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ECX

ECARX Holdings, Inc.

ECX

ECARX Holdings, Inc. • NASDAQ
$1.86 ▲ 6.57% (+0.12)
Market Cap $629.57 M
52w High $3.25
52w Low $0.76
Dividend Yield 0%
P/E -8.88
Volume 4.33M
Outstanding Shares 337.57M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.566B ▲ $44.3M ▼ $400K ▲ 0.026% ▲ $0.009 ▲ $8.4M ▲
Q2-2025 $951.982M ▼ $57.139M ▼ $-43.16M ▲ -4.534% ▲ $-0.901 ▼ $-38.211M ▲
Q1-2025 $1.222B ▼ $421.4M ▲ $-188.1M ▼ -15.388% ▼ $-0.564 ▼ $-123.736M ▼
Q4-2024 $1.941B ▲ $59.73M ▼ $62.846K ▲ 0.003% ▲ $-0.11 ▲ $7.867M ▲
Q3-2024 $1.425B $79.261M $-46.404M -3.256% $-0.948 $-44.351M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $497.639M ▲ $3.612B ▲ $5.7B ▲ $-2.08B ▼
Q2-2025 $119.6M ▼ $495.2M ▼ $790.4M ▼ $-296.3M ▲
Q1-2025 $971.1M ▲ $4.241B ▲ $5.907B ▲ $-1.672B ▲
Q4-2024 $454.561M ▼ $3.771B ▼ $5.516B ▲ $-1.76B ▼
Q3-2024 $769.2M $3.805B $5.505B $-1.718B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $2.848M ▲ $0 $0 $0 $0 $0
Q2-2025 $-308.048M ▼ $0 $0 $0 $0 $0
Q1-2025 $-188.1M ▼ $0 $0 $0 $0 $0
Q4-2024 $-36.3M ▲ $0 $0 $0 $0 $0
Q3-2024 $-325.4M $0 $0 $0 $0 $0

Five-Year Company Overview

Income Statement

Income Statement Revenue has been climbing steadily each year, showing that ECARX is gaining commercial traction and winning more business in smart-vehicle technology. However, the company is still clearly in an investment phase: operating profit and net income remain meaningfully negative, and losses have persisted over several years. Gross profit has grown much more slowly than revenue, which suggests pricing pressure, high hardware and software development costs, or both. The direction of travel is mildly positive, with operating losses narrowing versus the most difficult years, but the business is still far from generating consistent accounting profits and per‑share results remain firmly in the red.

Balance Sheet

Balance Sheet The balance sheet tells a story of a young, capital‑hungry technology company. Total assets are sizable, but cash has trended down while debt has moved up, increasing reliance on borrowing rather than internally generated funds. Shareholders’ equity is negative, which means past losses and financing structure have eroded the company’s accounting net worth. This does not automatically imply distress, but it does indicate a thin capital cushion and leaves less room for error if growth slows or funding conditions tighten. Overall, leverage is high and financial flexibility is more limited than for a mature, consistently profitable peer.

Cash Flow

Cash Flow Cash flow from operations has been negative for multiple years, reflecting ongoing operating losses and heavy spending to build out technology and customer relationships. Free cash flow is also negative, though the gap has improved recently as the company has moderated its cash burn and kept capital spending relatively modest. The trend from 2023 to 2024 shows better discipline and a smaller cash outflow, but ECARX still depends on external capital—debt or equity—to fund its growth and research programs. Sustained progress toward positive operating cash flow will be a key marker of a more self‑funding, durable business model.

Competitive Edge

Competitive Edge ECARX is positioning itself as a core technology supplier for the shift to software‑defined and intelligent vehicles. Its main edge today comes from a tightly linked relationship with Geely and its family of global brands, giving ECARX a large embedded base of vehicles, scale, and a steady pipeline of programs. The company’s full‑stack offering—from chips and computing platforms to software and interfaces—helps automakers simplify sourcing and integration, which can be a strong selling point. At the same time, the firm operates in an intensely competitive arena with global chipmakers, Tier‑1 suppliers, and specialized software players all targeting similar budgets. Customer concentration around the Geely ecosystem is a strategic strength but also a risk if diversification to other automakers progresses more slowly than planned.

Innovation and R&D

Innovation and R&D Innovation is clearly the centerpiece of ECARX’s strategy. The company is investing heavily in its own automotive chips, central computing platforms, advanced driver‑assistance systems, and AI‑driven in‑car experiences. Solutions like the Antora and Skyland product lines, the Cloudpeak software stack, and AI‑powered interfaces show a deliberate push to control key technology layers rather than just providing isolated components. Partnerships with large industry names and expansion into areas like robotics further underline an ambition to be a long‑term platform player, not just a niche supplier. The flip side is that this level of R&D intensity is expensive and contributes to current losses; success will depend on scaling these platforms across many vehicle programs and geographies to earn a good return on that spending.

Summary

Overall, ECARX looks like a high‑growth, high‑investment automotive technology platform that is still in the build‑out phase. The company is winning more business and deepening its role in next‑generation vehicles, but profitability, cash generation, and balance‑sheet strength have not yet caught up with its strategic ambitions. Its tight integration with Geely and expanding international partnerships provide a strong launchpad, while its in‑house chip and software capabilities could support a durable competitive edge if they reach scale. The main watchpoints are the pace of improvement in margins and cash flow, the company’s ability to broaden its customer base beyond its core partner, and how it manages funding needs given negative equity and continued cash burn. If execution goes well, the financial profile could shift meaningfully; if not, the current capital structure and industry competitiveness may pose challenges.

NEWS

November 13, 2025 · 7:00 AM UTC

ECARX Deepens Partnership with Volkswagen Group to Supply Digital Cockpit Solutions for Multiple Vehicle Models in Latin America

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November 3, 2025 · 7:00 AM UTC

ECARX Announces Third Quarter 2025 Unaudited Financial Results

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October 31, 2025 · 4:10 PM UTC

ECARX Secured up to $150 Million to Advance Strategic Growth Initiatives and Strengthen Liquidity

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October 31, 2025 · 4:05 PM UTC

ECARX Announces Board Change

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October 24, 2025 · 7:00 AM UTC

ECARX Antora® and Cloupeak® Solutions Expand into UK with Launch of Geely EX5

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