Ecarx Holdings Inc. · NASDAQ:ECX
Ecarx — Q1 2023 Earnings Presentation
23 slides from Ecarx's earnings presentation, Jun 12, 2023
Slide 1: First Quarter 2023 Financial Results
First Quarter 2023 Financial Results June 12, 2023
Slide 2: Disclaimers
Disclaimers Forward-Looking Statements Non-GAAP Financial Measure This presentation contains statements that are forward-looking statements within the meaning of the U.S. We use adjusted EBITDA in evaluating our operating results and for financial and operational decision- Private Securities Litigat
Slide 3: Q1 2023: Strong start reflecting robust demand
Q1 2023: Strong start reflecting robust demand, solidifying our global leadership in automotive technology Revenue Gross Profit $111.1mn $30.7mn +16% yoy +52% yoy Adj. EBITDA Products in Vehicles $(17.3)mn ~5mn Improved 48% yoy As of March 31, 2023 All copyright shall belong to ECARX. No person shal
Slide 4: Q1 operational and product updates
Q1 operational and product updates • Expanded our London office to drive international presence and also opened Expanding international presence German sales and engineering center • Opened R&D facility in the U.S. hiring well underway Fulfilling unmet SoC need in the • Antora 1000 partnership launc
Slide 5: Three industry trends are powering strong secular growth
Three industry trends are powering strong secular growth 01 2030 TAM: 01 Industry shift towards electric, connected, automated vehicles 2022 TAM: 02 The rise of the software-defined vehicle ~$270B ~$470B 03 All new platforms required for product development Software Hardware Source: McKinsey Centre
Slide 6: Three industry trends are powering strong secular growth
Three industry trends are powering strong secular growth 02 The rise of the software-defined vehicle 03 All new platforms required for product development Legacy Cars are no longer simple analog devices – with digital cockpits bringing more in-vehicle technology, greater connectivity and advanced fu
Slide 7: Focused execution against a well-defined growth strategy
Focused execution against a well-defined growth strategy Core technologies Operates in a large and growing market Fully capturing growth potential in the automotive software and E/E hardware markets with total market System on a size reaching $470bn by 2030 Chip (SoC) + Differentiated technology and
Slide 8: Strategy
ecar >< Strategy
Slide 9: Operates in a large and growing market
Operates in a large and growing market Antora 1000 & Fulfilling unmet SoC need in 01 the EV market Antora 1000 Pro Intelligent cockpit computing platform Pushing the boundaries of Makalu Cloudpeak 02 driver experience The most powerful intelligent cockpit platform today Cross-domain system software
Slide 10: Differentiated technology and product vision
Differentiated technology and product vision Antora Series Antora 1000 Antora 1000 Pro Makalu Super Brain Intelligent cockpit Intelligent cockpit Intelligent cockpit Central computing platform computing platform computing platform computing platform Flagship SoC Flagship SoC Equipped with All-In-One
Slide 11: Rapidly growing customer base
Rapidly growing customer base Supported by Strong Partnerships across industries All copyright shall belong to ECARX. No person shall copy or distribute any or all part of the content in any way. ECARX shall reserve the right to take legal action against such violations. | www.ecarxgroup.com 11
Slide 12: Financials
ecar >< Financials
Slide 13: Q1 2023: Significant growth driven by strong demand
Q1 2023: Significant growth driven by strong demand, higher volumes and favorable pricing Revenue Gross Profit $111.1mn $30.7mn +16% yoy +52% yoy Adj. EBITDA* Total Cash $(17.3)mn $148.0mn Improved $15.9mn yoy Up $35.2mn from December 31 * Non-GAAP All copyright shall belong to ECARX. No person shal
Slide 14: Revenue by quarter – note seasonality
Revenue by quarter – note seasonality Q4 ~40% Q1 ~17% Q2 ~20% Q3 ~23% Q1 Q2 Q3 Q4 2021 2022 All copyright shall belong to ECARX. No person shall copy or distribute any or all part of the content in any way. ECARX shall reserve the right to take legal action against such violations. | www.ecarxgroup.
Slide 15: On track to achieve key milestones and financial guidance
On track to achieve key milestones and financial guidance Milestones Financial guidance (unchanged) Revenue New products coming to market • Antora 1000 in Geely FAW Hongqi • • Antora 1000 Pro in Lynk &Co 08 Makalu on the road in 2023 $700mn-$720mn • Cloudpeak digital cockpit launching in Volvo EX30
Slide 16: Summary
Summary • ECARX revenue continues to be on track driven by the secular adoption of electric vehicles and product launches in Q3/Q4 • Launch of products Antora series, Makalu, Super Brain Central Computing Platform and Cloudpeak software generating excitement with customers and prospects • Expanding
Slide 17: Q&A
ecar >< O&A
Slide 18: Appendix
ecar >< Appendix
Slide 19: Condensed consolidated balance sheets (unaudited)
Condensed consolidated balance sheets (unaudited) December March 31 December March 31 31 (Unaudited) 31 (Unaudited) Millions, otherwise noted 2022 2023 2022 2023 RMB RMB US$ RMB RMB US$ ASSETS LIABILITIES Current assets Current liabilities Cash 737.4 949.5 138.3 Short-term borrowings 870.0 870.0 126
Slide 20: Condensed consolidated balance sheets (unaudited)
Condensed consolidated balance sheets (unaudited) December March 31 31 (Unaudited) Millions, otherwise noted 2022 2023 RMB RMB US$ SHAREHOLDERS' DEFICIT Ordinary Shares - - - Class A Ordinary Shares - - - Class B Ordinary Shares - - - Treasury Shares, at cost - - - Additional paid-in capital 5,919.7
Slide 21: Consolidated statements of operations and comprehensive loss (unaudited)
Consolidated statements of operations and comprehensive loss (unaudited) Three Months Ended Three Months Ended March 31 March 31 (unaudited) (unaudited) Millions, otherwise noted 2022 2023 2022 2023 RMB RMB US$ RMB RMB US$ Revenue Sales of goods revenue 499.3 594.6 86.6 Gains on deconsolidation of a
Slide 22: Unaudited Reconciliation of GAAP and Non-GAAP Results
Unaudited Reconciliation of GAAP and Non-GAAP Results We use adjusted EBITDA in evaluating our operating results and for financial and operational decision-making purposes. Adjusted EBITDA is defined as net loss excluding interest income, interest expense, income tax expenses, depreciation of proper
Slide 23: Thank you.
Thank you. ECARX Holdings, Inc. www.ecarxgroup.com ir@ecarxgroup.com All copyright shall belong to ECARX. No person shall copy or distribute any or all part of the content in any way. ECARX shall reserve the right to take legal action against such violations.