UTime reported FY2024 revenue of RMB 172.2 million ($24.3 million), marking a decline from RMB 197.6 million in FY2023. The company recorded a net loss of RMB 62.2 million ($8.8 million), while operating expenses decreased significantly by 63.9% to RMB 39 million. The company maintained a cash position of RMB 77.2 million ($10.9 million) at year-end.In a significant development, UTime completed a major equity financing round in March 2024, raising approximately $48.6 million through the issuance of 373.8 million units at $0.13 per unit. Each unit comprised one share and three warrants, resulting in 1.12 billion outstanding warrants with a $0.33 exercise price valid until March 2029. The company also implemented a 2024 Performance Incentive Plan with 58.8 million shares reserved.The company faces ongoing challenges including material weaknesses in internal controls and continued operating losses. UTime's business remains concentrated in China, which accounted for 61.7% of revenue, followed by Africa (12.5%), US (9%), and South America (8.4%). The company is pursuing geographic expansion in China and South America markets while managing risks associated with its VIE structure and international trade uncertainties.

UTime reported FY2024 revenue of RMB 172.2 million ($24.3 million), marking a decline from RMB 197.6 million in FY2023. The company recorded a net loss of RMB 62.2 million ($8.8 million), while operating expenses decreased significantly by 63.9% to RMB 39 million. The company maintained a cash position of RMB 77.2 million ($10.9 million) at year-end.In a significant development, UTime completed a major equity financing round in March 2024, raising approximately $48.6 million through the issuance of 373.8 million units at $0.13 per unit. Each unit comprised one share and three warrants, resulting in 1.12 billion outstanding warrants with a $0.33 exercise price valid until March 2029. The company also implemented a 2024 Performance Incentive Plan with 58.8 million shares reserved.The company faces ongoing challenges including material weaknesses in internal controls and continued operating losses. UTime's business remains concentrated in China, which accounted for 61.7% of revenue, followed by Africa (12.5%), US (9%), and South America (8.4%). The company is pursuing geographic expansion in China and South America markets while managing risks associated with its VIE structure and international trade uncertainties.