Business
ECARX Announces Second Quarter 2023 Financial Results
LONDON, Aug. 09, 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, Aug. 09, 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 June 30, 2023. Commenting on the results, ECARX Co-founder, Chairman and CEO Ziyu Shen said: “The pace of business accelerated in the second quarter, reflecting strong demand for our customers’ vehicles. Our automotive OEM partners are capturing the imagination of new car buyers with modern and exciting in-car experiences enabled by our products. We recently announced powerful new digital cockpit solutions that are both enabling existing customers to create a more innovative experience in their vehicles and attracting interest from new automotive OEMs. Our experience in both hardware and software, and roots in both automotive and tech, give us a unique position in the industry.” Second Quarter 2023 Financial Results During the quarter, ECARX acquired a controlling financial interest in JICA Intelligent Robotics Co. Ltd. (“JICA”), an entity under common control. Comparative financial information is presented by combining assets, liabilities, revenues, expenses and equity of ECARX and JICA using the pooling-of interests method. All intercompany transactions and balances between the combining entities have been eliminated. Total revenue of RMB952.3 million (US$131.4 million), up 45% year-over-year (“YoY”) Sales of goods revenue of RMB670.4 million (US$92.5 million), up 87% YoY, primarily driven by the ramp-up of new digital cockpit sales volumes and the shift in portfolio revenue mix shift from infotainment head unit (IHU) to digital cockpit, which has a higher total revenue per unitSoftware license revenue of RMB113.3 million (US$15.6 million), up 212% YoY, mostly due to revenue generated from two procurement framework agreements for intellectual property licensesService revenue of RMB168.6 million (US$23.3 million), down 36% YoY, mostly as a result of timing differences in non-recurring engineering revenue (NRE), which is expected to now be booked in the second half of 2023 Total cost of revenue was RMB654.7 million (US$90.3 million), up 77% YoY, as a result of certain non-recurring strategic engineering contracts and the incurrence of outsourcing costs in relation to our connected services contracts during the quarterGross profit of RMB2...