Business
ECARX Announces Third Quarter 2023 Financial Results
LONDON, Nov. 09, 2023 (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":"LONDON, Nov. 09, 2023 (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 September 30, 2023. “With revenue up 50% year-on-year, ECARX has delivered yet another quarter of robust growth, driven by growing demand for increasingly sophisticated digital cockpit solutions,” said ECARX Chairman and CEO Ziyu Shen. “Our vertically integrated technology stack offers automakers flexible solutions that are fully customizable, enabling them to precisely tailor the customer experience. Together with the significant investments that we have made, this has helped us diversify our product portfolio and continue expanding our customer base beyond the Geely Group, and grow our business outside China. With six new design wins for flagship car models, we have set the foundations for long-term sustainable growth. As the automotive industry moves towards an all-electric, software-defined future, we are strengthening our strategic alliances with leading tech companies to support our customers in their global transformation.” Third Quarter 2023 Financial Results: Total revenue of RMB1,080.0 million (US$148.0 million), up 50% year-over-year (“YoY”). Sales of goods revenue of RMB734.2 million (US$100.6 million), up 38% YoY, primarily driven by the ramp-up of new digital cockpit sales volumes and the shift in portfolio revenue mix from infotainment head units (IHUs) to digital cockpits, which have a higher total revenue per unit.Software license revenue of RMB136.6 million (US$18.7 million), up 73% YoY, mostly due to revenue generated from two procurement framework agreements for platform software and intellectual property licenses.Service revenue of RMB209.2 million (US$28.7 million), up 92% YoY, mostly due to the number and/or value of contracts completed this quarter compared to the same period last year. Total cost of revenue was RMB749.1 million (US$102.7 million), up 29% YoY, primarily driven by an increase in sales volume of new digital cockpits which have a higher total cost per unit.Gross profit of RMB330.9 million (US$45.3 million), up 140% YoY, giving a gross margin of 31%.Research and development expenses were RMB309.3 million (US$42.4 million), up 71% YoY as we continue to invest in our core product roadmap and i...