ECARX Announces Audited 2025 Full-Year Financial Results

Q: What were ECARX (ECX) full-year 2025 revenue and growth?

ECARX reported full‑year 2025 revenue of $847.9 million , representing 10% year‑over‑year growth in total sales. According to the company, growth was driven by Antora platform shipments, higher computing platform sales, and expanded OEM partnerships, with overseas revenue at 28%.

Q: How did ECARX perform in Q4 2025 and was it profitable?

ECARX delivered record Q4 2025 revenue of $304.7 million and reported Q4 net income of $2.8 million . According to the company, Q3 and Q4 were consecutive profitable quarters and Q4 produced adjusted EBITDA of $21.6 million .

Q: How much did ECARX reduce its net loss in 2025 (ECX)?

ECARX narrowed its net loss by 50% to $68.9 million for 2025 compared with 2024. According to the company, the improvement resulted from operational cost optimization, improved scale in mass production, and higher-margin product mix.

Q: What shipment and product trends did ECARX report for 2025 (ECX)?

Antora DHU shipments rose to 647K in 2025 (+150%), and Venado module shipments reached 13.8M (+52%). According to the company, higher shipments of Antora, Venado and Pikes series drove expansion of higher-value revenue.

Q: How significant is ECARX's international revenue mix in 2025 (ECX)?

Overseas markets contributed 28% of ECARX's 2025 revenue, indicating material global traction outside China. According to the company, the backlog exceeded $2.5 billion , supported by deepened OEM collaborations in Europe, South America and Southeast Asia.

Q: What cost and margin changes did ECARX disclose for 2025 (ECX)?

ECARX reported a stable gross margin of 19% ; R&D fell 39% in Q4 and SG&A declined 14% for the year. According to the company, supply‑chain optimization and AI tools helped reduce costs while supporting margin expansion.

Rhea-AI Impact

(Moderate)

Rhea-AI Sentiment

(Very Positive)

Rhea-AI Summary

ECARX (Nasdaq: ECX) reported audited 2025 results with $847.9 million revenue (10% YoY) and $161.3 million gross profit at a 19% margin. Q4 revenue hit $304.7 million, producing Q4 net income of $2.8 million and adjusted EBITDA of $21.6 million.

Net loss narrowed to $68.9 million (50% improvement vs. 2024). Antora DHU shipments reached 647K (+150%), Venado shipments 13.8M (+52%), overseas revenue was 28%, and order backlog exceeded $2.5 billion. Cost cuts included R&D down 39% in Q4 and SG&A down 14% for the year.

Positive

Revenue +10% to $847.9M in 2025
Q4 record revenue $304.7M with Q4 net income $2.8M
Net loss improved 50% to $68.9M
Antora DHU shipments +150% to 647K; Venado shipments +52% to 13.8M
Order backlog exceeded $2.5B; overseas revenue at 28%

Negative

Full-year gross margin remained moderate at 19%, limiting upside to operating leverage
Company remained net loss for the year at $68.9M despite quarterly profitability
R&D expenses decreased 39% in Q4, which could constrain near-term innovation investment

Key Figures

Total revenue: $847.9M Gross profit: $161.3M Q4 2025 revenue: $304.7M +5 more

8 metrics

Total revenue $847.9M Full year 2025, 10% YoY growth

Gross profit $161.3M Full year 2025, 19% gross margin

Q4 2025 revenue $304.7M Record quarter, +13% YoY

Q4 2025 net income $2.8M Second consecutive profitable quarter

2025 net loss $68.9M Full year 2025, 50% narrower than 2024

Overseas revenue mix 28% Share of total 2025 revenue from global markets

Order backlog >$2.5B Supported by global automotive collaborations

Antora shipments 647,000 units 2025 DHU shipments, +150% YoY

Market Reality Check

Price: $1.0800 Vol: Volume 1,442,224 is well ...

low vol

$1.0800 Last Close

Volume Volume 1,442,224 is well below 20‑day average of 5,900,827, indicating a light‑liquidity move. low

Technical Shares at $1.08 are trading below the 200‑day MA of $1.80, despite the post‑earnings bounce.

Peers on Argus

ECX gained 10.45% while key auto‑parts peers were mixed: AXL +7.27%, CPS +1.58%,...

ECX gained 10.45% while key auto‑parts peers were mixed: AXL +7.27%, CPS +1.58%, PLOW +0.70%, MLR +0.64%, and SLDP -4.55%. The move appears stock‑specific to ECARX’s audited 2025 results rather than a broad sector rotation.

Previous Earnings Reports

5 past events · Latest: Feb 12 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 12	Q4 2025 earnings	Positive	-8.3%	Unaudited Q4 and 2025 results with revenue growth and first profitable quarter.
Nov 03	Q3 2025 earnings	Positive	-0.8%	Q3 2025 revenue growth, higher gross margin, and return to net profit.
Aug 26	Q2 2025 earnings	Negative	-10.1%	Q2 2025 revenue decline and wider net loss despite lower operating expenses.
Apr 30	Q1 2025 earnings	Positive	+8.3%	Q1 2025 strong revenue growth, steady margins, and reduced operating losses.
Mar 13	Investor Day 2025	Positive	-12.9%	Highlight of Q4 2024 EBITDA breakeven and positive 2025 EBITDA outlook.

Pattern Detected

Earnings and outlook updates have often seen weak or negative next‑day moves, even when operational metrics improved; the average move around earnings‑tagged events is -4.75%.

Recent Company History

Across recent earnings and outlook events, ECARX has reported growing revenue, improving margins, and progress toward profitability. Q1–Q3 2025 updates highlighted revenue growth, expanding gross margin, and a shift to positive adjusted EBITDA and net profit in Q3. Investor Day 2025 emphasized EBITDA breakeven in Q4 2024 and a positive 2025 outlook. However, market reactions frequently skewed negative after these earnings disclosures, making the current positive response to the audited 2025 results notable versus prior patterns.

Historical Comparison

-4.8% avg move · Historically, ECARX earnings headlines moved the stock an average of -4.75%. Today’s +10.45% reactio...

earnings

-4.8%

Average Historical Move earnings

Historically, ECARX earnings headlines moved the stock an average of -4.75%. Today’s +10.45% reaction to audited 2025 results stands out versus prior, often negative, earnings responses.

Earnings disclosures progressed from quarterly unaudited updates toward audited full‑year 2025 results, showing a trajectory of revenue growth, margin improvement, and movement from losses toward consecutive profitable quarters.

Market Pulse Summary

This announcement highlighted audited 2025 results with $847.9M in revenue, a stable 19% gross margi...

Analysis

This announcement highlighted audited 2025 results with $847.9M in revenue, a stable 19% gross margin, and a narrowed net loss of $68.9M, alongside two consecutive profitable quarters. It also underscored a >$2.5B order backlog and growing global revenue mix. In context of earlier quarters that showed improving margins and shipments, investors may watch future filings, profitability trends, and execution on the global expansion strategy to gauge how durable this trajectory remains.

Key Terms

adjusted EBITDA, OEMs, net income

3 terms

adjusted EBITDA financial

"Q4 delivering net income of $2.8 million and adjusted EBITDA of $21.6 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

OEMs technical

"ECARX working with 28 brands across 18 OEMs"

OEMs, or Original Equipment Manufacturers, are companies that produce the main components or products that other companies use to build finished goods. For investors, OEMs are important because their performance can influence the supply chain, manufacturing costs, and overall market trends in industries like technology, automotive, and electronics. Their success often reflects broader economic health and consumer demand.

net income financial

"Q4 delivering net income of $2.8 million and adjusted EBITDA of $21.6 million"

Net income is the amount of money a company keeps after paying all its costs, interest, taxes and one-time charges — effectively the company’s profit “left over” at the end of a reporting period. Investors use it like a report card: it shows whether the business is generating real profit, influences earnings per share and dividend potential, and helps determine valuation and long-term financial health.

AI-generated analysis. Not financial advice.

04/02/2026 - 09:06 AM

Over 11 million vehicles serviced by ECARX solutions to date
ECARX working with 28 brands across 18 OEMs
2025 showed cased double-digit revenue growth
Profitability improved by 50% year over year
Global expansion strategy showing clarity and direction

LONDON, April 2, 2026 /PRNewswire/ -- ECARX Holdings Inc. (Nasdaq: ECX) ("ECARX" or the "Company"), a global leader in automotive intelligent technology, announced its audited financial results for the fiscal year ended December 31, 2025 with the filing of its 20-F on March 30, 2026 to the United States Securities and Exchange Commission.

The 2025 full year results validate ECARX's strong growth trajectory, improved profitability, and strategic progress in scaling its global mobility technology platforms.

2025 Audited Financial & Operational Highlights

Total Revenue: $847.9 million representing 10% year‑over‑year (YoY) growth, driven by record shipments of the flagship Antora® compute platform, market leadership in China's sub-200,000CNY cockpit domain controller segment, and growing revenue from global OEM partnerships.
Gross Profit & Margin: Gross profit reached $161.3 million, with a stable 19% gross margin, underscoring optimized supply chain management, and cost-control efficiency amid industry headwinds.
Q4 2025 Milestone: Record quarterly revenue of $304.7 million (+13% YoY); achieved two consecutive quarters of profitability (Q3 and Q4 2025), with Q4 delivering net income of $2.8 million and adjusted EBITDA of $21.6 million - a historic first for the Company as a NASDAQ-listed entity.
Cost Optimization: R&D expenses decreased 39% YoY in Q4 2025 by increased use of AI tools; full‑year selling, general and administrative expenses fell 14% YoY, driving operational efficiency and margin expansion.
Global Traction: Overseas Revenue from global markets accounted for 28% of total 2025 revenue; total order backlog exceeded $2.5 billion, supported by deepened collaborations with leading global automotive brands.
Net Loss Improvement: Net loss narrowed to $68.9 million, a 50% reduction from the $137.8 million net loss in 2024, driven by strong disciplined operational expense optimization and economies of scale in mass production.
In 2025 Antora® platform DHU shipments reached 647K units, year on year increase of +150%.
In 2025, Venado module shipments reached 13.8m units, representing a 52% year-over-year increase; cumulative shipments exceeded 3.5 million units.

ECARX's revenue structure continued to be optimized over the course of 2025. The share of sales revenue from automotive computing platforms increased significantly, becoming the largest source of revenue—among which the share of this business in the second half of 2025 was nearly 10 percentage points higher than that in the first half. The growth in sales of high-value-added products such as the Antora®, Venado and Pikes® series directly drove the expansion of the overall revenue scale.

Ziyu Shen, Founder and Chief Executive Officer of ECARX said:

"2025 was a transformative year for ECARX, as we delivered audited results that reflect our commitment to continued innovation, lean operations and sustainable growth. We have achieved a proven track record of double‑digit revenue growth and secured consecutive profitable quarters; milestones that validate the strength of our business model and the market demand for our intelligent mobility solutions.

Over the course of 2025, we strengthened our technology leadership with the Antorra® platform, expanded our global OEM partnerships into Europe, South America and Southeast Asia, we have also optimized our cost structure to enhance profitability. Looking ahead, we will continue to scale our core platforms, accelerate software innovation in AI cockpits and cross-domain fusion, and capitalize on the global shift toward software-defined vehicles. We are confident in our ability to drive further growth and deliver long‑term value to our shareholders, partners, and customers."

ECARX remains steadfast in its mission to empower the intelligent transformation of global automakers with full‑stack technology. ECARX will collaborate hand‑in‑hand with global partners to collectively accelerate the intelligent revolution of the global automotive industry

Access to the 2025 Annual Report on Form 20-F

The Company's 2025 Annual Report including the full audited financial statements and accompanying disclosures are available free of charge on ECARX's investor relations website at ir.ecarxgroup.com and on the SEC's website at www.sec.gov.

About ECARX Holdings Inc.

ECARX Holdings Inc. (NASDAQ: ECX) is a global mobility technology company powering software-defined vehicles for the world's top automakers. With 13 global R&D and commercial hubs across China, the U.S., the UK, Germany, Sweden, Singapore and other key markets, ECARX delivers full-stack intelligent mobility solutions including the Antorra® compute platform, Cloudpeak® cross-domain software architecture, and self-developed SiEngine Longying No.1 7nm automotive chip. The Company's solutions are pre-installed on over 11 million vehicles worldwide, with strategic partnerships with global OEMs including Volkswagen Group, Polestar, Volvo Cars, Geely Group, and Mercedes. ECARX's mission is to make cars more intelligent through innovation, efficiency and global collaboration, and to build a sustainable, connected global mobility ecosystem for the AI-driven era. For more information, please visit www.ecarxgroup.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding ECARX's expected growth, profitability, global OEM partnership expansion, technological innovation, and shareholder value creation. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to differ materially from those expressed or implied by such statements. Key risks and uncertainties include, but are not limited to, global automotive industry cyclicality, supply chain disruptions, intensifying competition in the intelligent mobility technology sector, regulatory changes across global markets, and the Company's ability to scale production and meet customer demand. For more information on these risks and uncertainties, please refer to ECARX's periodic reports filed with the SEC from time to time. ECARX assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

View original content:https://www.prnewswire.com/news-releases/ecarx-announces-audited-2025-full-year-financial-results-302732843.html

SOURCE ECARX Holdings Inc.

FAQ

What were ECARX (ECX) full-year 2025 revenue and growth?

ECARX reported full‑year 2025 revenue of $847.9 million, representing 10% year‑over‑year growth in total sales. According to the company, growth was driven by Antora platform shipments, higher computing platform sales, and expanded OEM partnerships, with overseas revenue at 28%.

How did ECARX perform in Q4 2025 and was it profitable?

ECARX delivered record Q4 2025 revenue of $304.7 million and reported Q4 net income of $2.8 million. According to the company, Q3 and Q4 were consecutive profitable quarters and Q4 produced adjusted EBITDA of $21.6 million.

How much did ECARX reduce its net loss in 2025 (ECX)?

ECARX narrowed its net loss by 50% to $68.9 million for 2025 compared with 2024. According to the company, the improvement resulted from operational cost optimization, improved scale in mass production, and higher-margin product mix.

What shipment and product trends did ECARX report for 2025 (ECX)?

Antora DHU shipments rose to 647K in 2025 (+150%), and Venado module shipments reached 13.8M (+52%). According to the company, higher shipments of Antora, Venado and Pikes series drove expansion of higher-value revenue.

How significant is ECARX's international revenue mix in 2025 (ECX)?

Overseas markets contributed 28% of ECARX's 2025 revenue, indicating material global traction outside China. According to the company, the backlog exceeded $2.5 billion, supported by deepened OEM collaborations in Europe, South America and Southeast Asia.

What cost and margin changes did ECARX disclose for 2025 (ECX)?

ECARX reported a stable gross margin of 19%; R&D fell 39% in Q4 and SG&A declined 14% for the year. According to the company, supply‑chain optimization and AI tools helped reduce costs while supporting margin expansion.

ECARX Announces Audited 2025 Full-Year Financial Results