ECARX (ECX) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue reached $155.6 million, down 10% year-over-year, with over 9.3 million vehicles equipped globally and 532,000 units shipped in the quarter.

• Operating expenses declined 20% year-over-year to $57.2 million, reflecting efficiency improvements and a leaner strategy.

• Antora® series shipments surged 112% year-over-year to 135,000 units, driving growth in flagship and best-selling models.

• Expanded partnerships and project wins, including major international contracts and recognition such as Volkswagen Brazil's Technical Development and Innovation Award.

• Opened new global headquarters in Singapore to support global expansion, R&D, and supply chain optimization.

Financial highlights

• Q2 2025 total revenue: $155.6 million, with sales of goods at $131.2 million (up 1% year-over-year), software license revenue at $1.2 million (down 85%), and service revenue at $23.2 million (down 34%).

• Gross profit was $16.8 million, down 58% year-over-year; gross margin declined to 11% due to pricing initiatives and lower software/service mix.

• Adjusted EBITDA loss was $29.7 million, slightly higher than the $28.7 million loss in Q2 2024.

• Net loss for Q2 2025 was $(45.4) million, with a net margin of (29%).

• Cash and restricted cash stood at $99.2 million at quarter-end.

Outlook and guidance

• Full-year 2025 revenue expected to grow close to 20% year-over-year, with volume guidance of 2.5–2.6 million vehicles and several significant vehicle programs scheduled for SOP in the second half.

• On track to achieve adjusted EBITDA breakeven in each of the remaining quarters and for the full year 2025.

• Management highlights ongoing international expansion and a change in reporting currency to USD for improved comparability.