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ECARX Holdings
(NASDAQ:ECX)
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Rating:48Neutral
Price Target:
$1.00
▲(0.00% Upside)
Action:Reiterated
Date:08/11/26
The score is held down primarily by weak financial performance (persistent losses, negative free cash flow, and negative equity) and bearish technical positioning (below key moving averages with negative MACD). The key offset is the more positive earnings call, highlighted by reaffirmed 2026 guidance, sharp Q2 revenue rebound, and improved gross margin, though margin and software-revenue volatility remain meaningful risks.
Positive Factors
Higher‑value product mix
A durable shift toward ECARX‑architected, higher‑ASP platforms (Antora, Pikes) increases revenue quality and supports structurally higher gross margins. Sustained design wins for proprietary hardware/software combos make per-vehicle economics less cyclical and deepen OEM stickiness over model lifecycles.
Negative Factors
Weak balance sheet
Persistently negative equity and elevated leverage limit financial flexibility to fund R&D, capex, and strategic M&A without external financing. Over a multi‑quarter horizon this raises refinancing, covenant and dilution risk, constraining the company's ability to execute long‑term product roadmaps during industry cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Higher‑value product mix
A durable shift toward ECARX‑architected, higher‑ASP platforms (Antora, Pikes) increases revenue quality and supports structurally higher gross margins. Sustained design wins for proprietary hardware/software combos make per-vehicle economics less cyclical and deepen OEM stickiness over model lifecycles.
Read all positive factors
ECARX Holdings Key Performance Indicators (KPIs)
Any
Gross Profit by Segment
Reveals how much money each segment retains after direct costs, highlighting which products or services generate scalable profits—software platforms and recurring services typically show higher margins than one-time hardware sales. A growing share of high-margin software revenue at ECARX would point to more durable earnings and less sensitivity to component-cost swings.
Reveals how much money each segment retains after direct costs, highlighting which products or services generate scalable profits—software platforms and recurring services typically show higher margins than one-time hardware sales. A growing share of high-margin software revenue at ECARX would point to more durable earnings and less sensitivity to component-cost swings.
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The Fly
The FlyECARX Holdings (ECX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$388.85M
Dividend YieldN/A
Average Volume (3M)2.44M
Price to Earnings (P/E)―
Beta (1Y)1.96
Revenue Growth10.74%
EPS Growth85.17%
CountryUS
Employees1,432
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Parts
Share Statistics
EPS (TTM)-0.05
Shares Outstanding310,785,220
10 Day Avg. Volume839,640
30 Day Avg. Volume2,441,253
Financial Highlights & Ratios
PEG Ratio0.10
Price to Book (P/B)-2.06
Price to Sales (P/S)0.69
P/FCF Ratio-5.47
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.2
Revenue Forecast (FY)$7.15B
ECARX Holdings Business Overview & Revenue Model
Company Description
ECARX Holdings, Inc., established in 2017, specializes in the conceptualization, engineering, and provision of cutting-edge automotive technology solutions. The company's primary offerings encompass a range of advanced products, including integrat...
How the Company Makes Money
ECARX primarily makes money by selling automotive electronics and software used in vehicle “smart cockpit” and connectivity systems, generally through business-to-business supply arrangements with automakers and their manufacturing ecosystems.
Ke...
ECARX Holdings Earnings Call Summary
Earnings Call Date:Aug 11, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call presents a largely positive operational and financial momentum: strong sequential and year-over-year revenue growth, improved gross margin, significant uptake of high-end products (Antora and Pikes), operating cost reductions, global expansion and strategic asset additions (Flyme, ORCA LiDAR partnership, Qualcomm tie-up). Offsetting risks include declining software revenue today, potential margin pressure from rising memory costs (and related pass-through dynamics), a sequential dip in adjusted EBITDA driven by non-recurring items in the prior quarter, and lingering China market softness. On balance, highlights materially outweigh the lowlights, but key margin and software revenue dynamics warrant monitoring.Positive Updates
Strong Revenue Rebound
Total revenue increased 45% year-over-year and 71% sequentially (Q2 vs Q1); company reaffirmed full-year 2026 revenue guidance of $1.0B–$1.1B.
Negative Updates
Software Revenue Decline
Software revenue fell to $0.7 million, a 42% decrease year-over-year; management noted software line items can be lumpy and are currently a small absolute amount.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Revenue Rebound
Total revenue increased 45% year-over-year and 71% sequentially (Q2 vs Q1); company reaffirmed full-year 2026 revenue guidance of $1.0B–$1.1B.
Read all positive updates
Company Guidance
Management reaffirmed full‑year 2026 revenue guidance of $1.0–$1.1 billion, noting a strong Q2 rebound: total revenue was up 45% year‑over‑year and 71% sequentially, shipments were ~550,000 units (+51% q/q, -2% y/y), Antora and Pikes now comprise 42% of shipments after Antora rose 92% q/q and 52% y/y and Pikes rose 43% q/q and >2,000% y/y; sales of goods were $196 million (+73% q/q, +50% y/y), software was $0.7 million (-42% y/y), services were $28 million (+21% y/y), gross profit was $44.5 million with gross margin of 19.8% (vs. 10.8% a year ago), operating expenses fell 11% y/y, adjusted EBITDA remained positive for a fourth consecutive quarter at about $0.5 million (down from $4 million last quarter), and management warned that higher global memory costs—while supporting pricing and revenue—may pressure margins in coming quarters; strategic milestones cited included the ~$266 million Flyme acquisition, a Volkswagen launch targeted for 2027, and ORCA LiDAR mass production planned for 2028.ECARX Holdings Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
18
Very Negative
Cash Flow
16
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 881.37M | 847.86M | 5.63B | 4.70B | 3.56B | 2.78B |
| Gross Profit | 184.01M | 161.26M | 1.17B | 1.27B | 936.51M | 817.06M |
| EBITDA | 15.07M | -19.53M | -745.62M | -826.92M | -205.38M | -11.66M |
| Net Income | -19.80M | -66.04M | -947.13M | -940.38M | -1.56B | 73.89M |
Balance Sheet | ||||||
| Total Assets | 986.31M | 662.32M | 3.77B | 4.27B | 4.73B | 622.32M |
| Cash, Cash Equivalents and Short-Term Investments | 202.96M | 118.27M | 454.56M | 699.02M | 860.47M | 137.74M |
| Total Debt | 700.92M | 435.98M | 1.99B | 1.81B | 1.41B | 166.19M |
| Total Liabilities | 1.24B | 945.65M | 5.52B | 5.10B | 4.77B | 1.26B |
| Stockholders Equity | -264.88M | -282.52M | -1.76B | -921.41M | -196.40M | -643.70M |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -106.56M | -544.93M | -1.31B | -618.62M | -951.19M |
| Operating Cash Flow | 0.00 | -94.39M | -430.28M | -1.24B | -461.34M | -872.33M |
| Investing Cash Flow | 0.00 | -70.48M | -59.91M | 592.08M | -313.04M | -1.39B |
| Financing Cash Flow | 0.00 | 203.86M | 261.64M | 296.83M | 657.77M | 2.19B |
ECARX Holdings Technical Analysis
Positive
1.00
Price Trends
1.14
Negative
1.13
Negative
1.43
Negative
Market Momentum
>-0.01
Negative
52.49
Neutral
65.43
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 1 is below the 20-day moving average (MA) of 1.08, below the 50-day MA of 1.14, and below the 200-day MA of 1.43, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 52.49 is Neutral, neither overbought nor oversold. The STOCH value of 65.43 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ECX.
ECARX Holdings Risk Analysis
ECARX Holdings disclosed 77 risk factors in its most recent earnings report. ECARX Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
Industry data, projections, and estimates are inherently uncertain and subject to change. Q4, 2023
2.
If we do not appropriately maintain effective internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act of 2002, we may be unable to accurately report our financial results and the market price of our securities may be adversely affected. Q4, 2023
3.
We are involved from time to time in legal proceedings and commercial or contractual disputes, which could have an adverse impact on our profitability and consolidated financial position. Q4, 2023
ECARX Holdings Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $139.09M | 2.50 | 13.77% | ― | 17.64% | 42.96% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
49 Neutral | $1.47B | -98.90 | -210.69% | ― | 56.22% | 93.61% | |
48 Neutral | $388.85M | -21.09 | 18.01% | ― | 10.74% | 85.17% | |
48 Neutral | $103.69M | -0.92 | -118.08% | ― | 41.09% | 9.05% | |
47 Neutral | $58.11M | -1.45 | -46.40% | ― | 90.68% | 70.00% | |
44 Neutral | $197.23M | -2.68 | -32.62% | ― | 106.54% | 33.28% |
* Consumer Cyclical Sector Average
ECX
ECARX Holdings
1.12
-0.53
-32.12%
CAAS
China Automotive Systems
4.78
0.72
17.73%
AEVA
Aeva Technologies
19.78
5.88
42.30%
INVZ
Innoviz Technologies
0.35
-1.31
-79.09%
LIDR
AEye Inc
1.26
-1.46
-53.68%
SES
SES AI Corporation Class A
0.55
-0.50
-47.90%
ECARX Holdings Corporate Events
ECARX Posts Strong Q2 2026 Growth, Deepens Software and LiDAR Push
Aug 11, 2026
ECARX Holdings Inc., a London-based Nasdaq-listed automotive intelligence specialist, delivers full-stack hardware and software solutions for software-defined and AI-defined vehicles, including central computing platforms, intelligent cockpits, AD...
ECARX’s SiEngine Secures US$200 Million to Bolster Silicon-to-Software SDV Platform
Jul 31, 2026
ECARX Holdings Inc., a London-based Nasdaq-listed automotive intelligence specialist, has developed a vertically integrated platform combining custom vehicle-grade silicon, central computing solutions and intelligent operating systems for software...
ECARX Expands Flyme Auto Deployments and Moves to Fully Acquire Core Software IP
Jul 17, 2026
ECARX Holdings Inc. is a global automotive technology provider specializing in intelligent cockpit and vehicle computing platforms, notably through its Flyme Auto operating system developed with Meizu. The company’s software enables automake...
ECARX Updates Convertible Note Framework With Institutional Investors
Jul 17, 2026
On July 17, 2026, ECARX Holdings Inc. filed a Form 6-K in the United States detailing an amendment deed related to its 2025 senior unsecured convertible notes and associated transaction documents. The filing confirms that these note instruments an...
ECARX Agrees Share Swap With Qualcomm Ventures to Acquire DreamSmart Stake
Jul 8, 2026
On July 7, 2026, ECARX Holdings entered into a share exchange agreement with Qualcomm Ventures under which Qualcomm will acquire 10,329,562 ECARX Class A ordinary shares, priced at the 20‑day volume‑weighted average on Nasdaq, in excha...
ECARX Secures RMB 1.26 Billion Syndicated Loan to Fund Hubei Qiguang Acquisition
Jul 1, 2026
On June 29, 2026, ECARX (Hubei) Ecological Investment Co., Ltd., a wholly owned subsidiary of ECARX Holdings Inc., and ECARX (Hubei) Technology Co., Ltd. entered into a syndicated loan agreement with a banking syndicate to finance the previously a...
ECARX to Acquire Full Flyme Software Business in RMB1.8 Billion Deal
Jun 22, 2026
On June 22, 2026, ECARX Holdings said it has signed a definitive agreement to acquire the full Flyme software business, including the Flyme Auto in-vehicle cockpit OS and the cross-device Flyme operating system, from DreamSmart-related sellers for...
ECARX Enters LiDAR Market With TPK Deal to Co-Develop ORCA Platform for 2028 Production
Jun 1, 2026
ECARX Holdings Inc., a global automotive intelligence provider focused on full-stack hardware and software for software-defined and AI-driven vehicles, has built a significant installed base across more than 11 million vehicles and collaborates wi...
ECARX Narrows Loss and Lifts Margins in Q1 2026 as Global Expansion Accelerates
May 19, 2026
ECARX reported unaudited results for the quarter ended March 31, 2026, highlighting a strategic shift toward higher-margin products and tighter cost control amid a challenging macro backdrop. Total revenue fell 22% year-on-year to US$131.5 million...
ECARX Strikes US$750 Million Framework Deal with May Mobility to Scale Autonomous Ride-Hail Fleet
May 19, 2026
On May 19, 2026, ECARX Holdings Inc. announced a strategic framework agreement with U.S.-based autonomous vehicle specialist May Mobility Inc. to develop and scale an autonomous ride-hail fleet, with initial deployments targeted from next year and...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.