BRIEF: Ubtech revenue grows, loss narrows in 2024

9880.HK
WeRide, Pony AI makes infrastructure

Robot manufacturer Ubtech Robotics Corp. Ltd (9880.HK) announced on Sunday its 2024 revenue grew 23.7% year-over-year to 1.3 billion yuan（$180 million）, as its loss narrowed by 8% to 1.16 billion yuan.

Revenue from the company’s education smart robotics products and services climbed 4.6% year-over-year to 363 million yuan, while logistics smart robotics products and services declined 17.5% to 322 million yuan. Consumer-level robotics and other hardware devices surged 88% to 477 million yuan. The company’s gross margin fell from 31.5% in 2023 to 28.7% last year.

Shares of Ubtech opened down 2.4% at HK$80.55 on Monday and continued to fall during the day, down 6.7% in the afternoon. The shares are down 62% from their 52-week high.

By Lau Chi Hang

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