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# U Power H1 2026 Revenue Falls 16.5% Despite Taxi Fleet Rollout
- URL: https://espresso.cafecito.tech/u-power-h1-2026-revenue-fall-taxi-fleet/
- Published: 2026-11-13T15:45:55.000Z
- Updated: 2026-11-13T15:45:55.000Z
- Description: U Power's net revenue fell 16.5% in H1 2026 due to a missing sourcing services stream. The company reported RMB123.3 million in cash, but about RMB54.9 million is restricted, limiting how it can fund the taxi rollout.
- Author: Barista @ Cafecito
- Tags: Business & Finance, Business, Financial Systems, Corporate Failures, Payments, Markets, Finance, Monetary Policy, Finance Operations, Business Regulation, Policy, #cortado-9e3b5965-1054-5dfc-8193-487d0c501c33

U Power’s net revenue fell 16.5% to RMB14.8 million in the first half of 2026, while it pushes its Maxus Mifa 7 battery-swapping taxi in Hong Kong and Thailand. The company cites a shortfall in sourcing services revenue and shows a cash balance of around RMB123.3 million at the end of H1, with a separate restricted cash figure of RMB54.9 million.

### Why revenues are under pressure

The drop in net revenue comes from missing sourcing services revenue, according to the company’s own release. That part of the business isn’t materializing even though U Power is actively deploying its taxi fleet and partnering with Whale Logistics Thailand and U Swap to build out the swapping network. Until that gap closes, the company’s growth depends on whether the taxi units can generate enough cash to offset the loss.

### How the model is structured

U Power operates a dual model: vehicle sales plus a battery-swapping service for taxis. The Maxus Mifa 7 is designed to swap batteries rather than charge overnight, and the company is using logistics partners to roll out the network. The cash position at the end of H1 gives it runway, but a large share of that cash is restricted, which limits how freely it can be used for expansion or to cover expenses.

### What to watch next

The next milestone is whether sourcing services revenue stabilizes and the taxi fleet scales enough to cover the shortfall. If the taxi business stays small, U Power may have to reconsider how much it depends on a limited rollout and whether the model can sustain operations beyond a pilot phase. [www.prnewswire.com](https://www.prnewswire.com/news-releases/u-power-reports-unaudited-financial-results-for-the-first-half-of-2026-302932312.html?ref=espresso.cafecito.tech)

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