ECARX Holdings Inc. (ECX)

Nasdaq: ECX · Services-Computer Integrated Systems Design · Shanghai, CN · filing with the SEC since 2022

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Grade6.0

◀ Past 6.5● Present 5.8▶ Future 5.4

2 est.

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The grade of ECARX Holdings Inc.

Nine metrics read from its own filings, by tense

Headline grade

6.0/10

◀ Past6.540% of the headline

● Present5.835% of the headline

▶ Future5.425% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 7 read as filed from the record and 2 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

6.5/1040% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed

8.2/10

Has it survived what it has been through?

No warning events in its filings since 2022.

weight 33% of this tense · 82nd percentile among 45 sector filers · read for itself

From the record

ECARX Holdings Inc.'s filings since 2022 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

6.6/10

What has it actually done, year after year?

+25.5% a year over 5 filed years; profitable in 0 of 5.

weight 45% of this tense · 66th percentile among 38 sector filers · read for its customers

From the record

ECARX Holdings Inc.'s 5 filed years say what it did: revenue went from CNY 2.2 billion in fiscal 2020 to CNY 5.6 billion in fiscal 2024, up 25.5% a year; it rose in 4 of 4 years; it never fell from a peak; net income was positive in 0 of 5 of those years (its annual reports).

What it rests on

revenue growth over the filed span25.5%top 20% of its family
the share of years revenue rosetop 17% of its family
the share of filed years with a profitbottom 17% of its family
the deepest fall from a revenue peak0.0%top 17% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate

3.7/10

How has it treated the people who own it?

SI estimate 3.7/10, confidence 35 of 100 (one part).

weight 22% of this tense · 37th percentile among 41 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, the share count over the years, which ranks in the bottom 37% of 41 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned: one part: the share count over the years, the one part on file, ranked among 41 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: ECARX Holdings Inc.'s shareholder treatment is put at 3.7 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 37% of 41 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

5.8/1035% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed

4.9/10

Is it financially healthy right now?

Leverage 147%: owes 147¢ per asset dollar.

weight 33% of this tense · 49th percentile among 41 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2024-12-31, ECARX Holdings Inc.'s shareholders' equity was below zero, so the profit on it is not read, and gross profitability: its products earned about 31 cents per dollar of everything the company owns. Leverage: it owed about 147 cents per dollar of assets, and net share issuance: its share count shrank 0.2% over the year (the filed statements).

What it rests on

what it owes per dollar of assetsbottom 8% of its family
gross profit against assetstop 31% of its family
the share count against the year beforetop 29% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

6.8/10

How strong is its position in its industry?

top 32% of 40 in its family; net margin -16.8%.

weight 45% of this tense · 68th percentile among 40 sector filers · read for its customers

From the record

ECARX Holdings Inc.'s standing among 40 graded names in its industry family: revenue of CNY 5.6 billion in fiscal 2024 is not ranked by size, since the family reports in another currency; a net margin of -16.8% ranks in the bottom 49%; revenue growth of 26% a year over the last 3 filed years ranks in the top 14% (its annual reports).

What it rests on

net margin-16.8%bottom 49% of its family
three-year revenue growth26.0%top 14% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate

5.2/10

What are the people in charge doing?

SI estimate 5.2/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 29 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-18 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge, so the desk assumes the typical reading of its industry family, the median of 29 members with one.
What the record cannot read: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-18 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge.
How it was reasoned: family median, 29 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: ECARX Holdings Inc.'s leadership is put at 5.2 of 10 with a confidence of 20 of 100, because it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-18 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge, so the desk assumes the typical reading of its industry family, the median of 29 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

5.4/1025% of the headline grade · 3 of 3 filed

Room to expand

as filed

4.5/10

How much room does it have to grow?

bottom 45% of 39 in its family for room to expand.

weight 22% of this tense · 45th percentile among 39 sector filers · read for itself

From the record

ECARX Holdings Inc.'s room to grow, from the newest filed statements (fiscal 2024): cash of CNY 324 million against no long-term debt tagged leaves 8.6% of its assets as net cash, top 50% of its family; cash from operations less capital spending is -9.8% of revenue (bottom 45%); a gross margin of 20.8% (bottom 26%); research spending of 22.7% of revenue (top 40%) (its annual report).

What it rests on

cash less debt against assets8.6%top 50% of its family
cash from operations less capital spending against revenue-9.8%bottom 45% of its family
gross margin20.8%bottom 26% of its family
research spending against revenue22.7%top 40% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

6.4/10

What could actually drive growth from here?

top 36% of 38 in its family for growth drivers.

weight 45% of this tense · 64th percentile among 38 sector filers · read for its customers

From the record

ECARX Holdings Inc.'s growth drivers, from the filed years to fiscal 2024: revenue grew 26% a year over the last three filed years against 25.5% over all 5, speeding up (top 26% of its family); the newest year grew 18.3% (top 31%); research spending grew 1.4% a year (top 48%); capital spending grew 10.2% a year (top 40%) (its annual reports). ECARX Holdings Inc. reported 7 product lines in fiscal 2025: Automotive Computing Platform at $627 million (74%), Soc Core Modules at $75 million (9%), Automotive Computing Platform Design and Development Service at $70 million (8%), and 4 more; 5 of 7 grew against the year before (its annual report).

What it rests on

three-year growth against the whole span+0.5 points a yeartop 26% of its family
the newest year's revenue growth18.3%top 31% of its family
three-year growth of research spending1.4%top 48% of its family
three-year growth of capital spending10.2%top 40% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

4.8/10

Did its newest year beat what its own record pointed to?

bottom 48% of 32 in its family for expectations against reality.

weight 33% of this tense · 48th percentile among 32 sector filers · read for its shareholders

From the record

ECARX Holdings Inc.'s newest year against its own record: revenue of CNY 5.6 billion in fiscal 2024 came in 9% below the CNY 6.1 billion its prior three years' pace pointed to (bottom 17% of its family); net income of CNY 932 million against a prior three-year average of CNY 1.2 billion (top 47%); a net margin of -16.8% against -35.4% before (top 27%) (its annual reports).

What it rests on

revenue against the prior three years' pace-9.0%bottom 17% of its family
net income against the prior three years' average+24%top 47% of its family
net margin against its prior average+18.6 pointstop 27% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton ECX · research, not advice