ECARX Announces Second Quarter 2026 Unaudited Financial Results
LONDON, Aug. 11, 2026 /PRNewswire/ -- ECARX Holdings Inc. (Nasdaq: ECX) ("ECARX" or the "Company"), a leading global automotive intelligence company, today announced unaudited financial results for the quarter ended June 30, 2026.
Ziyu Shen, ECARX CEO, commented, "Despite a challenging automotive backdrop, ECARX delivered a strong second quarter in both financial and strategic terms. Q2 saw year-on-year revenue growth of 45%, operating and R&D costs down, a near doubling of gross margin, a reduction in net loss, and our fourth consecutive quarter of positive adjusted EBITDA. Our decision in Q2 last year to shift to higher value products saw shipments of our next-generation Antora® and Pikes® products rise 52% and over 2,000% year-on-year, respectively. This strategic shift, and the successful balancing of increased memory costs with our customers, allowed us to significantly increase revenue despite broadly flat shipments reflecting the challenging backdrop. Our lean operating framework allowed us to translate this revenue growth into sustained profitability at the adjusted EBITDA level: overall operating costs were down despite higher revenue, and we were able to implement R&D cost savings due to operational efficiencies and the deployment of AI technologies.
Strategically, we continue to capture high value opportunities across the global auto industry. We announced the agreement to acquire the Flyme software business which will allow us to fully control the software layer in our products. We also announced a strategic partnership with TPK Holdings to develop the ORCA LiDAR platform, which will add further capability to our product offering. Our progress on the industrialization of our program with Volkswagen continues well, and last month we were honored with Volkswagen Brazil's Partnership Connectivity Award, which celebrated our leading digital cockpit and vehicle technologies.
We are entering a period of growth for ECARX as we continue to develop our full-stack auto-technology capabilities to position the Company for sustained value creation in the near- and long-term, and define the next generation of intelligent vehicles."
Second Quarter 2026 Financial Results:
Recent Business Development Highlights and Updates:
Expanding Global Footprint and Automaker Partnerships
Deepening Innovation-Driven R&D Ecosystem
Strengthening the Balance Sheet
Technological Advancements and Product Launches
# # #
Conference Call and Webcast Details
ECARX will host a webcast of its earnings conference call today, Tuesday, August 11, 2026, 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/46rah66v.
To join the earnings call by telephone, participants must preregister at https://register-conf.media-server.com/register/BIe8abcb76ec1e4761a1002346ff30cd05 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), headquartered in London, is a leading global automotive intelligence company. ECARX provides the intelligent brain that powers the next generation of software-defined and AI defined vehicles. The company delivers end-to-end, full-stack solutions spanning advanced system-on-chip hardware, high-performance central computing platforms, intelligent cockpit technology, Advanced Driver Assistance Systems, cloud connectivity and physical AI, alongside bespoke vehicle software and intelligent operating systems.
As automakers transition to software-first and AI-first vehicle architectures, ECARX empowers automakers to streamline integration, reduce systemic complexity and optimize long-term cost efficiency. ECARX's proven technology is deployed in around 12 million vehicles worldwide, and is currently partnered with 18 global automakers and 28 vehicle brands to shape the future of automotive intelligence.
Founded in 2017 and listed on Nasdaq in 2022, ECARX operates from 15 major international locations across Europe, the Americas and Asia, with a global team of over 1,400 employees.
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.
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.
ECARX Holdings Inc.
Unaudited Condensed Consolidated Balance Sheets
As of
December 31, 2025
As of
June 30, 2026
Millions, except otherwise noted
US$
US$
ASSETS
Current assets
Cash
87.1
156.2
Restricted cash
6.1
9.3
Short-term investments
31.2
46.7
Accounts receivable – third parties, net
14.8
38.4
Accounts receivable – related parties, net
185.5
209.7
Notes receivable
6.0
2.9
Inventories
62.3
126.2
Amounts due from related parties
53.7
45.8
Prepayments and other current assets
36.5
61.9
Total current assets
483.2
697.1
Non-current assets
Long-term investments
61.5
61.6
Property and equipment, net
26.7
32.4
Intangible assets, net
40.4
43.6
Operating lease right-of-use assets
16.8
13.7
Goodwill
3.7
3.8
Other non-current assets – third parties
30.2
43.4
Other non-current assets – related parties
—
90.4
Total non-current assets
179.3
288.9
Total assets
662.5
986.0
LIABILITIES
Current liabilities
Short-term borrowings
310.7
444.8
Accounts payable - third parties
192.8
251.4
Accounts payable - related parties
104.5
45.9
Notes payable
19.3
21.0
Amounts due to related parties
54.6
91.5
Contract liabilities, current - third parties
0.1
0.1
Contract liabilities, current - related parties
7.3
3.8
Operating lease liabilities - current
5.0
5.0
Convertible notes payable-current
38.8
24.7
Accrued expenses and other current liabilities
88.9
79.3
Income tax payable
1.0
1.0
Total current liabilities
823.0
968.5
Non-current liabilities
Long-term borrowings
5.6
111.8
Convertible notes payable, non-current
60.3
101.6
Operating lease liabilities, non-current
15.7
12.8
Warrant liabilities, non-current
1.1
1.0
Provisions
17.8
18.5
Other non-current liabilities - third parties
20.7
21.2
Deferred tax liabilities
1.7
1.7
Total non-current liabilities
122.9
268.6
Total liabilities
945.9
1,237.1
Mezzanine equity
Redeemable non-controlling interests
—
14.8
Total mezzanine equity
—
14.8
SHAREHOLDERS' DEFICIT
Ordinary shares
—
—
Additional paid-in capital
958.1
1,019.5
Treasury shares, at cost
(30.0)
(39.9)
Accumulated deficit
(1,190.5)
(1,213.3)
Accumulated other comprehensive loss
(20.2)
(31.1)
Total deficit attributable to ordinary shareholders
(282.6)
(264.8)
Noncontrolling interests
(0.8)
(1.1)
Total shareholders' deficit
(283.4)
(265.9)
Liabilities and shareholders' deficit
662.5
986.0
ECARX Holdings Inc.
Unaudited Condensed Consolidated Statements of Comprehensive Loss
Six Months Ended
June 30
Three Months Ended
June 30
2025
2026
2025
2026
Millions, except share data and per share data, or otherwise noted
US$
US$
US$
US$
Revenue
Sales of goods revenue
251.9
310.2
131.2
196.4
Software license revenue
26.8
2.3
1.2
0.7
Service revenue
44.6
44.2
23.2
28.1
Total revenue
323.3
356.7
155.6
225.2
Cost of goods sold
(226.9)
(264.5)
(117.6)
(167.0)
Cost of software licenses
(16.5)
(1.4)
(2.2)
(0.7)
Cost of services
(29.9)
(18.1)
(19.0)
(13.0)
Total cost of revenue
(273.3)
(284.0)
(138.8)
(180.7)
Gross profit
50.0
72.7
16.8
44.5
Research and development expenses
(68.3)
(52.6)
(33.8)
(29.1)
Selling, general and administrative expenses and others, net
(46.8)
(39.3)
(23.4)
(21.6)
Total operating expenses
(115.1)
(91.9)
(57.2)
(50.7)
Loss from operation
(65.1)
(19.2)
(40.4)
(6.2)
Interest income
1.6
2.5
0.9
1.3
Interest expense
(10.2)
(18.0)
(5.5)
(8.3)
Share of results of equity method investments
0.1
14.2
—
—
Others, net
3.1
(1.5)
1.4
1.1
Loss before income taxes
(70.5)
(22.0)
(43.6)
(12.1)
Income tax expense
(2.1)
(1.0)
(1.8)
0.1
Net loss
(72.6)
(23.0)
(45.4)
(12.0)
Net loss attributable to nonredeemable noncontrolling interests
3.6
0.3
2.4
(0.1)
Net loss attributable to redeemable noncontrolling interests
—
1.7
—
1.7
Net loss attributable to ECARX Holdings Inc.
(69.0)
(21.0)
(43.0)
(10.4)
Accretion of redeemable noncontrolling interests
—
(1.8)
—
(1.8)
Net loss attributable to ECARX Holdings Inc. ordinary shareholders
(69.0)
(22.8)
(43.0)
(12.2)
Net loss
(72.6)
(23.0)
(45.4)
(12.0)
Other comprehensive loss:
Fair value change of available-for-sale debt investment, net of nil income
taxes
—
(2.8)
—
(2.1)
Foreign currency translation adjustments, net of nil income taxes
(5.2)
(8.1)
(3.9)
(4.1)
Comprehensive loss
(77.8)
(33.9)
(49.3)
(18.2)
Comprehensive loss attributable to nonredeemable noncontrolling interests
3.6
0.3
2.4
(0.1)
Comprehensive loss attributable to redeemable noncontrolling interests
—
1.7
—
1.7
Accretion of redeemable noncontrolling interests
—
(1.8)
—
(1.8)
Comprehensive loss attributable to ECARX Holdings Inc.
(74.2)
(33.7)
(46.9)
(18.4)
Loss per ordinary share
- Basic loss per share, ordinary shares
(0.20)
(0.06)
(0.13)
(0.03)
- Diluted loss per share, ordinary shares
(0.20)
(0.06)
(0.13)
(0.03)
Weighted average number of ordinary shares used in computing loss per
ordinary share
- Weighted average number of ordinary shares - Basic
337,210,153
368,244,708
341,773,717
372,314,747
- Weighted average number of ordinary shares - Diluted
337,210,153
368,244,708
341,773,717
372,314,747
Unaudited Reconciliation of GAAP and Non-GAAP Results
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.
Six Months Ended
June 30
Three Months Ended
June 30
2025
2026
2025
2026
Millions, except otherwise noted
US$
US$
US$
US$
Net Loss
(72.6)
(23.0)
(45.4)
(12.0)
Interest income
(1.6)
(2.5)
(0.9)
(1.3)
Interest expense
10.2
18.0
5.5
8.3
Income tax expense
2.1
1.0
1.8
(0.1)
Depreciation of property and equipment
3.5
3.8
1.7
2.0
Amortization of intangible assets
7.6
5.7
3.8
3.1
EBITDA
(50.8)
3.0
(33.5)
—
Share-based compensation expenses
6.5
1.5
3.7
0.5
Adjusted EBITDA
(44.3)
4.5
(29.8)
0.5
SOURCE ECARX Holdings Inc.