ECARX (ECX) Q3 2025 earnings summary

Executive summary

• Achieved first-ever quarterly net profit of $0.9 million in Q3 2025, reversing a $47.2 million loss from the same quarter last year, with EBITDA breakeven at $8.3 million.

• Revenue rose 11% year-over-year and 41% sequentially to $219.9 million, driven by strong demand, new product launches, and record Antora platform shipments.

• Shipments reached 667,000 units, up 51% year-over-year, with Antora series shipments at a record 196,000 units.

• Expanded global project pipeline and partnerships, securing new contracts with major automakers in China and Europe, and cumulative vehicles equipped with company technology reached 10 million.

• Serving 18 OEMs across 28 vehicle brands, with a major presence on three continents and ongoing international expansion.

Financial highlights

• Q3 2025 revenue was $219.9 million, up 11% year-over-year.

• Gross profit increased 39% year-over-year to $48 million, with gross margin improving to 22% from 17% last year.

• Operating expenses decreased 42% year-over-year to $44 million, with R&D expenses down 46% to $25.9 million and SG&A down 37% to $18.4 million.

• Adjusted EBITDA for Q3 was $8.3 million, a turnaround from a $32 million loss last year.

• Cash and restricted cash at quarter end: $50 million; cash and short-term investments totaled $286.8 million as of September 30, 2025.

Outlook and guidance

• Expecting Q4 to be a peak season with both volume and revenue reaching historical highs.

• Double-digit revenue growth targeted for 2025 and beyond, with profitability momentum expected to continue into 2026.

• Overseas revenue targeted to reach 30% by 2028 and 50% by 2030.

• Management expects improved comparability to peers due to the change in reporting currency to USD.

• Additional capital from up to $150 million in convertible notes will support international expansion and product innovation.