U Power Posts Wider Loss In H1 - Quick Facts

(RTTNews) - U Power (UCAR) posted a net loss of RMB 26.5 million in the first half of 2024, compared with a loss of RMB 7.2 million, last year. Loss per share was RMB 7.42, compared with a loss of RMB 6.88.

For the six months ended June 30, 2024, total revenues increased by 595.7% year over year to RMB 13.2 million. Product sales revenues were RMB 12.4 million in the first half of 2024.

Jia Li, CEO and Chairman of the Board, said, "In the first half of fiscal year 2024, our business achieved 595.7% year-over-year revenue growth. This growth stemmed from increased orders from both existing clients and new customers for our battery-swapping stations as the economy continued to gradually recover following the COVID-19 pandemic."