ECARX Holdings (NasdaqGM:ECX) closed out FY 2025 with Q4 revenue of US$304.7 million and basic EPS of US$0.01, alongside net income of US$2.6 million. On a trailing twelve month basis, the company recorded total revenue of US$847.9 million and a basic EPS loss of US$0.19, reflecting ongoing pressure at the bottom line. The company has reported revenue between US$198.2 million and US$304.7 million over the past six quarters, with quarterly basic EPS ranging from a loss of US$0.14 to a small profit. This sets up a fresh look at whether the current earnings profile supports the growth story or keeps margins under strain.

See our full analysis for ECARX Holdings.

With the latest numbers on the table, the next step is to see how this earnings profile lines up with the widely shared narratives around ECARX Holdings, and where those stories might need to be updated.

TTM loss of US$66 million keeps profitability in focus

• On a trailing twelve month basis, ECARX recorded total revenue of US$847.9 million and a net loss of US$66 million, with basic EPS at a loss of US$0.19.
• Bulls point out that analysts expect earnings to turn positive within three years, with forecast earnings growth of about 52.06% a year. However, the TTM loss of US$66 million and recent quarterly swings still test that confidence.
  • Losses have been shrinking over the past five years at an average rate of 14.9% a year, which supporters see as consistent with the move from a US$45.2 million loss in Q3 2024 to a US$2.6 million profit in Q4 2025.
  • At the same time, the company only just moved into small quarterly profits, with basic EPS of roughly US$0.01 in Q4 2025 after deeper quarterly losses earlier in the year, so the bullish path to sustained profitability is still being tested against recent history.

If you want to see how optimistic investors connect this loss profile to their upside case, check out the full bullish story for ECARX and how they tie these numbers to future milestones. 🐂 ECARX Holdings Bull Case

Q4 swing to US$2.6 million profit vs earlier quarterly losses

• Within FY 2025, ECARX moved from a net loss of US$42.7 million in Q2 2025 to a net profit of US$0.4 million in Q3 and US$2.6 million in Q4, showing a wide range of outcomes across just three quarters.
• Bears argue that this recent move into profit is fragile, especially given earlier quarterly losses and the company’s own disclosure that a shift in gross margin from around 22% or a rise in operating expenses from about US$44 million could send it back into the red.
  • The Q2 2025 net loss of US$42.7 million on revenue of US$152.7 million, compared with Q4 2025 net income of US$2.6 million on US$304.7 million of revenue, shows how sensitive the income statement has been to changes in scale and cost.
  • Software license revenue of US$0.9 million in Q3 2025 was reported as 92% lower year on year, which critics see as a weak contribution from higher margin software that could otherwise help support more stable profitability.

Skeptical investors are asking whether this small profit can last as volumes and costs shift, so it can be useful to read the full cautious take that sets out those concerns in detail. 🐻 ECARX Holdings Bear Case

Low 0.7x P/S against peers with share price at US$1.65

• ECARX trades on a P/S of 0.7x, which sits below both the US Auto Components industry average of 0.8x and a peer average of 10.4x, while the current share price is US$1.65 and the only allowed analyst target in this article is US$3.76.
• What stands out for both bulls and bears is the contrast between this relatively low sales multiple and the ongoing balance sheet and volatility flags, such as negative shareholders’ equity and share price moves that have been more volatile than the US market over the past three months.
  • Supporters argue that forecast revenue growth of 14.7% a year, ahead of the referenced US market 10.3% a year, combined with a P/S below industry and peers, gives some investors a value oriented way to look at the stock.
  • Cautious holders focus on the fact that the company remains loss making on a TTM basis and carries negative equity, so they see the low P/S and gap to the US$3.76 target as only one part of the story that still has to be weighed against these capital structure risks.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for ECARX Holdings on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

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A great starting point for your ECARX Holdings research is our analysis highlighting 3 key rewards and 2 important warning signs that could impact your investment decision.

See What Else Is Out There

ECARX is still carrying a TTM net loss of US$66 million, thin recent profits and negative shareholders’ equity, which keeps financial resilience in question.

If that mix of losses and balance sheet pressure feels a bit too fragile, you might prefer companies filtered through our solid balance sheet and fundamentals stocks screener (44 results) to focus on sturdier foundations right now.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.