ECARX announced Q1 2024 financial results with revenue increase, partnerships, new products, and acquisitions.
From GlobeNewswire: 2024-05-20 07:00:00
ECARX Holdings Inc. announced unaudited financial results for Q1 2024, with total revenue at RMB927.9 million, a 21% increase YoY. Sales of goods revenue rose 27% YoY, driven by new digital cockpit programs and autonomous driving control unit sales. Service revenue increased 39% YoY, resulting in a gross margin of 22%. Research and development expenses were up 13% YoY. Net loss was RMB302.2 million, compared to RMB219.4 million last year. Adjusted EBITDA (non-GAAP) loss was RMB222.0 million.
ECARX highlighted global business development, including partnerships with FAW Group and a European automaker, expanding their customer base beyond Geely Group. The Company launched new products like Atlas, Pikes, Qogir, and presented advancements in ADAS features for Skyland Pro. They have acquired Hubei Dongjun Automotive Electronic Technology Co., Ltd., strengthening their production capabilities. ECARX products can now be found in over 6.4 million vehicles worldwide.
ECARX will host a webcast of its earnings conference call, discussing financial results and recent business developments. Founded in 2017 and listed on the Nasdaq in 2022, ECARX offers full-stack solutions for smart vehicles, collaborating with automakers to enhance user experience and reduce complexity. The Company’s forward-looking statements highlight their dedication to evolving the automotive technology landscape.
Read more at GlobeNewswire:: ECARX Announces First Quarter 2024 Unaudited Financial