Business
ECARX Announces First Quarter 2023 Financial Results
LONDON, June 12, 2023 (GLOBE NEWSWIRE) -- ECARX Holdings, Inc. (Nasdaq: ECX) ("ECARX" or the “Company”), a global mobility tech provider, today reported
About this update from Ecarx Holdings Inc.
[{"type":"text","content":"LONDON, June 12, 2023 (GLOBE NEWSWIRE) -- ECARX Holdings, Inc. (Nasdaq: ECX) (\"ECARX\" or the “Company”), a global mobility tech provider, today reported financial results for the quarter ended March 31, 2023. The Company also reaffirmed its financial guidance for the full year 2023 following strong execution in the first quarter. “ECARX is off to a strong start in 2023, with our first quarter results reflecting global demand for our automotive technology,” said Ziyu Shen, co-founder, Chairman and CEO of ECARX. “Through relentless innovation and a dedicated team, we're revolutionizing mobility, setting new benchmarks for the in-car experience, and unlocking significant growth opportunities. Our recently announced suite of products is already driving change and moving the world forward, demonstrating our commitment to shaping the future of transportation. As I look forward to the remainder of the year, I am confident ECARX’s first quarter success positions us well for 2023 and beyond.\" First Quarter 2023 Financial Results: Total revenue of RMB762.9 million (US$111.1 million), up 16% year over year Sales of goods revenue of RMB594.6 million (US$86.6 million), up 19% year over year, primarily driven by the ramp up of new digital cockpit sales volumes and portfolio revenue mix shift from Infotainment Head Unit (IHU) to Digital Cockpit, which has a higher total revenue per unitSoftware license revenue of RMB102.3 million (US$14.9 million), up 140% year over year, mostly as a result of a new procurement framework agreement for intellectual property licenses with a customerService revenue of RMB66.0 million (US$9.6 million), down 42% year over year, primarily as a result of lower volumes of contracts completed during the quarter compared with the same period last year Total cost of revenue was RMB552.1 million (US$80.4 million), up 7% year over yearGross profit of RMB210.8 million (US$30.7 million), up 52% year over year Gross margin of 28%, up from 21% in the same period last year, due mostly to product mix and a continued focus on sourcing efficiencies Research and development expense was RMB201.2 million (US$29.3 million), down by around a third year over year, reflecting the cessation of our ADAS perception software development as we continue to invest in our core product roadmapSG&A expenses and others, net were RMB173.2 million...