UNT's revenue grows 27.16% YoY in Q3 2024

Beijing (Gasgoo)- On October 28, United Nova Technology Co., Ltd. (UNT) released its third-quarter (Q3) 2024 financial report, highlighting a single-quarter revenue of 1.668 billion yuan, up 27.16% year-over-year, with a positive gross margin of 6.16%, which reflected a 14.42 percentage point increase from the previous year.

UNT facility; photo credit: UNT

Driven by the robust Q3 performance, UNT's cumulative revenue for the first three quarters of this year reached 4.547 billion yuan, marking an 18.68% year-over-year rise. EBITDA grew by 92.65% from the year-ago period to 1.66 billion yuan. Meanwhile, the company's net losses attributable to shareholders narrowed to 684 million yuan, representing a 49.73% improvement compared to the same period last year.

According to UNT, the Q3 revenue surge was largely due to the recovery in demand from the new energy vehicle and consumer markets, coupled with improved capacity utilization and economies of scale.

Key clients, including BYD, XPENG, NIO, Li Auto, and GAC AION, have adopted UNT's technologies. UNT has also successfully entered European markets, securing orders from prominent European automakers and multiple Tier-1 suppliers. In the first three quarters of 2024, UNT's power module installation volume in China exceeded 910,000 sets, growing over fivefold year-on-year.