ECARX Holdings, Inc. Q1 FY2025 earnings call

• Momentum from 2024 continued in Q1 with global automotive industry evolution. China market grew 12.9% y-o-y. - Shipment surged to 684,000 units, with Geely's Galaxy E8 selling over 90,000 units in March. - Secured 8 new project wins under Geely's new E/E architecture. - Integrated intelligent car driving and parking capabilities into Antora 1000 Super Brain. - Hosted 2025 Invest Day in Hong Kong, achieved EBITDA breakeven in 2024. - Public offering raised $45 million to accelerate global expansion. - Shipped 684,000 units, serving 18 OEMs across 28 brands. - Delivered first digital cockpit sample to Volkswagen Group, marking entry into Brazilian and Indian markets. - Secured 8 new project wins from Geely for next-gen models. - Product portfolio flexible, covering from entry-level to premium models. - Achieved integration of intelligent cockpit, driving, and parking capabilities into Antora 1000 SPB. - Introduced ECARX experience powered by AutoGPT. - Partnered with HERE Technologies for next-gen AI in-vehicle navigation. - Expanding global supply chain and engineering centers in Singapore and Malaysia.

Total revenue for the quarter landed at RMB1.2 billion, an increase of 30% year-over-year. Sales of goods revenue was RMB879 million, up 16% year-over-year. Software license revenue was RMB187 million, surging 148% year-over-year. Service revenue was RMB157 million, up 49% year-over-year. Gross profit for the quarter was RMB243 million, up 19% year-over-year, translating into a gross margin of 19.8%. In-house developed platforms Antora Series, Makalu and Venado contributed approximately 39% to the total sales of goods revenue.

• Strong start to 2025, robust pipeline of new projects. - Focus on expanding customer base, improving cost structure, and driving operational efficiency for long-term financial performance.

Q: How many different car models planned to equip this year and breakdown of Geely vs non-Geely models? And impact of tariffs on US customers?

A: Launch pipeline is robust, with 8 wins announced, including Geely and VW programs. Tariffs don't significantly impact current business, engaged with US automakers and expect to ramp up engagement later, with revenue from US market expected a few years later.