ECARX Holdings Inc.
ECX Nasdaq Services-Computer Integrated Systems Design Financials FY2022–FY2025
What ECARX Holdings Inc. does
No business description yet.
- Legal name
- ECARX Holdings Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F · Mar 30, 2026
- Accession · CIK
- 0001628280-26-021865
0001861974
Revenue and margins
ECARX Holdings Inc. had $848M of revenue in fiscal 2025, up 9.9% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was −$107M in fiscal 2025, −12.6% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
ECARX Holdings Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 0.6%.
Balance sheet
Cash, debt and the ratios that show how comfortably ECARX Holdings Inc. can carry it.
| Fiscal year end | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash and short-term investments | $107M | $80.3M | $44.3M | $87.1M |
| Debt incl. finance leases | $126M | $169M | $185M | $311M |
| Interest coverage | −28.7x | −11.6x | −6.6x | −2.3x |
| Current ratio | 0.9x | 0.8x | 0.6x | 0.6x |
| Quick ratio | 0.9x | 0.7x | 0.5x | 0.5x |
| Total assets | $616M | $601M | $514M | $662M |
| Total liabilities | $642M | $719M | $752M | $946M |
| Shareholders' equity | −$25.7M | −$130M | −$240M | −$283M |
| Net debt (− = net cash) | $19.2M | $88.7M | $141M | $224M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ |
| Return on assets rose | — | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✕ | ✓ | ✕ |
| Debt fell relative to assets | — | ✕ | ✕ | ✕ |
| Current ratio rose | — | ✕ | ✕ | ✓ |
| Share count didn't rise | — | ✕ | ✓ | ✕ |
| Gross margin rose | — | ✕ | ✕ | ✕ |
| Revenue rose relative to assets | — | ✓ | ✓ | ✕ |
| F-score | — / 3 | 2 / 9 | 3 / 9 | 2 / 9 |
| Accruals ratio | −26.7% | 6.4% | −12.5% | 4.8% |
| Altman Z'' | −7.23 | −8.16 | −13.05 | −10.09 |
4 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | $516M | $662M | $772M | $848M |
| Gross profit | $144M | $179M | $160M | $161M |
| Research and development | $176M | $178M | $175M | $123M |
| Operating income | −$213M | −$130M | −$123M | −$54.8M |
| Interest expense | $7.4M | $11.2M | $18.6M | $23.8M |
| Pretax income | −$220M | −$144M | −$138M | −$67.7M |
| Income tax | $3.1M | −$0.5M | $0.2M | $1.2M |
| Net income | −$223M | −$133M | −$130M | −$66.0M |
| Net income to common | −$275M | −$132M | −$128M | — |
| Diluted EPS | −$1.15 | −$0.40 | −$0.39 | −$0.20 |
| Diluted shares | 0.24B | 0.34B | 0.34B | 0.34B |
| Cash flow | ||||
| Cash from operations | −$58.8M | −$172M | −$60.0M | −$94.4M |
| Capital expenditure | $18.5M | $8.9M | $15.9M | $12.2M |
| Free cash flow | −$77.4M | −$181M | −$75.9M | −$107M |
| Depreciation and amortization | $9.8M | $12.1M | $20.6M | $19.9M |
| Stock-based compensation | $105M | $24.9M | $19.1M | $13.3M |
| Balance sheet | ||||
| Cash and short-term investments | $107M | $80.3M | $44.3M | $87.1M |
| Total debt | $126M | $169M | $185M | $311M |
| Loans, net | — | $7.7M | $2.3M | $6.0M |
| Current assets | $476M | $463M | $386M | $483M |
| Current liabilities | $522M | $594M | $699M | $823M |
| Inventory | $19.1M | $22.6M | $31.9M | $62.3M |
| Property and equipment, net | $17.2M | $17.0M | $21.9M | $26.7M |
| Goodwill | — | — | $3.5M | $3.7M |
| Intangible assets | $5.3M | $25.3M | $42.2M | $40.4M |
| Total assets | $616M | $601M | $514M | $662M |
| Total liabilities | $642M | $719M | $752M | $946M |
| Shareholders' equity | −$25.7M | −$130M | −$240M | −$283M |
| Margins | ||||
| Gross margin | 27.8% | 27.0% | 20.8% | 19.0% |
| Operating margin | −41.2% | −19.6% | −15.9% | −6.5% |
| EBITDA margin | −39.3% | −17.8% | −13.3% | −4.1% |
| Net margin | −43.3% | −20.1% | −16.8% | −7.8% |
| FCF margin | −15.0% | −27.4% | −9.8% | −12.6% |
| Returns | ||||
| Return on capital employed | −225.0% | −1,769.4% | 66.7% | 34.1% |
| Return on assets | −36.2% | −21.9% | −23.3% | −11.2% |
| Growth | ||||
| Revenue growth | — | 28.4% | 16.5% | 9.9% |
| Share count change | — | 41.0% | −0.2% | 0.6% |
| Financial health | ||||
| Interest coverage | −28.7x | −11.6x | −6.6x | −2.3x |
| Current ratio | 0.9x | 0.8x | 0.6x | 0.6x |
| Quick ratio | 0.9x | 0.7x | 0.5x | 0.5x |
| Capital allocation | ||||
| Capex / revenue | 3.6% | 1.3% | 2.1% | 1.4% |
| Stock comp / revenue | 20.4% | 3.8% | 2.5% | 1.6% |
| Quality scores | ||||
| Piotroski F-score | — | 2.0 | 3.0 | 2.0 |
| Altman Z'' | −7.2 | −8.2 | −13.1 | −10.1 |
| Accruals ratio | −26.7% | 6.4% | −12.5% | 4.8% |
Source: SEC EDGAR XBRL filings (CIK 0001861974). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.