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ECARX Announces Second Quarter 2024 Unaudited Financial Results
SHANGHAI, Aug. 08, 2024 (GLOBE NEWSWIRE) -- ECARX Holdings Inc. (Nasdaq: ECX) (“ECARX” or the “Company”), a global mobility tech provider, today announced
About this update from Ecarx Holdings Inc.
[{"type":"text","content":"SHANGHAI, Aug. 08, 2024 (GLOBE NEWSWIRE) -- ECARX Holdings Inc. (Nasdaq: ECX) (“ECARX” or the “Company”), a global mobility tech provider, today announced unaudited financial results for the quarter ended June 30, 2024. “We delivered another quarter of robust growth, building on our strong start to the year,” commented ECARX Chairman and CEO, Ziyu Shen. “As the automotive industry rapidly evolves towards software-defined vehicles, we remain at the forefront of this transformation. Scaling existing solutions is critical to our sustainable growth, and we are clearly making substantial progress in this regard. By the quarter-end, over 6.9 million vehicles on the road incorporated ECARX technology, a 32% increase from last year. Our global footprint continues to grow with five new design wins, primarily for overseas projects from deepening existing relationships with automakers. Our new partnerships with industry leaders like Tencent Smart Transportation and DXC Luxoft are also driving innovation and setting new benchmarks for the industry. As we look ahead, I'm highly confident in our ability to drive significant growth, capitalize on market opportunities, and create long-term value for our shareholders. ECARX is well-positioned to build on this momentum in the second half of the year and beyond.” Second Quarter 2024 Financial Results: During the quarter, ECARX acquired a controlling financial interest in HF Tech Europe AB, an entity under common control. Comparative financial information is presented by combining assets, liabilities, revenues, expenses, and equity of ECARX and HF Tech Europe AB using the pooling-of interests method. All intercompany transactions and balances between the combining entities have been eliminated. Total revenue was RMB1,257.5 million (US$173.0 million), up 31% year-over-year (“YoY”). Sales of goods revenue was RMB943.6 million (US$129.8 million), up 41% YoY, primarily driven by the continued growth in global demand, and the ramping up of the Antora series digital cockpit and autonomous driving control unit (ADCU) sales volume, which contributed 14% and 8% to the total revenue from sales of goods, respectively.Software license revenue was RMB56.5 million (US$7.8 million), down 50% YoY, primarily driven by a decrease in the intellectual property licenses revenue; there was a RMB80 million intellectual p...