ECARX completes first market raise since 2022 Nasdaq listing; will use the funds to accelerate global expansion
LONDON, April 01, 2025 (GLOBE NEWSWIRE) -- ECARX (NASDAQ:ECX), a leading global mobility technology company, has announced the completion of an underwritten public offering generated by the sale of new Class A Ordinary Shares for gross proceeds totalling USD 45 million.
This is the first market raise for ECARX since its public listing on the Nasdaq in December 2022.
Despite continuing geopolitical disruptions in automotive markets, and increased US market volatility impacting other market deals, the offer was fully subscribed and closed successfully on March 31 as planned.
The funds will accelerate ECARX's global expansion, and the deployment of further global R&D, supply chain management and manufacturing capability. Founded in 2017, ECARX now has global locations in Gothenburg, Stuttgart, San Diego and Kuala Lumpur, with an operations center in London, and further plans to expand with an office in Singapore.
The raise comes after the company's 2024 earnings announcement, which highlighted the progress made by ECARX since its listing, through a strategy of technological innovation and global expansion. ECARX reported an 18% year-on-year increase in revenue and a 33% year-on-year increase in shipments in 2024, and a new program awarded at the end of 2024 from a global automaker.
Alongside commercial progress, ECARX also improved its financial performance, delivering breakeven EBITDA in the final quarter of 2024, and expressed confidence in delivering positive EBITDA in full year 2025.
ECARX technology and innovations enable and accelerate the future of the software-defined vehicle, empowering OEMs to enhance the user experience, with full-stack solutions encompassing innovative intelligent cockpit features, assisted and autonomous driving, and AI-enriched features.
Ziyu Shen, Chairman and CEO of ECARX, said:
"2024 saw ECARX achieve significant revenue growth, and growth across our global markets. This funding will allow us to increase our global momentum into 2025 and beyond.
"We will continue our global expansion by building R&D, supply chain and manufacturing, creating a complete worldwide value chain, with the intention of generating more than half our revenue from global markets as we enter the next decade.
"The future of mobility is the software-defined vehicle, and the software-defined vehicle will be defined in turn by AI. By focusing early on automotive AI, ECARX is uniquely positioned not only to meet the growing demand for AI in in-car voice agents, self-optimising interfaces and intelligent driving solutions, but to shape it. This investment will help us to extend our leadership in AI solutions, and to make the future of transportation truly intelligent."
More information on the offering can be found on the ECARX Investor Relations website at ir.ecarxgroup.com.
About ECARX
ECARX (NASDAQ:ECX) is a global automotive technology provider with capabilities to deliver turnkey solutions for next-generation smart vehicles, from the system on a chip (SoC), to central computing platforms, and software. As automakers develop new electric vehicle architectures from the ground up, ECARX is developing full-stack solutions to enhance the user experience, while reducing complexity and cost.
Founded in 2017 and listed on the Nasdaq in 2022, ECARX now has over 1,900 employees based in 12 major locations in China, UK, USA, Sweden and Germany. To date, ECARX products can be found in over 8.1 million vehicles worldwide.
Safe Harbor Statement
This release contains statements that are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management's beliefs and expectations as well as on assumptions made by and data currently available to management, appear in a number of places throughout this document and include statements regarding, amongst other things, results of operations, financial condition, liquidity, prospects, growth, strategies, and the industry in which we operate. The use of words "expects," "intends," "anticipates," "estimates," "predicts," "believes," "should," "potential," "may," "preliminary," "forecast," "objective," "plan," or "target," and other similar expressions are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to a number of risks and uncertainties that could cause actual results to differ materially, including, but not limited to statements regarding our intentions, beliefs, or current expectations concerning, among other things, results of operations, financial condition, liquidity, prospects, growth, strategies, future market conditions or economic performance and developments in the capital and credit markets and expected future financial performance, and the markets in which we operate.
For a discussion of these and other risks and uncertainties that could cause actual results to differ materially from those expressed in any forward-looking statement, see ECARX's filings with the U.S. Securities and Exchange Commission. ECARX undertakes no obligation to update or revise forward-looking statements to reflect subsequent events or circumstances, except as required by applicable law.
Investor Contacts:
Rene Du
[email protected]
Media Contacts:
[email protected]
