Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data ECARX Holdings Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2022
FY2023
FY2024
FY2025
Revenue
516
662
772
848
Cost of revenue
372
484
611
687
Gross profit
144
179
160
161
Research and development
176
178
175
123
Selling, general and administrative
132
108
93.8
Selling and marketing
12.6
General and administrative
171
Operating expenses
356
309
283
216
Operating income
-213
-130
-123
-54.8
Interest expense
7.41
11.2
18.6
23.8
Interest income
1.8
4.31
3.08
3.71
Other non-operating income
1.67
2.8
5.94
Pre-tax income
-220
-144
-138
-67.7
Income tax
3.13
-0.53
0.21
1.24
Net income
-223
-133
-130
-66
EBITDA
-203
-118
-102
-34.9
EPS, basic
-1.15
-0.40
-0.39
-0.20
EPS, diluted
-1.15
-0.40
-0.39
-0.20
Shares, basic (weighted)
239
337
337
339
Shares, diluted (weighted)
239
337
337
339
Balance sheet
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
107
80.3
44.3
87.1
Receivables
60.6
Inventory
19.1
22.6
31.9
62.3
Other current assets
59.9
62.2
7.13
15.2
Total current assets
476
463
386
483
Property, plant and equipment
17.2
17
21.9
26.7
Lease right-of-use assets
12.4
17.6
18.2
16.8
Goodwill
3.5
3.69
Intangible assets
5.32
25.3
42.2
40.4
Long-term investments
71
42.4
2.16
61.5
Other non-current assets
3.77
Total assets
616
601
514
662
Accounts payable
148
Accrued liabilities
18.5
14.5
Deferred revenue
0.68
Short-term debt
126
169
185
311
Total current liabilities
522
594
699
823
Lease liabilities
8.63
15.2
16.7
15.7
Other non-current liabilities
4.45
Total liabilities
642
719
752
946
Paid-in capital
858
858
895
958
Retained earnings
-828
-940
-1,124
-1,190
Treasury stock
-1.02
-30
Other comprehensive income
-55.9
-48.6
-9.21
-20.2
Shareholders' equity
-25.7
-130
-240
-283
Minority interests
1.97
-0.81
Total equity
-4.99
-117
-238
-283
Total liabilities and equity
616
601
514
662
Cash flow statement
FY2022
FY2023
FY2024
FY2025
Net income
-223
-144
-138
-68.9
Depreciation and amortization
9.81
12.1
20.6
19.9
Stock-based compensation
105
24.9
19.1
13.3
Deferred income tax
-0.02
-2.53
-0.45
Change in inventory
8.17
2.38
-9.26
-31.9
Cash from operations
-58.8
-172
-60
-94.4
Capital expenditures
-18.5
-8.88
-15.9
-12.2
Purchases of investments
0
0
-43
Cash from investing
-41.1
87.3
-8.12
-70.5
Debt issued
0
0
5.48
Stock issued
0
0
0.26
Cash from financing
78
40.6
36.4
204
Exchange rate effect
4.19
-2.03
-2.18
4.1
Net change in cash
-17.8
-46.6
-33.9
43.1
Free cash flow
-77.4
-181
-75.9
-107
Interest paid
4.75
9.01
15.6
23.3
Income taxes paid
0.28
1.78
3.22
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $1.09 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
19.0%
Gross profit / revenue.
Operating margin
-6.5%
Operating income / revenue.
EBITDA margin
-4.1%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-8.0%
Pre-tax income / revenue.
Net margin
-7.8%
Net income / revenue.
FCF margin
-12.6%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-11.1%
Cash from operations / revenue.
Return on assets (ROA)
-11.2%
Net income / average total assets.
R&D / revenue
14.5%
Research and development expense / revenue.
SG&A / revenue
11.1%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
1.6%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
1.4%
Capital expenditures / revenue.
D&A / revenue
2.3%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
9.9%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
18.0%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y
0.7%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
3.9%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
28.8%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
2.4%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
0.6%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
12.3%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.59x
Current assets / current liabilities.
Quick ratio
0.11x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.11x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
-$0.20
Net income per basic share, as reported (split-adjusted).
Revenue per share
$2.50
Revenue / diluted weighted shares.
FCF per share
-$0.31
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.28
Cash from operations / diluted weighted shares.
Book value per share
-$0.83
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
0.49x
Market cap / revenue.
EV/Sales
0.39x
Enterprise value / revenue.
FCF yield
-25.7%
Free cash flow / market cap.
Earnings yield
-15.9%
Net income / market cap (the inverse of P/E).
What was ECARX Holdings Inc.'s revenue in fiscal 2025?
ECARX Holdings Inc. reported revenue of $847.9M for fiscal 2025, 9.9% higher than the year before.
Was ECARX Holdings Inc. profitable in fiscal 2025?
No. It reported a net loss of $66.0M.
How much free cash flow did ECARX Holdings Inc. generate in fiscal 2025?
Cash from operations of $94.4M minus capital expenditures of $12.2M left free cash flow of -$106.6M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.