ECARX Holdings (ECX) AI Stock Analysis

• Market Cap: $926.83M
• Dividend Yield: N/A
• Average Volume (3M): 2.70M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.52
• Revenue Growth: 12.52%
• EPS Growth: 22.68%
• Country: US
• Employees: 1,800
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Auto - Parts
• EPS (TTM): -0.14
• Shares Outstanding: 324,769,100
• 10 Day Avg. Volume: 4,729,691
• 30 Day Avg. Volume: 2,700,738
• PEG Ratio: 7.76
• Price to Book (P/B): -2.95
• Price to Sales (P/S): 0.93
• P/FCF Ratio: -9.51
• Enterprise Value/Market Cap: 1.04
• Enterprise Value/Revenue: 0.20
• Enterprise Value/Gross Profit: 1.05
• Enterprise Value/Ebitda: -1.74
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0

• Rating: 51 Neutral
• Price Target: $2.50 ▲(5.49% Upside)

ECARX Holdings' overall stock score is primarily impacted by its weak financial performance, characterized by negative equity and high leverage. Despite positive technical indicators suggesting bullish momentum, the valuation remains unattractive due to ongoing losses. The earnings call provided some optimism with growth in shipments and partnerships, but financial challenges remain a significant concern.

ECARX Holdings Business Overview & Revenue Model

Company Description

ECARX Holdings (ECX) is a technology company specializing in the development of intelligent connected vehicle solutions. The company operates primarily in the automotive and technology sectors, focusing on creating advanced in-car systems, including infotainment platforms, autonomous driving technology, and vehicle-to-everything (V2X) communications. ECARX aims to enhance the driving experience through its innovative products, which leverage artificial intelligence and big data analytics.

How the Company Makes Money

ECARX generates revenue through multiple streams, including the sale of its hardware and software solutions to automotive manufacturers and suppliers. The company's primary revenue model is based on licensing its technology for use in vehicles, which includes infotainment systems and advanced driver-assistance systems (ADAS). Additionally, ECARX earns revenue through partnerships with automotive OEMs (original equipment manufacturers), where it provides integrated solutions tailored to specific vehicle models. The company also explores revenue opportunities in data analytics and subscription services related to its connected vehicle offerings, further enhancing its earnings potential.

ECARX Holdings Financial Statement Overview

Summary

ECARX Holdings has shown revenue growth but faces significant challenges with profitability and cash flow. The negative equity and high leverage are critical concerns, indicating financial instability.

Income Statement

ECARX Holdings has exhibited a steady revenue growth over the years, increasing from $2.24 billion in 2020 to $5.56 billion in 2024. However, the company has been consistently unprofitable with negative net incomes throughout the period, culminating in a net loss of $932.3 million in 2024. The gross profit margin has shown some stability, but the EBIT and EBITDA margins are concerningly negative, indicating ongoing operational challenges.

Balance Sheet

The balance sheet presents a worrying picture with consistent negative stockholders' equity, which worsened to -$1.76 billion in 2024. The high debt-to-equity ratio reflects significant leverage, increasing financial risk. Total liabilities exceed total assets, highlighting a negative equity ratio, which is a critical concern for financial stability.

Cash Flow

ECARX Holdings has struggled with cash flow management, as seen by negative free cash flow figures in recent years, reflecting inadequate cash generation to cover capital expenditures. The operating cash flow has also been negative, indicating that the company is not generating sufficient cash from its core operations to cover its expenses.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	4.74B	5.56B	4.67B	3.56B	2.78B	2.24B
Gross Profit	917.72M	1.15B	1.27B	990.50M	817.19M	551.39M
EBITDA	-552.50M	-732.30M	-814.87M	-1.42B	-973.15M	-321.69M
Net Income	-592.80M	-932.30M	-940.19M	-1.56B	-1.18B	-439.66M
Balance Sheet
Total Assets	495.20M	3.77B	4.27B	4.25B	3.97B	2.58B
Cash, Cash Equivalents and Short-Term Investments	119.60M	454.50M	699.02M	737.40M	877.96M	729.94M
Total Debt	394.20M	2.13B	1.81B	1.41B	1.06B	1.10B
Total Liabilities	790.40M	5.52B	5.10B	4.43B	8.04B	4.41B
Stockholders Equity	-296.30M	-1.76B	-921.41M	-177.20M	-4.10B	-1.84B
Cash Flow
Free Cash Flow	0.00	-544.93M	-1.31B	-533.54M	-951.19M	-437.16M
Operating Cash Flow	0.00	-430.28M	-1.24B	-405.76M	-872.33M	-368.05M
Investing Cash Flow	0.00	-59.91M	592.08M	-283.53M	-1.39B	-91.11M
Financing Cash Flow	0.00	261.64M	296.83M	95.34M	2.19B	1.14B

ECARX Holdings Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2.37
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ECX, the sentiment is Positive. The current price of 2.37 is above the 20-day moving average (MA) of 2.28, above the 50-day MA of 2.03, and above the 200-day MA of 1.82, indicating a bullish trend. The MACD of 0.10 indicates Negative momentum. The RSI at 64.52 is Neutral, neither overbought nor oversold. The STOCH value of 77.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ECX.

ECARX Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CAAS	―	$128.83M	4.39	8.04%	―	17.08%	-18.03%
Sector *	―	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
INVZ	―	$373.44M	―	-72.45%	―	17.32%	37.70%
SES	―	$860.87M	―	-34.37%	―	―	-63.15%
ECX	―	$926.83M	―	―	―	12.52%	22.68%
AEVA	―	$920.39M	―	-1441.64%	―	111.39%	-74.39%
LIDR	―	$110.64M	-0.96	-222.90%	―	-23.62%	71.09%

ECARX Holdings Corporate Events

ECARX Holdings Reports Revenue Growth Amid Currency Change

ECARX Holdings Inc. released its interim report for the six months ending June 30, 2025, highlighting a change in its reporting currency from Chinese Renminbi to U.S. dollars to improve financial clarity for investors amid its international expansion. The report shows an increase in total revenues from $303.5 million in 2024 to $323.3 million in 2025, driven by higher sales of goods and software licenses, although service revenues saw a decline.

ECARX Reports Q2 2025 Results and Expands Global Partnerships

On August 26, 2025, ECARX Holdings announced its unaudited financial results for the second quarter of 2025, reporting a revenue of $155.6 million, which reflects a 10% year-over-year decline. Despite seasonal headwinds and contract timing issues, the company reduced operating expenses by 20% and maintained a robust project pipeline, aiming for EBITDA breakeven and close to 20% revenue growth for the year. The company achieved a 112% year-over-year increase in shipments of its Antora® series solutions, driven by strong demand from the Geely portfolio. ECARX is expanding its global footprint with new partnerships, including collaborations with a top-five Chinese automaker and a premium global brand, and has secured over $1 billion in international contract wins. The company also announced a change in its reporting currency from RMB to USD to enhance financial transparency amid its international expansion.