Business
ECARX Announces Fourth Quarter and Full Year 2022 Financial Results
FY 2022 revenue up 28% YoY to $515.7 million; Q4 2022 revenue up 44% YoY to $221.4 million at constant currencyFY 2022 gross profit up 21% YoY to $143.6
About this update from Ecarx Holdings Inc.
[{"type":"text","content":"FY 2022 revenue up 28% YoY to $515.7 million; Q4 2022 revenue up 44% YoY to $221.4 million at constant currencyFY 2022 gross profit up 21% YoY to $143.6 million; Q4 2022 gross profit up 30% YoY to $62.0 million at constant currencyExpect revenue growth of approximately 38% YoY for FY 2023; adjusted EBITDA breakeven by end of FY 2024 LONDON, April 24, 2023 (GLOBE NEWSWIRE) -- ECARX Holdings, Inc. (Nasdaq: ECX) (\"ECARX\"), a global mobility tech provider, today reported financial results for the quarter and full year ended December 31, 2022. The company also provided financial guidance for the full year 2023 expecting continued strong growth. “Our unique go-to-market strategy and R&D engine enable us to be well positioned to capture the massive growth opportunity from the revolution towards more connected, autonomous, and electrified vehicles,” said Ziyu Shen, co-founder, Chairman and CEO of ECARX. “Continued technological advancements are driving OEMs to develop next-generation, software-defined vehicles, and our vertically-integrated, full-stack automotive computing platform will help transform these vehicles in ways that have never been imagined. Our strong financial results in 2022 demonstrate our solid operating execution, the strength of our product portfolio, and the growing demand for our solutions from customers around the world. This momentum, and our recent listing on Nasdaq, will support our plans to deliver on our robust product pipeline, advance strategic partnerships and accelerate international growth.” Fourth Quarter 2022 Financial Highlights (growth rates at constant currency): Total revenue of $221.4 million, up 44% year over year Sales of goods revenues of $151.4 million, up 43% year over year, primarily driven by higher average sales prices and higher volumes from the launch of new productsSoftware license revenues of $35.8 million, up 263% year over year, driven by increased volume and favorable pricingService revenues of $34.2 million, down 10% year over year, primarily due to the impact of the COVID-19 pandemic on customer operations, delaying certain projects Gross profit of $62.0 million, up 30% year over year, primarily driven by the launch of new products and favorable product mixNet loss of $107.3 million, up from $36.6 million for the same period last year, largely driven by higher research and devel...