ECARX (ECX) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached $168.5 million, up 30% year-over-year, with gross profit of $33.5 million and a gross margin of 20%.

• Products are now in over 8.7 million vehicles as of March 31, 2025, serving 18 OEMs across 28 vehicle brands.

• Major launches included integration of Antora 1000 Pro, Cloudpeak, and Venado platforms in FAW Hongqi and Geely Galaxy vehicles.

• Operating loss narrowed by 30% year-over-year, reflecting improved operational efficiency and cost optimization.

• Raised $45 million through a public offering to support global expansion.

Financial highlights

• Total revenue grew 30% year-over-year to RMB 1.2 billion ($168.5 million).

• Gross profit rose 19% year-over-year to RMB 243 million ($33.5 million), with gross margin at 20%.

• Adjusted EBITDA loss improved to RMB 105 million ($14.4 million) from RMB 224 million year-over-year.

• Net loss narrowed to RMB 197 million ($27.0 million) from RMB 304 million last year.

• Cash and restricted cash at quarter-end was RMB 933 million ($128.6 million), bolstered by a $45 million capital raise.

Outlook and guidance

• Management expects continued growth and industry leadership, leveraging innovation and global expansion to capture opportunities in the transition to software-defined, intelligent vehicles.

• Confident in capturing future opportunities with a strong project pipeline and innovative solutions.

• Focused on expanding customer base, improving cost structure, and driving operational efficiency for long-term sustainability.

• Expecting continued shipment growth and global expansion, with U.S. market engagement ramping up late 2025 into 2026.