volatility is a permanent feature of the business model or a temporary byproduct of underutilized infrastructure.
According to the latest financial statements, UCAR reported an operating margin of -174.4% in 2025Q4, demonstrating that the company's massive SG&A overhead continues to dwarf its gross profit, leaving no evidence of the operating leverage typically required for a capital-intensive infrastructure business to reach break-even.
The persistent gap between gross profit and operating income suggests that the company's administrative and R&D expenses are not scaling effectively with revenue. This structural imbalance implies that the current cost base is fundamentally misaligned with the company's actual output and market demand.
Analysis of the income statement reveals that UCAR's SG&A expenses reached $42.6M in 2025Q4, which significantly exceeds the $23.0M in total revenue, indicating that the company's expense discipline is currently insufficient to support its long-term viability without continuous external capital injections or major operational restructuring.
The disproportionate allocation of capital toward SG&A relative to revenue suggests that the company may be over-investing in administrative or growth-related functions before achieving a sustainable product-market fit. This cost structure warrants further investigation into whether these expenses are essential for operations or represent excessive corporate overhead.
Based on the reported figures, the company's net margin of -199.7% in 2025Q4 highlights a precarious financial position where the cash burn rate appears to be accelerating, raising serious questions about the sustainability of the UOTTA technology platform in the absence of a clear path to profitability.
Short-term observers may focus on the company's inability to convert its proprietary technology into a scalable, profitable service model. The combination of declining revenue and widening net losses suggests that the company may face significant liquidity challenges if it cannot rapidly improve its operational efficiency.
Quick answers to the most common questions about buying UCAR stock.
For fiscal year 2025, U Power Limited (UCAR) reported total revenue of $41.1M. This represents a 2709.1% increase compared to $1.5M in 2020.
U Power Limited (UCAR) reported a net loss of $68.7M for the fiscal year ending 2025.
U Power Limited (UCAR) reported an operating income of $-58.3M, resulting in an operating profit margin of -141.7%. This margin reflects the operational efficiency of the business before interest and taxes.
U Power Limited (UCAR) generated $14.9M in gross profit for the year, representing a gross profit margin of 36.3%. This demonstrates the company's core pricing power and production efficiency.