NASDAQ$ECX
ECARX Holdings Inc · Q1 2026 earnings
Q1 2026 earnings · · Before market open · Investor relations
Briefing
ECARX Q1 2026: $131.5M revenue, third straight quarter of positive adjusted EBITDA
ECARX Holdings Inc. reported Q1 2026 unaudited results for the quarter ended March 31, 2026, with total revenue of $131.5 million, down 22% year over year primarily due to a one-time $25 million software license in Q1 2025 and the deliberate phase-out of lower-margin legacy platform business. Despite the topline decline, gross margin expanded to 21.4% from 19.8%, operating loss narrowed to $13.0 million from $24.7 million, and adjusted EBITDA turned positive for the third consecutive quarter at $4.0 million. R&D expenses fell 32% to $23.5 million as the company prioritized global expansion, AI-driven efficiency, and a leaner operating model.
- Total revenue was $131.5 million (-22% YoY); sales of goods revenue was $113.8 million (-6% YoY).
- Gross margin expanded to 21.4% from 19.8%; operating loss narrowed to $13.0 million from $24.7 million.
- Net loss improved to $11.0 million from $27.2 million; adjusted EBITDA was positive $4.0 million.
- R&D expenses fell 32% to $23.5 million; SG&A declined 24% to $17.7 million.
- Company reiterated full-year 2026 revenue guidance of $1.0–$1.1 billion.
Headline financials
Revenue & EPS history
ECARX · Revenue · Quarterly
$132M
Revenue by segment
ECARX · $132M total across 3 segments · Q1 2026
- Sales of Goods$114M-6.1%86.5%
- Service$16.1M-25.5%12.2%
- Software License$1.6M-93.8%1.2%
Forward guidance
ECARX reiterated full-year 2026 revenue guidance of $1.0–$1.1 billion based on current backlog and an accelerating commercial pipeline, while noting memory cost dynamics may pressure gross margin and operating profitability in coming quarters.
Tailwinds
- Third consecutive quarter of positive adjusted EBITDA demonstrates operating discipline.
- Expanding global pipeline across Europe, the Americas, and Southeast Asia with new governance leadership.
Headwinds
- Revenue declined 22% YoY due to prior-year one-time software license and legacy platform wind-down.
- Memory cost inflation expected to negatively impact margins in upcoming quarters.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2026
-1.1%
Avg return
Earnings day
-3.3%
Avg return
5 days after
-0.2%
Avg return
30 days after
45%
9 / 20 earnings
Positive
+8.3%
Q1 2025
Best reaction
-14.9%
Q1 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -3.5% | — | — | |
| Q4 2025 | -8.3% | -13.5% | -42.0% | |
| Q3 2025 | +4.7% | -6.8% | -20.8% | |
| Q2 2025 | -11.3% | -4.1% | +26.0% | |
| Q1 2025 | +8.3% | +18.3% | +30.0% | |
| Q3 2024 | +0.5% | -2.2% | +4.4% | |
| Q2 2024 | +4.4% | +7.9% | +9.2% | |
| Q1 2024 | -14.9% | -22.3% | -11.5% | |
| Q4 2023 | +0.4% | -13.1% | -28.7% | |
| Q3 2023 | -3.5% | -17.3% | -40.5% | |
| Q2 2023 | -4.4% | -6.7% | -14.8% | |
| Q1 2023 | -1.3% | +4.3% | -31.0% | |
| Q4 2021 | +2.0% | -2.0% | +38.2% | |
| Q4 2022 | +2.0% | -2.0% | +38.2% | |
| Q4 2020 | +2.0% | -2.0% | +38.2% | |
| Q3 2022 | +0.2% | +0.1% | +0.7% | |
| Q2 2022 | +0.0% | -0.1% | +0.3% | |
| Q1 2022 | +0.0% | +0.0% | +0.4% | |
| Q3 2021 | +0.0% | -0.6% | -0.2% | |
| Q2 2021 | -0.4% | -0.2% | +0.1% | |
| Q1 2021 | — | — | — |
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