ECARX Holdings Inc. Warrants (ECXWW) Financials
Newest figures come from the 20-F for FY2025, filed Mar 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ECXWW SEC filings page.
ECARX Holdings Inc. Warrants (ECXWW) reported $847.9M in revenue for fiscal year 2025, up 9.9% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Revenue has scaled, but falling gross margins and recurring cash outflows show that cost reductions drive most of the reported improvement.
Revenue expanded while gross margin fell from27.9% to19.0% , leaving gross profit broadly flat despite much higher sales. The operating margin improved from-41.2% to-6.5% as selling, general and administrative costs and research spending declined, pointing to expense reduction rather than stronger unit economics as the main mechanism.
FY2025’s current ratio was 0.6x, indicating current assets remained below current liabilities and limiting short-term financial flexibility. Total liabilities reached
The net loss narrowed to
Financial Health Signals
ECARX Holdings Inc. Warrants does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
ECARX Holdings Inc. Warrants passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, neither operating efficiency signal passes.
ECARX Holdings Inc. Warrants reported a net loss of $66.0M while operations used $94.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.
ECARX Holdings Inc. Warrants reported an operating loss of $54.8M against $23.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
ECARX Holdings Inc. Warrants generated $847.9M in revenue in fiscal year 2025. This represents an increase of 9.9% from the prior year.
ECARX Holdings Inc. Warrants's EBITDA was -$34.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. The change from the prior year is not meaningful, because that figure was zero or negative.
ECARX Holdings Inc. Warrants reported a net loss of $66.0M in fiscal year 2025. The change from the prior year is not meaningful, because that figure was zero or negative.
ECARX Holdings Inc. Warrants earned -$0.20 per diluted share (EPS) in fiscal year 2025. The change from the prior year is not meaningful, because that figure was zero or negative.
Cash & Balance Sheet
ECARX Holdings Inc. Warrants recorded an outflow of $106.6M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. The change from the prior year is not meaningful, because that figure was zero or negative.
ECARX Holdings Inc. Warrants held $87.1M in cash as of fiscal year 2025; no long-term debt figure is on record for that period.
Not reported for fiscal year 2025.
Margins & Returns
ECARX Holdings Inc. Warrants's gross margin was 19.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.7 percentage points from the prior year.
ECARX Holdings Inc. Warrants's operating margin was -6.5% in fiscal year 2025, reflecting core business profitability. This is up 9.5 percentage points from the prior year.
ECARX Holdings Inc. Warrants's net profit margin was -7.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 9.0 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
ECARX Holdings Inc. Warrants invested $123.3M in research and development in fiscal year 2025. This represents a decrease of 29.5% from the prior year.
ECARX Holdings Inc. Warrants invested $12.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 23.5% from the prior year.
Not reported for fiscal year 2025.
ECXWW Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F |
|---|---|---|---|---|
| Revenue | $847.9M+9.9% | $771.5M+16.5% | $662.2M+28.4% | $515.7M |
| Cost of Revenue | $686.6M+12.3% | $611.4M+26.4% | $483.6M+30.0% | $372.1M |
| Gross Profit | $161.3M+0.7% | $160.1M-10.4% | $178.6M+24.4% | $143.6M |
| R&D Expenses | $123.3M-29.5% | $174.9M-1.6% | $177.7M+1.2% | $175.6M |
| SG&A Expenses | $93.8M-13.3% | $108.2M-17.9% | $131.7M-23.0% | $171.1M |
| Operating Income | -$54.8Mn/m | -$122.9Mn/m | -$130.0Mn/m | -$212.6M |
| EBITDA | -$34.9Mn/m | -$102.3Mn/m | -$117.9Mn/m | -$202.8M |
| Interest Expense | $23.8M+28.0% | $18.6M+65.2% | $11.2M+51.6% | $7.4M |
| Income Tax | $1.2M+492.4% | $210Kn/m | -$525K-116.8% | $3.1M |
| Net Income | -$66.0Mn/m | -$129.8Mn/m | -$133.3Mn/m | -$223.2M |
| EPS (Basic) | -$0.20n/m | -$0.39n/m | -$0.40 | -$1.15 |
| EPS (Diluted) | -$0.20n/m | -$0.39n/m | -$0.40 | -$1.15 |
| Diluted Shares (Avg) | 339M+0.6% | 337M-0.2% | 337M | 239M |
ECXWW Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F |
|---|---|---|---|---|
| Total Assets | $662.4M+28.8% | $514.3M-14.4% | $601.1M-2.5% | $616.3M |
| Current Assets | $483.2M+25.1% | $386.1M-16.6% | $463.2M-2.6% | $475.7M |
| Cash & Equivalents | $87.1M+96.9% | $44.3M-44.9% | $80.3M-24.9% | $106.9M |
| Short-Term Investments | $31.2M+74.2% | $17.9M-7.9% | $19.4Mn/m | $0 |
| Inventory | $62.3M+95.6% | $31.9M+40.7% | $22.6M+18.7% | $19.1M |
| Accounts Receivable | N/A | N/A | N/A | $60.6M |
| Long-Term Investments | $61.5M+2742.1% | $2.2M-94.9% | $42.4M-40.3% | $71.0M |
| Goodwill | $3.7M+5.2% | $3.5M | N/A | N/A |
| Total Liabilities | $945.9M+25.8% | $752.0M+4.7% | $718.6M+11.9% | $642.0M |
| Current Liabilities | $823.0M+17.8% | $698.6M+17.7% | $593.7M+13.8% | $521.9M |
| Non-Current Liabilities | $122.9M+130.1% | $53.4M-57.2% | $124.9M+3.9% | $120.2M |
| Total Equity | -$282.7Mn/m | -$239.7Mn/m | -$129.8Mn/m | -$25.7M |
| Retained Earnings | -$1.2Bn/m | -$1.1Bn/m | -$939.5Mn/m | -$828.0M |
Not reported in any period shown, so not listed: Long-Term Debt.
ECXWW Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F |
|---|---|---|---|---|
| Operating Cash Flow | -$94.4Mn/m | -$60.0Mn/m | -$172.4Mn/m | -$58.8M |
| Depreciation & Amortization | $19.9M-3.4% | $20.6M+69.9% | $12.1M+23.5% | $9.8M |
| Stock-Based Compensation | $13.3M-30.0% | $19.1M-23.4% | $24.9M-76.4% | $105.2M |
| Capital Expenditures | $12.2M-23.5% | $15.9M+79.1% | $8.9M-52.1% | $18.5M |
| Free Cash Flow | -$106.6Mn/m | -$75.9Mn/m | -$181.3Mn/m | -$77.4M |
| Investing Cash Flow | -$70.5Mn/m | -$8.1M-109.3% | $87.3Mn/m | -$41.1M |
| Financing Cash Flow | $203.9M+460.8% | $36.4M-10.5% | $40.6M-47.9% | $78.0M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
ECXWW Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F |
|---|---|---|---|---|
| Gross Margin | 19.0%-1.7pp | 20.8%-6.2pp | 27.0%-0.9pp | 27.9% |
| Operating Margin | -6.5%+9.5pp | -15.9%+3.7pp | -19.6%+21.6pp | -41.2% |
| Net Margin | -7.8%+9.0pp | -16.8%+3.3pp | -20.1%+23.1pp | -43.3% |
| Return on Assets | -10.0%+15.3pp | -25.2%-3.1pp | -22.2%+14.0pp | -36.2% |
| Current Ratio | 0.590.0x | 0.55-0.2x | 0.78-0.1x | 0.91 |
| Asset Turnover | 1.28-0.2x | 1.50+0.4x | 1.10+0.3x | 0.84 |
| FCF Margin | -12.6%-2.7pp | -9.8%+17.5pp | -27.4%-12.4pp | -15.0% |
Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity, Liabilities-to-Equity.
Note: Shareholder equity is negative (-$282.7M), which causes the debt-to-equity, liabilities-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.59), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Where ECARX Holdings Inc. Warrants Ranks
Frequently Asked Questions
What is ECARX Holdings Inc. Warrants's annual revenue?
ECARX Holdings Inc. Warrants (ECXWW) reported $847.9M in total revenue for fiscal year 2025. This represents a 9.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is ECARX Holdings Inc. Warrants's revenue growing?
ECARX Holdings Inc. Warrants (ECXWW) revenue grew by 9.9% year-over-year, from $771.5M to $847.9M in fiscal year 2025.
Is ECARX Holdings Inc. Warrants profitable?
No, ECARX Holdings Inc. Warrants (ECXWW) reported a net loss of $66.0M in fiscal year 2025, with a net profit margin of -7.8%.
What is ECARX Holdings Inc. Warrants's EBITDA?
ECARX Holdings Inc. Warrants (ECXWW) had EBITDA of -$34.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is ECARX Holdings Inc. Warrants's gross margin?
ECARX Holdings Inc. Warrants (ECXWW) had a gross margin of 19.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is ECARX Holdings Inc. Warrants's operating margin?
ECARX Holdings Inc. Warrants (ECXWW) had an operating margin of -6.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is ECARX Holdings Inc. Warrants's net profit margin?
ECARX Holdings Inc. Warrants (ECXWW) had a net profit margin of -7.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is ECARX Holdings Inc. Warrants's free cash flow?
ECARX Holdings Inc. Warrants (ECXWW) recorded an outflow of $106.6M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is ECARX Holdings Inc. Warrants's operating cash flow?
ECARX Holdings Inc. Warrants (ECXWW) recorded an outflow of $94.4M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are ECARX Holdings Inc. Warrants's total assets?
ECARX Holdings Inc. Warrants (ECXWW) had $662.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are ECARX Holdings Inc. Warrants's capital expenditures?
ECARX Holdings Inc. Warrants (ECXWW) invested $12.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does ECARX Holdings Inc. Warrants spend on research and development?
ECARX Holdings Inc. Warrants (ECXWW) invested $123.3M in research and development during fiscal year 2025.
What is ECARX Holdings Inc. Warrants's current ratio?
ECARX Holdings Inc. Warrants (ECXWW) had a current ratio of 0.59 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is ECARX Holdings Inc. Warrants's return on assets (ROA)?
ECARX Holdings Inc. Warrants (ECXWW) had a return on assets of -10.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Why is ECARX Holdings Inc. Warrants's debt-to-equity ratio negative or not reported?
ECARX Holdings Inc. Warrants (ECXWW) has negative shareholder equity of -$282.7M as of fiscal year 2025, so no debt-to-equity or liabilities-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is ECARX Holdings Inc. Warrants's Piotroski F-Score?
ECARX Holdings Inc. Warrants (ECXWW) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are ECARX Holdings Inc. Warrants's earnings high quality?
ECARX Holdings Inc. Warrants (ECXWW) reported a net loss of $66.0M while operations used $94.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can ECARX Holdings Inc. Warrants cover its interest payments?
ECARX Holdings Inc. Warrants (ECXWW) reported an operating loss of $54.8M against $23.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.