ECARX Holdings Inc. reported third‑quarter 2025 results that showed revenue of $219.9 million, an 11% year‑over‑year increase and a 41% quarter‑over‑quarter rise. Shipments reached 667,000 units, up 51% YoY and 26% QoQ, with Antora‑series shipments hitting a record 196,000 units.
The company achieved adjusted EBITDA breakeven, generating $8.3 million in adjusted EBITDA and posting a net profit of $0.9 million for the first time. In comparison, Q3 2024 ended with a net loss of $47.2 million and an adjusted EBITDA loss of $31.9 million, underscoring the scale of the turnaround.
Gross margin improved from 17% to 22% YoY, driven by higher‑margin goods sales and a shift toward service‑based revenue. Research and development expenses fell 46% YoY to $X million, while selling, general and administrative costs dropped 37% YoY to $Y million, reflecting disciplined cost management and economies of scale.
ECARX entered into an agreement to issue up to $150 million in convertible notes to ATW Partners, with an initial $35 million note expected to close. The financing will bolster liquidity and support international expansion and product development initiatives.
Mass production of the Pikes computing platform began in Q3 2025, with the platform, powered by the Qualcomm Snapdragon SA8295P SoC, integrated into the Lynk & Co 10 EM‑P. The company also expanded its Google Automotive Service certification, accelerating global deployment of its software‑defined vehicle solutions.
CEO John Smith highlighted strong demand from automotive OEMs but noted competitive pricing pressure and supply‑chain constraints. The company plans to invest in new markets and continue advancing its product pipeline.
ECARX operates in the rapidly evolving software‑defined vehicle sector, competing with other automotive technology providers. The profitability milestone and new financing strengthen its market position and provide a foundation for sustained growth.
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