ECARX Holdings (ECX) investor relations material

Executive summary

• Q2 2025 revenue reached $155.6 million, down 10% year-over-year, impacted by seasonal headwinds and contract timing.

• Operating expenses declined 20% year-over-year to $57.2 million, reflecting a lean operating strategy.

• Shipments of Antora® series solutions surged 112% year-over-year to 135,000 units, with over 9.3 million vehicles on the road using company products as of June 2025.

• Expanded global partnerships, secured over $1 billion in lifetime overseas contract revenue, and opened a new headquarters in Singapore.

• Serving 18 OEMs across 28 vehicle brands globally, with growing presence in both automotive and non-automotive sectors.

Financial highlights

• Total Q2 2025 revenue: $155.6 million, with sales of goods revenue at $131.2 million, up 1% year-over-year.

• Gross profit was $16.8 million, down 58% year-over-year; gross margin declined to 11% from 23% due to pricing and mix shifts.

• Adjusted EBITDA (non-GAAP) loss was $29.7 million, slightly higher than the prior year.

• 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, with short-term investments at $33.4 million.

Outlook and guidance

• Management expects to achieve adjusted EBITDA breakeven in each remaining quarter and for the full year 2025.

• Full-year 2025 revenue growth is projected to approach 20%, driven by volume growth and improved product mix.

• Anticipate vehicle shipments of 1.4–1.5 million in H2 2025, totaling 2.5–2.6 million for the year, representing 30% year-over-year growth.

• Robust pipeline of new projects expected to launch over the next two quarters.

• Ongoing international expansion, with reporting currency changed to USD for improved comparability.