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ECARX Announces Third Quarter 2024 Unaudited Financial Results

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ECARX reported Q3 2024 financial results with total revenue of RMB1,425.3 million (US$203.1 million), up 31% YoY. Sales of goods revenue increased 61% YoY to RMB1,179.9 million, while software license and service revenue declined 39% and 26% YoY respectively. The company reported a gross margin of 17%, down from previous year due to penetration pricing strategy. Net loss widened to RMB340.0 million. Notable achievements include over 7.3 million vehicles incorporating ECARX technology, two new design wins, and products under development for over 40 vehicle models. The company expanded its product portfolio with launches of Antora 1000SPB and Pikes computing platforms.

ECARX ha riportato i risultati finanziari del terzo trimestre del 2024 con un fatturato totale di RMB 1.425,3 milioni (US$ 203,1 milioni), in aumento del 31% rispetto all'anno precedente. Le vendite di beni sono aumentate del 61% anno su anno, raggiungendo RMB 1.179,9 milioni, mentre i ricavi da licenze software e servizi sono diminuiti del 39% e del 26% rispettivamente. L'azienda ha registrato un margine lordo del 17%, in calo rispetto all'anno precedente a causa di una strategia di prezzi di penetrazione. La perdita netta è aumentata a RMB 340,0 milioni. Tra i risultati significativi si annoverano oltre 7,3 milioni di veicoli che incorporano la tecnologia ECARX, due nuovi contratti di design e prodotti attualmente in fase di sviluppo per oltre 40 modelli di veicoli. L'azienda ha ampliato il proprio portafoglio prodotti con il lancio delle piattaforme di calcolo Antora 1000SPB e Pikes.

ECARX reportó los resultados financieros del tercer trimestre de 2024 con ingresos totales de RMB 1.425,3 millones (US$ 203,1 millones), un aumento del 31% interanual. Los ingresos por ventas de bienes aumentaron un 61% interanual a RMB 1.179,9 millones, mientras que los ingresos por licencias de software y servicios disminuyeron un 39% y un 26% interanual respectivamente. La compañía reportó un margen bruto del 17%, una disminución con respecto al año anterior debido a una estrategia de precios de penetración. La pérdida neta se amplió a RMB 340,0 millones. Los logros notables incluyen más de 7,3 millones de vehículos que incorporan la tecnología ECARX, dos nuevos contratos de diseño y productos en desarrollo para más de 40 modelos de vehículos. La empresa amplió su cartera de productos con el lanzamiento de las plataformas de computación Antora 1000SPB y Pikes.

ECARX는 2024년 3분기 재무 결과를 보고하며 총 수익이 1,425.3억 위안(미화 2.031억 달러)으로 전년 대비 31% 증가했다고 밝혔습니다. 상품 판매 수익은 전년 대비 61% 증가하여 1,179.9억 위안에 달했으며, 소프트웨어 라이선스 및 서비스 수익은 각각 39% 및 26% 감소했습니다. 회사는 침투 가격 전략으로 인해 지난 해보다 감소한 17%의 총 마진을 보고했습니다. 순손실은 3억 4,000만 위안으로 확대되었습니다. 주요 성과로는 ECARX 기술을 장착한 730만 대 이상의 차량, 두 개의 새로운 디자인 수주, 40개 이상의 차량 모델을 위한 개발 중인 제품들이 포함됩니다. 회사는 Antora 1000SPB 및 Pikes 컴퓨팅 플랫폼을 출시하며 제품 포트폴리오를 확장했습니다.

ECARX a rendu compte des résultats financiers du troisième trimestre 2024, avec des revenus totaux de 1.425,3 millions RMB (203,1 millions USD), en hausse de 31 % par rapport à l'année précédente. Les revenus des ventes de biens ont augmenté de 61 % d'une année sur l'autre, atteignant 1.179,9 millions RMB, tandis que les revenus provenant des licences logicielles et des services ont respectivement diminué de 39 % et 26 %. L'entreprise a déclaré une marge brute de 17 %, en baisse par rapport à l'année précédente en raison d'une stratégie de tarification par pénétration. La perte nette s'est élargie à 340,0 millions RMB. Parmi les réalisations notables, on trouve plus de 7,3 millions de véhicules intégrant la technologie ECARX, deux nouvelles victoires en design et des produits en cours de développement pour plus de 40 modèles de véhicules. L'entreprise a élargi son portefeuille de produits avec les lancements des plateformes de computation Antora 1000SPB et Pikes.

ECARX hat die Finanz Ergebnisse für das dritte Quartal 2024 veröffentlicht, mit einem Gesamtumsatz von 1.425,3 Millionen RMB (203,1 Millionen US-Dollar), was einem Anstieg von 31% im Jahresvergleich entspricht. Der Umsatz aus dem Verkauf von Waren stieg um 61% im Jahresvergleich auf 1.179,9 Millionen RMB, während die Einnahmen aus Softwarelizenzen und Dienstleistungen um 39% und 26% im Jahresvergleich zurückgingen. Das Unternehmen meldete eine Bruttomarge von 17%, was im Vergleich zum Vorjahr gesunken ist, aufgrund einer Strategie der Durchdringungspreise. Der Nettoverlust weitete sich auf 340,0 Millionen RMB aus. Zu den bemerkenswerten Erfolgen gehören über 7,3 Millionen Fahrzeuge, die die ECARX-Technologie integrieren, zwei neue Designgewinne und Produkte, die für über 40 Fahrzeugmodelle in Entwicklung sind. Das Unternehmen erweiterte sein Produktportfolio mit der Einführung der Antora 1000SPB- und Pikes-Computing-Plattformen.

Positive
  • Total revenue increased 31% YoY to RMB1,425.3 million
  • Sales of goods revenue grew 61% YoY to RMB1,179.9 million
  • Vehicle integrations reached 442,000 units in Q3
  • Pipeline includes products for over 40 vehicle models under development
  • Antora series and Makalu platform contributed 23% and 11% to total goods revenue
Negative
  • Net loss increased to RMB340.0 million from RMB283.1 million YoY
  • Gross margin declined to 17% due to penetration pricing strategy
  • Software license revenue decreased 39% YoY
  • Service revenue fell 26% YoY
  • R&D expenses increased 11% YoY to RMB344.2 million

Insights

ECARX's Q3 results reveal a mixed performance with notable 31% YoY revenue growth to RMB1,425.3 million, driven by strong sales of digital cockpits and ADCU units. However, concerning trends emerge with gross margin compression to 17% due to penetration pricing strategies and a widening net loss of RMB340.0 million. The company's strategic focus on market share over profitability is evident in the 61% growth in hardware sales, though this comes at the cost of declining software and service revenues. Cash position of RMB688.4 million provides some runway, but continued losses and margin pressure warrant careful monitoring. The robust pipeline of 40+ vehicle models under development suggests strong future growth potential, but path to profitability remains unclear.

The technological diversification strategy shows promise with new products like Antora 1000SPB and Pikes computing platform. Integration of advanced features like AutoGPT and partnerships with MulticoreWare demonstrate strong R&D focus, evidenced by RMB344.2 million in R&D spending. The successful ramp-up of the Fuyang facility with 30,000 Antora units produced signals solid execution on manufacturing capabilities. The expansion into European markets through Lynk & Co and smart vehicle launches represents significant progress in global market penetration. However, the decline in software license revenue by 39% YoY raises concerns about the company's ability to transition from hardware-dependent revenue to higher-margin software sales.

SHANGHAI, Nov. 07, 2024 (GLOBE NEWSWIRE) -- ECARX Holdings Inc. (Nasdaq: ECX) (“ECARX” or the “Company”), a global mobility tech provider, today announced unaudited financial results for the quarter ended September 30, 2024.

Ziyu Shen, ECARX Chairman and CEO, commented, “The solid growth momentum we picked up in the first half of the year continued into the third quarter with the market continuing to yield significant opportunities for us despite global headwinds. Revenue increased by 31% year-over-year, with 442,000 vehicles incorporating ECARX technology hitting the road this quarter alone, underscoring our unique positioning to drive growth in China and overseas, regardless of market cycle. Our evolving product portfolio, diverse customer base, and global partnerships and operations are key factors that enable us to capitalize on these opportunities.”

“Competition remains fierce with ongoing pricing pressures, which caused gross margins to fall to 17% during the quarter. We have always focused on the long-term strategy of our business and believe this will only be temporary since we already implemented several initiatives to optimize our cost structure and improve margins. Our strategies have not changed, and we remain dedicated to these strategies with our top line continuing to outperform the broader market as we scale and build a path towards profitability. Our pipeline remains healthy and robust with products for over 40 vehicle models currently under development, a testament to the fact that our versatile technologies are being replicated at an accelerated pace and scale across various brands and models. Our expertise in commercializing and deploying these integrated vehicle solutions on a global scale allow us to lower costs and reduce go-to-market time for manufacturers around the world.”

Third Quarter 2024 Financial Results:

  • Total revenue was RMB1,425.3 million (US$203.1 million), up 31% year-over-year (“YoY”).
    • Sales of goods revenue was RMB1,179.9 million (US$168.1 million), up 61% YoY, primarily driven by continued growth in global demand, and an increase in the sales volume of Antora series and Makalu platform digital cockpits, and autonomous driving control units (ADCU), which contributed approximately 23% and 11% to the total revenue from sales of goods, respectively.
    • Software license revenue was RMB84.0 million (US$12.0 million), down 39% 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 RMB161.4 million (US$23.0 million), down 26% YoY, principally as a result of lower number and value of contracts completed during the third quarter of 2024 compared to the same period last year.
  • Total cost of revenue was RMB1,177.8 million (US$167.8 million), up 55% YoY, primarily driven by an increase in the sales volume of digital cockpits and ADCU.
  • Gross profit was RMB247.5 million (US$35.3 million), down 25% YoY, which resulted in a gross margin of 17%. The decrease in gross margin was attributable to the penetration pricing strategy adopted to drive automotive computing platform revenue growth, as well as change in the total revenue mix compared to the same period last year.
  • Research and development expenses were RMB344.2 million (US$49.0 million), up 11% YoY, primarily driven by ongoing investments in the Company’s core product roadmap and technologies.
  • Selling, general and administrative expenses and others, net were RMB211.6 million (US$30.2 million), down 19% YoY, primarily attributable to improved global operating efficiencies and lower share-based compensation expenses during the third quarter of 2024.
  • Net loss was RMB340.0 million (US$48.4 million), compared with RMB283.1 million during the same period last year, primarily attributable to lower gross margin generated with penetration pricing adoption and lower foreign currency exchange gain, partially offset by the decrease in total operating expenses and the change in fair value of derivative and equity security compared to the same period last year.
  • Adjusted EBITDA (non-GAAP) loss was RMB232.6 million (US$33.1 million), compared with adjusted EBITDA (non-GAAP) loss of RMB180.5 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 September 30, 2024 was RMB688.4 million (US$98.1 million) including RMB43.4 million of restricted cash.
  • During this quarter, the Company acquired a controlling financial interest in Hubei Dongjun Automotive Electronic Technology Co., Ltd (“Hubei Dongjun”). The Company previously held 49% equity in Hubei Dongjun. The remaining 51% equity was acquired for a cash consideration of RMB23.5 million.

Third Quarter 2024 and Recent Business Highlights:

  • Expanding Global Footprint and International Partnerships
    • Over 7.3 million vehicles on the road incorporating ECARX technology as of September 30, 2024.
    • Secured two new design wins from existing customers for the PRC market, both of which will integrate the Antora series computing platform and Flyme Auto operating system.
    • Healthy and robust pipeline with products for over 40 vehicle models under development.
    • Partnership with MulticoreWare to develop high-performance software for intelligent driving solutions.
    • The capacity of ECARX’s Fuyang facility, which started production in April 2024, has quickly ramped up with 30,000 Antora 1000 units produced and shipped for Galaxy E5 in August and September.
  • Technological Advancements and Product Updates
    • Added real-world rendering capabilities to ADCU solutions that are compatible with mainstream 3D engines including Unreal and Unity.
    • Deployment of ECARX AutoGPT - utilize Microsoft Smart Occupancy Monitoring system to track and monitor in-vehicle behavior of children to ensure safety.
    • Launched Antora 1000SPB, the latest iteration of Antora 1000 computing platform that integrates digital cockpit, parking and driving capabilities, all on one board.
    • Launched Pikes computing platform, powered by Qualcomm’s Snapdragon 8295 SoC, which is planned to be integrated into a new Geely model in 2025.
    • Debut of Lynk & Co 02, also known as Z20 in China, and integrated with the ECARX Galena computing platform, in Milan on October 11 and official launch in Europe.
    • Launch of smart #5 on October 27, smart’s first premium mid-size SUV integrated with the Makalu computing platform, powered by AMD Ryzen Embedded V2000 Series processors and ECARX in-house developed hypervisors.

Conference Call and Webcast Details
ECARX will host a webcast of its earnings conference call today, Thursday, November 7, 2024, at 8:00 a.m. EST. 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/5b6hmo8h

To join the earnings call by telephone, participants must preregister at https://register.vevent.com/register/BI2314bc9a73fe42728db36f96f5c3de3c to receive dial-in information.

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 1,800 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 FAW and Dongfeng Peugeot-Citroën. To date, ECARX products can be found in over 7.3 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 RMB7.0176 to US$1.00, the noon buying rate in effect on September 30, 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
September 30, 2024

Millions, except otherwise notedRMB RMB USD
ASSETS     
Current assets     
Cash571.8 645.0 91.9
Restricted cash27.1 43.4 6.2
Short-term investments137.9 124.2 17.7
Accounts receivable – third parties, net285.8 205.3 29.3
Accounts receivable – related parties, net1,572.7 1,123.3 160.1
Notes receivable54.6 35.5 5.1
Inventories160.8 237.2 33.8
Amounts due from related parties74.1 55.6 7.9
Prepayments and other current assets443.6 371.4 52.8
Total current assets3,328.4 2,840.9 404.8
      
Non-current assets     
Long-term investments301.0 37.7 5.4
Operating lease right-of-use assets125.2 144.7 20.6
Property and equipment, net120.8 165.9 23.6
Intangible assets, net179.3 288.3 41.1
Goodwill 25.7 3.7
Other non-current assets – third parties28.2 23.8 3.4
Other non-current assets – related parties224.3 277.6 39.6
Total non-current assets978.8 963.7 137.4
Total assets4,307.2 3,804.6 542.2
      
LIABILITIES     
Current liabilities     
Short-term borrowings1,200.0 1,607.1 229.0
Accounts payable - third parties1,820.7 1,384.7 197.3
Accounts payable - related parties312.8 367.6 52.4
Notes payable10.0 142.0 20.2
Amounts due to related parties35.7 384.3 54.8
Contract liabilities, current - related parties207.0 161.6 23.0
Current operating lease liabilities35.1 41.1 5.9
Accrued expenses and other current liabilities615.1 493.6 70.3
Income tax payable15.8 4.8 0.7
Total current liabilities4,252.2 4,586.8 653.6
Non-current liabilities     
Contract liabilities, non-current - related parties134.0 55.7 7.9
Convertible notes payable, non-current455.7 452.1 64.4
Operating lease liabilities, non-current107.6 131.8 18.8
Warrant liabilities, non-current5.1 3.4 0.5
Provisions90.9 97.3 13.9
Other non-current liabilities - third parties48.8 98.8 14.1
Other non-current liabilities - related parties44.5 47.1 6.7
Deferred tax liabilities 31.8 4.5
Total non-current liabilities886.6 918.0 130.8
Total liabilities5,138.8 5,504.8 784.4
      
SHAREHOLDERS' DEFICIT     
Ordinary Shares  
Additional paid-in capital6,096.7 6,201.6 883.7
Accumulated deficit(6,670.7) (7,566.7) (1,078.2)
Accumulated other comprehensive loss(344.6) (353.1) (50.3)
Total deficit attributable to ordinary shareholders(918.6) (1,718.2) (244.8)
Non-redeemable non-controlling interests87.0 18.0 2.6
Total shareholders' deficit(831.6) (1,700.2) (242.2)
Liabilities and shareholders' deficit4,307.2 3,804.6 542.2
      

 

ECARX Holdings Inc.
Unaudited Condensed Consolidated Statement of Comprehensive Loss
 
 
Nine Months Ended
September 30

Three Months Ended
September 30
 2023 2024 20242023 2024 2024
Millions, except otherwise notedRMB RMB USDRMB RMB USD
Revenue          
Sales of goods revenue1,998.5 2,880.6 410.5734.2 1,179.9 168.1
Software license revenue352.2 215.8 30.8136.6 84.0 12.0
Service revenue474.5 524.2 74.7217.8 161.4 23.0
Total revenue2,825.2 3,620.6 516.01,088.6 1,425.3 203.1
Cost of goods sold(1,566.4) (2,507.6) (357.3)(566.2) (1,074.6) (153.1)
Cost of software licenses(98.5) (77.5) (11.0)(61.3) (33.4) (4.8)
Cost of services(317.3) (292.2) (41.6)(131.6) (69.8) (9.9)
Total cost of revenue(1,982.2) (2,877.3) (409.9)(759.1) (1,177.8) (167.8)
Gross profit843.0 743.3 106.1329.5 247.5 35.3
           
Research and development expenses(790.9) (917.6) (130.8)(309.3) (344.2) (49.0)
Selling, general and administrative expenses and others, net(669.0) (619.7) (88.3)(260.6) (211.6) (30.2)
Total operating expenses(1,459.9) (1,537.3) (219.1)(569.9) (555.8) (79.2)
Loss from operation(616.9) (794.0) (113.0)(240.4) (308.3) (43.9)
           
Interest income22.9 16.5 2.45.0 5.3 0.8
Interest expense(58.1) (73.4) (10.5)(19.9) (27.9) (4.0)
Share of results of equity method investments(35.7) (76.2) (10.9)(10.3) (8.6) (1.2)
Foreign currency exchange (losses)/gains(14.1) (3.6) (0.5)20.6 0.9 0.1
Others, net13.3 (18.8) (2.7)(38.1) (0.3) 
Loss before income taxes(688.6) (949.5) (135.2)(283.1) (338.9) (48.2)
Income tax expense(0.3) (0.9) (0.1) (1.1) (0.2)
Net loss(688.9) (950.4) (135.3)(283.1) (340.0) (48.4)
Net loss attributable to non-controlling interests47.0 54.4 7.816.3 14.6 2.1
Net loss attributable to ECARX Holdings Inc. ordinary shareholders(641.9) (896.0) (127.5)(266.8) (325.4) (46.3)
Net loss(688.9) (950.4) (135.3)(283.1) (340.0) (48.4)
Other comprehensive loss:          
Foreign currency translation adjustments, net of nil income taxes25.2 (8.5) (1.2)(23.8) 5.0 0.7
Comprehensive loss(663.7) (958.9) (136.5)(306.9) (335.0) (47.7)
Comprehensive loss attributable to non-redeemable non-controlling interests47.0 54.4 7.816.3 14.6 2.1
Comprehensive loss attributable to ECARX Holdings Inc.(616.7) (904.5) (128.7)(290.6) (320.4) (45.6)
           
Loss per ordinary share          
  • Basic and diluted loss per share, ordinary shares
(1.90) (2.66) (0.38)(0.79) (0.97) (0.14)
Weighted average number of ordinary shares used in computing loss per ordinary share          
  • Weighted average number of ordinary shares
337,395,390 336,667,041  337,395,390 334,158,093  
           

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
 
 Nine Months Ended
September 30
Three Months Ended
September 30
 2023 2024 20242023 2024 2024
Millions, except otherwise notedRMB RMB USDRMB RMB USD
Net Loss(688.9) (950.4) (135.3)(283.1) (340.0) (48.4)
Interest income(22.9) (16.5) (2.4)(5.0) (5.3) (0.8)
Interest expense58.1 73.4 10.519.9 27.9 4.0
Income tax expense0.3 0.9 0.1 1.1 0.2
Depreciation of property and equipment39.7 40.9 5.812.6 13.6 1.9
Amortization of intangible assets17.8 67.8 9.75.8 23.1 3.3
EBITDA(595.9) (783.9) (111.6)(249.8) (279.6) (39.8)
Share-based compensation expenses121.5 117.9 16.869.3 47.0 6.7
Adjusted EBITDA(474.4) (666.0) (94.8)(180.5) (232.6) (33.1)

FAQ

What was ECARX (ECX) revenue growth in Q3 2024?

ECARX reported a 31% year-over-year revenue growth to RMB1,425.3 million (US$203.1 million) in Q3 2024.

How many vehicles incorporated ECARX (ECX) technology as of Q3 2024?

Over 7.3 million vehicles on the road incorporated ECARX technology as of September 30, 2024.

What was ECARX (ECX) gross margin in Q3 2024?

ECARX reported a gross margin of 17% in Q3 2024, declining due to penetration pricing strategy.

How many new vehicle models is ECARX (ECX) developing products for?

ECARX has products under development for over 40 vehicle models in its pipeline.

ECARX Holdings Inc.

NASDAQ:ECX

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562.73M
161.29M
62.92%
3.1%
0.06%
Auto Parts
Consumer Cyclical
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United States of America
Shanghai