ECARX Holdings, Inc. reported full‑year revenue of $847.9 million, a 10% increase from $771.5 million in 2024. The growth was driven by stronger demand for its core Antora, Venado and Pikes platforms, which together accounted for the majority of the top line, while legacy product sales remained flat amid a competitive market. The company’s revenue mix shifted toward higher‑margin solutions, helping to offset the impact of a modest rise in raw‑material costs.
The company posted a net loss of $68.9 million for 2025, a 50% improvement over the $137.8 million loss reported in 2024. The narrowing loss reflects disciplined cost management and a higher contribution margin from the high‑value platform mix. Operating income was positive in the third and fourth quarters, but the company did not achieve a full‑year operating profit, as the cumulative operating expenses exceeded operating revenue for the year.
Gross margin for the year was 19%, down from 21% in 2024. The compression was largely due to a shift in the revenue mix toward lower‑margin legacy products and increased component costs, while the higher‑margin platform sales helped to mitigate the decline. The company’s focus on optimizing its supply chain and leveraging economies of scale has helped to stabilize margins in the face of volatile input prices.
Selling, general and administrative expenses fell 14% year‑over‑year to $X million, driven by disciplined operations and a reduction in share‑based compensation. The expense reduction contributed to the improved operating performance, but the company still faced higher research and development costs, which rose 12% as it accelerated investment in AI‑driven automotive solutions.
Adjusted EBITDA for the year was a loss of $14.4 million, an improvement from the $82.5 million loss in 2024. The narrowing loss reflects higher gross margin and lower operating expenses, as well as a stronger mix of high‑margin products. The company’s focus on cost control and efficient capital allocation has helped to reduce the EBITDA deficit, positioning it closer to profitability.
Contracted lifetime revenue exceeded $2.5 billion, underscoring a robust order backlog and strong customer relationships. Overseas revenue accounted for 28% of total sales, and management indicated a target of 50% overseas revenue by 2030 to reduce concentration risk in China. "For the full year, we delivered on our double‑digit revenue growth target with total revenue increasing to US$847.9 million. This resilient growth despite macro‑economic headwinds and tightened semiconductor supply is a testament to the successful execution of our lean operating strategy, and the growing global demand for our diverse portfolio of solutions," said CEO Ziyu Shen. "The fourth quarter was a critical inflection point for us, marking the start of our next phase of sustainable, profitable growth as we realize our vision of becoming a leading AI technology provider for the global automotive industry. We delivered our second consecutive quarter of positive net income and positive adjusted EBITDA, as revenue hit a historic high of US$304.7 million, up 13% year‑over‑year."
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