ECARX Holdings (ECX) AI Stock Analysis

• Market Cap: $671.02M
• Dividend Yield: N/A
• Average Volume (3M): 3.11M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.80
• Revenue Growth: 6.59%
• EPS Growth: 55.85%
• 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: 2,169,883
• 30 Day Avg. Volume: 3,113,601
• 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: 1.49
• Enterprise Value/Revenue: 0.18
• Enterprise Value/Gross Profit: 2.78
• Enterprise Value/Ebitda: -9.29
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.46
• Revenue Forecast (FY): $8.71B

• Rating: 52 Neutral
• Price Target: $2.00 ▲(14.29% Upside)

ECARX Holdings' overall score is primarily influenced by its financial performance challenges, including negative equity and high leverage. The positive earnings call, highlighting profitability and growth, provides a counterbalance, but valuation concerns and neutral technical indicators limit the score.

Positive Factors

Revenue Growth

Strong revenue growth indicates robust demand for ECARX's products and services, enhancing its market position and potential for future expansion.

Strategic Partnerships

Securing long-term contracts with major automakers strengthens ECARX's revenue base and solidifies its role as a key player in automotive technology.

Global Expansion

Global expansion efforts diversify ECARX's market exposure and reduce reliance on any single region, supporting long-term growth and stability.

Negative Factors

Negative Equity

Negative equity indicates financial instability and limits the company's ability to raise funds, potentially hindering future growth and operations.

High Leverage

High leverage can strain ECARX's cash flow and limit its financial flexibility, posing risks to its long-term financial health and operational capacity.

Cash Flow Challenges

Inadequate cash flow generation affects ECARX's ability to invest in growth opportunities and manage its financial obligations, impacting sustainability.

ECARX Holdings Business Overview & Revenue Model

Company Description

ECARX Holdings, Inc. engages in the design, development, and delivery of vehicle technology. Its products include infotainment head units, digital cockpits, vehicle chip-set, operating system and software stack. The company was founded in 2017 and is based in Shanghai, China with an additional office in Europe.

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 shows growth in revenue but faces substantial profitability and cash flow challenges. The negative equity and high leverage raise concerns about the company's financial stability. Continued focus on improving operational efficiency and cash flow management is crucial to enhance its financial health.

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	5.68B	5.56B	4.70B	3.56B	2.78B	2.24B
Gross Profit	358.82M	158.11M	179.54M	144.06M	128.18M	551.39M
EBITDA	-107.47M	―	―	―	―	-321.69M
Net Income	-187.64M	―	―	―	―	-439.66M
Balance Sheet
Total Assets	3.61B	3.77B	4.27B	4.73B	622.32M	2.58B
Cash, Cash Equivalents and Short-Term Investments	497.64M	454.56M	699.02M	860.47M	137.74M	729.94M
Total Debt	2.64B	1.99B	1.81B	1.41B	166.19M	1.10B
Total Liabilities	5.70B	5.52B	5.10B	4.77B	1.26B	4.41B
Stockholders Equity	-2.08B	-1.76B	-921.41M	-196.40M	―	-1.84B
Cash Flow
Free Cash Flow	0.00	-544.93M	-1.31B	-618.62M	-951.19M	0.00
Operating Cash Flow	0.00	-430.28M	-1.24B	-461.34M	-872.33M	0.00
Investing Cash Flow	0.00	-59.91M	592.08M	-313.04M	-1.39B	0.00
Financing Cash Flow	0.00	261.64M	296.83M	657.77M	2.19B	0.00

ECARX Holdings Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 1.75
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ECX, the sentiment is Neutral. The current price of 1.75 is above the 20-day moving average (MA) of 1.69, below the 50-day MA of 1.92, and below the 200-day MA of 1.76, indicating a neutral trend. The MACD of -0.04 indicates Negative momentum. The RSI at 52.83 is Neutral, neither overbought nor oversold. The STOCH value of 90.71 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ECX.

ECARX Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CAAS	69 Neutral	$136.37M	4.07	9.19%	―	16.72%	5.35%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
LIDR	55 Neutral	$100.92M	-1.03	-75.54%	―	-19.11%	73.51%
ECX	52 Neutral	$671.02M	-8.32	―	―	6.59%	55.85%
AEVA	50 Neutral	$1.01B	―	-192.35%	―	89.90%	5.13%
SES	50 Neutral	$806.81M	-8.03	-33.69%	―	―	-15.43%
INVZ	48 Neutral	$237.74M	―	-71.46%	―	46.09%	46.01%

ECARX Holdings Corporate Events

ECARX to Invest US$23 Million in Lotus Technology to Expand Global Intelligent Vehicle Partnership

On December 29, 2025, ECARX Holdings announced that it had signed a subscription agreement on December 23, 2025 to make a US$23 million strategic investment in Lotus Technology Inc. via a private placement of 16,788,321 newly issued Lotus Tech ordinary shares at US$1.37 per share, subject to customary closing conditions and a six‑month lock‑up. The deal is intended to deepen the companies’ global partnership by expanding deployment of ECARX’s Pikes computing platform and Cloudpeak cross‑domain software stack with Google Automotive Services in Lotus vehicles worldwide, reinforcing ECARX’s international expansion ambitions and signaling mutual confidence in Lotus Tech’s long‑term strategy and its push into next‑generation intelligent, AI‑driven in‑vehicle experiences.

The most recent analyst rating on (ECX) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on ECARX Holdings stock, see the ECX Stock Forecast page.

ECARX Holdings Enters Convertible Loan Agreement with DreamSmart

On December 4, 2025, ECARX Holdings Inc. announced a Convertible Loan Agreement with DREAMSMART TECHNOLOGY PTE. LTD. and its subsidiary, Hubei DreamSmart Group Co., Ltd. Under this agreement, ECARX (Hubei), a subsidiary of ECARX Holdings, will provide a loan of RMB300 million to DreamSmart Hubei, with the option to convert the loan into shares of DreamSmart Singapore. This strategic move is expected to strengthen ECARX’s financial positioning and potentially expand its influence in the automotive technology sector by aligning with DreamSmart’s operations.

The most recent analyst rating on (ECX) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on ECARX Holdings stock, see the ECX Stock Forecast page.

ECARX Holdings Secures $60 Million Through Convertible Notes in November 2025

On November 3, 2025, ECARX Holdings Inc. entered into a convertible note purchase agreement to issue and sell up to $100 million in convertible notes. The initial investor agreed to purchase $35 million, with an additional $25 million purchased by another existing holder on November 26, 2025. The remaining $40 million is contingent on finding additional investors, indicating potential uncertainties in securing full funding.

The most recent analyst rating on (ECX) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on ECARX Holdings stock, see the ECX Stock Forecast page.

ECARX Expands Digital Cockpit Partnership with Volkswagen in Latin America

On November 13, 2025, ECARX Holdings Inc. announced an expanded partnership with Volkswagen Group to supply advanced digital cockpit solutions for various vehicle models in Latin America. This new award, following an initial agreement in March 2025, involves the integration of ECARX’s Antora® 1000 and 500 computing platforms, alongside Google Automotive Services, to enhance user interfaces and maintain Volkswagen’s competitive edge in digital innovation. The collaboration underscores ECARX’s capability to deliver industry-leading infotainment systems and strengthens its positioning in the automotive technology sector.

The most recent analyst rating on (ECX) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on ECARX Holdings stock, see the ECX Stock Forecast page.

ECARX Holdings Reports Q3 2025 Financial Results and Secures New Projects

On November 3, 2025, ECARX Holdings announced its unaudited financial results for the third quarter of 2025, highlighting significant milestones such as achieving EBITDA breakeven and a net profit of $0.9 million. The company’s revenue grew by 11% year-over-year to $219.9 million, driven by increased shipments and improved supply chain efficiency. ECARX’s expansion into global markets and technological advancements, including the mass production of its Pikes® computing platform, have strengthened its industry position. The company also secured new projects with European and Chinese automakers, adding substantial revenue to its pipeline. Additionally, ECARX entered into a convertible note purchase agreement to issue up to $150 million in convertible notes, providing liquidity for further international expansion and product innovation.

The most recent analyst rating on (ECX) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on ECARX Holdings stock, see the ECX Stock Forecast page.

ECARX Appoints Lone Foenss Schroeder to Board Amid Leadership Change

On October 31, 2025, ECARX Holdings Inc. announced a change in its board of directors with the appointment of Ms. Lone Foenss Schroeder, replacing Ms. Ni Li who resigned due to personal reasons. Ms. Schroeder brings extensive experience from her leadership roles across various sectors, including automotive and technology, and her involvement in transformative projects at companies like Volvo Cars and Geely Sweden Holdings AB. This board change is expected to bolster ECARX’s strategic direction in the automotive technology industry.

The most recent analyst rating on (ECX) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on ECARX Holdings stock, see the ECX Stock Forecast page.

ECARX Holdings Secures $150 Million Convertible Notes Deal

On October 30, 2025, ECARX Holdings Inc. announced a securities purchase agreement with an institutional investor to issue and sell convertible notes worth up to $150 million. The initial note, valued at $50 million, is set to be issued on the same date, with the potential for additional closings of up to $100 million. These notes, convertible into Class A ordinary shares, will mature in 12 months and include various covenants and conditions to protect both the company and investors. This move is expected to enhance ECARX’s financial flexibility and could impact its market positioning by providing additional capital for growth initiatives.

The most recent analyst rating on (ECX) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on ECARX Holdings stock, see the ECX Stock Forecast page.