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ECARX Announces Fourth Quarter and Full Year 2024 Unaudited Financial Results

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ECARX Holdings (Nasdaq: ECX) reported strong Q4 and full year 2024 results, with total revenue reaching RMB5,561.3 million (US$761.9 million), up 18% year-over-year. The company achieved record-high total shipments of 2 million units in 2024, a 33% increase from 2023.

Q4 2024 highlights include:

  • Revenue of RMB1,940.7 million (US$265.9 million), up 4% YoY
  • Net loss significantly reduced to RMB39.5 million (US$5.3 million)
  • First-time positive Adjusted EBITDA of RMB74.4 million

Key developments include securing a nomination from Volkswagen Group for multiple vehicles, launching the first overseas model with Antora 1000 computing platform (Galaxy EX5), and expanding their global customer base to 18 automakers across 28 brands. The company expects to reach full-year breakeven in 2025 and has announced a US$20 million share repurchase program.

ECARX Holdings (Nasdaq: ECX) ha riportato risultati solidi per il quarto trimestre e per l'intero anno 2024, con un fatturato totale che ha raggiunto i RMB5.561,3 milioni (US$761,9 milioni), in aumento del 18% rispetto all'anno precedente. L'azienda ha raggiunto un record di spedizioni totali di 2 milioni di unità nel 2024, con un incremento del 33% rispetto al 2023.

I punti salienti del quarto trimestre 2024 includono:

  • Fatturato di RMB1.940,7 milioni (US$265,9 milioni), in aumento del 4% su base annua
  • Perdita netta significativamente ridotta a RMB39,5 milioni (US$5,3 milioni)
  • Primo EBITDA rettificato positivo di RMB74,4 milioni

Sviluppi chiave includono l'ottenimento di una nomination dal Volkswagen Group per più veicoli, il lancio del primo modello all'estero con la piattaforma di calcolo Antora 1000 (Galaxy EX5) e l'espansione della loro base clienti globale a 18 produttori di automobili in 28 marchi. L'azienda prevede di raggiungere il pareggio di bilancio per l'intero anno nel 2025 e ha annunciato un programma di riacquisto di azioni da 20 milioni di dollari.

ECARX Holdings (Nasdaq: ECX) reportó resultados sólidos para el cuarto trimestre y para todo el año 2024, con ingresos totales que alcanzaron los RMB5,561.3 millones (US$761.9 millones), un aumento del 18% interanual. La compañía logró un récord de envíos totales de 2 millones de unidades en 2024, un incremento del 33% en comparación con 2023.

Los aspectos destacados del cuarto trimestre de 2024 incluyen:

  • Ingresos de RMB1,940.7 millones (US$265.9 millones), un aumento del 4% interanual
  • Pérdida neta significativamente reducida a RMB39.5 millones (US$5.3 millones)
  • Primer EBITDA ajustado positivo de RMB74.4 millones

Desarrollos clave incluyen la obtención de una nominación del Volkswagen Group para múltiples vehículos, el lanzamiento del primer modelo en el extranjero con la plataforma de computación Antora 1000 (Galaxy EX5) y la expansión de su base de clientes global a 18 fabricantes de automóviles en 28 marcas. La empresa espera alcanzar el equilibrio financiero para todo el año en 2025 y ha anunciado un programa de recompra de acciones de 20 millones de dólares.

ECARX Holdings (Nasdaq: ECX)는 2024년 4분기 및 연간 실적을 발표하며 총 수익이 RMB5,561.3백만(미화 761.9백만 달러)에 달해 전년 대비 18% 증가했다고 보고했습니다. 회사는 2024년에 200만 대의 총 출하량을 기록하여 2023년 대비 33% 증가했습니다.

2024년 4분기 주요 내용은 다음과 같습니다:

  • 수익 RMB1,940.7백만(미화 265.9백만 달러), 전년 대비 4% 증가
  • 순손실이 RMB39.5백만(미화 5.3백만 달러)로 크게 감소
  • 첫 번째 긍정적인 조정 EBITDA RMB74.4백만

주요 개발 사항으로는 Volkswagen Group으로부터 여러 차량에 대한 지명을 확보하고, Antora 1000 컴퓨팅 플랫폼을 탑재한 첫 해외 모델(Galaxy EX5)을 출시하며, 28개 브랜드의 18개 자동차 제조업체로 글로벌 고객 기반을 확장한 것입니다. 회사는 2025년까지 연간 손익 분기점을 달성할 것으로 예상하며, 2천만 달러 규모의 자사주 매입 프로그램을 발표했습니다.

ECARX Holdings (Nasdaq: ECX) a annoncé des résultats solides pour le quatrième trimestre et l'année 2024, avec un chiffre d'affaires total atteignant 5 561,3 millions de RMB (761,9 millions de dollars américains), en hausse de 18 % par rapport à l'année précédente. L'entreprise a atteint un record de 2 millions d'unités expédiées en 2024, soit une augmentation de 33 % par rapport à 2023.

Les points forts du quatrième trimestre 2024 incluent:

  • Chiffre d'affaires de 1 940,7 millions de RMB (265,9 millions de dollars américains), en hausse de 4 % par rapport à l'année précédente
  • Perte nette considérablement réduite à 39,5 millions de RMB (5,3 millions de dollars américains)
  • Premier EBITDA ajusté positif de 74,4 millions de RMB

Les développements clés incluent l'obtention d'une nomination du Volkswagen Group pour plusieurs véhicules, le lancement du premier modèle à l'étranger avec la plateforme de calcul Antora 1000 (Galaxy EX5) et l'expansion de leur base de clients mondiale à 18 constructeurs automobiles dans 28 marques. L'entreprise s'attend à atteindre l'équilibre financier pour l'année 2025 et a annoncé un programme de rachat d'actions de 20 millions de dollars.

ECARX Holdings (Nasdaq: ECX) hat starke Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet, mit einem Gesamtumsatz von RMB5.561,3 Millionen (US$761,9 Millionen), was einem Anstieg von 18% im Vergleich zum Vorjahr entspricht. Das Unternehmen erreichte im Jahr 2024 einen Rekord von 2 Millionen ausgelieferten Einheiten, was einem Anstieg von 33% gegenüber 2023 entspricht.

Die Highlights des vierten Quartals 2024 umfassen:

  • Umsatz von RMB1.940,7 Millionen (US$265,9 Millionen), ein Anstieg von 4% im Vergleich zum Vorjahr
  • Nettoverlust deutlich auf RMB39,5 Millionen (US$5,3 Millionen) reduziert
  • Erstes positives bereinigtes EBITDA von RMB74,4 Millionen

Wichtige Entwicklungen umfassen die Nominierung durch die Volkswagen Group für mehrere Fahrzeuge, die Einführung des ersten Modells im Ausland mit der Antora 1000-Computing-Plattform (Galaxy EX5) und die Erweiterung ihrer globalen Kundenbasis auf 18 Automobilhersteller in 28 Marken. Das Unternehmen erwartet, im Jahr 2025 den Break-even zu erreichen und hat ein Aktienrückkaufprogramm über 20 Millionen US-Dollar angekündigt.

Positive
  • Record shipments of 2 million units in 2024 (+33% YoY)
  • Revenue growth of 18% YoY to RMB5,561.3M
  • First-time positive Q4 Adjusted EBITDA of RMB74.4M
  • Significant reduction in Q4 net loss to RMB39.5M from RMB326.7M
  • Strategic win with Volkswagen Group expanding global reach
  • Operating expenses reduced through improved efficiencies
Negative
  • Full year net loss of RMB989.9M
  • Gross margin declined to 21% from 27% in 2023
  • Software license revenue down 31% YoY
  • Service revenue decreased 10% YoY
  • Low cash position of RMB367.4M requiring additional financing

Insights

ECARX's Q4 and FY 2024 results demonstrate a company in transition toward profitability, with significant progress despite ongoing challenges. The 18% year-over-year revenue growth to RMB5,561.3 million (US$761.9 million) signals strong market acceptance of their products. More importantly, the company achieved Q4 EBITDA breakeven with an adjusted EBITDA of RMB74.4 million (US$10.3 million), a substantial improvement from the RMB236.2 million loss in Q4 2023.

However, this growth comes with tradeoffs. The company's gross margin contracted significantly from 27% to 21% year-over-year, reflecting their "penetration pricing strategy" to capture market share. While this approach has successfully driven a 33% increase in shipments to a record 2 million units, it creates near-term profitability pressure. The full-year net loss of RMB989.9 million (US$135.6 million), while 3% better than 2023, remains substantial.

The cash position of RMB367.4 million (US$50.3 million) appears inadequate relative to the company's operational scale and ongoing cash burn, explaining their proactive pursuit of additional capital through their recently filed F-3 registration statement. This signaling of equity financing needs creates potential dilution risk for current shareholders while addressing a critical operational necessity.

The Volkswagen partnership represents a significant commercial validation but executing on this opportunity while managing the transition to profitability will require careful financial management. The projected full-year breakeven in 2025 provides a clear milestone for investors to evaluate management's execution capabilities in the coming year.

ECARX's strategic positioning in the software-defined vehicle (SDV) space is showing tangible market traction with their computing platforms gaining meaningful adoption. The record 2 million unit shipments in 2024 demonstrates strong product-market fit, particularly for their Antora and Makalu computing platforms. Their expansion to 18 automakers across 28 brands reduces dependency on their original Geely ecosystem and validates their technology's broader market appeal.

The Volkswagen Group nomination represents a breakthrough moment, marking ECARX's first major European OEM win and significantly extending their global footprint beyond Asia. This validates their ability to meet the stringent requirements of Western automotive manufacturers and opens pathways to the EMEA and Americas markets. The deployment timeframe (2027-2028) suggests this is for next-generation vehicle platforms rather than immediate model updates.

Their technology portfolio shows meaningful diversification beyond infotainment into higher-value ADAS capabilities, evidenced by the Skyland Pro ADAS solution integration into Geely's G-Pilot system. The ISO 26262 ASIL-D certification for their Cloudpeak hypervisor addresses a critical safety requirement for software platforms controlling vehicle functions. Their AutoGPT in-vehicle AI language model with DeepSeek integration demonstrates commitment to emerging technology trends that automakers increasingly value.

Production scalability appears solid with their Fuyang facility ramping to 60,000 Antora computing units monthly. However, the margin compression suggests intense competitive pressure in the global automotive tech supplier space. Their penetration pricing strategy indicates they're prioritizing market share acquisition over immediate profitability, a common approach for technology platforms seeking network effects and scale advantages in emerging markets.

SHANGHAI, March 11, 2025 (GLOBE NEWSWIRE) -- ECARX Holdings Inc. (Nasdaq: ECX) (“ECARX” or the “Company”), a global mobility tech provider, today announced unaudited financial results for the quarter and full year ended December 31, 2024.

Ziyu Shen, ECARX Chairman and CEO, commented, “2024 was a remarkable year for ECARX, marked by significant milestones and progress across our business. We continued to execute on our strategic vision, further strengthening the unique value proposition we offer global automakers who are seeking cutting-edge, cost-effective solutions to distinguish themselves from the competition. We are capitalizing on this growing demand with our innovative product portfolio, diverse customer base, and strategic global partnerships. This is clearly reflected in our strong performance for full year 2024, with revenue increasing 18% year-over-year and our operating loss consistently narrowing. As a result, we hit breakeven at EBITDA level during the fourth quarter, which strengthens our confidence in reaching full-year breakeven in 2025.”

“Total shipments reached a record high of 2 million last year, up 33% year-over-year, with over 700 thousand shipped during the fourth quarter alone. Growth during the quarter was driven by robust demand for multiple Geely models powered by our solutions. Geely recently launched Galaxy EX5, the first overseas model integrating the Antora 1000 computing platform and demonstrating our ability to deliver this solution for both the PRC and international markets. With the addition of Volkswagen Group, our global customer base has now expanded to 18 automakers across 28 brands. This project win is a milestone for us and our solutions, which will be deployed in vehicles across EMEA and the Americas, expanding our global reach and demonstrating to a broader audience how our full-stack solutions can be customized for deployment in different markets. Additionally, we integrated DeepSeek into our AutoGPT in-vehicle AI large language model during the quarter to further enhance the in-vehicle experience and keep our automaker partners at the forefront of a rapidly evolving technological landscape. As we look ahead, we remain optimistic about the opportunities presented by the rise of software-defined vehicles. The US$20 million share repurchase program we announced late last year underscores this optimism and reflects our commitment to delivering long-term value for our shareholders. We are also proactively exploring capital-raising opportunities, including through equity financing, to support our strategic objectives. As a part of this effort, we have recently filed a registration statement on Form F-3, allowing us to swiftly capitalize on favorable market conditions as they arise.”

Fourth Quarter 2024 Financial Results:

  • Total revenue was RMB1,940.7 million (US$265.9 million), up 4% year-over-year (“YoY”).
    • Sales of goods revenue was RMB1,524.9 million (US$208.9 million), up 16% YoY, the increase in sales revenue was mainly attributable to a RMB540 million increases in the sales volume of automotive computing platform products, primarily driven by an increase in the sales volume of Antora series and Makalu platform digital cockpits, offset by a RMB309 million decline from changes in the per unit price. Additionally, there was a RMB55 million increase from SoC core modules unit price changes, offset by RMB27 million and RMB46 million decline from decreased sales volume of SoC modules and automotive merchandise and other products, respectively.
    • Software license revenue was RMB90.2 million (US$12.4 million), down 3% YoY, primarily attributable to a decrease in the sales volume of navigation and operating software compared to the same period last year.
    • Service revenue was RMB325.6 million (US$44.6 million), down 31% YoY, principally as a result of a decrease in the total value of design and development contracts for automotive computing platforms completed during the fourth quarter compared to the same period last year.
  • Total cost of revenue was RMB1,529.8 million (US$209.5 million), up 6% YoY, primarily driven by an increase in the sales volume of automotive computing platform products, partially offset by a decrease resulting from reduced design and development activities relating to contracts for automotive computing platforms.
  • Gross profit was RMB410.9 million (US$56.4 million), down 4% YoY, which resulted in a gross margin of 21%. The decrease in gross margin was attributable to the penetration pricing strategy adopted to drive automotive computing platform revenue growth, and a shift in the overall revenue mix compared to the same period last year.
  • Research and development expenses were RMB342.1 million (US$46.9 million), down 28% YoY, primarily driven by improved R&D efficiencies and synergies through the reallocation and integration of research and development resources.
  • Selling, general and administrative expenses and others, net were RMB157.0 million (US$21.5 million), down 39% YoY, primarily attributable to improved global operating efficiencies and lower share-based compensation expenses incurred during the fourth quarter of 2024.
  • Net loss was RMB39.5 million (US$5.3 million) significantly down compared with RMB326.7 million during the same period last year, primarily attributable to the reduction in total operating expenses, as well as a gain of RMB130.0 million from partial sale of an equity investment.
  • Adjusted EBITDA (non-GAAP) gain was RMB74.4 million (US$10.3 million), compared with adjusted EBITDA (non-GAAP) loss of RMB236.2 million in the same period last year. For more information on the non-GAAP financial measure, please see “Non-GAAP Financial Measure” and the table captioned “Unaudited Reconciliation of GAAP and Non-GAAP Results.”
  • Total cash as of December 31, 2024 was RMB367.4 million (US$50.3 million) including RMB43.4 million of restricted cash.

Full Year 2024 Financial Results:

  • Total revenue was RMB5,561.3 million (US$761.9 million), up 18% compared to RMB4,699.6 million in 2023.
    • Sales of goods revenue was RMB4,405.5 million (US$603.6 million), up 33% compared to RMB3,311.5 million in 2023, the increase in sales revenue was primarily due to a RMB1,358 million increase in the sales volume of automotive computing platform products, primarily driven by an increase in the sales volume of digital cockpits with Geely Auto and Geely ecosystem brand-penetration, and the ramping up of autonomous driving control unit (ADCU) sales volume, partially offset by a RMB224 million decrease from changes in the per unit price. Additionally, there was a RMB132 million increase from SoC core modules unit price changes, offset by a RMB96 million and RMB75 million decline from decreased sales volume of SoC modules and automotive merchandise and other products, respectively.
    • Software license revenue was RMB306.0 million (US$41.9 million), down 31% compared to RMB444.8 million in 2023, primarily driven by a decrease in the sales volume of navigation and operating software and a decrease in intellectual property license revenue.
    • Service revenue was RMB849.8 million (US$116.4 million), down 10% compared to RMB943.3 million in 2023, principally as a result of a decrease in the total value of design and development contracts for automotive computing platforms completed during the year.
  • Total cost of revenue was RMB4,407.1 million (US$603.8 million), up 29% compared to RMB3,427.0 million in 2023, primarily driven by an increase in sales volume of automotive computing platform products. The increased sales volume contributed to the increase in the cost of goods sold. The decrease in cost of services was mainly impacted by the decrease in service revenue.
  • Gross profit was RMB1,154.2 million (US$158.1 million), down 9% compared to RMB1,272.6 million in 2023, representing a gross margin of 21% (compared to 27% in 2023).
  • Research and development expenses were RMB1,259.7 million (US$172.6 million), down 0.4% compared to RMB1,264.3 million   in 2023.
  • Selling, general and administrative expenses and others, net were RMB776.7 million (US$106.4 million), down 16% compared to RMB926.1 million in 2023, primarily driven by improved global operating efficiencies and lower share-based compensation expenses incurred during the year.
  • Net loss of RMB989.9 million (US$135.6 million), down 3% compared to RMB1,015.6 million in 2023, primarily attributable to the reduction in total operating expenses and the gain from partial sale of an equity investment during 2024, partially offset by the decrease in gross margin attributable to the penetration pricing strategy implemented to stimulate revenue growth, as well as an increase in interest expense.
  • Adjusted EBITDA (non-GAAP) loss of RMB591.6 million (US$81.0 million), a 17% improvement from Adjusted EBITDA (non-GAAP) loss of RMB710.6 million in 2023.

Fourth Quarter 2024 and Recent Business Highlights:

  • Expanding Global Footprint and International Partnerships
    • Over 8.1 million vehicles on the road incorporating ECARX technology as of December 31, 2024.
    • Total shipments reached a record high of 2 million units in 2024, an increase of 33% from 2023.
    • Nomination awarded from Volkswagen Group for multiple vehicles under the Volkswagen and Skoda brands through its Global Entry Infotainment initiative set to launch internationally throughout 2027 to 2028.
    • Secured 3 new design wins, with two deploying the Galena computing platform and one deploying the Makalu computing platform.
    • Fuyang smart production facility continues to ramp up capacity, with 60,000 Antora computing platform units produced in December 2024.
  • Technological Advancements and Product Updates
    • Galaxy EX5, the overseas version of the Galaxy E5 in China, was launched by Geely in early 2025, being the first overseas vehicle to deploy the Antora 1000 computing platform.
    • ECARX Skyland Pro ADAS solution has been integrated into Geely’s G-Pilot unified intelligent driving system, which was recently launched in Galaxy E8 and Xingyao 8.
    • Hongqi Tiangong 05 was launched in February 2025, deploying the first intelligent cockpit jointly-developed under the Company’s strategic partnership with FAW Group.
    • Lynk & Co Z10 STARBUFF was launched in November 2024, integrating the Makalu computing platform and providing users with an immersive gaming experience to play triple-A games on the go.
    • Spotlighted the power and versatility of innovative ECARX solutions including the AutoGPT in-vehicle AI large language model application that was later integrated with DeepSeek, ADAS technologies, and the Galena, Antora and Makalu computing platforms at CES 2025.
    • ECARX Cloudpeak hypervisor, a core component of the Cloudpeak software stack, received ISO 26262 ASIL-D certification in January 2025.
    • Showcased the Skyland Pro ADAS solution at AutoSens China in November 2024, demonstrating how it empowers automakers with high-performance, cost-effective intelligent driving solutions.
    • Represented the auto sector at the Saudi Arabia National Quality Conference in November 2024 and received the SASO Award for contributions to generative AI quality assurance, a reflection of the impact that AutoGPT is having on the industry.

This press release contains certain forecast or projection which represents the current and preliminary view of the Company's management and is therefore subject to changes and uncertainties. See "Forward-Looking Statements."

Conference Call and Webcast Details
ECARX will host a webcast of its earnings conference call today, Tuesday, March 11, 2025, at 8:00 a.m. EDT. To access the webcast, visit the News and Events section of the ECARX Investor Relations website, or visit the following link – https://edge.media-server.com/mmc/p/tgipb3eh/

To join the earnings call by telephone, participants must preregister at https://register.vevent.com/register/BI51738b8779204a96a1141940c6d84988.

A replay of the webcast and presentation materials will be available on the Company’s Investor Relations website under the results and reports section following the event.

About ECARX

ECARX (Nasdaq: ECX) is a global automotive technology provider with capabilities to deliver turnkey solutions for next-generation smart vehicles, from the system on a chip (SoC), to central computing platforms, and software. As automakers develop new electric vehicle architectures from the ground up, ECARX is developing full-stack solutions to enhance the user experience, while reducing complexity and cost.

Founded in 2017 and listed on the Nasdaq in 2022, ECARX now has over 1,900 employees based in 12 major locations in China, UK, USA, Sweden, Germany and Malaysia. The co-founders are two automotive entrepreneurs, Chairman and CEO Ziyu Shen, and Eric Li (Li Shufu), who is also the founder and chairman of Zhejiang Geely Holding Group — with ownership interests in global brands including Lotus, Lynk & Co, Geely Galaxy, Polestar, smart, and Volvo Cars. ECARX also works with other well-known automakers, including Volkswagen Group, FAW and Dongfeng Peugeot-Citroën. To date, ECARX products can be found in over 8.1 million vehicles worldwide.

Forward-Looking Statements

This release contains statements that are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management’s beliefs and expectations as well as on assumptions made by and data currently available to management, appear in a number of places throughout this document and include statements regarding, amongst other things, results of operations, financial condition, liquidity, prospects, growth, strategies, and the industry in which we operate. The use of words “expects,” “intends,” “anticipates,” “estimates,” “predicts,” “believes,” “should,” “potential,” “may,” “preliminary,” “forecast,” “objective,” “plan,” or “target,” and other similar expressions are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to a number of risks and uncertainties that could cause actual results to differ materially, including, but not limited to statements regarding our intentions, beliefs, or current expectations concerning, among other things, results of operations, financial condition, liquidity, prospects, growth, strategies, future market conditions or economic performance and developments in the capital and credit markets and expected future financial performance, and the markets in which we operate.

For a discussion of these and other risks and uncertainties that could cause actual results to differ materially from those expressed in any forward-looking statement, see ECARX’s filings with the U.S. Securities and Exchange Commission. ECARX undertakes no obligation to update or revise forward-looking statements to reflect subsequent events or circumstances, except as required by applicable law.

Translation of results into U.S. dollars

This announcement contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) at a specified rate solely for the convenience of the reader. Unless otherwise noted, the translation of RMB into US$ has been made at RMB7.2993 to US$1.00, the noon buying rate in effect on December 31, 2024 as set forth in the H.10 Statistical Release of The Board of Governors of the Federal Reserve System. We make no representation that any Renminbi or U.S. dollar amounts could have been, or could be, converted into U.S. dollars or Renminbi, as the case may be, at any particular rate, or at all.

Non-GAAP Financial Measure

The Company uses adjusted EBITDA (non-GAAP) in evaluating its operating results and for financial and operational decision-making purposes. Adjusted EBITDA is defined as net loss excluding interest income, interest expense, income tax expense, depreciation of property and equipment, amortization of intangible assets, and share-based compensation expenses.

The Company presents this non-GAAP financial measure because it is used by the management to evaluate the Company’s operating performance and formulate business plans. The Company believes that the non-GAAP measure helps identify underlying trends in its business that could otherwise be distorted by the effects of certain expenses that are included in net loss. The Company also believes that the use of the non-GAAP measure facilitates investors’ assessment of its operating performance.

Adjusted EBITDA (non-GAAP) should not be considered in isolation or construed as alternatives to net loss or any other measures of performance or as indicators of the Company’s operating performance. Investors are encouraged to compare the Company’s historical adjusted EBITDA (non-GAAP) to the most directly comparable GAAP measure, net loss. Adjusted EBITDA (non-GAAP) presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. The Company encourages investors and others to review the financial information in its entirety and not rely on a single financial measure.

For more information on the non-GAAP financial measure, please see the table captioned “Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this press release.

Investor Contacts:
Rene Du
ir@ecarxgroup.com

Media Contacts:
ecarx@christensencomms.com

ECARX Holdings Inc.
Unaudited Condensed Consolidated Balance Sheets

    
 As of
December 31, 2023
 As of
December 31, 2024
Millions, except otherwise notedRMB RMB USD
ASSETS     
Current assets     
Cash571.8 324.0 44.4
Restricted cash27.1 43.4 5.9
Short-term investments137.9 130.5 17.9
Accounts receivable – third parties, net285.8 221.1 30.3
Accounts receivable – related parties, net1,572.7 1,373.8 188.2
Notes receivable54.6 16.8 2.3
Inventories160.8 233.9 32.0
Amounts due from related parties74.1 35.4 4.8
Prepayments and other current assets443.6 452.5 62.1
Total current assets3,328.4 2,831.4 387.9
      
Non-current assets     
Long-term investments301.0 15.8 2.2
Operating lease right-of-use assets125.2 132.7 18.2
Property and equipment, net120.8 160.3 22.0
Intangible assets, net179.3 309.8 42.4
Goodwill 25.7 3.5
Other non-current assets – third parties28.2 28.3 3.9
Other non-current assets – related parties224.3 267.3 36.6
Total non-current assets978.8 939.9 128.8
Total assets4,307.2 3,771.3 516.7
      
LIABILITIES     
Current liabilities     
Short-term borrowings1,200.0 1,360.0 186.3
Accounts payable - third parties1,820.7 1,617.4 221.6
Accounts payable - related parties312.8 512.6 70.2
Notes payable10.0 142.0 19.5
Amounts due to related parties35.7 177.9 24.4
Contract liabilities, current - third parties0.6 6.4 0.9
Contract liabilities, current - related parties207.0 150.5 20.6
Operating lease liabilities, current35.1 40.9 5.6
Convertible notes payable - current 470.6 64.5
Accrued expenses and other current liabilities614.5 626.6 85.8
Income tax payable15.8 20.4 2.8
Total current liabilities4,252.2 5,125.3 702.2
Non-current liabilities     
Contract liabilities, non-current - related parties134.0 37.3 5.1
Convertible notes payable, non-current455.7  
Operating lease liabilities, non-current107.6 121.4 16.6
Warrant liabilities, non-current5.1 8.8 1.2
Provisions90.9 110.1 15.1
Other non-current liabilities - third parties48.8 98.0 13.4
Other non-current liabilities - related parties44.5  
Deferred tax liabilities 15.2 2.1
Total non-current liabilities886.6 390.8 53.5
Total liabilities5,138.8 5,516.1 755.7
      
SHAREHOLDERS' DEFICIT     
Ordinary Shares  
Additional paid-in capital6,096.7 6,214.3 851.4
Treasury Shares, at cost (7.4) (1.0)
Accumulated deficit(6,670.7) (7,603.0) (1,041.6)
Accumulated other comprehensive loss(344.6) (363.5) (49.8)
Total deficit attributable to ordinary shareholders(918.6) (1,759.6) (241.0)
Non-redeemable non-controlling interests87.0 14.8 2.0
Total shareholders' deficit(831.6) (1,744.8) (239.0)
Liabilities and shareholders' deficit4,307.2 3,771.3 516.7
      

ECARX Holdings Inc.
Unaudited Condensed Consolidated Statement of Comprehensive Loss

 Three Months Ended
December 31
 Full Year Ended
December 31
 2023 2024 2024 2023 2024 2024
Millions, except share data and per share data, or otherwise notedRMB RMB USD RMB RMB USD
Revenue           
Sales of goods revenue1,313.0 1,524.9 208.9 3,311.5 4,405.5 603.6
Software license revenue92.6 90.2 12.4 444.8 306.0 41.9
Service revenue468.8 325.6 44.6 943.3 849.8 116.4
Total revenue1,874.4 1,940.7 265.9 4,699.6 5,561.3 761.9
Cost of goods sold(1,167.6) (1,367.2) (187.3) (2,734.0) (3,874.8) (530.8)
Cost of software licenses(21.8) (50.7) (6.9) (120.3) (128.2) (17.6)
Cost of services(255.4) (111.9) (15.3) (572.7) (404.1) (55.4)
Total cost of revenue(1,444.8) (1,529.8) (209.5) (3,427.0) (4,407.1) (603.8)
Gross profit429.6 410.9 56.4 1,272.6 1,154.2 158.1
            
Research and development expenses(473.4) (342.1) (46.9) (1,264.3) (1,259.7) (172.6)
Selling, general and administrative expenses and others, net(257.1) (157.0) (21.5) (926.1) (776.7) (106.4)
Total operating expenses(730.5) (499.1) (68.4) (2,190.4) (2,036.4) (279.0)
Loss from operation(300.9) (88.2) (12.0) (917.8) (882.2) (120.9)
            
Interest income7.6 5.7 0.8 30.5 22.2 3.0
Interest expense(21.2) (60.4) (8.3) (79.3) (133.8) (18.3)
Share of results of equity method investments(7.4) 116.5 16.0 (43.1) 40.3 5.5
Foreign currency exchange gains/(losses)3.5 (4.0) (0.5) (10.6) (7.6) (1.0)
Others, net(12.2) (8.5) (1.2) 1.1 (27.3) (3.7)
Loss before income taxes(330.6) (38.9) (5.2) (1,019.2) (988.4) (135.4)
Income tax benefit/(expense)3.9 (0.6) (0.1) 3.6 (1.5) (0.2)
Net loss(326.7) (39.5) (5.3) (1,015.6) (989.9) (135.6)
Net loss attributable to non-controlling interests28.0 3.2 0.4 75.0 57.6 7.9
Net loss attributable to ECARX Holdings Inc. ordinary shareholders(298.7) (36.3) (4.9) (940.6) (932.3) (127.7)
Net loss(326.7) (39.5) (5.3) (1,015.6) (989.9) (135.6)
Other comprehensive loss:           
Foreign currency translation adjustments, net of nil income taxes16.1 (10.4) (1.4) 41.3 (18.9) (2.6)
Comprehensive loss(310.6) (49.9) (6.7) (974.3) (1,008.8) (138.2)
Comprehensive loss attributable to non-redeemable non-controlling interests28.0 3.2 0.4 75.0 57.6 7.9
Comprehensive loss attributable to ECARX Holdings Inc.(282.6) (46.7) (6.3) (899.3) (951.2) (130.3)
            
Loss per ordinary share           
— Basic and diluted loss per share, ordinary shares(0.89) (0.11) (0.01) (2.79) (2.77) (0.38)
Weighted average number of ordinary shares used in computing loss per ordinary share           
— Weighted average number of ordinary shares337,442,347 333,819,732   337,407,225 336,641,846  
            

Adjusted EBITDA

We use adjusted EBITDA in evaluating our operating results and for financial and operational decision-making purposes. Adjusted EBITDA is defined as net loss excluding interest income, interest expense, income tax expense, depreciation of property and equipment, amortization of intangible assets, and share-based compensation expenses.

Adjusted EBITDA should not be considered in isolation or construed as alternatives to net loss or any other measures of performance or as indicators of our operating performance. Investors are encouraged to compare our historical adjusted EBITDA to the most directly comparable GAAP measure, net loss. Adjusted EBITDA presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to our data. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure.

ECARX Holdings Inc.
Unaudited Reconciliation of GAAP and Non-GAAP Results

 Three Months Ended
December 31
 Full Year Ended
December 31
 2023 2024 2024 2023 2024 2024
Millions, except otherwise notedRMB RMB USD RMB RMB USD
Net Loss(326.7) (39.5) (5.3) (1,015.6) (989.9) (135.6)
Interest income(7.6) (5.7) (0.8) (30.5) (22.2) (3.0)
Interest expense21.2 60.4 8.3 79.3 133.8 18.3
Income tax (benefit)/expense(3.9) 0.6 0.1 (3.6) 1.5 0.2
Depreciation of property and equipment14.3 15.9 2.2 54.0 56.8 7.8
Amortization of intangible assets14.0 23.7 3.2 31.8 91.5 12.5
EBITDA(288.7) 55.4 7.7 (884.6) (728.5) (99.8)
Share-based compensation expenses52.5 19.0 2.6 174.0 136.9 18.8
Adjusted EBITDA(236.2) 74.4 10.3 (710.6) (591.6) (81.0)

FAQ

What were ECARX's (ECX) key financial achievements in Q4 2024?

ECX achieved Q4 revenue of RMB1,940.7M (+4% YoY), reduced net loss to RMB39.5M, and reached positive Adjusted EBITDA of RMB74.4M for the first time.

How many vehicle shipments did ECARX (ECX) achieve in 2024?

ECX reached record-high total shipments of 2 million units in 2024, representing a 33% increase from 2023.

What is the significance of ECARX's (ECX) Volkswagen Group partnership?

ECX secured nomination for multiple Volkswagen and Skoda vehicles through Global Entry Infotainment initiative, launching internationally in 2027-2028.

What are ECARX's (ECX) projections for profitability?

After reaching EBITDA breakeven in Q4 2024, ECX expects to achieve full-year breakeven in 2025.

How many automakers are currently using ECARX (ECX) technology?

ECX has expanded its customer base to 18 automakers across 28 brands, with over 8.1 million vehicles on road using their technology.
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