Operational transparency remains critically low, as the company has reported zero operating cash flow across all ten observed quarters while relying on significant stock-based compensation, which reached $47 million in 2024Q3.
| Cash from Operations | 0 | -430.28M | -1.24B | -461.34M | -872.33M | 0 |
| Operating CF Margin % | - | -7.64% | -26.46% | -12.95% | -31.39% | - |
| Operating CF Growth % | 100% | 65.4% | -169.52% | 47.11% | - | - |
| Net Income | -65.98M | -932.32M | -1.02B | -1.56B | -1.19B | -8.93K |
| Depreciation & Amortization | 0 | 150.34M | 124.64M | 74.56M | 65.01M | 0 |
| Stock-Based Compensation | 13.3M | 127.23M | 174.03M | 725.65M | 179.93M | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 145.05M | 0 |
| Other Non-Cash Items | 52.69M | -172.66M | 88.02M | 693.42M | 99.92M | 0 |
| Working Capital Changes | 0 | 397.13M | -614.91M | -390.8M | -176.81M | 8.93K |
| Change in Receivables | 0 | 281.41M | -585.55M | -307.14M | -141.34M | 0 |
| Change in Inventory | 0 | -72.77M | 11.15M | 5.34M | -105.56M | 0 |
| Change in Payables | 0 | 0 | 359.8M | 0 | -199.44M | 0 |
| Cash from Investing | 0 | -59.91M | 592.08M | -313.04M | -1.39B | 0 |
| Capital Expenditures | 0 | -114.65M | -62.19M | -157.29M | -78.86M | 0 |
| CapEx % of Revenue | - | 2.04% | 1.32% | 4.42% | 2.84% | - |
| Acquisitions | 0 | -56.56M | 792.06M | 0 | -8.36M | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | 0 | 111.3M | 2.16M | -155.75M | 41.5M | 0 |
| Cash from Financing | 0 | 261.64M | 296.83M | 657.77M | 2.19B | 0 |
| Debt Issued (Net) | 0 | 0 | 330M | 527.28M | -289.31M | 0 |
| Equity Issued (Net) | 0 | -21.9M | 0 | 0 | 3.22B | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -21.9M | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 283.54M | -33.17M | 130.49M | -740.1M | 0 |
| Net Change in Cash | -52.53M | -231.43M | -313.15M | -87.7M | -102.91M | 0 |
| Free Cash Flow | 0 | -544.93M | -1.31B | -618.62M | -951.19M | 0 |
| FCF Margin % | - | -9.68% | -27.78% | -17.37% | -34.23% | - |
| FCF Growth % | 100% | 58.26% | -111.05% | 34.96% | - | - |
| FCF per Share | - | -1.62 | -3.87 | -2.59 | -25.37 | - |
| FCF Conversion (FCF/Net Income) | - | 3.37x | 9.37x | 2.03x | 4.74x | - |
| Interest Paid | 0 | 112.13M | 63.86M | 28.91M | 28.98M | 0 |
| Taxes Paid | 0 | 0 | 280.03K | 0 | 1.97M | 0 |
Liquidity and reporting opacity
According to the provided financial data, ECARX reports zero operating cash flow across all ten observed quarters, which suggests a complete disconnect between reported net income and actual cash generation that warrants extreme caution for any investor evaluating the company's underlying operational health.
The absence of reported operating cash flow in the face of significant net income volatility implies that the company's earnings may be heavily influenced by non-cash accounting adjustments. This lack of cash conversion visibility makes it impossible to determine if the business is truly self-sustaining or merely reliant on accounting accruals.
As reported in the financial statements, ECARX has failed to generate positive free cash flow in any of the last ten quarters, indicating that the firm's current business model is fundamentally unable to fund its own operations through internal cash generation.
The persistent lack of free cash flow suggests that the company remains in a capital-intensive growth phase that is not yet yielding tangible cash returns. Without a clear path to positive FCF, the company appears to be entirely dependent on external financing or parent-company support to maintain its R&D and operational footprint.
Based on the provided figures, ECARX consistently records significant stock-based compensation, reaching as high as $47 million in a single quarter, which serves to obscure the true cash-based cost of talent acquisition and retention in a highly competitive automotive technology market.
The reliance on equity-based incentives suggests that management is attempting to preserve cash by diluting shareholders, a common tactic for firms unable to generate organic cash flow. Investors should monitor whether this compensation structure is sustainable or if it will eventually necessitate a shift toward cash-heavy payroll expenses.
Data provided indicates that ECARX has not engaged in dividends or share repurchases, which is consistent with a firm that is currently burning cash and prioritizing survival over returning capital to its shareholders.
The absence of capital deployment activities suggests that all available resources are being funneled into maintaining the company's R&D-heavy cost structure. This strategy appears to be a defensive measure to ensure the firm remains a viable technology partner for its primary shareholder, rather than a strategy focused on maximizing standalone shareholder value.
Quick answers to the most common questions about buying ECX stock.
ECARX Holdings, Inc. (ECX) generated $0.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
ECARX Holdings, Inc. (ECX) reported negative free cash flow of $0.0M in 2025, indicating capital requirements exceeded cash from operations.
ECARX Holdings, Inc. (ECX) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.