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Share based compensation - Compensation expense recognized (Details) - RSUs - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Share based compensation
Total compensation expense recognized	$ 1,467	$ 6,504
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Share based compensation
Total compensation expense recognized	144	1,141
Location, Statement of Income, Balance [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense
Share based compensation
Total compensation expense recognized	$ 1,323	$ 5,363

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Long-term investments, net - Fair value of available-for-sale debt investments (Details)	6 Months Ended
	Jun. 30, 2026
Long-term investments
Bond Yield	7.62%
China
Long-term investments
Risk-free interest rates	1.29%
U.S.
Long-term investments
Risk-free interest rates	4.14%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Related party balances and transactions - Revenues (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Related party balances and transactions
Total revenues	$ 356,682	$ 323,281
Related Party
Related party balances and transactions
Total revenues	317,452	281,159
Sales of goods revenues
Related party balances and transactions
Total revenues	310,150	251,942
Sales of goods revenues \| Related Party
Related party balances and transactions
Total revenues	276,841	211,818
Automotive computing platform
Related party balances and transactions
Total revenues	258,535	215,680
Automotive computing platform \| Related Party
Related party balances and transactions
Revenues	256,153	211,747
SoC Core Modules
Related party balances and transactions
Total revenues	47,909	36,252
SoC Core Modules \| Related Party
Related party balances and transactions
Revenues	17,851	63
Automotive merchandise and other products
Related party balances and transactions
Total revenues	3,706	10
Automotive merchandise and other products \| Related Party
Related party balances and transactions
Revenues	2,837	8
Software license revenues
Related party balances and transactions
Total revenues	2,290	26,787
Software license revenues \| Related Party
Related party balances and transactions
Total revenues	1,929	24,999
Service revenues
Related party balances and transactions
Total revenues	44,242	44,552
Service revenues \| Related Party
Related party balances and transactions
Total revenues	38,682	44,342
Automotive computing platform – Design and development service
Related party balances and transactions
Total revenues	39,334	23,025
Automotive computing platform – Design and development service \| Related Party
Related party balances and transactions
Revenues	33,651	22,823
Automotive computing platform – Design and development service \| Related Party \| Xingji Meizu
Related party balances and transactions
Revenues	0	2,778
Connectivity service
Related party balances and transactions
Total revenues	3,408	19,020
Connectivity service \| Related Party
Related party balances and transactions
Revenues	3,383	19,019
Other services
Related party balances and transactions
Total revenues	1,500	2,507
Other services \| Related Party
Related party balances and transactions
Revenues	$ 1,648	$ 2,500

Accrued expenses and other liabilities (Tables)

6 Months Ended

Jun. 30, 2026

Accrued Liabilities and Other Liabilities [Abstract]

Schedule of accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following:


	As of December 31,	As of June 30,
	2025	2026
Salaries and benefits payables	14,547	10,669
Taxes payable	22,219	10,569
Product warranties	8,233	8,798
Accrued costs of the Merger	6,900	6,900
Other payables and accrued charges*	36,976	42,281
Accrued expenses and other current liabilities	88,875	79,217

*Other payables and accrued charges primarily include payables for research and development expenses, purchases of property, equipment and software and service fees.

Schedule of changes in product warranties

The following table provides a reconciliation of changes in the product warranties:


	As of December 31,	As of June 30,
	2025	2026
Balance at the beginning of the year/period	21,861	26,037
Additions	8,922	3,520
Settlements	(5,967)	(3,022)
Foreign currency translation adjustment	1,221	740
Balance at the end of the year/period	26,037	27,275
Including:
Current portion of warranty included in “Accrued expenses and other current liabilities”	8,233	8,798
Noncurrent portion of warranty included in “Provisions”	17,804	18,477

Revenue information - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Revenue from Contract with Customer [Abstract]
Revenue recognized from contract liabilities	$ 3,739	$ 12,689

Ordinary shares and treasury shares (Details) - USD ($)	1 Months Ended	6 Months Ended
Ordinary shares and treasury shares (Details) - USD ($)	Jan. 31, 2026	Jun. 30, 2026	Jun. 30, 2025	Mar. 31, 2026	Dec. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Issuance of Class A ordinary shares for convertible notes conversion (Note 16)		$ 14,255,000
Share repurchase program, authorized, amount				$ 40,000,000		$ 20,000,000
Share repurchase program, authorized (in shares)		4,871,121
Repurchase of ordinary shares		$ 9,907,000	$ 28,985,000
Treasury Shares
Class of Stock [Line Items]
Repurchase of ordinary shares		$ 9,907,000	$ 28,985,000
Class A Ordinary Shares
Class of Stock [Line Items]
Ordinary shares, shares issued (in shares)		377,801,825			336,406,528
Number of shares issued in transaction (in shares)	27,297,002
Share price (in USD per share)	$ 1.67
Consideration received	$ 45,586,000
Issuance of Class A ordinary shares for convertible notes conversion (in shares)		13,818,840
Issuance of Class A ordinary shares for convertible notes conversion (Note 16)		$ 14,255,000
Share Incentive 2022 Plan \| Class A Ordinary Shares
Class of Stock [Line Items]
Ordinary shares, shares issued (in shares)		279,455

Cash and restricted cash

6 Months Ended

Jun. 30, 2026

Cash and Cash Equivalents [Abstract]

Cash and restricted cash

A reconciliation of cash and restricted cash in the unaudited condensed consolidated balance sheets to the amounts in the unaudited condensed consolidated statements of cash flows is as follows:


	As of December 31,	As of June 30,
	2025	2026
Cash at banks	87,118	156,157
Restricted cash	6,138	9,258
Cash and restricted cash shown in the unaudited condensed consolidated statements of cash flows	93,256	165,415

As of December 31, 2025 and June 30, 2026, the Group’s restricted cash of US$6,138 and US$6,312 were pledged for notes payable, and nil and US$2,946 were pledged for letter of credit, respectively.

Summary of significant accounting policies

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Summary of significant accounting policies

(a) Basis of presentation

The accompanying unaudited condensed consolidated financial statements of ECARX Holdings Inc. (“the Company”) and its consolidated subsidiaries (the “Group”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted as permitted by rules and regulations of the United States Securities and Exchange Commission. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Group as of and for the year ended December 31, 2025.

The accompanying unaudited condensed consolidated financial statements were prepared assuming the Group will continue as a going concern. The Group generated a net loss of US$23,001 and net cash outflows from operations of US$127,695 for the six months ended June 30, 2026. As of June 30, 2026, the Group’s consolidated current liabilities exceeded current assets in the amount of US$271,385.

The Company has evaluated plans to continue as a going concern which include, but are not limited to, (i) reducing discretionary capital and operating expenses; (ii) obtaining additional facilities from banks and renewal of existing bank borrowings; (iii) issuance of new equity and convertible debt securities; (iv) obtaining extended financial support from controlling shareholder and related parties; and (v) accelerating pace of collections of amounts due from related and third parties to optimize operational efficiency. Subsequent to June 30, 2026, the Company drew down an additional RMB460 million (approximately US$68 million) under the syndicated loan facility as mentioned in Note 11 and issued US$15 million of convertible notes pursuant to the 2025 Convertible Note Purchase Agreement as mentioned in Note 14. Notwithstanding this, feasibility of some of these plans is contingent upon factors outside of the control of the Company and, as such, the Company concluded that substantial doubt about its ability to continue as a going concern has not been alleviated as of the reporting date.

In the opinion of the management, all adjustments (which include normal recurring adjustments) necessary to present a fair statement of the financial position as of June 30, 2026, the results of operations and cash flows for the six months ended June 30, 2025 and 2026, have been made.

The preparation of unaudited condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and reported revenues and expenses during the periods presented in the unaudited condensed consolidated financial statements and accompanying notes. Significant accounting estimates include, but not limited to, expected credit losses for accounts receivable and amounts due from related parties; recoverability of contract cost assets included in other current assets and non-current assets; valuation of inventories; accrual for warranty obligations; useful lives and recoverability of property, equipment and intangible assets; impairment of goodwill; recoverability and fair value of long-term investments; fair values of share-based compensation awards; and incremental borrowing rates of the Group’s leases. Changes in facts and circumstances may result in these estimates to be revised. Actual results could differ from those estimates, and as such, differences may be material to the unaudited condensed consolidated financial statements.

(b) Risks and concentration

Concentration of credit risk

Financial instruments that potentially expose the Group to concentrations of credit risk consist principally of cash, restricted cash, short-term investments, accounts receivables, notes receivable, amounts due from related parties, other receivables included in prepayments and other current assets and other non-current assets.

The Group’s policy requires cash, restricted cash and short-term investments to be placed with high-quality financial institutions at below locations. The Group regularly evaluates the credit standing of the counterparties or financial institutions.


	As of December 31,	As of June 30,
	2025	2026
Financial institutions in the Chinese mainland
– Denominated in RMB	78,546	154,994
– Denominated in US$	2,134	2,424
– Denominated in Great Britain Pound (“GBP”)	6	6
Total balances of cash, restricted cash and short-term investments held in the Chinese mainland	80,686	157,424
Financial institutions in Hong Kong
– Denominated in US$	31,158	46,694
– Denominated in Hong Kong Dollars (“HKD”)	83	26
– Denominated in RMB	4	4
Total balances of cash, restricted cash and short-term investments held in Hong Kong	31,245	46,724
Financial institutions in Sweden
– Denominated in Euro	6,735	425
– Denominated in Swedish Krona (“SEK”)	3,429	4,311
– Denominated in US$	—	1
Total balances of cash, restricted cash and short-term investments held in Sweden	10,164	4,737
Total balances of cash, restricted cash and short-term investments held at financial institutions in other jurisdictions	2,319	3,224
Total balances of cash, restricted cash and short-term investments held at financial institutions	124,414	212,109
Cash on hand	—	—
Total balances of cash, restricted cash and short-term investments	124,414	212,109

The Group conducts credit evaluations on its customers prior to delivery of goods or services. The assessment of customer creditworthiness is primarily based on historical collection records, research of publicly available information and customer on site visits by senior management. Based on this analysis, the Group determines what credit terms, if any, to offer to each customer individually. If the assessment indicates a likelihood of collection risk, the Group will not deliver the services or sell the products to the customer or require the customer to pay cash to secure payment or to make significant down payments.

Concentration of customers and suppliers

The Group currently has a concentrated customer base with a limited number of key customers, particularly Zhejiang Geely Holding Group Co. Ltd. (“Geely Group”) and its subsidiaries.

The following table summarizes customers with greater than 10.0% of the accounts receivable - related parties, net:


	As of December 31,		As of June 30,
	2025		2026
Geely Group and its subsidiaries	69.7	%	87.0	%

The following table summarizes customers with greater than 10.0% of the accounts receivable - third parties, net:


	As of December 31,		As of June 30,
	2025		2026
Customer A, a third party	23.3	%	41.4	%
Customer B, a third party	38.3	%	33.5	%
Customer C, a third party	18.4	%	Less than 10.0%
Customer D, a third party	Less than 10.0%		11.4	%

Customers contributing more than 10.0% of total related parties and third parties’ revenues were as follows:


	Six Months Ended June 30,
	2025		2026
Geely Group and its subsidiaries	69.2	%	82.4	%

The revenue above from Geely Group and its subsidiaries excluded the sales of SoC core modules or software licenses by the Group to its third-party customers that were integrated into infotainment and cockpit products and sold by such third-party customers to Geely Group and its subsidiaries.

The following table summarizes suppliers with greater than 10.0% of the total related parties and third parties’ accounts payable:



	As of December 31,		As of June 30,
	2025		2026
Supplier A, a third party	21.9	%	27.8	%
Supplier B, a third party	10.9	%	10.2	%
Supplier C, a related party	Less than 10.0%		10.2	%

Suppliers accounting for more than 10.0% of total related parties and third parties’ purchases were as follows:


	Six Months Ended June 30,
	2025		2026
Supplier A, a third party	18.9	%	34.4	%
Supplier B, a third party	12.1	%	Less than 10.0%
Supplier D, a third party	16.7	%	Less than 10.0%

The Group measures certain assets and liabilities at fair value. Fair value is the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s pricing based upon their own market assumptions.

The fair value hierarchy consists of the following three levels:

Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 — Includes other inputs that are directly or indirectly observable in the marketplace.

Level 3 — Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable.

(d) Recently adopted accounting pronouncements

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326). This ASU amends ASC 326-20 to provide a practical expedient (for all entities) and an accounting policy election (for all entities, other than public business entities, that elect the practical expedient) related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. This update is effective for the Group from January 1, 2026, including interim periods within those annual reporting years. The Group adopted this ASU on January 1, 2026 prospectively and the adoption did not have a material impact on its consolidated financial statements and related disclosures.

Borrowings - Borrowings (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Short-term borrowings	$ 444,844	$ 310,659
Long-term borrowings	127,881
Debt, total	558,055	316,246
Unsecured borrowing.
Debt Instrument [Line Items]
Long-term borrowings	8,766	5,659
Secured borrowings
Debt Instrument [Line Items]
Long-term borrowings	119,115
Unsecured borrowing.
Debt Instrument [Line Items]
Short-term borrowings	$ 430,174	$ 310,587

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

- Definition

Reflects the total carrying amount as of the balance sheet date of debt having initial terms less than one year or the normal operating cycle, if longer.

+ References + Details

Loss per share - Basic and diluted net loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Numerator:
Net loss attributable to Ecarx Holdings Inc.	$ (20,988)	$ (69,056)
Accretion of redeemable noncontrolling interests	(1,809)	0
Numerator for basic and diluted net loss per share calculation	$ (22,797)	$ (69,056)
Denominator:
Weighted average number of ordinary shares – basic (in shares)	368,244,708	337,210,153
Weighted average number of ordinary shares – diluted (in shares)	368,244,708	337,210,153
Net loss per share attributable to ordinary shareholders - basic (in USD per share)	$ (0.06)	$ (0.20)
Net loss per share attributable to ordinary shareholders - diluted (in USD per share)	$ (0.06)	$ (0.20)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ Details

Accounts receivable, net - Accounts receivable, net (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Nonrelated Party
Related party balances and transactions
Accounts receivable	$ 38,912	$ 15,345
Less: Allowance for doubtful accounts	(496)	(539)
Accounts receivable	38,416	14,806
Related Party
Related party balances and transactions
Accounts receivable	210,001	186,705
Less: Allowance for doubtful accounts	(299)	(1,169)
Accounts receivable	$ 209,702	$ 185,536

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Long-term investments, net - Equity securities (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Jan. 31, 2026	Jun. 30, 2026
Lotus Technology Inc
Long-term investments
Equity securities, annual amount		$ 4,248
Lotus Technology Inc
Long-term investments
Number of shares issued in transaction (in shares)	4,379,562
Consideration received	$ 6,000
Derivative asset fair value	$ 219

Leases - Weighted average remaining lease term and discount rate (Details)	Jun. 30, 2026	Dec. 31, 2025
Lessee Disclosure [Abstract]
Weighted average remaining lease term (years), operating leases	5 years 2 months 4 days	5 years 3 months 29 days
Weighted average discount rate, operating leases (as a percent)	8.52%	8.34%

Property and equipment, net - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Property, Plant, and Equipment [Abstract]
Impairment loss	$ 0	$ 98

Revenue information - Disaggregation of revenue (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Disaggregation of Revenue [Line Items]
Total revenues	$ 356,682	$ 323,281
Point in time
Disaggregation of Revenue [Line Items]
Total revenues	353,274	304,261
Over time
Disaggregation of Revenue [Line Items]
Total revenues	3,408	19,020
Sales of goods revenues
Disaggregation of Revenue [Line Items]
Total revenues	310,150	251,942
Automotive computing platform
Disaggregation of Revenue [Line Items]
Total revenues	258,535	215,680
SoC Core Modules
Disaggregation of Revenue [Line Items]
Total revenues	47,909	36,252
Automotive merchandise and other products
Disaggregation of Revenue [Line Items]
Total revenues	3,706	10
Software license revenues
Disaggregation of Revenue [Line Items]
Total revenues	2,290	26,787
Service revenues
Disaggregation of Revenue [Line Items]
Total revenues	44,242	44,552
Automotive computing Platform – Design and development service
Disaggregation of Revenue [Line Items]
Total revenues	39,334	23,025
Connectivity service
Disaggregation of Revenue [Line Items]
Total revenues	3,408	19,020
Other services
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,500	$ 2,507

Convertible notes payable (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of convertible debt


	Convertible Notes due 2026	Convertible Notes due 2028	Total

Balance as of December 31, 2025	38,819	60,283	99,102
Issuance of convertible notes	—	39,475	39,475
Accretion of interest expense	6,855	1,864	8,719
Installment settlement	(6,688)	—	(6,688)
Conversion to ordinary shares	(14,255)	—	(14,255)
Balance as of June 30, 2026	24,731	101,622	126,353

Current portion	24,731	—	24,731
Non-current portion	—	101,622	101,622

Schedule of fair value, net derivative liability, unobservable input reconciliation

The fair value of derivative liability is estimated with the following key assumptions:


	As of June 30, 2026
Bond yields (i)	22.56%
Probability of triggering events (ii)	1.61	%

i.The bond yields were estimated based on the market yield of comparable bonds with similar credit rating.

ii.Probability of triggering events was estimated based on the average cumulative issuer-weighted global default rates by similar industry group.

Long-term investments, net

6 Months Ended

Jun. 30, 2026

Long-Term Investments [Abstract]

Long-term investments, net


	As of December 31,	As of June 30,
	2025	2026
Equity method investments, net	1,163	737
–SiEngine Technology Co., Ltd. (“SiEngine”)	—	—
–Shenzhen U Chance Technology Co., Ltd. (“U Chance”)	1,163	—
–ACO Tech Sdn. Bhd. (“ACO Tech”)	—	—
–Hangzhou Fuyang Zeji Qushi Equity Investment Fund Partnership (Limited Partnership) (“Fuyang Fund”)	—	737
Equity securities	17,507	19,642
Available-for-sale debt investments	42,833	41,250
Long-term investments, net	61,503	61,629

Equity method investments, net

•SiEngine

In March 2026, the Group disposed of 1.31% of its equity interest in SiEngine to a third-party investor for a consideration of RMB100,000 (equivalent to US$14,452), which was received in May 2026. As the carrying value of

the Group’s equity interest in SiEngine is zero, the entire amount was recorded as a gain and included in Gain from equity method investments, net.

•U Chance

In January 2026, the Group disposed its entire equity interest in U Chance to Hubei Dongjun Industrial Group for a consideration of RMB6,132 (equivalent to US$878). US$291 was recorded as a loss and included in Gain from equity method investments, net.

•Fuyang Fund

In February 2026, the Group entered into a limited partnership agreement with three other third-party investors to establish Fuyang Fund, a limited partnership established to invest in early-stage companies with growth potential and seek financial returns and potential business synergies. The Group agreed to contribute RMB10,000 (equivalent to US$1,474) to obtain a 10% partnership interest in Fuyang Fund. In April 2026, the Group contributed RMB5,000 (equivalent to US$737) to Fuyang Fund and obtained 5% partnership interest.Based on the article of association, the Company cannot exercise control over relevant activities of the investee, but it has the ability to exercise significant influence over operation and financial decisions. As of June 30, 2026, the Group had not recognized any gain or loss from its investment in Fuyang Fund.

Equity securities

•Lotus Technology Inc. (“Lotus”)

In January 2026, the Group purchased the second tranche of 4,379,562 ordinary shares of Lotus for US$6,000, upon which the forward contract was settled. The Company recognized a gain of US$219 from the change in fair value of the derivative asset, which was recorded in Other non-operating income (expenses), net. For the six months ended June 30, 2026, the Group recorded a loss of US$4,248 due to the change in market price of Lotus’s ordinary shares in Other non-operating (expenses) income, net in the consolidated statements of comprehensive loss.

Available-for-sale debt investments

•Investment in DreamSmart Technology Pte. Ltd. (“DreamSmart Singapore”)

In December 2025, the Company, through its subsidiary, entered into a Convertible Loan arrangement with DreamSmart Singapore, ultimately controlled by the controlling shareholder of the Company, pursuant to which the Company provided RMB300,000 (equivalent to US$42,979) of funding to a subsidiary of DreamSmart Singapore, Hubei DreamSmart Group Co., Ltd. (“DreamSmart Hubei”) with a contractual term of 36 months.

The following table provides information about the reconciliation of the Level 3 fair value measurement of available-for-sale debt investments for the six months ended June 30, 2026.:


			US$
Balance at December 31, 2025			42,833
Unrealized loss			(2,799)
Foreign currency translation adjustments			1,216
Balance at June 30, 2026			41,250

The fair value of available-for-sale debt investments is measured using income approach that involves several assumptions including risk-free interest rates and bond yields. The fair value of available-for-sale debt investments as of June 30, 2026 were estimated with the following key assumptions:


	As of June 30, 2026
China risk-free interest rate (i)	1.29%
U.S. risk-free interest rate (ii)	4.14	%
Bond Yield (iii)	7.62	%

i.The risk-free interest rate was estimated based on the yield to maturity of China Government Bond for a term consistent with the expected term of available-for-sale debt investments in effect at the valuation date.

ii.The risk-free interest rate was estimated based on the yield to maturity of U.S. Treasury Bonds for a term consistent with the expected term of available-for-sale debt investments in effect at the valuation date.

iii.The bond yield was estimated based on the market yield of comparable bonds with similar credit rating.

Revenue information

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Revenue information

Revenues are disaggregated as follow:

Major products/services lines:


	Six Months Ended June 30,
	2025	2026
Sales of goods revenues	251,942	310,150
Automotive computing platform	215,680	258,535
SoC Core Modules	36,252	47,909
Automotive merchandise and other products	10	3,706
Software license revenues	26,787	2,290
Service revenues	44,552	44,242
Automotive computing Platform – Design and development service	23,025	39,334
Connectivity service	19,020	3,408
Other services	2,507	1,500
Total revenues	323,281	356,682

Timing of revenue recognition:


	Six Months Ended June 30,
	2025	2026
Point in time	304,261	353,274
Over time	19,020	3,408
Total revenues	323,281	356,682

For the six months ended June 30, 2025 and 2026, the Group’s revenues were substantially all generated in the PRC.

Contract liabilities

Contract liabilities consisted of the following:


	As of December 31,	As of June 30,
	2025	2026
Current liabilities - third parties	123	125
Current liabilities - related parties	7,325	3,830
Non-current liabilities - related parties	10	2
Contract liabilities, current and non-current	7,458	3,957

The amount of revenue recognized that was included in the contract liabilities balance at the beginning of the period was US$12,689 and US$3,739 for the six months ended June 30, 2025 and 2026, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Fair value measurement

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair value measurement

Assets and liabilities measured at fair value on a recurring basis include equity securities, available-for-sale debt investments, warrant liabilities and derivative liability.

The following table sets the major financial instruments measured at fair value, by level within the fair value hierarchy as of June 30, 2026.


		Fair Value Measurement at Reporting Date Using
	Fair Value as of June 30, 2026	Quoted Prices in Active Markets for Identical Assets	Significant Other Observable Inputs	Significant Unobservable Inputs
		(Level 1)	(Level 2)	(Level 3)
	US$	US$	US$	US$
Assets
Long-term investments, net – equity securities	19,642	19,642	—	—
Long-term investments, net – available-for-sale debt investments	41,250	—	—	41,250

Liabilities
Warrant liabilities – public warrants	600	600	—	—
Warrant liabilities – private warrants	378	—	—	378
Accrued expenses and other current liabilities – derivative liability	67	—	—	67

Valuation techniques

Equity securities: The Company values the listed equity securities using quoted prices for the underlying securities in active markets and accordingly, the Group classifies the valuation techniques that use these inputs as Level 1.

Available-for-sale debt investments: As the Company’s available-for-sale debt investment is not traded in an active market with readily observable quoted prices, the Company uses significant unobservable inputs (Level 3) to measure its fair value at inception and at each subsequent balance sheet date. See Note 7 for information about the significant unobservable inputs used in the respective fair value measurements.

Public Warrants and Private Warrants: Public Warrants is classified as Level 1 due to the use of the observed trading price. For Private Warrants, see Note 15 for information about the significant unobservable inputs (Level 3) used in the fair value measurements.

Derivative liability: Derivative liability represents the bifurcated feature embedded in the Initial Note 14. The fair value of derivative liability is measured using income approach. See Note 14 for information about the significant unobservable inputs used in the respective fair value measurements.

The other financial assets and liabilities of the Group primarily consist of cash, restricted cash, short-term investments, accounts receivable, notes receivable, amounts due from related parties, receivables included in prepayments and other current assets and other non-current assets, short-term borrowings, long term borrowings, accounts payable, notes payable, amounts due to related parties, convertible notes payable (see Note 14 for more details), operating lease liabilities, payables included in accrued expenses and other current liabilities. As of June 30, 2026, the fair values of long-term borrowings and operating lease liabilities approximate to their carrying values, which is due to that the underlying interest rates approximated to the market rates for similar instruments with similar maturities. The carrying values of other financial instruments approximate their fair values due to the short-term maturity of these instruments or their interest rates are comparable to the prevailing interest rates in the market.

The Group’s non‑financial assets, such as goodwill, property and equipment and intangible assets, operating lease right-of-use assets, would be measured at fair value only if they were determined to be impaired.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 820
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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+ Details

Intangible assets, net (Tables)

6 Months Ended

Jun. 30, 2026

Intangible Asset, Excluding Goodwill, after Accumulated Amortization [Abstract]

Schedule of intangible assets, net

Intangible assets, net consisted of the following:


	As of December 31,	As of June 30,
	2025	2026
Software	23,923	32,435
Distribution and licensing rights	34,176	34,955
Trademark	40	37
Patents	380	303
Developed technology	19,851	20,414
Intangible assets	78,370	88,144
Less: accumulated amortization	(34,476)	(40,974)
Less: impairment	(3,513)	(3,612)
Intangible assets, net	40,381	43,558

Schedule of amortization expenses on intangible assets

Amortization of intangible assets was allocated as follows:


	Six Months Ended June 30,
	2025	2026
Cost of revenues	3,335	650
Research and development expenses	3,735	4,284
Selling, general and administrative expenses	534	804
Total amortization expenses	7,604	5,738

Summary of significant accounting policies (Policies)	6 Months Ended
Summary of significant accounting policies (Policies)	Jun. 30, 2026
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited condensed consolidated financial statements of ECARX Holdings Inc. (“the Company”) and its consolidated subsidiaries (the “Group”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted as permitted by rules and regulations of the United States Securities and Exchange Commission. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Group as of and for the year ended December 31, 2025. The accompanying unaudited condensed consolidated financial statements were prepared assuming the Group will continue as a going concern. The Group generated a net loss of US$23,001 and net cash outflows from operations of US$127,695 for the six months ended June 30, 2026. As of June 30, 2026, the Group’s consolidated current liabilities exceeded current assets in the amount of US$271,385. The Company has evaluated plans to continue as a going concern which include, but are not limited to, (i) reducing discretionary capital and operating expenses; (ii) obtaining additional facilities from banks and renewal of existing bank borrowings; (iii) issuance of new equity and convertible debt securities; (iv) obtaining extended financial support from controlling shareholder and related parties; and (v) accelerating pace of collections of amounts due from related and third parties to optimize operational efficiency. Subsequent to June 30, 2026, the Company drew down an additional RMB460 million (approximately US$68 million) under the syndicated loan facility as mentioned in Note 11 and issued US$15 million of convertible notes pursuant to the 2025 Convertible Note Purchase Agreement as mentioned in Note 14. Notwithstanding this, feasibility of some of these plans is contingent upon factors outside of the control of the Company and, as such, the Company concluded that substantial doubt about its ability to continue as a going concern has not been alleviated as of the reporting date. In the opinion of the management, all adjustments (which include normal recurring adjustments) necessary to present a fair statement of the financial position as of June 30, 2026, the results of operations and cash flows for the six months ended June 30, 2025 and 2026, have been made. The preparation of unaudited condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and reported revenues and expenses during the periods presented in the unaudited condensed consolidated financial statements and accompanying notes. Significant accounting estimates include, but not limited to, expected credit losses for accounts receivable and amounts due from related parties; recoverability of contract cost assets included in other current assets and non-current assets; valuation of inventories; accrual for warranty obligations; useful lives and recoverability of property, equipment and intangible assets; impairment of goodwill; recoverability and fair value of long-term investments; fair values of share-based compensation awards; and incremental borrowing rates of the Group’s leases. Changes in facts and circumstances may result in these estimates to be revised. Actual results could differ from those estimates, and as such, differences may be material to the unaudited condensed consolidated financial statements.
Risks and concentration	Risks and concentration Concentration of credit risk Financial instruments that potentially expose the Group to concentrations of credit risk consist principally of cash, restricted cash, short-term investments, accounts receivables, notes receivable, amounts due from related parties, other receivables included in prepayments and other current assets and other non-current assets.
Fair value measurements	Fair value measurements The Group measures certain assets and liabilities at fair value. Fair value is the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s pricing based upon their own market assumptions. The fair value hierarchy consists of the following three levels: Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 — Includes other inputs that are directly or indirectly observable in the marketplace. Level 3 — Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable.
Recently adopted accounting pronouncements	Recently adopted accounting pronouncements In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326). This ASU amends ASC 326-20 to provide a practical expedient (for all entities) and an accounting policy election (for all entities, other than public business entities, that elect the practical expedient) related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. This update is effective for the Group from January 1, 2026, including interim periods within those annual reporting years. The Group adopted this ASU on January 1, 2026 prospectively and the adoption did not have a material impact on its consolidated financial statements and related disclosures.

Prepayments and other current assets, net (Tables)

6 Months Ended

Jun. 30, 2026

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of prepayments and other current assets

Prepayments and other current assets, net consisted of the following:


	As of December 31,	As of June 30,
	2025	2026
Prepayments to suppliers	13,222	26,255
Deductible VAT	5,221	10,063
Contract cost assets	2,724	6,164
Others	15,216	19,519
Prepayments and other current assets, net	36,383	62,001

Cash and restricted cash (Tables)

6 Months Ended

Jun. 30, 2026

Cash and Cash Equivalents [Abstract]

Schedule of reconciliation of cash and restricted cash


	As of December 31,	As of June 30,
	2025	2026
Financial institutions in the Chinese mainland
– Denominated in RMB	78,546	154,994
– Denominated in US$	2,134	2,424
– Denominated in Great Britain Pound (“GBP”)	6	6
Total balances of cash, restricted cash and short-term investments held in the Chinese mainland	80,686	157,424
Financial institutions in Hong Kong
– Denominated in US$	31,158	46,694
– Denominated in Hong Kong Dollars (“HKD”)	83	26
– Denominated in RMB	4	4
Total balances of cash, restricted cash and short-term investments held in Hong Kong	31,245	46,724
Financial institutions in Sweden
– Denominated in Euro	6,735	425
– Denominated in Swedish Krona (“SEK”)	3,429	4,311
– Denominated in US$	—	1
Total balances of cash, restricted cash and short-term investments held in Sweden	10,164	4,737
Total balances of cash, restricted cash and short-term investments held at financial institutions in other jurisdictions	2,319	3,224
Total balances of cash, restricted cash and short-term investments held at financial institutions	124,414	212,109
Cash on hand	—	—
Total balances of cash, restricted cash and short-term investments	124,414	212,109

A reconciliation of cash and restricted cash in the unaudited condensed consolidated balance sheets to the amounts in the unaudited condensed consolidated statements of cash flows is as follows:


	As of December 31,	As of June 30,
	2025	2026
Cash at banks	87,118	156,157
Restricted cash	6,138	9,258
Cash and restricted cash shown in the unaudited condensed consolidated statements of cash flows	93,256	165,415

Schedule of restrictions on cash and cash equivalents


	As of December 31,	As of June 30,
	2025	2026
Financial institutions in the Chinese mainland
– Denominated in RMB	78,546	154,994
– Denominated in US$	2,134	2,424
– Denominated in Great Britain Pound (“GBP”)	6	6
Total balances of cash, restricted cash and short-term investments held in the Chinese mainland	80,686	157,424
Financial institutions in Hong Kong
– Denominated in US$	31,158	46,694
– Denominated in Hong Kong Dollars (“HKD”)	83	26
– Denominated in RMB	4	4
Total balances of cash, restricted cash and short-term investments held in Hong Kong	31,245	46,724
Financial institutions in Sweden
– Denominated in Euro	6,735	425
– Denominated in Swedish Krona (“SEK”)	3,429	4,311
– Denominated in US$	—	1
Total balances of cash, restricted cash and short-term investments held in Sweden	10,164	4,737
Total balances of cash, restricted cash and short-term investments held at financial institutions in other jurisdictions	2,319	3,224
Total balances of cash, restricted cash and short-term investments held at financial institutions	124,414	212,109
Cash on hand	—	—
Total balances of cash, restricted cash and short-term investments	124,414	212,109

A reconciliation of cash and restricted cash in the unaudited condensed consolidated balance sheets to the amounts in the unaudited condensed consolidated statements of cash flows is as follows:


	As of December 31,	As of June 30,
	2025	2026
Cash at banks	87,118	156,157
Restricted cash	6,138	9,258
Cash and restricted cash shown in the unaudited condensed consolidated statements of cash flows	93,256	165,415

Other non-operating (expenses) income, net - Other Non-operating Income (expenses), Net (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Other Income and Expenses [Abstract]
Change in fair value of an equity security	$ (4,259)	$ (340)
Change in fair value of warrant liabilities	147	(216)
Change in fair value of derivative assets	219	0
Change in fair value of derivative liabilities	804	0
Government grants	980	3,247
Foreign currency exchange losses, net	631	(488)
Others, net	0	934
Other non-operating income (expenses), net	$ (1,478)	$ 3,137

Summary of significant accounting policies (Tables)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Schedule of reconciliation of cash and restricted cash


	As of December 31,	As of June 30,
	2025	2026
Financial institutions in the Chinese mainland
– Denominated in RMB	78,546	154,994
– Denominated in US$	2,134	2,424
– Denominated in Great Britain Pound (“GBP”)	6	6
Total balances of cash, restricted cash and short-term investments held in the Chinese mainland	80,686	157,424
Financial institutions in Hong Kong
– Denominated in US$	31,158	46,694
– Denominated in Hong Kong Dollars (“HKD”)	83	26
– Denominated in RMB	4	4
Total balances of cash, restricted cash and short-term investments held in Hong Kong	31,245	46,724
Financial institutions in Sweden
– Denominated in Euro	6,735	425
– Denominated in Swedish Krona (“SEK”)	3,429	4,311
– Denominated in US$	—	1
Total balances of cash, restricted cash and short-term investments held in Sweden	10,164	4,737
Total balances of cash, restricted cash and short-term investments held at financial institutions in other jurisdictions	2,319	3,224
Total balances of cash, restricted cash and short-term investments held at financial institutions	124,414	212,109
Cash on hand	—	—
Total balances of cash, restricted cash and short-term investments	124,414	212,109

A reconciliation of cash and restricted cash in the unaudited condensed consolidated balance sheets to the amounts in the unaudited condensed consolidated statements of cash flows is as follows:


	As of December 31,	As of June 30,
	2025	2026
Cash at banks	87,118	156,157
Restricted cash	6,138	9,258
Cash and restricted cash shown in the unaudited condensed consolidated statements of cash flows	93,256	165,415

Schedule of restrictions on cash and cash equivalents


	As of December 31,	As of June 30,
	2025	2026
Financial institutions in the Chinese mainland
– Denominated in RMB	78,546	154,994
– Denominated in US$	2,134	2,424
– Denominated in Great Britain Pound (“GBP”)	6	6
Total balances of cash, restricted cash and short-term investments held in the Chinese mainland	80,686	157,424
Financial institutions in Hong Kong
– Denominated in US$	31,158	46,694
– Denominated in Hong Kong Dollars (“HKD”)	83	26
– Denominated in RMB	4	4
Total balances of cash, restricted cash and short-term investments held in Hong Kong	31,245	46,724
Financial institutions in Sweden
– Denominated in Euro	6,735	425
– Denominated in Swedish Krona (“SEK”)	3,429	4,311
– Denominated in US$	—	1
Total balances of cash, restricted cash and short-term investments held in Sweden	10,164	4,737
Total balances of cash, restricted cash and short-term investments held at financial institutions in other jurisdictions	2,319	3,224
Total balances of cash, restricted cash and short-term investments held at financial institutions	124,414	212,109
Cash on hand	—	—
Total balances of cash, restricted cash and short-term investments	124,414	212,109

A reconciliation of cash and restricted cash in the unaudited condensed consolidated balance sheets to the amounts in the unaudited condensed consolidated statements of cash flows is as follows:


	As of December 31,	As of June 30,
	2025	2026
Cash at banks	87,118	156,157
Restricted cash	6,138	9,258
Cash and restricted cash shown in the unaudited condensed consolidated statements of cash flows	93,256	165,415

Schedules of concentration of customers and suppliers

The following table summarizes customers with greater than 10.0% of the accounts receivable - related parties, net:


	As of December 31,		As of June 30,
	2025		2026
Geely Group and its subsidiaries	69.7	%	87.0	%

The following table summarizes customers with greater than 10.0% of the accounts receivable - third parties, net:


	As of December 31,		As of June 30,
	2025		2026
Customer A, a third party	23.3	%	41.4	%
Customer B, a third party	38.3	%	33.5	%
Customer C, a third party	18.4	%	Less than 10.0%
Customer D, a third party	Less than 10.0%		11.4	%

Customers contributing more than 10.0% of total related parties and third parties’ revenues were as follows:


	Six Months Ended June 30,
	2025		2026
Geely Group and its subsidiaries	69.2	%	82.4	%

The following table summarizes suppliers with greater than 10.0% of the total related parties and third parties’ accounts payable:



	As of December 31,		As of June 30,
	2025		2026
Supplier A, a third party	21.9	%	27.8	%
Supplier B, a third party	10.9	%	10.2	%
Supplier C, a related party	Less than 10.0%		10.2	%

Suppliers accounting for more than 10.0% of total related parties and third parties’ purchases were as follows:


	Six Months Ended June 30,
	2025		2026
Supplier A, a third party	18.9	%	34.4	%
Supplier B, a third party	12.1	%	Less than 10.0%
Supplier D, a third party	16.7	%	Less than 10.0%

Intangible assets, net - Amortization expenses on intangible assets allocated to expense items (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Intangible assets, net
Total amortization expenses	$ 5,738	$ 7,604
Impairment loss	0	0
Location, Statement of Income, Balance [Axis]: us-gaap:CostOfGoodsAndServicesSold
Intangible assets, net
Total amortization expenses	650	3,335
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Intangible assets, net
Total amortization expenses	4,284	3,735
Location, Statement of Income, Balance [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense
Intangible assets, net
Total amortization expenses	$ 804	$ 534

- Definition

Amount of amortization expense for finite-lived intangible asset. Excludes goodwill and capitalized cost for software to be sold, leased, or marketed.

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Accounts receivable, net

6 Months Ended

Jun. 30, 2026

Credit Loss [Abstract]

Accounts receivable, net

Accounts receivable, net consisted of the following:


	As of December 31,	As of June 30,
	2025	2026
Accounts receivable, third parties	15,345	38,912
Less: Allowance for credit losses, third parties	(539)	(496)
Accounts receivable, third parties, net	14,806	38,416
Accounts receivable, related parties	186,705	210,001
Less: Allowance for credit losses, related parties	(1,169)	(299)
Accounts receivable, related parties, net	185,536	209,702

The movement of the allowance for doubtful accounts receivable is as follows:


	As of December 31,	As of June 30,
	2025	2026
Balance at the beginning of the year/period	3,467	1,708
Additions	917	103
Reversal	(2,125)	(1,052)
Write-off	(675)	—
Foreign currency translation adjustments	124	36
Balance at the end of the year/period	1,708	795

Related party balances and transactions

6 Months Ended

Jun. 30, 2026

Related party balances and transactions

(a)Related Parties


Names of the major related parties						Nature of relationship
Zhejiang Geely Holding Group (“Geely Group”) and its subsidiaries						Entity controlled by the controlling shareholder of the Company
Anhui Xinzhi Technology Co., Ltd. (“Anhui Xinzhi”)						Entity controlled by the controlling shareholder of the Company
Zhejiang Huanfu Technology Co., Ltd., ("Zhejiang Huanfu")						Entity controlled by the controlling shareholder of the Company
Hubei Xingji Meizu Group Co., Ltd. ("Xingji Meizu")						Entity controlled by the controlling shareholder of the Company
Wuhan Xingji Meizu Technology Co., Ltd and its subsidiaries						Entity controlled by the controlling shareholder of the Company
Hubei ECARX Technology Co., Ltd (“Hubei ECARX”)						Entity controlled by the controlling shareholder of the Company
DreamSmart Technology Pte. Ltd. (“DreamSmart”) and its subsidiaries						Entity controlled by the controlling shareholder of the Company
HaleyTek AB						Entity controlled by the controlling shareholder of the Company
Proton Holdings Berhad and its subsidiaries						Entity that the controlling shareholder of the Company has significant influence
SiEngine Technology Co., Ltd. (“SiEngine”)						Entity which is under significant influence of the Company
Shenzhen U Chance Technology Co.,Ltd.						Entity which is under significant influence of the Company before January 2026

(b)Significant transactions with related parties, except transactions disclosed elsewhere in these unaudited condensed consolidated financial statements:


	Six Months Ended June 30,
	2025	2026
Revenues(i):
Sales of goods revenues	211,818	276,841
Automotive computing platform	211,747	256,153
SoC Core Modules	63	17,851
Automotive merchandise and other products	8	2,837
Software license revenues	24,999	1,929
Service revenues	44,342	38,682
Automotive computing platform – Design and development service	22,823	33,651
Including: Automotive computing platform – Design and development service to Xingji Meizu	2,778	—
Connectivity service	19,019	3,383
Other services	2,500	1,648
Total	281,159	317,452


	Six Months Ended June 30,
	2025	2026
Purchase of products and services (ii)	86,805	79,600
Including:
–Purchase of products and services from Zhejiang Huanfu (ii)	168	6,066
–Purchase of products and services from Hubei Ecarx (ii)	855	164
–Purchase of products and services from Xingji Meizu (ii)	12,612	28,378
Rental of office space and administrative services (ii)	1,088	529
Interest income on loans due from related parties (iii)	805	1,560
–Interest income on loans due from Xingji Meizu	—	1,258
–Interest income on loans due from Hubei ECARX	795	203
Interest expense on borrowings due to related parties (iv)	965	1,882
–Interest expense on loans due to Hubei ECARX (iii)	—	1,172
Loans and advances to related parties (iii)	—	83,072
–Loans to Xingji Meizu (iii)	—	78,472
Cash collection of loans to related parties and advances to related parties (iii)	1,341	58,686
–Cash collection of loans to Xingji Meizu (iii)	—	58,686
Borrowings from related parties (iv)	47,918	27,964
Repayments of borrowings from related parties (iv)	21,021	28,292
Debt assignment and offset with related parties(iv)	4,919	—
Advances from related parties (v)	—	28,958
Prepayments to related parties (v)	—	33,147
Prepayments for acquisition of Hubei Qiguang (vi)	—	73,712

(c)Balances with related parties:


	As of December 31,	As of June 30,
	2025	2026
Accounts receivable – related parties, net (i)	185,536	209,702
Amounts due from related parties (ii)(iii)(v)	53,737	45,811
Other non-current assets – related parties (ii)(iii)(vi)	—	90,371
Accounts payable – related parties (ii)	104,483	45,939
Amounts due to related parties (ii)(iv)(v)	54,648	91,454
Contract liabilities - current (i)	7,325	3,830
Contract liabilities - noncurrent (i)	10	2

(i)The Group sold automotive computing platform products, merchandise and other products, software licenses and provided related technology development services, connectivity service, and other consulting services to a number of related parties. Among these, the Group sold automotive computing platform products, licensed the intellectual property related to TSP software and provided other consulting services to Zhejiang Huanfu. Accounts receivable, net due from related parties arising from sales of products and provision of services were US$185,536, and US$209,702 as of December 31, 2025 and June 30, 2026, respectively. Contract liabilities, current and contract liabilities, noncurrent were US$7,325 and US$3,830 and US$10 and US$2 as of December 31, 2025 and June 30, 2026, respectively.

(ii)The Group purchased raw materials, technology development services and other consulting services from a number of related parties, of which, US$15,831 and US$10,941 of purchase of raw materials were recorded as inventories as of June 30, 2025 and 2026, respectively, US$69,605 and US$65,160 were recorded in cost of revenues for the six months ended June 30, 2025 and 2026, respectively, US$1,369 and US$3,499 were recorded in operating expenses for the six months ended June 30, 2025 and 2026, respectively.

The Group purchased raw materials, technology development services and TSP maintenance service from Zhejiang Huanfu, of which, US$100 and US$5,955 were recorded in cost of revenues for the six months ended June 30, 2025 and 2026, respectively; US$68 and US$111 were recorded in operating expenses for the six months ended June 30, 2025 and 2026, respectively. The Group also purchased research and development service from Hubei Ecarx of which, US$608 and nil were recorded in cost of revenues, US$247 and US$164 were recorded in operating expenses for the six months ended June 30, 2025 and 2026. The Group also purchased raw materials, software and research and development services from Xingji Meizu, of which, US$12,612 and US$26,317 were recorded in cost of revenues, nil and US$2,061 were recorded in operating expenses for the six months ended June 30, 2025 and 2026, respectively.

The Group also rented office space from related parties, pursuant to which, the Group recorded rental expenses of US$1,088 and US$529 in operating expenses for the six months ended June 30, 2025 and 2026, respectively.

Accounts payable to related parties includes payables arising from purchase of raw materials and services of US$104,483 and US$45,939, and amount due from related parties includes prepayments arising from purchase of raw materials and services of US$10,169 and US$6,637 as of December 31, 2025 and June 30, 2026, respectively. Amounts due to related parties includes payables arising from purchase of technical services and logistics services of US$10,174 and US$18,338, and other non-current assets - related parties include prepayments arising from purchase of technical services of nil and US$7,314 as of December 31, 2025 and June 30, 2026, respectively.

(iii)As of December 31, 2025, the balance of amounts due from related parties included the amounts due from its former VIE, Hubei ECARX in the amount of US$10,040. In May 2026, the Group entered into a supplemental agreement with Hubei ECARX, pursuant to which the parties agreed to extend the maturity of the loan for an additional three years to December 31, 2029. As of June 30, 2026, the carrying amount of the loan receivable from Hubei ECARX was US$9,345, which was included in other non-current assets – related parties. The carrying amount represented the present value of the loan receivable discounted at an effective interest rate of 3.5% per annum. Interest incomes on loans due from Hubei ECARX were US$795 and US$203 for the six months ended June 30, 2025 and 2026, respectively.

The Group provided loans of nil and US$83,072 to other related parties, received repayments of US$1,341 and US$58,686 from other related parties for the six months ended June 30, 2025 and 2026 respectively. Interest incomes on loans due from other related parties were US$10 and US$1,357 for the six months ended June 30, 2025 and 2026, respectively.

As of December 31, 2025 and June 30, 2026, loans and interest receivables recorded in amounts due from related parties were US$7,024 and US$32,784.

(iv)In January 2025, the Group obtained a renewed loan in an amount of US$27,252 loan from Geely Group bearing interest rate of 3.9% per annum. In March 2025, the Group entered into a debt assignment and offset agreement with Geely Group and its subsidiaries with respect to assignment and offset of the loan and accounts receivable from Geely Group and its subsidiaries amounting to US$4,919. In September 2025, the Group entered into another debt assignment and offset agreement with Geely Group and Hubei ECARX with respect to assignment and offset of the loan due to Geely Group and loan due from Hubei ECARX amounting to US$24,496. Following these offsets, the loan due to Geely group was fully cleared and no balance remained as at December 31, 2025.

The Group entered into accounts receivable factoring arrangements with a finance company of the Geely Group, under which the Group received financing at a minimum interest rate of 5.0% per annum. During the six months ended June 30, 2025 and 2026, the Group received aggregate proceeds of US$20,666 and US$27,964, respectively, under these factoring arrangements, and repaid US$21,021 and US$28,292, respectively. The outstanding balances of US$28,292 and US$27,964 were included in amounts due to related parties as of December 31, 2025 and June 30, 2026, respectively.

Interest expense on borrowings from related parties were US$965 and US$1,882 for the six months ended June 30, 2025 and 2026, respectively.

The interest payable on borrowings from related parties was included in the amounts due to related parties and was US$423 and US$435 as of December 31, 2025 and June 30, 2026, respectively.

(v)In March 2026, the Group received additional US$28,958 from a customer – a subsidiary of Geely Group, as procurement support funds to secure supply chain continuity. As of December 31, 2025 and June 30, 2026, amounts due to related parties included US$15,759 and US$44,717, respectively, in connection with such procurement support funds. Amid a global shortage of memory chips, during the six months ended June 30, 2026, the Group made prepayments totaling US$33,147 to Xingji Meizu to secure the supply of critical chips and prevent delivery disruptions to Geely Group, and US$53,261 was settled in connection with the procurement of memory chips. The remaining balances were US$26,504 and US$6,390 included in amounts due from related parties as of December 31, 2025 and June 30, 2026, respectively.

(vi)On June 18, 2026, the Group entered into an agreement to acquire 100% equity interest of Hubei Qiguang. Under the acquisition agreement, the contractual purchase price for the acquisition is RMB 1.8 billion (approximately US$266 million). The Acquisition is structured as a carve-out from Xingji Meizu, and the acquired entity, Hubei Qiguang, is expected to obtain ownership of the entire Flyme business portfolio comprising Flyme Auto (an in-vehicle cockpit operating system) and the cross-device Flyme operating system.

As of June 30, 2026, the Group has settled a portion of the contractual purchase price, amounting to RMB500 million (equivalent to US$73,712) as prepayment included in other non-current assets – related parties.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

+ Details

Long-term investments, net (Tables)

6 Months Ended

Jun. 30, 2026

Long-Term Investments [Abstract]

Schedule of long-term investments


	As of December 31,	As of June 30,
	2025	2026
Equity method investments, net	1,163	737
–SiEngine Technology Co., Ltd. (“SiEngine”)	—	—
–Shenzhen U Chance Technology Co., Ltd. (“U Chance”)	1,163	—
–ACO Tech Sdn. Bhd. (“ACO Tech”)	—	—
–Hangzhou Fuyang Zeji Qushi Equity Investment Fund Partnership (Limited Partnership) (“Fuyang Fund”)	—	737
Equity securities	17,507	19,642
Available-for-sale debt investments	42,833	41,250
Long-term investments, net	61,503	61,629

Schedule of reconciliation of the Level 3 fair value measurement of available-for-sale debt investments

The following table provides information about the reconciliation of the Level 3 fair value measurement of available-for-sale debt investments for the six months ended June 30, 2026.:


			US$
Balance at December 31, 2025			42,833
Unrealized loss			(2,799)
Foreign currency translation adjustments			1,216
Balance at June 30, 2026			41,250

Schedule of fair value of available-for-sale debt investments

The fair value of available-for-sale debt investments as of June 30, 2026 were estimated with the following key assumptions:


	As of June 30, 2026
China risk-free interest rate (i)	1.29%
U.S. risk-free interest rate (ii)	4.14	%
Bond Yield (iii)	7.62	%

iii.The bond yield was estimated based on the market yield of comparable bonds with similar credit rating.

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Leases (Tables)

6 Months Ended

Jun. 30, 2026

Lessee Disclosure [Abstract]

Schedule of components of lease cost

The components of lease cost were as follows:


	Six Months Ended June 30,
	2025	2026
Operating lease costs	3,068	2,972
Short-term lease costs	68	42
Total	3,136	3,014

The lease cost was allocated as follows:


	Six Months Ended June 30,
	2025	2026
Research and development expenses	1,549	1,208
Selling, general and administrative expenses	1,587	1,806
Total	3,136	3,014

Supplemental cash flow information related to operating leases was as follows:


	Six Months Ended June 30,
	2025	2026
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	2,386	2,869

Right-of-use assets obtained in exchange for lease obligations
Operating leases	6	5

Schedule of operating lease right-of-use assets and the amortization


	As of December 31,	As of June 30,
	2025	2026
Weighted average remaining lease term (years):
Operating leases	5.33	5.18

Weighted average discount rate:
Operating leases	8.34%	8.52%

Loss per share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Loss per share

Basic and diluted net loss per share for the six months ended June 30, 2025 and 2026 have been calculated as follows:


	Six Months Ended June 30
	2025	2026
Numerator:
Net loss attributable to Ecarx Holdings Inc.	(69,056)	(20,988)
Accretion of redeemable noncontrolling interests	—	(1,809)
Numerator for basic and diluted net loss per share calculation	(69,056)	(22,797)

Denominator:
Weighted average number of ordinary shares – basic and diluted	337,210,153	368,244,708
Denominator for basic and diluted net loss per share calculation	337,210,153	368,244,708
Net loss per share attributable to ordinary shareholders
— Basic and diluted	(0.20)	(0.06)

The potential dilutive instruments that have not been included in the calculation of diluted loss per share as their inclusion would be anti-dilutive are as follows:


	Six Months Ended June 30
	2025	2026
Warrants	23,871,971	23,871,971
Options	19,824,537	21,298,088
RSUs	191,918	90,995
Convertible Notes	5,652,174	60,874,795

For the six-months ended June 30, 2026, unvested PSUs of 600,000 shares are not included in the calculation of basic or diluted loss per share, as the issuance of such shares is contingent upon qualifying conditions, which was not satisfied as of the period end.

Leases - Supplemental cash flow information related to operating leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 2,869	$ 2,386
Right-of-use assets obtained in exchange for lease obligations
Operating leases	$ 5	$ 6

Cash and restricted cash - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Cash and restricted cash
Restricted cash	$ 9,258	$ 6,138
Asset Pledged as Collateral \| Restricted Cash For Notes Payable
Cash and restricted cash
Restricted cash	6,312	6,138
Asset Pledged as Collateral \| Restricted Cash For Litigation
Cash and restricted cash
Restricted cash	$ 2,946	$ 0

- Definition

Amount of cash and cash equivalent restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposit with financial institution, and account with general characteristic of demand deposit. Cash equivalent includes, but is not limited to, short-term, highly liquid investment that is both readily convertible to known amount of cash and so near maturity that it presents insignificant risk of change in value because of change in interest rate.

+ References + Details

Inventories - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
Inventories - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025
Inventory Disclosure [Abstract]
Inventory write-down	$ 442	$ 387

Share based compensation

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Share based compensation

(a) Restricted Share Unit (“RSU”)

The following table summarizes activities of the Company's RSUs for the six months ended June 30, 2026:


	Number of RSUs	Weighted Average Exercise Price	Weighted Average Fair value at grant date	Weighted remaining contractual years	Aggregate intrinsic value
Outstanding at January 1, 2026	2,909,230	0.38	2.02
Forfeited	(29,432)	—	2.02
Outstanding at June 30, 2026	2,879,798	0.38	2.02	8.59	3,755
Exercisable as of June 30, 2026	2,788,803	0.43	1.84	8.50	3,580

No RSUs were exercised during the six months ended June 30, 2026.

(b) Performance Share Unit (“PSUs”)

In May 2026, the Group's board of directors approved the grant of total 600,000 PSUs to a certain executive officer under the 2022 Share Incentive Plan with nil exercise price. The PSUs have a three-year service period and vest in three equal annual installments on the first, second and third anniversaries of the vesting commencement date, in each case subject to the satisfaction of certain market conditions and the participant’s continued service.

In May 2026, the Company granted 770,000 share options to certain employees under 2022 Share Incentive Plan.

The following table summarizes activities of the options for the six months ended June 30, 2026:


	Number of options	Weighted Average Exercise Price	Weighted Average Fair value at grant date	Weighted remaining contractual years	Aggregate intrinsic value
Outstanding at January 1, 2026	22,631,543	4.77	2.32
Granted	770,000	0.05	0.98
Forfeited	(1,733,031)	0.27	1.52
Exercised	(370,424)	0.50	1.60
Outstanding at June 30, 2026	21,298,088	5.04	2.35	6.99	50,068
Exercisable as of June 30, 2026	16,828,518	7.49	2.38	6.23	40,123

Total intrinsic value of options exercised was US$592 for the six months ended June 30, 2026.

The fair value of the options granted for the six months ended June 30, 2026 are estimated using the binomial model with the following assumptions used:


	Six Months Ended June 30, 2026
Risk-free rate of return (1)	4.61	%
Volatility (2)	46.33	%
Expected dividend yield (3)	0.0	%
Fair value of underlying ordinary share (4)	US$1.03
Expected terms (5)	10 years

(1) The risk-free interest rate was estimated based on the yield to maturity of U.S. Treasury bonds for a term consistent with the expected term of the Company’s options in effect at the valuation date.

(2) Expected volatility was estimated based on the historical volatility of comparable peer public companies with a time horizon close to the expected term of the Company’s options.

(3) Expected dividend yield is zero as the Company does not anticipate any dividend payments in the foreseeable future.

(4) The fair value of the underlying ordinary share is the closing price of the Company’s ordinary shares traded in the open market as of the grant date.

(5) Expected term is the contract life of the option awards.

Compensation expenses recognized for RSUs, PSUs and options for the six months ended June 30, 2025 and 2026 were allocated as follows.


	Six Months Ended June 30,
	2025	2026
Research and development expenses	1,141	144
Selling, general and administrative expenses	5,363	1,323
Total	6,504	1,467

As of June 30, 2026, US$3,920 of the total unrecognized compensation expense related to RSUs, PSUs and options are expected to be recognized over a weighted-average period of 2.9 years

Convertible notes payable - Narrative (Details) $ / shares in Units, $ in Thousands		6 Months Ended
	Oct. 30, 2025 USD ($) day $ / shares	Jun. 30, 2026 USD ($)	May 06, 2026 USD ($)	Feb. 09, 2026 USD ($) $ / shares	Nov. 30, 2025 USD ($)
Convertible Notes due 2026 \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage of principal amount redeemed	25.00%
Convertible Notes due 2026 \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage of principal amount redeemed	20.00%
Convertible Notes due 2026 \| Convertible notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 150,000
Convertible debt, aggregate principal amount	$ 50,000
Debt instrument, interest rate during period	107.00%
Conversion price (in USD per share) \| $ / shares	$ 2.59
Debt instrument, redemption price, percentage	107.00%
Debt instrument, mandatory conversion price trigger \| $ / shares	$ 3.88
Debt instrument, convertible, threshold consecutive trading days \| day	15
Debt instrument, convertible mandatory conversion daily dollar volume threshold	$ 3,000
Convertible debt, fair value		$ 67
Gain on derivatives		804
Convertible Notes due 2026 \| Convertible notes \| Level 3
Debt Instrument [Line Items]
Convertible debt, fair value		23,253
Convertible Notes due 2028 \| Convertible notes
Debt Instrument [Line Items]
Aggregate principal amount			$ 15,000	$ 40,000	$ 60,000
Conversion price (in USD per share) \| $ / shares				$ 2.62
Convertible Notes due 2028 \| Convertible notes \| Level 3
Debt Instrument [Line Items]
Convertible debt, fair value		$ 87,839

Inventories (Tables)

6 Months Ended

Jun. 30, 2026

Inventory Disclosure [Abstract]

Schedule of inventories

Inventories consisted of the following:


	As of December 31,	As of June 30,
	2025	2026
Raw materials	40,718	76,970
Work-in-process	7,012	9,240
Finished goods	14,611	40,012
Inventories	62,341	126,222

Accounts receivable, net - Movement of the allowance for doubtful accounts (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at the beginning of the year/period	$ 1,708	$ 3,467
Additions	103	917
Reversal	(1,052)	(2,125)
Write-off	0	(675)
Foreign currency translation adjustments	36	124
Balance at the end of the year/period	$ 795	$ 1,708

Share based compensation (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of share-based payment arrangement activity

The following table summarizes activities of the Company's RSUs for the six months ended June 30, 2026:


	Number of RSUs	Weighted Average Exercise Price	Weighted Average Fair value at grant date	Weighted remaining contractual years	Aggregate intrinsic value
Outstanding at January 1, 2026	2,909,230	0.38	2.02
Forfeited	(29,432)	—	2.02
Outstanding at June 30, 2026	2,879,798	0.38	2.02	8.59	3,755
Exercisable as of June 30, 2026	2,788,803	0.43	1.84	8.50	3,580

The following table summarizes activities of the options for the six months ended June 30, 2026:


	Number of options	Weighted Average Exercise Price	Weighted Average Fair value at grant date	Weighted remaining contractual years	Aggregate intrinsic value
Outstanding at January 1, 2026	22,631,543	4.77	2.32
Granted	770,000	0.05	0.98
Forfeited	(1,733,031)	0.27	1.52
Exercised	(370,424)	0.50	1.60
Outstanding at June 30, 2026	21,298,088	5.04	2.35	6.99	50,068
Exercisable as of June 30, 2026	16,828,518	7.49	2.38	6.23	40,123

Schedule of fair value of options granted that are estimated using the binomial model

The fair value of the options granted for the six months ended June 30, 2026 are estimated using the binomial model with the following assumptions used:


	Six Months Ended June 30, 2026
Risk-free rate of return (1)	4.61	%
Volatility (2)	46.33	%
Expected dividend yield (3)	0.0	%
Fair value of underlying ordinary share (4)	US$1.03
Expected terms (5)	10 years

(2) Expected volatility was estimated based on the historical volatility of comparable peer public companies with a time horizon close to the expected term of the Company’s options.

(3) Expected dividend yield is zero as the Company does not anticipate any dividend payments in the foreseeable future.

(4) The fair value of the underlying ordinary share is the closing price of the Company’s ordinary shares traded in the open market as of the grant date.

(5) Expected term is the contract life of the option awards.

Schedule of compensation expense recognized for RSUs

Compensation expenses recognized for RSUs, PSUs and options for the six months ended June 30, 2025 and 2026 were allocated as follows.


	Six Months Ended June 30,
	2025	2026
Research and development expenses	1,141	144
Selling, general and administrative expenses	5,363	1,323
Total	6,504	1,467

Other non-current assets - third parties

6 Months Ended

Jun. 30, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other non-current assets - third parties

Other non-current assets - third parties consisted of the following:


	As of December 31,	As of June 30,
	2025	2026
Contract cost assets	26,620	39,306
Others	3,569	4,080
Other non-current assets – third parties	30,189	43,386

Other non-current assets - third parties (Tables)

6 Months Ended

Jun. 30, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Assets, Noncurrent

Other non-current assets - third parties consisted of the following:


	As of December 31,	As of June 30,
	2025	2026
Contract cost assets	26,620	39,306
Others	3,569	4,080
Other non-current assets – third parties	30,189	43,386

Summary of significant accounting policies - Deposits in financial institutions (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2024
Cash and restricted cash
Cash and restricted cash shown in the consolidated statements of cash flows	$ 165,415	$ 93,256	$ 99,254	$ 50,164
Cash on hand	0	0
Total balances of cash, restricted cash and short-term investments	212,109	124,414
Chinese mainland
Cash and restricted cash
Cash and restricted cash shown in the consolidated statements of cash flows	157,424	80,686
Hong Kong
Cash and restricted cash
Cash and restricted cash shown in the consolidated statements of cash flows	46,724	31,245
Sweden
Cash and restricted cash
Cash and restricted cash shown in the consolidated statements of cash flows	4,737	10,164
Other Jurisdictions
Cash and restricted cash
Cash and restricted cash shown in the consolidated statements of cash flows	3,224	2,319
RMB \| Chinese mainland
Cash and restricted cash
Cash and restricted cash shown in the consolidated statements of cash flows	154,994	78,546
RMB \| Hong Kong
Cash and restricted cash
Cash and restricted cash shown in the consolidated statements of cash flows	4	4
US \| Chinese mainland
Cash and restricted cash
Cash and restricted cash shown in the consolidated statements of cash flows	2,424	2,134
US \| Hong Kong
Cash and restricted cash
Cash and restricted cash shown in the consolidated statements of cash flows	46,694	31,158
US \| Sweden
Cash and restricted cash
Cash and restricted cash shown in the consolidated statements of cash flows	1	0
GBP \| Chinese mainland
Cash and restricted cash
Cash and restricted cash shown in the consolidated statements of cash flows	6	6
HKD \| Hong Kong
Cash and restricted cash
Cash and restricted cash shown in the consolidated statements of cash flows	26	83
Euro \| Sweden
Cash and restricted cash
Cash and restricted cash shown in the consolidated statements of cash flows	425	6,735
SEK \| Sweden
Cash and restricted cash
Cash and restricted cash shown in the consolidated statements of cash flows	$ 4,311	$ 3,429

Loss per share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of basic and diluted net loss per share

Basic and diluted net loss per share for the six months ended June 30, 2025 and 2026 have been calculated as follows:


	Six Months Ended June 30
	2025	2026
Numerator:
Net loss attributable to Ecarx Holdings Inc.	(69,056)	(20,988)
Accretion of redeemable noncontrolling interests	—	(1,809)
Numerator for basic and diluted net loss per share calculation	(69,056)	(22,797)

Denominator:
Weighted average number of ordinary shares – basic and diluted	337,210,153	368,244,708
Denominator for basic and diluted net loss per share calculation	337,210,153	368,244,708
Net loss per share attributable to ordinary shareholders
— Basic and diluted	(0.20)	(0.06)

Schedule of potential dilutive instruments

The potential dilutive instruments that have not been included in the calculation of diluted loss per share as their inclusion would be anti-dilutive are as follows:


	Six Months Ended June 30
	2025	2026
Warrants	23,871,971	23,871,971
Options	19,824,537	21,298,088
RSUs	191,918	90,995
Convertible Notes	5,652,174	60,874,795

Share based compensation - Fair value of options granted that are estimated using binomial model (Details) - Employee Stock Option	6 Months Ended
	Jun. 30, 2026 $ / shares
Share based compensation
Risk-free rate of return (as a percent)	4.61%
Volatility (as a percent)	46.33%
Expected dividend yield (as a percent)	0.00%
Fair value of underlying ordinary share (in USD per share)	$ 1.03
Expected terms (in years)	10 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Segment reporting (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of single reportable segment

The following table presents financial information with respect to the Group’s single reportable segment:


	Six Months Ended June 30,
	2025	2026
Total revenues	323,281	356,682
Total cost of revenues	(273,280)	(283,969)
Gross profit	50,001	72,713
Operating expenses excluding share-based compensation expense1	(108,649)	(90,416)
Share-based compensation expense	(6,504)	(1,467)
Total operating expenses	(115,153)	(91,883)
Loss from operation	(65,152)	(19,170)
Interest income	1,554	2,509
Interest expense	(10,239)	(17,982)
Gain from equity method investments, net	113	14,161
Other non-operating (expenses) income	3,137	(1,478)
Loss before income taxes	(70,587)	(21,960)
Income tax expenses	(2,052)	(1,041)
Net loss	(72,639)	(23,001)

1 This measure is not in accordance with, or an alternative to GAAP. The Group excludes share-based compensation expense since it is non-cash in nature and its valuation and measurement depend on factors such as volatility not reflective of the Group’s operating performance.

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Other non-operating (expenses) income, net (Tables)

6 Months Ended

Jun. 30, 2026

Other Income and Expenses [Abstract]

Schedule of other non-operating income (expenses), net


	Six Months Ended June 30,
	2025	2026
Change in fair value of an equity security (Note 7)	(340)	(4,259)
Change in fair value of warrant liabilities (Note 15)	(216)	147
Change in fair value of derivative assets (Note 7)	—	219
Change in fair value of derivative liabilities (Note 14)	—	804
Government grants	3,247	980
Foreign currency exchange losses, net	(488)	631
Others, net	934	—
Other non-operating income (expenses), net	3,137	(1,478)

Intangible assets, net

6 Months Ended

Jun. 30, 2026

Intangible Asset, Excluding Goodwill, after Accumulated Amortization [Abstract]

Intangible assets, net

Intangible assets, net consisted of the following:


	As of December 31,	As of June 30,
	2025	2026
Software	23,923	32,435
Distribution and licensing rights	34,176	34,955
Trademark	40	37
Patents	380	303
Developed technology	19,851	20,414
Intangible assets	78,370	88,144
Less: accumulated amortization	(34,476)	(40,974)
Less: impairment	(3,513)	(3,612)
Intangible assets, net	40,381	43,558

Amortization of intangible assets was allocated as follows:


	Six Months Ended June 30,
	2025	2026
Cost of revenues	3,335	650
Research and development expenses	3,735	4,284
Selling, general and administrative expenses	534	804
Total amortization expenses	7,604	5,738

No impairment loss was recorded for the six months ended June 30, 2025 and 2026.

Accrued expenses and other liabilities - Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Accrued Liabilities and Other Liabilities [Abstract]
Salaries and benefits payables	$ 10,669	$ 14,547
Taxes payable	10,569	22,219
Product warranties	8,798	8,233
Accrued costs of the Merger	6,900	6,900
Other payables and accrued charges*	42,281	36,976
Accrued expenses and other current liabilities	$ 79,217	$ 88,875

Cover	6 Months Ended
Cover	Jun. 30, 2026
Cover [Abstract]
Document Type	6-K
Document Period End Date	Jun. 30, 2026
Entity File Number	001-41576
Registrant Name	ECARX Holdings Inc.
Entity Address, Address Line One	Second Floor NorthInternational House1 St. Katharine’s Way
Entity Address, City or Town	London E1W 1UN
Entity Address, Country	GB
Central Index Key	0001861974
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Share based compensation - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended		6 Months Ended
	May 31, 2026	Jun. 30, 2024	Jun. 30, 2026
Share based compensation
Total intrinsic value of options exercised			$ 592
Share Incentive Plan, 2022
Share based compensation
Aggregate number of shares granted (in shares)	0
Aggregate number of share options granted (in shares)	770,000
Performance Shares
Share based compensation
Aggregate number of shares granted (in shares)		600,000
Employee Stock Option
Share based compensation
Aggregate number of share options granted (in shares)			770,000
Total intrinsic value of options exercised			$ 40,123
Total unrecognized compensation expense			$ 3,920
Weighted-average period (in years)			2 years 10 months 24 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Warrant liabilities (Tables)

6 Months Ended

Jun. 30, 2026

Warrants and Rights Note Disclosure [Abstract]

Schedule of warrants are remeasured utilizing key assumptions

The Binomial Option Pricing Model with the following key assumptions is used for estimating the fair value of ECARX Private Warrants.


	As of June 30,
	2026
Risk-free rate of return (%)	4.06	%
Volatility	93.00	%
Expected dividend yield	0.0	%
Expected term	1.5 years
Fair value of the underlying ordinary shares	US$1.29

Schedule of movement of ECARX warrants

The table below reflects the movement of ECARX Warrants for the six months ended June 30, 2026:


	ECARX Public Warrants	ECARX Private Warrants
	US$	US$
January 1, 2026	676	449
Gain due to change in fair value	(76)	(71)
June 30, 2026	600	378

Leases

6 Months Ended

Jun. 30, 2026

Lessee Disclosure [Abstract]

Leases

The components of lease cost were as follows:


	Six Months Ended June 30,
	2025	2026
Operating lease costs	3,068	2,972
Short-term lease costs	68	42
Total	3,136	3,014

The lease cost was allocated as follows:


	Six Months Ended June 30,
	2025	2026
Research and development expenses	1,549	1,208
Selling, general and administrative expenses	1,587	1,806
Total	3,136	3,014


	As of December 31,	As of June 30,
	2025	2026
Weighted average remaining lease term (years):
Operating leases	5.33	5.18

Weighted average discount rate:
Operating leases	8.34%	8.52%

Supplemental cash flow information related to operating leases was as follows:


	Six Months Ended June 30,
	2025	2026
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	2,386	2,869

Right-of-use assets obtained in exchange for lease obligations
Operating leases	6	5

Borrowings - Components of long-term borrowings (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Short-Term Debt [Abstract]
Long-term borrowings	$ 127,881	$ 5,659
Less: long-term borrowings due within one year	(14,670)	(72)
Less: capitalization of debt issuance costs	(1,392)	0
Total long-term borrowings	$ 111,819	$ 5,587

Revenue information (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of disaggregation of revenue

Revenues are disaggregated as follow:

Major products/services lines:


	Six Months Ended June 30,
	2025	2026
Sales of goods revenues	251,942	310,150
Automotive computing platform	215,680	258,535
SoC Core Modules	36,252	47,909
Automotive merchandise and other products	10	3,706
Software license revenues	26,787	2,290
Service revenues	44,552	44,242
Automotive computing Platform – Design and development service	23,025	39,334
Connectivity service	19,020	3,408
Other services	2,507	1,500
Total revenues	323,281	356,682

Timing of revenue recognition:


	Six Months Ended June 30,
	2025	2026
Point in time	304,261	353,274
Over time	19,020	3,408
Total revenues	323,281	356,682

Schedule of contract liabilities

Contract liabilities consisted of the following:


	As of December 31,	As of June 30,
	2025	2026
Current liabilities - third parties	123	125
Current liabilities - related parties	7,325	3,830
Non-current liabilities - related parties	10	2
Contract liabilities, current and non-current	7,458	3,957

Ordinary shares and treasury shares	6 Months Ended
Ordinary shares and treasury shares	Jun. 30, 2026
Equity [Abstract]
Ordinary shares and treasury shares	Ordinary shares and treasury shares Ordinary shares In 2026, the Company issued 279,455 Class A Ordinary Shares for the 2022 Share Incentive Plan. In January 2026, the Company entered into a subscription agreement with Geely Investment Holding Ltd. Pursuant to the terms of the agreement, Geely Investment Holding Ltd. subscribed for and purchased from the Company, through a private placement, a total of 27,297,002 newly issued Class A Ordinary Shares at a price of US$1.67 per ordinary share, for a total purchase price of US$45,586. During the six months ended June 30, 2026, the Company issued 13,818,840 Class A ordinary shares upon conversion of aggregate US$14,255 principal amount of its convertible notes. Treasury shares In December 2024, the Company kicked-off a share repurchase program under which the Company may repurchase up to US$20,000 of its ordinary shares until the close of business on September 30, 2025. The limit was subsequently increased to an aggregate amount of US$40,000 up to the end of March 31, 2026. Under the repurchase program, the Company’s proposed repurchases may be made from time to time in the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. During the six months ended June 30, 2026, the Company repurchased 4,871,121 shares in the open market for a total consideration, including related expenses, of US$9,907 which are reported as treasury shares on the consolidated balance sheets.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
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-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479982/505-20-S25-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

+ Details

Property and equipment, net (Tables)

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

Schedule of property and equipment, net

Property and equipment, net consisted of the following:


	As of December 31,	As of June 30,
	2025	2026
Machinery and electronic equipment	50,915	52,389
Transportation vehicles	786	913
Office and other equipment	2,033	2,028
Leasehold improvements	8,922	9,567
Construction in progress	420	7,056
Property and equipment	63,076	71,953
Less: accumulated depreciation	(35,063)	(38,220)
Less: impairment	(1,308)	(1,337)
Property and equipment, net	26,705	32,396

Schedule of depreciation expenses of property and equipment

Depreciation on property and equipment was allocated as follows:


	Six Months Ended June 30,
	2025	2026
Cost of revenues	693	1,482
Research and development expenses	1,858	1,470
Selling, general and administrative expenses	983	814
Total depreciation expenses	3,534	3,766

Loss per share - Anti-dilutive securities (Details) - shares	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Warrants
Anti-dilutive securities
Anti-dilutive securities (in shares)	23,871,971	23,871,971
Options
Anti-dilutive securities
Anti-dilutive securities (in shares)	21,298,088	19,824,537
RSUs
Anti-dilutive securities
Anti-dilutive securities (in shares)	90,995	191,918
Convertible Notes
Anti-dilutive securities
Anti-dilutive securities (in shares)	60,874,795	5,652,174
Performance Shares
Anti-dilutive securities
Anti-dilutive securities (in shares)	600,000

Redeemable non-controlling interests - Change in Carrying Amount of Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Roll Forward]
Redeemable noncontrolling interest, beginning balance	$ 0
Initial recognition	14,638
Net loss attributable to redeemable noncontrolling interests	(1,686)	$ 0
Accretion to redemption value of redeemable noncontrolling interests	1,809
Redeemable noncontrolling interest, ending balance	$ 14,761

- Definition

As of the reporting date, the aggregate carrying amount of all noncontrolling interests which are redeemable by the (parent) entity (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the (parent) entity. This item includes noncontrolling interest holder's ownership (or holders' ownership) regardless of the type of equity interest (common, preferred, other) including all potential organizational (legal) forms of the investee entity.

+ References

+ Details

- Definition

Value of accretion of temporary equity to its redemption value during the period.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(c)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-13

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479887/480-10-S45-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-1

+ Details

- Definition

Value of new stock classified as temporary equity issued during the period.

+ References

+ Details

Borrowings (Tables)

6 Months Ended

Jun. 30, 2026

Short-Term Debt [Abstract]

Schedule of borrowings

Borrowings consisted of the following:


	As of December 31,	As of June 30,
	2025	2026
Short-term bank borrowings	310,587	430,174
Long-term bank borrowings due within one year	72	14,670
Total short-term borrowings	310,659	444,844

Long-term borrowings	5,659	127,881
Less: long-term borrowings due within one year	(72)	(14,670)
Less: capitalization of debt issuance costs	—	(1,392)
Total long-term borrowings	5,587	111,819

Borrowings as of December 31, 2025 and June 30, 2026 were secured by the following:

December 31, 2025


Short-term borrowings			Secured by
310,587			Unsecured borrowing.

Long-term borrowings (including current portion)			Secured by
5,659			Unsecured borrowing.
316,246

June 30, 2026


Short-term borrowings			Secured by
430,174			Unsecured borrowing.

Long-term borrowings (including current portion)			Secured by
8,766			Unsecured borrowing.
119,115			Secured by a pledge over 100% of the equity interests in Hubei Qiguang. Hubei Qiguang also provided an irrevocable joint and several guarantee in respect of the obligations of the Group under the Loan Agreement.
558,055

Schedule of maturities of borrowings

As of June 30, 2026, the aggregate maturities of long-term borrowings (including current portion) outstanding were as follows:


			Amount
			US$
Year ending June 30, 2027			14,670
Year ending June 30, 2028			17,690
Year ending June 30, 2029			14,732
Year ending June 30, 2030			17,678
Year ending June 30, 2031			17,678
Thereafter			45,433
Total long-term borrowings (including current portion)			127,881

Segment reporting - Narrative (Details) $ in Thousands	6 Months Ended
Segment reporting - Narrative (Details) $ in Thousands	Jun. 30, 2026 USD ($) segment	Jun. 30, 2025 USD ($)
Segment Reporting [Line Items]
Number of reportable segments \| segment	1
Total revenues	$ 356,682	$ 323,281
Major customer group
Segment Reporting [Line Items]
Total revenues	$ 279,417	$ 309,220
Major customer group \| Revenue benchmark \| Customer concentration risk
Segment Reporting [Line Items]
Concentration risk percentage (as a percent)	86.40%	86.70%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (j)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Accrued expenses and other liabilities - Product warranties (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at the beginning of the year/period	$ 26,037	$ 21,861
Additions	3,520	8,922
Settlements	(3,022)	(5,967)
Foreign currency translation adjustment	740	1,221
Balance at the end of the year/period	27,275	26,037
Current portion of warranty included in “Accrued expenses and other current liabilities”	8,798	8,233
Noncurrent portion of warranty included in “Provisions”	$ 18,477	$ 17,804

Accrued expenses and other liabilities

6 Months Ended

Jun. 30, 2026

Accrued Liabilities and Other Liabilities [Abstract]

Accrued expenses and other liabilities

Accrued expenses and other current liabilities consisted of the following:


	As of December 31,	As of June 30,
	2025	2026
Salaries and benefits payables	14,547	10,669
Taxes payable	22,219	10,569
Product warranties	8,233	8,798
Accrued costs of the Merger	6,900	6,900
Other payables and accrued charges*	36,976	42,281
Accrued expenses and other current liabilities	88,875	79,217

*Other payables and accrued charges primarily include payables for research and development expenses, purchases of property, equipment and software and service fees.

Product warranties

The following table provides a reconciliation of changes in the product warranties:


	As of December 31,	As of June 30,
	2025	2026
Balance at the beginning of the year/period	21,861	26,037
Additions	8,922	3,520
Settlements	(5,967)	(3,022)
Foreign currency translation adjustment	1,221	740
Balance at the end of the year/period	26,037	27,275
Including:
Current portion of warranty included in “Accrued expenses and other current liabilities”	8,233	8,798
Noncurrent portion of warranty included in “Provisions”	17,804	18,477

Commitments and contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and contingencies

As of June 30, 2026, the Group had contractual investment commitments in connection with its equity investments in Hubei Qiguang (Note 25(vi)) and Fuyang Fund. The total investment commitment contracted but not yet reflected in the unaudited condensed consolidated financial statements as of June 30, 2026 were as follows:


	Total	Less than one year	1-2 Years	2-3 Years	3-5 Years	Over 5 Years
Investment commitments	192,253	192,253	—	—	—

Capital commitments

Total capital expenditures contracted but not yet reflected in the unaudited condensed consolidated financial statements as of June 30, 2026 were as follows:


	Total	Less than one year	1-2 Years	2-3 Years	3-5 Years	Over 5 Years
Capital commitments	3,868	3,868	—	—	—	—

Purchase commitments

As of June 30, 2026, the Group has future purchase commitment mainly related to the purchase of research and development services. Total purchase obligations contracted but not yet reflected in the unaudited condensed consolidated financial statements as of June 30, 2026 were as follows:


	Total	Less than one year	1-2 Years	2-3 Years	3-5 Years	Over 5 Years
Purchase commitment	23,979	23,979	—	—	—	—

Warrant liabilities - ECARX Warrants in connection with the Merger (Details) - Level 3 - ECARX Private Warrants	Jun. 30, 2026 $ / shares yr	Dec. 31, 2025
Risk-free rate of return (%)
Warrant liabilities
Warrants measurement input	0.0406
Volatility
Warrant liabilities
Warrants measurement input	0.9300
Expected dividend yield
Warrant liabilities
Warrants measurement input	0.000	0
Expected term
Warrant liabilities
Warrants measurement input \| yr	1.5
Fair value of the underlying ordinary shares
Warrant liabilities
Warrants measurement input \| $ / shares	1.29

Inventories

6 Months Ended

Jun. 30, 2026

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


	As of December 31,	As of June 30,
	2025	2026
Raw materials	40,718	76,970
Work-in-process	7,012	9,240
Finished goods	14,611	40,012
Inventories	62,341	126,222

The Group recorded inventory write-down of US$387 and US$442 for the six months ended June 30, 2025 and 2026, respectively.

Inventories - Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Raw materials	$ 76,970	$ 40,718
Work-in-process	9,240	7,012
Finished goods	40,012	14,611
Inventories	$ 126,222	$ 62,341

Borrowings - Narrative (Details) ¥ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($) installment	Jun. 30, 2026 CNY (¥)	Jun. 30, 2026 CNY (¥) installment	Jun. 18, 2026	Dec. 31, 2025 USD ($)
Hubei Qiguang Technology Co., Ltd.
Short-term borrowings
Equity interest				100.00%
Unsecured borrowing.
Short-term borrowings
Total line of credit	$ 642,315				$ 329,498
Unused portion of line of credit	$ 73,734				$ 13,252
Loan one \| Unsecured borrowing.
Short-term borrowings
Short-term debt, weighted average interest rate (as a percent)	3.56%		3.56%		3.70%
Interest rate	3.58%		3.58%		2.81%
Syndicated Acquisition Loan Facility
Short-term borrowings
Total line of credit	$ 185,000		¥ 1,260,000
Debt instrument, period of interest bearing loans	5 years	5 years
Debt instrument, basis points per annum	0.10%	0.10%
Debt instrument, term	10 years	10 years
Proceeds from Lines of Credit	$ 117,723	¥ 800,000
Aggregate arrangement fee	$ 2,210		¥ 15,000
Number of installments \| installment	9		9
Amount capitalized as debt issuance cost	$ 1,392		¥ 9,450
Syndicated Acquisition Loan Facility \| Hubei Qiguang Technology Co., Ltd.
Short-term borrowings
Equity interest	100.00%		100.00%

Leases - Components of lease cost (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Lessee Disclosure [Abstract]
Operating lease costs	$ 2,972	$ 3,068
Short-term lease costs	42	68
Total	$ 3,014	$ 3,136

Segment reporting - Single reportable segment (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Total revenues	$ 356,682	$ 323,281
Total cost of revenues	(283,969)	(273,280)
Gross profit	72,713	50,001
Total operating expenses	(91,883)	(115,153)
Loss from operation	(19,170)	(65,152)
Interest income	2,509	1,554
Interest expense	(17,982)	(10,239)
Gain from equity method investments, net	14,161	113
Other non-operating (expenses) income	(1,478)	3,137
Loss before income taxes	(21,960)	(70,587)
Income tax expenses	(1,041)	(2,052)
Net loss	(23,001)	(72,639)
Reportable segment
Segment Reporting [Line Items]
Total revenues	356,682	323,281
Total cost of revenues	(283,969)	(273,280)
Gross profit	72,713	50,001
Operating expenses excluding share-based compensation expense	(90,416)	(108,649)
Share-based compensation expense	(1,467)	(6,504)
Total operating expenses	(91,883)	(115,153)
Loss from operation	(19,170)	(65,152)
Interest income	2,509	1,554
Interest expense	(17,982)	(10,239)
Gain from equity method investments, net	14,161	113
Other non-operating (expenses) income	(1,478)	3,137
Loss before income taxes	(21,960)	(70,587)
Income tax expenses	(1,041)	(2,052)
Net loss	$ (23,001)	$ (72,639)

Redeemable non-controlling interests (Tables)

6 Months Ended

Jun. 30, 2026

Noncontrolling Interest [Abstract]

Schedule of Change in Carrying Amount of Redeemable Noncontrolling Interests

The change in the carrying amount of redeemable noncontrolling interests is as follows:


						Six Months Ended June 30, 2026
Balance at January 1, 2026						—
Initial recognition						14,638
Net loss attributable to redeemable noncontrolling interests						(1,686)
Accretion to redemption value of redeemable noncontrolling interests						1,809
Total						14,761

Prepayments and other current assets, net (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Prepaid Expense and Other Assets, Current [Abstract]
Prepayments to suppliers	$ 26,255	$ 13,222
Deductible VAT	10,063	5,221
Contract cost assets	6,164	2,724
Others	19,519	15,216
Prepayments and other current assets, net	62,001	36,383
Provision for prepayments and other current assets	$ 0	$ 0

Fair value measurement (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of major financial instruments measured at fair value

The following table sets the major financial instruments measured at fair value, by level within the fair value hierarchy as of June 30, 2026.


		Fair Value Measurement at Reporting Date Using
	Fair Value as of June 30, 2026	Quoted Prices in Active Markets for Identical Assets	Significant Other Observable Inputs	Significant Unobservable Inputs
		(Level 1)	(Level 2)	(Level 3)
	US$	US$	US$	US$
Assets
Long-term investments, net – equity securities	19,642	19,642	—	—
Long-term investments, net – available-for-sale debt investments	41,250	—	—	41,250

Liabilities
Warrant liabilities – public warrants	600	600	—	—
Warrant liabilities – private warrants	378	—	—	378
Accrued expenses and other current liabilities – derivative liability	67	—	—	67

Commitments and contingencies (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Investment commitments
Total	$ 192,253
Less than one year	192,253
1-2 Years	0
2-3 Years	0
3-5 Years	0
Over 5 Years
Capital commitments
Total	3,868
Less than one year	3,868
1-2 Years	0
2-3 Years	0
3-5 Years	0
Over 5 Years	0
Purchase commitment
Total	23,979
Less than one year	23,979
1-2 Years	0
2-3 Years	0
3-5 Years	0
Over 5 Years	$ 0

Commitments and contingencies (Tables)

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of future minimum investment commitments


	Total	Less than one year	1-2 Years	2-3 Years	3-5 Years	Over 5 Years
Investment commitments	192,253	192,253	—	—	—

Schedule of future minimum capital commitments

Total capital expenditures contracted but not yet reflected in the unaudited condensed consolidated financial statements as of June 30, 2026 were as follows:


	Total	Less than one year	1-2 Years	2-3 Years	3-5 Years	Over 5 Years
Capital commitments	3,868	3,868	—	—	—	—

Schedule of future minimum purchase commitments


	Total	Less than one year	1-2 Years	2-3 Years	3-5 Years	Over 5 Years
Purchase commitment	23,979	23,979	—	—	—	—

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash	$ 156,157	$ 87,118
Restricted cash	9,258	6,138
Short-term investments	46,694	31,158
Notes receivable	2,901	5,958
Inventories	126,222	62,341
Amounts due from related parties, net	45,811	53,737
Prepayments and other current assets, net	62,001	36,383
Total current assets	697,162	483,175
Non-current assets
Long-term investments, net	61,629	61,503
Property and equipment, net	32,396	26,705
Intangible assets, net	43,558	40,381
Operating lease right-of-use assets	13,747	16,770
Goodwill	3,790	3,686
Total non-current assets	288,877	179,234
Total assets	986,039	662,409
Current liabilities
Short-term borrowings	444,844	310,659
Notes payable	21,037	19,311
Amounts due to related parties	91,454	54,648
Operating lease liabilities, current	4,952	4,983
Convertible notes payable, current	24,731	38,819
Accrued expenses and other current liabilities	79,217	88,875
Income tax payable	972	1,022
Total current liabilities	968,547	823,004
Non-current liabilities
Long term borrowings	111,819	5,587
Convertible notes payable, non-current	101,622	60,283
Operating lease liabilities, non-current	12,778	15,696
Warrant liabilities, non-current	978	1,125
Provisions	18,477	17,804
Deferred tax liabilities	1,749	1,700
Total non-current liabilities	268,613	122,880
Total liabilities	1,237,160	945,884
Commitments and contingencies
Mezzanine equity:
Redeemable noncontrolling interests	14,761	0
Total mezzanine equity	14,761	0
SHAREHOLDERS’ DEFICIT
Treasury shares (25,900,751 and 30,771,872 shares held as of December 31, 2025 and June 30, 2026, respectively)	(39,911)	(30,004)
Additional paid-in capital	1,019,545	958,052
Accumulated deficit	(1,213,292)	(1,190,495)
Accumulated other comprehensive loss	(31,119)	(20,219)
Total deficit attributable to ordinary shareholders of ECARX Holdings Inc.	(264,775)	(282,664)
Noncontrolling interests	(1,107)	(811)
Total shareholders’ deficit	(265,882)	(283,475)
Total liabilities, mezzanine equity and shareholders’ deficit	986,039	662,409
Class A Ordinary Shares
SHAREHOLDERS’ DEFICIT
Ordinary shares	2	2
Class B Ordinary Shares
SHAREHOLDERS’ DEFICIT
Ordinary shares	0	0
Nonrelated Party
Current assets
Accounts receivable	38,416	14,806
Non-current assets
Other non-current assets	43,386	30,189
Current liabilities
Accounts payable	251,446	192,756
Contract liabilities, current	125	123
Non-current liabilities
Other non-current liabilities – third parties	21,188	20,675
Related Party
Current assets
Accounts receivable	209,702	185,536
Amounts due from related parties, net	45,811	53,737
Non-current assets
Other non-current assets	90,371	0
Current liabilities
Accounts payable	45,939	104,483
Amounts due to related parties	91,454	54,648
Contract liabilities, current	3,830	7,325
Non-current liabilities
Contract liabilities, non-current	$ 2	$ 10

Summary of significant accounting policies - Narrative (Details) $ in Thousands, ¥ in Millions	6 Months Ended
	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jul. 01, 2026 USD ($)	Jul. 01, 2026 CNY (¥)
Subsequent Event [Line Items]
Net loss	$ (23,001)	$ (72,639)
Net cash used in operating activities	127,695	$ 82,006
Current liabilities in excess of current assets	271,385
Long-term debt	$ 127,881
Subsequent Event \| Syndicated Acquisition Loan Facility
Subsequent Event [Line Items]
Long-term debt			$ 68,000	¥ 460
Subsequent Event \| 2025 Convertible Note Purchase Agreement
Subsequent Event [Line Items]
Convertible notes payable			$ 15,000

- Definition

Amount after tax of income (loss) from continuing operations including portion attributable to the noncontrolling interest.

+ References

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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

Long-term investments, net - Equity method investments, net (Details) ¥ in Thousands, $ in Thousands	1 Months Ended				6 Months Ended
	Mar. 31, 2026 USD ($)	Mar. 31, 2026 CNY (¥)	Jan. 31, 2026 USD ($)	Jan. 31, 2026 CNY (¥)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Apr. 30, 2026 USD ($)	Apr. 30, 2026 CNY (¥)	Feb. 28, 2026 USD ($)	Feb. 28, 2026 CNY (¥)	Dec. 31, 2025 USD ($)
Long-term investments
Gain from equity method investments, net					$ 14,161	$ 113
Equity method investments, net					737						$ 1,163
SiEngine Technology Co., Ltd
Long-term investments
Equity interest sold (as a percent)	1.31%	1.31%
Proceeds from divestiture of interest in consolidated subsidiaries	$ 14,452	¥ 100,000
Equity interest	0.00%	0.00%
Shenzhen U Chance Technology Co., Ltd.
Long-term investments
Proceeds from divestiture of interest in consolidated subsidiaries			$ 878	¥ 6,132
Gain from equity method investments, net			$ 291
Equity method investments, net					0						1,163
Hangzhou Fuyang Zeji Qushi Equity investment Fund L.P.
Long-term investments
Equity interest							5.00%	5.00%	10.00%	10.00%
Equity method investments, net					$ 737		$ 737	¥ 5,000	$ 1,474	¥ 10,000	$ 0

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Revenues
Total revenues	$ 356,682	$ 323,281
Total cost of revenues	283,969	273,280
Gross profit	72,713	50,001
Research and development expenses (including related parties amounts of US$1,765 and US$3,332 for the periods ended June 30, 2025 and 2026, respectively)	(52,600)	(68,329)
Selling, general and administrative expenses (including related parties amounts of US$692 and US$696 for the periods ended June 30, 2025 and 2026, respectively)	(40,042)	(47,618)
Others, net	759	794
Total operating expenses	(91,883)	(115,153)
Loss from operation	(19,170)	(65,152)
Interest income (including related parties amounts of US$805 and US$1,560 for the periods ended June 30, 2025 and 2026, respectively)	2,509	1,554
Interest expense (including related parties amounts of US$965 and US$1,882 for the periods ended June 30, 2025 and 2026, respectively)	(17,982)	(10,239)
Gain from equity method investments, net	14,161	113
Other non-operating income (expenses), net	(1,478)	3,137
Loss before income taxes	(21,960)	(70,587)
Income tax expenses	(1,041)	(2,052)
Net loss	(23,001)	(72,639)
Net loss attributable to nonredeemable noncontrolling interests	327	3,583
Net loss attributable to redeemable noncontrolling interests	1,686	0
Net loss attributable to Ecarx Holdings Inc.	(20,988)	(69,056)
Accretion of redeemable noncontrolling interests	(1,809)	0
Net loss available to ECARX Holdings Inc. ordinary shareholders	$ (22,797)	$ (69,056)
Loss per ordinary share
Basic (in USD per share)	$ (0.06)	$ (0.20)
Diluted (in USD per share)	$ (0.06)	$ (0.20)
Weighted average number of ordinary shares used in computing loss per ordinary share
Basic (in shares)	368,244,708	337,210,153
Diluted (in shares)	368,244,708	337,210,153
Other comprehensive loss:
Fair value change of available-for-sale debt investment, net of nil income taxes	$ (2,799)	$ 0
Foreign currency translation adjustments, net of nil income taxes	(8,070)	(5,191)
Comprehensive loss	(33,870)	(77,830)
Comprehensive loss attributable to nonredeemable noncontrolling interests	296	3,530
Comprehensive loss attributable to redeemable noncontrolling interests	1,686	0
Accretion of redeemable noncontrolling interests	(1,809)	0
Comprehensive loss attributable to ordinary shareholders	(33,697)	(74,300)
Sales of goods revenues
Revenues
Total revenues	310,150	251,942
Total cost of revenues	264,482	226,865
Software license revenues
Revenues
Total revenues	2,290	26,787
Total cost of revenues	1,362	16,529
Service
Revenues
Total revenues	44,242	44,552
Total cost of revenues	$ 18,125	$ 29,886

Property and equipment, net

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

Property and equipment, net

Property and equipment, net consisted of the following:


	As of December 31,	As of June 30,
	2025	2026
Machinery and electronic equipment	50,915	52,389
Transportation vehicles	786	913
Office and other equipment	2,033	2,028
Leasehold improvements	8,922	9,567
Construction in progress	420	7,056
Property and equipment	63,076	71,953
Less: accumulated depreciation	(35,063)	(38,220)
Less: impairment	(1,308)	(1,337)
Property and equipment, net	26,705	32,396

Depreciation on property and equipment was allocated as follows:


	Six Months Ended June 30,
	2025	2026
Cost of revenues	693	1,482
Research and development expenses	1,858	1,470
Selling, general and administrative expenses	983	814
Total depreciation expenses	3,534	3,766

No impairment loss was recorded for the six months ended June 30, 2026. An impairment loss of US$98 was recognized for obsolete and damaged equipment, which was included in research and development expenses for the six-months ended June 30, 2025.

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/360/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482130/360-10-45-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.CC)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480091/360-10-S99-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-7

+ Details

Revenue information - Schedule of contract liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Related party balances and transactions
Contract liabilities, current and non-current	$ 3,957	$ 7,458
Nonrelated Party
Related party balances and transactions
Contract liabilities, current	125	123
Related Party
Related party balances and transactions
Contract liabilities, current	3,830	7,325
Contract liabilities, non-current	$ 2	$ 10

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Property and equipment, net - Components of property and equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Property and equipment, net
Property and equipment	$ 71,953	$ 63,076
Less: accumulated depreciation	(38,220)	(35,063)
Less: impairment	(1,337)	(1,308)
Property and equipment, net	32,396	26,705
Machinery and electronic equipment
Property and equipment, net
Property and equipment	52,389	50,915
Transportation vehicles
Property and equipment, net
Property and equipment	913	786
Office and other equipment
Property and equipment, net
Property and equipment	2,028	2,033
Leasehold improvements
Property and equipment, net
Property and equipment	9,567	8,922
Construction in progress
Property and equipment, net
Property and equipment	$ 7,056	$ 420

Other non-current assets - third parties (Details) - Nonrelated Party - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Related party balances and transactions
Contract cost assets	$ 39,306	$ 26,620
Others	4,080	3,569
Other non-current assets – third parties	$ 43,386	$ 30,189

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Prepayments and other current assets, net

6 Months Ended

Jun. 30, 2026

Prepaid Expense and Other Assets, Current [Abstract]

Prepayments and other current assets, net

Prepayments and other current assets, net consisted of the following:


	As of December 31,	As of June 30,
	2025	2026
Prepayments to suppliers	13,222	26,255
Deductible VAT	5,221	10,063
Contract cost assets	2,724	6,164
Others	15,216	19,519
Prepayments and other current assets, net	36,383	62,001

No provision was made for impairment of prepayments and other current assets as of December 31, 2025 and June 30, 2026.

Convertible notes payable - Fair value, net derivative liability, unobservable input reconciliation (Details)	Jun. 30, 2026
Bond Yields
Warrant liabilities
Derivative liability, measurement input	0.2256
Probability Of Triggering Events
Warrant liabilities
Derivative liability, measurement input	0.0161

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Warrant liabilities

6 Months Ended

Jun. 30, 2026

Warrants and Rights Note Disclosure [Abstract]

Warrant liabilities

ECARX Warrants in connection with the Merger

ECARX Public Warrants are publicly traded on Nasdaq, the liability is measured at fair value using observable inputs and categorized in Level 1 of the fair value hierarchy, while ECARX Private Warrant liability is measured at fair value using unobservable inputs and categorized in Level 3 of the fair value hierarchy. The Binomial Option Pricing Model with the following key assumptions is used for estimating the fair value of ECARX Private Warrants.


	As of June 30,
	2026
Risk-free rate of return (%)	4.06	%
Volatility	93.00	%
Expected dividend yield	0.0	%
Expected term	1.5 years
Fair value of the underlying ordinary shares	US$1.29

The risk-free rate of return was based on the yield of US Treasury Notes for the expected remaining life of the warrant liabilities. The Company estimates the volatility of its common stock using a binomial lattice model based on the price of public warrant as of the valuation date. Expected dividend yield is zero as the Company does not anticipate any dividend payments in the foreseeable future. Expected term to exercise the warrant liabilities is up to December 2027. The fair value of the Company’s ordinary shares was obtained from the listed trading price of the Company.

The table below reflects the movement of ECARX Warrants for the six months ended June 30, 2026:


	ECARX Public Warrants	ECARX Private Warrants
	US$	US$
January 1, 2026	676	449
Gain due to change in fair value	(76)	(71)
June 30, 2026	600	378

Cash and restricted cash - Reconciliation (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2024
Cash and Cash Equivalents [Abstract]
Cash at banks	$ 156,157	$ 87,118
Restricted cash	9,258	6,138
Cash and restricted cash shown in the unaudited condensed consolidated statements of cash flows	$ 165,415	$ 93,256	$ 99,254	$ 50,164

- Definition

+ References + Details

Related party balances and transactions - Transactions (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Purchase of products and services
Related party balances and transactions
Amount of transaction	$ 79,600	$ 86,805
Purchase of products and services \| Zhejiang Huanfu
Related party balances and transactions
Amount of transaction	6,066	168
Purchase of products and services \| Hubei ECARX
Related party balances and transactions
Amount of transaction	164	855
Purchase of products and services \| Xingji Meizu
Related party balances and transactions
Amount of transaction	28,378	12,612
Rental of office space
Related party balances and transactions
Amount of transaction	529	1,088
Interest income on loans
Related party balances and transactions
Amount of transaction	1,560	805
Interest income on loans \| Hubei ECARX
Related party balances and transactions
Amount of transaction	203	795
Interest income on loans \| Xingji Meizu
Related party balances and transactions
Amount of transaction	1,258	0
Interest expense on borrowings
Related party balances and transactions
Amount of transaction	1,882	965
Interest expense on loans \| Hubei ECARX
Related party balances and transactions
Amount of transaction	1,172	0
Loans to related parties
Related party balances and transactions
Amount of transaction	83,072	0
Loans to related parties \| Xingji Meizu
Related party balances and transactions
Amount of transaction	78,472	0
Cash Collections Of Loans And Advances To Related Parties
Related party balances and transactions
Amount of transaction	58,686	1,341
Cash Collections Of Loans And Advances To Related Parties \| Xingji Meizu
Related party balances and transactions
Amount of transaction	58,686	0
Borrowings from related parties
Related party balances and transactions
Amount of transaction	27,964	47,918
Repayment of borrowings from related parties
Related party balances and transactions
Amount of transaction	28,292	21,021
Debt assignment and offset with related parties
Related party balances and transactions
Amount of transaction	0	4,919
Advance From Related Parties
Related party balances and transactions
Amount of transaction	28,958	0
Prepayments To Related Parties
Related party balances and transactions
Amount of transaction	33,147	0
Prepayments To Related Parties \| Xingji Meizu
Related party balances and transactions
Amount of transaction	53,261
Prepayments To Related Parties \| Xingji Meizu \| Hubei Qiguang
Related party balances and transactions
Amount of transaction	$ 73,712	$ 0

Accounts receivable, net (Tables)

6 Months Ended

Jun. 30, 2026

Credit Loss [Abstract]

Schedule of accounts receivable, net

Accounts receivable, net consisted of the following:


	As of December 31,	As of June 30,
	2025	2026
Accounts receivable, third parties	15,345	38,912
Less: Allowance for credit losses, third parties	(539)	(496)
Accounts receivable, third parties, net	14,806	38,416
Accounts receivable, related parties	186,705	210,001
Less: Allowance for credit losses, related parties	(1,169)	(299)
Accounts receivable, related parties, net	185,536	209,702

Schedule of movement of the allowance for doubtful accounts receivables

The movement of the allowance for doubtful accounts receivable is as follows:


	As of December 31,	As of June 30,
	2025	2026
Balance at the beginning of the year/period	3,467	1,708
Additions	917	103
Reversal	(2,125)	(1,052)
Write-off	(675)	—
Foreign currency translation adjustments	124	36
Balance at the end of the year/period	1,708	795

Subsequent event	6 Months Ended
Subsequent event	Jun. 30, 2026
Subsequent Events [Abstract]
Subsequent event	Subsequent event In July 2026, pursuant to the acquisition mentioned in Note 25(vi), the Group settled the remaining contractual purchase price.

Property and equipment, net - Depreciation expenses on property and equipment (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Property and equipment, net
Total depreciation expenses	$ 3,766	$ 3,534
Location, Statement of Income, Balance [Axis]: us-gaap:CostOfGoodsAndServicesSold
Property and equipment, net
Total depreciation expenses	1,482	693
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Property and equipment, net
Total depreciation expenses	1,470	1,858
Location, Statement of Income, Balance [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense
Property and equipment, net
Total depreciation expenses	$ 814	$ 983

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 905
-SubTopic 360
-Name Accounting Standards Codification
-Section 25
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478704/905-360-25-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 05
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482338/360-10-05-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 30
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482222/360-10-30-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 05
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482338/360-10-05-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-1

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 05
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482338/360-10-05-3

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 05
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482338/360-10-05-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482558/350-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-7A

+ Details

Summary of significant accounting policies - Concentration of customers and suppliers (Details) - Customer concentration risk	6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Accounts Receivable - Related Parties, Net \| Geely Group and its subsidiaries
Risks and Concentration
Concentration risk percentage (as a percent)	87.00%		69.70%
Accounts Receivable - Related Parties, Net \| Customer A, a third party
Risks and Concentration
Concentration risk percentage (as a percent)	41.40%		23.30%
Accounts Receivable - Related Parties, Net \| Customer B, a third party
Risks and Concentration
Concentration risk percentage (as a percent)	33.50%		38.30%
Accounts Receivable - Related Parties, Net \| Customer C, a third party
Risks and Concentration
Concentration risk percentage (as a percent)			18.40%
Accounts Receivable - Related Parties, Net \| Customer D, a third party
Risks and Concentration
Concentration risk percentage (as a percent)	11.40%
Total Revenues \| Geely Group and its subsidiaries
Risks and Concentration
Concentration risk percentage (as a percent)	82.40%	69.20%
Accounts Payable \| Supplier A, a third party
Risks and Concentration
Concentration risk percentage (as a percent)	27.80%		21.90%
Accounts Payable \| Supplier B, a third party
Risks and Concentration
Concentration risk percentage (as a percent)	10.20%		10.90%
Accounts Payable \| Supplier C, a related party
Risks and Concentration
Concentration risk percentage (as a percent)	10.20%
Liabilities, Total \| Supplier A, a third party
Risks and Concentration
Concentration risk percentage (as a percent)	34.40%	18.90%
Liabilities, Total \| Supplier B, a third party
Risks and Concentration
Concentration risk percentage (as a percent)		12.10%
Liabilities, Total \| Supplier D, a third party
Risks and Concentration
Concentration risk percentage (as a percent)		16.70%

Borrowings - Components of short-term borrowings (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Short-Term Debt [Abstract]
Short-term bank borrowings	$ 430,174	$ 310,587
Long-term bank borrowings due within one year	14,670	72
Total short-term borrowings	$ 444,844	$ 310,659

- Definition

Reflects the total carrying amount as of the balance sheet date of debt having initial terms less than one year or the normal operating cycle, if longer.

+ References + Details

Notes receivable	6 Months Ended
Notes receivable	Jun. 30, 2026
Receivables [Abstract]
Notes receivable	Notes receivable The Group collects notes receivable from its customers for sales of automotive computing platform, SoC Core Modules and other products. Notes receivable as of December 31, 2025 and June 30, 2026 were bank acceptance notes.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net cash used in operating activities	$ (127,695)	$ (82,006)
Investing activities:
Cash paid for acquisition of short-term investments	(46,000)	(15,069)
Proceeds from redemption of short-term investments	31,350	0
Loans and advances to related parties	(83,072)	0
Cash collection of loans and advances to related parties	58,686	1,341
Cash paid for acquisition of equity method investments	(737)	0
Proceeds from sales of equity method investments	15,330	17,947
Payments for equity securities	(6,000)	0
Purchase of property and equipment, and intangible assets	(10,858)	(4,465)
Prepayment for acquisition of an entity under common control	(73,712)	0
Proceeds from disposal of property and equipment, and intangible assets	6	61
Net cash used in investing activities	(115,007)	(185)
Financing activities:
Proceeds from short-term borrowings	352,042	193,954
Repayments of short-term borrowings	(233,057)	(106,297)
Proceeds from long-term borrowings	111,781	0
Payment for issuance costs of long-term borrowings	(156)	0
Borrowings from related parties	27,964	47,918
Repayments of borrowings from related parties	(28,292)	(21,021)
Cash payment not soon after purchase of intangible assets	0	(2,780)
Proceeds from redeemable non-controlling interests	14,638	0
Cash payment not soon after a business acquisition of Hubei Dongjun	0	(1,614)
Proceeds from employee stock option exercises	159	179
Proceeds from issuance of ordinary shares	45,586	43,200
Cash paid for follow-on public offering cost	0	(622)
Cash paid for repurchase of ordinary shares	(9,907)	(28,985)
Proceeds from issuance of convertible notes	40,000	0
Payment for issuance costs of convertible notes	(2,130)	0
Repayments of convertible notes	(6,688)	0
Cash paid for costs of the Merger	0	(500)
Proceeds from conditional government grants	0	6,933
Net cash provided by financing activities	311,940	130,365
Effect of foreign currency exchange rate changes on cash and restricted cash	2,921	916
Net increase in cash and restricted cash	72,159	49,090
Cash and restricted cash at the beginning of the period	93,256	50,164
Cash and restricted cash at the end of the period	165,415	99,254
Supplemental information:
Income tax paid	1,331	1,102
Interest paid	$ 8,667	$ 7,010

Convertible notes payable - Convertible Debt (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Convertible Debt [Roll Forward]
Conversion to ordinary shares	$ (14,255)
Current portion	24,731	$ 38,819
Non-current portion	101,622	$ 60,283
Convertible Debt
Convertible Debt [Roll Forward]
Convertible notes payable, beginning balance	99,102
Issuance of convertible notes	39,475
Accretion of interest expense	8,719
Installment settlement	(6,688)
Conversion to ordinary shares	(14,255)
Convertible notes payable, ending balance	126,353
Current portion	24,731
Non-current portion	101,622
Convertible Debt \| Convertible Notes due 2026
Convertible Debt [Roll Forward]
Convertible notes payable, beginning balance	38,819
Issuance of convertible notes	0
Accretion of interest expense	6,855
Installment settlement	(6,688)
Conversion to ordinary shares	(14,255)
Convertible notes payable, ending balance	24,731
Current portion	24,731
Non-current portion	0
Convertible Debt \| Convertible Notes due 2028
Convertible Debt [Roll Forward]
Convertible notes payable, beginning balance	60,283
Issuance of convertible notes	39,475
Accretion of interest expense	1,864
Installment settlement	0
Conversion to ordinary shares	0
Convertible notes payable, ending balance	101,622
Current portion	0
Non-current portion	$ 101,622

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT - USD ($) $ in Thousands	Total	Class A Ordinary Shares	Class B Ordinary Shares	Total deficit attributable to ordinary shareholders of the Company	Ordinary Shares Class A Ordinary Shares	Ordinary Shares Class B Ordinary Shares	Treasury Shares	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive loss	Noncontrolling interests
Beginning balance (in shares) at Dec. 31, 2024					291,166,110	48,960,916
Beginning balance at Dec. 31, 2024	$ (237,703)			$ (239,668)	$ 2	$ 0	$ (1,019)	$ 895,010	$ (1,124,452)	$ (9,209)	$ 1,965
Beginning balance, treasury (in shares) at Dec. 31, 2024							5,003,000
CHANGES IN SHAREHOLDERS' DEFICIT
Net loss	(72,639)			(69,056)					(69,056)		(3,583)
Share-based compensation	6,504			6,504				6,504
Issuance of Class A ordinary shares under 2022 Share Incentive Plan (in shares)					5,562,000
Issuance of Class A ordinary shares under 2022 Share Incentive Plan	163			163				163
Issuance of ordinary shares upon follow-on public offering (in shares)					25,000,000
Issuance of ordinary shares upon follow-on public offering	42,578			42,578				42,578
Re-designated ordinary shares from Class B to Class A (in shares)					3,000,000	(3,000,000)
Repurchase of ordinary shares (in shares)					(20,897,751)		20,897,751
Repurchase of ordinary shares	(28,985)			(28,985)			$ (28,985)
Foreign currency translation adjustment, net of nil income taxes	(5,191)			(5,244)						(5,244)	53
Ending balance (in shares) at Jun. 30, 2025					303,830,359	45,960,916
Ending balance at Jun. 30, 2025	(295,273)			(293,708)	$ 2	$ 0	$ (30,004)	944,255	(1,193,508)	(14,453)	(1,565)
Ending balance, treasury (in shares) at Jun. 30, 2025							25,900,751
Beginning balance (in shares) at Dec. 31, 2025		310,505,777	45,960,916		310,505,777	45,960,916
Beginning balance at Dec. 31, 2025	$ (283,475)			(282,664)	$ 2	$ 0	$ (30,004)	958,052	(1,190,495)	(20,219)	(811)
Beginning balance, treasury (in shares) at Dec. 31, 2025	25,900,751						25,900,751
CHANGES IN SHAREHOLDERS' DEFICIT
Net loss	$ (21,315)			(20,988)					(20,988)		(327)
Share-based compensation	1,467			1,467				1,467
Issuance of Class A ordinary shares under 2022 Share Incentive Plan (in shares)					279,455
Issuance of Class A ordinary shares under 2022 Share Incentive Plan	185			185				185
Issuance of ordinary shares upon follow-on public offering (in shares)					27,297,002
Issuance of ordinary shares upon follow-on public offering	45,586			45,586				45,586
Repurchase of ordinary shares (in shares)					(4,871,121)		4,871,121
Repurchase of ordinary shares	(9,907)			(9,907)			$ (9,907)
Issuance of Class A ordinary shares for convertible notes conversion (in shares)		13,818,840			13,818,840
Issuance of Class A ordinary shares for convertible notes conversion (Note 16)	14,255	$ 14,255		14,255				14,255
Accretion to redemption value of redeemable noncontrolling interests (Note 21)	(1,809)			(1,809)					(1,809)
Fair value change of available-for-sale debt investment (Note 7)	(2,799)			(2,799)						(2,799)
Foreign currency translation adjustment, net of nil income taxes	(8,070)			(8,101)						(8,101)	31
Ending balance (in shares) at Jun. 30, 2026		347,029,953	45,960,916		347,029,953	45,960,916
Ending balance at Jun. 30, 2026	$ (265,882)			$ (264,775)	$ 2	$ 0	$ (39,911)	$ 1,019,545	$ (1,213,292)	$ (31,119)	$ (1,107)
Ending balance, treasury (in shares) at Jun. 30, 2026	30,771,872						30,771,872

Long-term investments, net - Reconciliation of the Level 3 fair value measurement of available-for-sale debt investments (Details) - Available For Sale Investments $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value measurement value, beginning balance	$ 42,833
Unrealized loss	(2,799)
Foreign currency translation adjustments	1,216
Fair value measurement value, ending balance	$ 41,250

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Treasury shares (in shares)	30,771,872	25,900,751
Class A Ordinary Shares
Ordinary shares, par value per share (in USD per share)	$ 0.000005	$ 0.000005
Ordinary shares, shares authorized (in shares)	8,000,000,000	8,000,000,000
Ordinary shares, shares issued (in shares)	377,801,825	336,406,528
Ordinary shares, shares outstanding (in shares)	347,029,953	310,505,777
Class B Ordinary Shares
Ordinary shares, par value per share (in USD per share)	$ 0.000005	$ 0.000005
Ordinary shares, shares authorized (in shares)	1,000,000,000	1,000,000,000
Ordinary shares, shares issued (in shares)	45,960,916	45,960,916
Ordinary shares, shares outstanding (in shares)	45,960,916	45,960,916

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

+ Details

Redeemable non-controlling interests

6 Months Ended

Jun. 30, 2026

Noncontrolling Interest [Abstract]

Redeemable non-controlling interests

Redeemable noncontrolling interests

In March 2026, the Group entered into an agreement with a third party investor, pursuant to which the investor agreed to contribute RMB300,000 (equivalent to US$44,196) in cash in exchange for a 30% equity interests in a subsidiary of the Group. As of June 30, 2026, the investor had contributed RMB100,000 (equivalent to US$14,638) and acquired a 26.39% equity interest in the subsidiary.

The investor has the right to require the Group to repurchase all or a portion of its equity interests for cash upon the fifth anniversary of the first investment installment or upon the occurrence of certain contingent events. The redemption price is equal to the investment amount attributable to the equity interests subject to repurchase, plus simple interest at a rate of 5% per annum. As the Group does not solely control whether the redemption events will occur, the redeemable noncontrolling interests are classified as mezzanine equity in the Group’s consolidated balance sheets. The redeemable noncontrolling interest initially recorded at its fair value. Any accretion due to the redemption feature is determined after the attribution of net income or loss of the subsidiary and dividends to the noncontrolling interest holder.

The change in the carrying amount of redeemable noncontrolling interests is as follows:


						Six Months Ended June 30, 2026
Balance at January 1, 2026						—
Initial recognition						14,638
Net loss attributable to redeemable noncontrolling interests						(1,686)
Accretion to redemption value of redeemable noncontrolling interests						1,809
Total						14,761

Other non-operating (expenses) income, net

6 Months Ended

Jun. 30, 2026

Other Income and Expenses [Abstract]

Other non-operating (expenses) income, net


	Six Months Ended June 30,
	2025	2026
Change in fair value of an equity security (Note 7)	(340)	(4,259)
Change in fair value of warrant liabilities (Note 15)	(216)	147
Change in fair value of derivative assets (Note 7)	—	219
Change in fair value of derivative liabilities (Note 14)	—	804
Government grants	3,247	980
Foreign currency exchange losses, net	(488)	631
Others, net	934	—
Other non-operating income (expenses), net	3,137	(1,478)

The Group received government grants of US$10,254 and US$980 during the six months ended June 30, 2025 and 2026 respectively, and recognized US$3,247 and US$980 as non-operating (expenses) income, net in the Group's consolidated statements of comprehensive loss for the six months ended June 30, 2025 and 2026 respectively.

There were no significant commitments, contingencies or provision for recapture conditions for the government subsidies received for the six months ended June 30, 2025 and 2026.

Borrowings

6 Months Ended

Jun. 30, 2026

Short-Term Debt [Abstract]

Borrowings

Borrowings consisted of the following:


	As of December 31,	As of June 30,
	2025	2026
Short-term bank borrowings	310,587	430,174
Long-term bank borrowings due within one year	72	14,670
Total short-term borrowings	310,659	444,844

Long-term borrowings	5,659	127,881
Less: long-term borrowings due within one year	(72)	(14,670)
Less: capitalization of debt issuance costs	—	(1,392)
Total long-term borrowings	5,587	111,819

The weighted average interest rates of short-term borrowings outstanding as of December 31, 2025 and June 30, 2026 were 3.70% and 3.56% per annum, respectively. The weighted average interest rates of long-term borrowings outstanding as of December 31, 2025 and June 30, 2026 were 2.81% and 3.58% per annum, respectively.

As of December 31, 2025 and June 30, 2026, the Group had a total line of credit in the amount of US$329,498 and US$642,315, of which the unused portion was US$13,252 and US$73,734, respectively.

Syndicated loan

In June 2026, the Group entered into a syndicated loan agreement (the “Loan Agreement”) with a banking syndicate for the purpose of financing the acquisition (“Acquisition”) of 100% of the equity interests in Hubei Qiguang Technology Co., Ltd. (“Hubei Qiguang”), an entity under common control.The Loan Agreement provides for a syndicated acquisition loan facility in an aggregate principal amount of up to RMB1,260,000 (approximately US$185 million). The loan bears interest at a floating rate equal to the 5-year Loan Prime Rate (LPR) plus 10 basis points per annum, repriced every 12 months. Interest is payable quarterly. The loan has a term of up to 10 years and is repayable in semi-annual installments commencing December 2026. The proceeds of the loan are to be used exclusively to fund the Acquisition. As of June 30, 2026, the Group had drawn down RMB800,000 (equivalent to US$117,723) under the facility.

In connection with the Loan Agreement, the Group is required to pay an aggregate arrangement fee of RMB15,000 (approximately US$2,210) to the banking syndicate in nine installments. The arrangement fee is non-refundable upon voluntary prepayment of the loan. The unamortized debt issuance costs are presented as a direct deduction from the carrying amount of the syndicated loan and amortized as interest expense over the term of the loan using the effective interest method. As of June 30, 2026, RMB9,450 (equivalent to US$1,392) of the arrangement fee had been capitalized as debt issuance costs.

The obligations under the loan are secured by a pledge over 100% of the equity interests in Hubei Qiguang. Hubei Qiguang also provided an irrevocable joint and several guarantee in respect of the obligations of the Group under the Loan Agreement.

Borrowings as of December 31, 2025 and June 30, 2026 were secured by the following:

December 31, 2025


Short-term borrowings			Secured by
310,587			Unsecured borrowing.

Long-term borrowings (including current portion)			Secured by
5,659			Unsecured borrowing.
316,246

June 30, 2026


Short-term borrowings			Secured by
430,174			Unsecured borrowing.

Long-term borrowings (including current portion)			Secured by
8,766			Unsecured borrowing.
119,115			Secured by a pledge over 100% of the equity interests in Hubei Qiguang. Hubei Qiguang also provided an irrevocable joint and several guarantee in respect of the obligations of the Group under the Loan Agreement.
558,055

As of June 30, 2026, the aggregate maturities of long-term borrowings (including current portion) outstanding were as follows:


			Amount
			US$
Year ending June 30, 2027			14,670
Year ending June 30, 2028			17,690
Year ending June 30, 2029			14,732
Year ending June 30, 2030			17,678
Year ending June 30, 2031			17,678
Thereafter			45,433
Total long-term borrowings (including current portion)			127,881

Total long-term borrowings in the consolidated balance sheets includes a reduction for unamortized debt issuance costs, which are excluded from the maturities table above.

Income taxes	6 Months Ended
Income taxes	Jun. 30, 2026
Income Tax Disclosure [Abstract]
Income taxes	Income taxes The statutory income tax rate for the Group is 25% for the six months ended June 30, 2025 and 2026. The effective income tax rate for the six months ended June 30, 2025 and 2026 differs from the PRC statutory income tax rate of 25%, primarily due to the recognition of full valuation allowance for deferred income tax assets of loss-making entities.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Warrant liabilities - ECARX Warrants in connection with the Merger - Movements (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Warranty Liability [Roll Forward]
Liability at the beginning	$ 1,125
Liability at the end	978
ECARX Public Warrants
Warranty Liability [Roll Forward]
Liability at the beginning	676
Gain due to change in fair value	(76)
Liability at the end	600
ECARX Private Warrants
Warranty Liability [Roll Forward]
Liability at the beginning	449
Gain due to change in fair value	(71)
Liability at the end	$ 378

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Total revenues	$ 356,682	$ 323,281
Total cost of revenues	283,969	273,280
Research and development expenses, related parties amount	52,600	68,329
Selling, general and administrative expenses	40,042	47,618
Interest income	2,509	1,554
Interest expense (including related parties amounts of US$965 and US$1,882 for the periods ended June 30, 2025 and 2026, respectively)	17,982	10,239
Related Party
Total revenues	317,452	281,159
Research and development expenses, related parties amount	3,332	1,765
Selling, general and administrative expenses	696	692
Interest income	1,560	805
Interest expense (including related parties amounts of US$965 and US$1,882 for the periods ended June 30, 2025 and 2026, respectively)	1,882	965
Sales of goods revenues
Total revenues	310,150	251,942
Total cost of revenues	264,482	226,865
Sales of goods revenues \| Related Party
Total revenues	276,841	211,818
Total cost of revenues	59,160	52,246
Software license revenues
Total revenues	2,290	26,787
Total cost of revenues	1,362	16,529
Software license revenues \| Related Party
Total revenues	1,929	24,999
Total cost of revenues	7	16,592
Service
Total revenues	44,242	44,552
Total cost of revenues	18,125	29,886
Service \| Related Party
Total revenues	38,682	44,342
Total cost of revenues	$ 5,993	$ 767

Intangible assets, net - Intangible assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Intangible assets, net
Intangible assets	$ 88,144	$ 78,370
Less: accumulated amortization	(40,974)	(34,476)
Less: impairment	(3,612)	(3,513)
Intangible assets, net	43,558	40,381
Software
Intangible assets, net
Intangible assets	32,435	23,923
Distribution and licensing rights
Intangible assets, net
Intangible assets	34,955	34,176
Trademark
Intangible assets, net
Intangible assets	37	40
Patents
Intangible assets, net
Intangible assets	303	380
Developed technology
Intangible assets, net
Intangible assets	$ 20,414	$ 19,851

Borrowings - Maturities of borrowings (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Long-Term Debt, Fiscal Year Maturity [Abstract]
Year ending June 30, 2027	$ 14,670
Year ending June 30, 2028	17,690
Year ending June 30, 2029	14,732
Year ending June 30, 2030	17,678
Year ending June 30, 2031	17,678
Thereafter	45,433
Total long-term borrowings (including current portion)	$ 127,881

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

Segment reporting

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment reporting

The Group is comprised of a single reportable segment organized around automotive technology and connectivity services for smart vehicles. The Group generates revenues from its technology products and services using its capabilities in delivering turnkey solutions for next-generation smart vehicles, system on a chip, central computing platforms and software. The Group derives its revenue primarily in PRC and manages its activities on a consolidated basis.

The Group uses the management approach in determining its operating segments. The Group’s chief operating decision maker (“CODM”) is the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. For the purpose of internal reporting and management’s operation review, the Group’s chief executive officer does not segregate the Group’s business by product or service.

The Group’s long-lived assets are substantially all located in the PRC and substantially all the Group’s revenues are derived from within the PRC, therefore, no geographical information is presented.

The CODM evaluates performance for its single reportable segment based on total revenues, gross profit, operating expenses excluding share-based compensation expense and loss from operation.

The following table presents financial information with respect to the Group’s single reportable segment:


	Six Months Ended June 30,
	2025	2026
Total revenues	323,281	356,682
Total cost of revenues	(273,280)	(283,969)
Gross profit	50,001	72,713
Operating expenses excluding share-based compensation expense1	(108,649)	(90,416)
Share-based compensation expense	(6,504)	(1,467)
Total operating expenses	(115,153)	(91,883)
Loss from operation	(65,152)	(19,170)
Interest income	1,554	2,509
Interest expense	(10,239)	(17,982)
Gain from equity method investments, net	113	14,161
Other non-operating (expenses) income	3,137	(1,478)
Loss before income taxes	(70,587)	(21,960)
Income tax expenses	(2,052)	(1,041)
Net loss	(72,639)	(23,001)

Major Customer

Revenues from a group of customer entities under common control of the ultimate controlling shareholder in the segment represented US$279,417, US$309,220, or 86.4%, and 86.7% for the six months ended June 30, 2025 and 2026, respectively.

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

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+ Details

Long-term investments, net - Available-for sale debt investments (Details) - 1 months ended Dec. 31, 2025 - Lotus Technology Inc - Tech Lent Dream Smart Convertible Loan ¥ in Thousands, $ in Thousands	USD ($)	CNY (¥)
Long-term investments
Aggregate principal amount	$ 42,979	¥ 300,000
Debt instrument, term	36 months

Related party balances and transactions (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of significant related parties and their relationships

Related Parties


Names of the major related parties						Nature of relationship
Zhejiang Geely Holding Group (“Geely Group”) and its subsidiaries						Entity controlled by the controlling shareholder of the Company
Anhui Xinzhi Technology Co., Ltd. (“Anhui Xinzhi”)						Entity controlled by the controlling shareholder of the Company
Zhejiang Huanfu Technology Co., Ltd., ("Zhejiang Huanfu")						Entity controlled by the controlling shareholder of the Company
Hubei Xingji Meizu Group Co., Ltd. ("Xingji Meizu")						Entity controlled by the controlling shareholder of the Company
Wuhan Xingji Meizu Technology Co., Ltd and its subsidiaries						Entity controlled by the controlling shareholder of the Company
Hubei ECARX Technology Co., Ltd (“Hubei ECARX”)						Entity controlled by the controlling shareholder of the Company
DreamSmart Technology Pte. Ltd. (“DreamSmart”) and its subsidiaries						Entity controlled by the controlling shareholder of the Company
HaleyTek AB						Entity controlled by the controlling shareholder of the Company
Proton Holdings Berhad and its subsidiaries						Entity that the controlling shareholder of the Company has significant influence
SiEngine Technology Co., Ltd. (“SiEngine”)						Entity which is under significant influence of the Company
Shenzhen U Chance Technology Co.,Ltd.						Entity which is under significant influence of the Company before January 2026

Schedule of related party transactions

Significant transactions with related parties, except transactions disclosed elsewhere in these unaudited condensed consolidated financial statements:


	Six Months Ended June 30,
	2025	2026
Revenues(i):
Sales of goods revenues	211,818	276,841
Automotive computing platform	211,747	256,153
SoC Core Modules	63	17,851
Automotive merchandise and other products	8	2,837
Software license revenues	24,999	1,929
Service revenues	44,342	38,682
Automotive computing platform – Design and development service	22,823	33,651
Including: Automotive computing platform – Design and development service to Xingji Meizu	2,778	—
Connectivity service	19,019	3,383
Other services	2,500	1,648
Total	281,159	317,452


	Six Months Ended June 30,
	2025	2026
Purchase of products and services (ii)	86,805	79,600
Including:
–Purchase of products and services from Zhejiang Huanfu (ii)	168	6,066
–Purchase of products and services from Hubei Ecarx (ii)	855	164
–Purchase of products and services from Xingji Meizu (ii)	12,612	28,378
Rental of office space and administrative services (ii)	1,088	529
Interest income on loans due from related parties (iii)	805	1,560
–Interest income on loans due from Xingji Meizu	—	1,258
–Interest income on loans due from Hubei ECARX	795	203
Interest expense on borrowings due to related parties (iv)	965	1,882
–Interest expense on loans due to Hubei ECARX (iii)	—	1,172
Loans and advances to related parties (iii)	—	83,072
–Loans to Xingji Meizu (iii)	—	78,472
Cash collection of loans to related parties and advances to related parties (iii)	1,341	58,686
–Cash collection of loans to Xingji Meizu (iii)	—	58,686
Borrowings from related parties (iv)	47,918	27,964
Repayments of borrowings from related parties (iv)	21,021	28,292
Debt assignment and offset with related parties(iv)	4,919	—
Advances from related parties (v)	—	28,958
Prepayments to related parties (v)	—	33,147
Prepayments for acquisition of Hubei Qiguang (vi)	—	73,712

(c)Balances with related parties:


	As of December 31,	As of June 30,
	2025	2026
Accounts receivable – related parties, net (i)	185,536	209,702
Amounts due from related parties (ii)(iii)(v)	53,737	45,811
Other non-current assets – related parties (ii)(iii)(vi)	—	90,371
Accounts payable – related parties (ii)	104,483	45,939
Amounts due to related parties (ii)(iv)(v)	54,648	91,454
Contract liabilities - current (i)	7,325	3,830
Contract liabilities - noncurrent (i)	10	2

As of December 31, 2025 and June 30, 2026, loans and interest receivables recorded in amounts due from related parties were US$7,024 and US$32,784.

Interest expense on borrowings from related parties were US$965 and US$1,882 for the six months ended June 30, 2025 and 2026, respectively.

The interest payable on borrowings from related parties was included in the amounts due to related parties and was US$423 and US$435 as of December 31, 2025 and June 30, 2026, respectively.

Other non-operating (expenses) income, net - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Other Income and Expenses [Abstract]
Government assistance, award amount	$ 980	$ 10,254
Nonoperating income (expense)	$ 980	$ 3,247

Long-term investments, net - Investments (Details) ¥ in Thousands, $ in Thousands	Jun. 30, 2026 USD ($)	Apr. 30, 2026 USD ($)	Apr. 30, 2026 CNY (¥)	Feb. 28, 2026 USD ($)	Feb. 28, 2026 CNY (¥)	Dec. 31, 2025 USD ($)
Long-term investments
Equity method investments, net	$ 737					$ 1,163
Equity securities	19,642					17,507
Available-for-sale debt investments	41,250					42,833
Long-term investments, net	61,629					61,503
SiEngine Technology Co., Ltd.
Long-term investments
Equity method investments, net	0					0
Shenzhen U Chance Technology Co., Ltd.
Long-term investments
Equity method investments, net	0					1,163
ACO Tech Sdn. Bhd.
Long-term investments
Equity method investments, net	0					0
Hangzhou Fuyang Zeji Qushi Equity investment Fund L.P.
Long-term investments
Equity method investments, net	$ 737	$ 737	¥ 5,000	$ 1,474	¥ 10,000	$ 0

- Definition

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Fair value measurement (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Long-term investments, net – equity securities	$ 19,642
Long-term investments, net – available-for-sale debt investments	41,250
Liabilities
Warrant liabilities, non-current	978	$ 1,125
Accrued expenses and other current liabilities – derivative liability	67
Warrant liabilities – public warrants
Liabilities
Warrant liabilities, non-current	600
Warrant liabilities – private warrants
Liabilities
Warrant liabilities, non-current	378
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Long-term investments, net – equity securities	19,642
Long-term investments, net – available-for-sale debt investments	0
Liabilities
Accrued expenses and other current liabilities – derivative liability	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Warrant liabilities – public warrants
Liabilities
Warrant liabilities, non-current	600
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Warrant liabilities – private warrants
Liabilities
Warrant liabilities, non-current	0
Significant Other Observable Inputs (Level 2)
Assets
Long-term investments, net – equity securities	0
Long-term investments, net – available-for-sale debt investments	0
Liabilities
Accrued expenses and other current liabilities – derivative liability	0
Significant Other Observable Inputs (Level 2) \| Warrant liabilities – public warrants
Liabilities
Warrant liabilities, non-current	0
Significant Other Observable Inputs (Level 2) \| Warrant liabilities – private warrants
Liabilities
Warrant liabilities, non-current	0
Significant Unobservable Inputs (Level 3)
Assets
Long-term investments, net – equity securities	0
Long-term investments, net – available-for-sale debt investments	41,250
Liabilities
Accrued expenses and other current liabilities – derivative liability	67
Significant Unobservable Inputs (Level 3) \| Warrant liabilities – public warrants
Liabilities
Warrant liabilities, non-current	0
Significant Unobservable Inputs (Level 3) \| Warrant liabilities – private warrants
Liabilities
Warrant liabilities, non-current	$ 378

Leases - Lease cost allocated expense items (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Leases
Total	$ 3,014	$ 3,136
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Leases
Total	1,208	1,549
Location, Statement of Income, Balance [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense
Leases
Total	$ 1,806	$ 1,587

Share based compensation - Activities of options (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($) $ / shares shares
Weighted remaining contractual years
Exercisable \| $	$ 592
Employee Stock Option
Number of options
Outstanding at the beginning (in shares) \| shares	22,631,543
Granted (in shares) \| shares	770,000
Forfeited (in shares) \| shares	(1,733,031)
Exercised (in shares) \| shares	(370,424)
Outstanding at the end (in shares) \| shares	21,298,088
Exercisable (in shares) \| shares	16,828,518
Weighted Average Exercise Price
Outstanding at the beginning (in USD per share)	$ 4.77
Granted (in dollars per share)	0.05
Forfeited (in USD per share)	0.27
Exercised (in USD per share)	0.50
Outstanding at the end (in USD per share)	5.04
Exercisable (in USD per share)	7.49
Weighted Average Fair value at grant date
Outstanding at the beginning (in USD per share)	2.32
Granted (in USD per share)	0.98
Forfeited (in USD per share)	1.52
Exercised (in USD per share)	1.60
Outstanding at the end (in USD per share)	2.35
Exercisable (in USD per share)	$ 2.38
Weighted remaining contractual years
Vested and expected to vest	6 years 11 months 26 days
Exercisable	6 years 2 months 23 days
Vested and expected to vest \| $	$ 50,068
Exercisable \| $	$ 40,123

Share based compensation - Activities of company's RSUs (Details) - RSUs $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($) $ / shares shares
Number of RSUs
Outstanding at the beginning (in shares) \| shares	2,909,230
Forfeited (in shares) \| shares	(29,432)
Outstanding at the end (in shares) \| shares	2,879,798
Exercisable (in shares) \| shares	2,788,803
Weighted Average Exercise Price
Outstanding at the beginning (in USD per share)	$ 0.38
Forfeited (in USD per share)	0
Outstanding at the end (in USD per share)	0.38
Exercisable (in USD per share)	0.43
Weighted Average Fair value at grant date
Outstanding at the beginning (in USD per share)	2.02
Forfeited (in USD per share)	2.02
Outstanding at the end (in USD per share)	2.02
Exercisable (in USD per share)	$ 1.84
Weighted remaining contractual years
Outstanding (in years)	8 years 7 months 2 days
Exercisable (in years)	8 years 6 months
Aggregate intrinsic value
Outstanding \| $	$ 3,755
Exercisable \| $	$ 3,580

Redeemable non-controlling interests - Narrative (Details) ¥ in Thousands, $ in Thousands	1 Months Ended		6 Months Ended
	Mar. 31, 2026 USD ($)	Mar. 31, 2026 CNY (¥)	Jun. 30, 2026 USD ($)	Jun. 30, 2026 CNY (¥)
Redeemable Noncontrolling Interest [Line Items]
Accretion to redemption value of redeemable noncontrolling interests			$ (1,809)
Percentage of redeemable noncontrolling interest per annum			5.00%	5.00%
ECARX (Zhejiang) Technology Co., Ltd
Redeemable Noncontrolling Interest [Line Items]
Accretion to redemption value of redeemable noncontrolling interests	$ 44,196	¥ 300,000
Minority interest ownership percentage by noncontrolling owner	30.00%	30.00%	26.39%	26.39%
Redeemable noncontrolling interest, remittance amount			$ 14,638	¥ 100,000

Convertible notes payable

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Convertible notes payable


	Convertible Notes due 2026	Convertible Notes due 2028	Total

Balance as of December 31, 2025	38,819	60,283	99,102
Issuance of convertible notes	—	39,475	39,475
Accretion of interest expense	6,855	1,864	8,719
Installment settlement	(6,688)	—	(6,688)
Conversion to ordinary shares	(14,255)	—	(14,255)
Balance as of June 30, 2026	24,731	101,622	126,353

Current portion	24,731	—	24,731
Non-current portion	—	101,622	101,622

•Convertible Notes due 2026

On October 30, 2025, the Company entered into a Securities Purchase Agreement with an investor, ATW Mobility SPV LLC, to issue a new series of senior convertible notes in the aggregate amount of US$150,000. Initially, the investor purchased notes with aggregate principal amount of US$50,000 (the “Initial Note”) repayable in installments on several instalment dates (“Installment Date”) with total installments payable amounting to 107% of the principal amount. The Initial Note will mature on October 30, 2026.

The Initial Note was issued at an initial conversion price of US$2.59 per share subject to customary anti-dilution adjustments. Unless the Initial Note is converted into the Company’s ordinary shares, is redeemable at 107% of the principal amount including an early redemption option with the issuer. The Initial Note can also be redeemed early at the option of the holder in an event of default at the redemption premium of 25% or change of control at the redemption premium of 20%. In the event of bankruptcy of the issuer, the Initial Note becomes mandatorily redeemable at the redemption premium of 25% (collectively, “Mandatory or Early redemption features”). The Initial Note does not bear any coupon interest.

The Initial Note is convertible anytime at the option of the holder and, at any instalment date, at the option of the issuer. The Initial Note is also mandatorily convertible if the daily volume weighted average price (VWAP) of

ordinary shares of the Company exceeds US$3.88 per share for 15 consecutive trading days and the aggregate daily dollar volume during such period is more than US$3,000.

Mandatory or early redemption features were bifurcated as a separate single compound derivative liability and measured at fair value as it is not clearly and closely related to the debt host contract. After the bifurcation, the Initial Note was accounted for using amortized cost method.

The fair value of the Initial Note payable was estimated by management with the assistance of an independent valuation firm, using the binomial model with the key assumptions including risk-free rate of returns, volatility and bond yields. As of June 30, 2026, the fair value of the Convertible Notes due 2026 was measured at US$23,253 and was classified within Level 3.

The fair value of derivative liability was measured at US$67 as at June 30, 2026, and were included in accrued expenses and other current liabilities in the consolidated balance sheet. The gain on changes in fair value of derivative liability of US$804 was recognized in the changes in the fair value of derivative financial liabilities included in other non-operating income (expenses), net for the six months ended June 30, 2026.

The fair value of derivative liability is measured using income approach with the key assumptions including bond yields and the probability of triggering events. The fair value of derivative liability is estimated with the following key assumptions:


	As of June 30, 2026
Bond yields (i)	22.56%
Probability of triggering events (ii)	1.61	%

i.The bond yields were estimated based on the market yield of comparable bonds with similar credit rating.

ii.Probability of triggering events was estimated based on the average cumulative issuer-weighted global default rates by similar industry group.

•Convertible Notes due 2028

Pursuant to the convertible note purchase agreements entered into with certain institutional investors in November 2025, the Company issued convertible notes (“Convertible Senior Notes”) with an aggregate principal amount of US$60 million and a maturity date of November 14, 2028. On February 9, 2026, the Company issued an additional US$40 million in aggregate principal amount of Convertible Senior Notes, which were purchased by a consortium of investors. All outstanding Convertible Senior Notes have an initial conversion price of US$2.62 per share (subject to customary anti-dilution adjustments set forth in the respective agreements) and will be due in 2028.

Convertible Senior Notes are classified as a long-term debt initially on balance sheet and measured at amortized cost subsequently.

In May 6, 2026, one of the existing institutional investors transferred its rights and interests in respect of the principal amount of US$15,000 of the Convertible Senior Notes to a new third party investor. There were no changes to the principle amount, maturity, interest rate and other terms of the Convertible Senior Notes. Following the transfer, a new third party investor became the holder of the transferred Convertible Senior Notes.

As of June 30, 2026, the fair value of the Convertible Senior Notes was valued at US$87,839 and was classified within Level 3. The fair value was estimated by management with the assistance of an independent valuation firm, using the binomial model with the key assumptions including risk-free rate of return, volatility, and bond yield.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Related party balances and transactions - Related party balances (Details) $ in Thousands, ¥ in Millions	1 Months Ended		6 Months Ended
	Mar. 31, 2026 USD ($)	Jan. 31, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2026 CNY (¥)	Jun. 30, 2025 USD ($)	Jun. 18, 2026 USD ($)	Jun. 18, 2026 CNY (¥)	Dec. 31, 2025 USD ($)	Sep. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)
Related party balances and transactions
Amounts due from related parties, net			$ 45,811					$ 53,737
Amounts due to related parties			91,454					54,648
Minimum interest rate (as a percent)										5.00%
Long-term borrowings			127,881					5,659
Hubei Qiguang Technology Co., Ltd.
Related party balances and transactions
Equity interest						100.00%	100.00%
Aggregate consideration						$ 266,000	¥ 1,800
Zhejiang Huanfu
Related party balances and transactions
Cost of revenues			5,955		$ 100
Hubei ECARX
Related party balances and transactions
Cost of revenues			0		608
Xingji Meizu
Related party balances and transactions
Cost of revenues			26,317		12,612
Operating Expenses \| Zhejiang Huanfu
Related party balances and transactions
Amount of transaction			111		68
Operating Expenses \| Hubei ECARX
Related party balances and transactions
Amount of transaction			164		247
Operating Expenses \| Xingji Meizu
Related party balances and transactions
Amount of transaction			2,061		0
Purchase of products and services
Related party balances and transactions
Amount of transaction			79,600		86,805
Purchase of products and services \| Zhejiang Huanfu
Related party balances and transactions
Amount of transaction			6,066		168
Purchase of products and services \| Hubei ECARX
Related party balances and transactions
Amount of transaction			164		855
Purchase of products and services \| Xingji Meizu
Related party balances and transactions
Amount of transaction			28,378		12,612
Interest income on loans
Related party balances and transactions
Amount of transaction			1,560		805
Interest income on loans \| Hubei ECARX
Related party balances and transactions
Amount of transaction			203		795
Interest income on loans \| Xingji Meizu
Related party balances and transactions
Amount of transaction			1,258		0
Loans And Advances To Related Parties
Related party balances and transactions
Amount of transaction			83,072		0
Cash Collections Of Loans And Advances To Related Parties
Related party balances and transactions
Amount of transaction			58,686		1,341
Cash Collections Of Loans And Advances To Related Parties \| Xingji Meizu
Related party balances and transactions
Amount of transaction			58,686		0
Advance From Related Parties
Related party balances and transactions
Amount of transaction			28,958		0
Advance From Related Parties \| Geely Group
Related party balances and transactions
Amount of transaction	$ 28,958
Prepayments To Related Parties
Related party balances and transactions
Amount of transaction			33,147		0
Prepayments To Related Parties \| Xingji Meizu
Related party balances and transactions
Amount of transaction			53,261
Related Party
Related party balances and transactions
Accounts receivable			209,702					185,536
Amounts due from related parties, net			45,811					53,737
Other non-current assets			90,371					0
Accounts payable – related parties			45,939					104,483
Amounts due to related parties			91,454					54,648
Contract liabilities, current			3,830					7,325
Contract liabilities, non-current			2					10
Inventory purchases			10,941		15,831
Cost of revenues			65,160		69,605
Aggregate principal amount			27,964		20,666
Long-term borrowings			6,390					26,504
Interest expense on borrowings			1,882		965
Related Party \| Unsecured borrowing.
Related party balances and transactions
Aggregate principal amount			28,292		21,021
Long-term borrowings			$ 27,964					28,292
Related Party \| Hubei ECARX
Related party balances and transactions
Other non-current assets								10,040
Interest rate (as a percent)			3.50%	3.50%
Related Party \| Geely Group \| Unsecured borrowing.
Related party balances and transactions
Interest rate (as a percent)		3.90%
Aggregate principal amount		$ 27,252							$ 24,496	$ 4,919
Related Party \| Operating Expenses
Related party balances and transactions
Amount of transaction			$ 3,499		1,369
Related Party \| Rental Of Office Space
Related party balances and transactions
Amount of transaction			529		1,088
Related Party \| Purchase of products and services
Related party balances and transactions
Amounts due from related parties, net			6,637					10,169
Accounts payable – related parties			45,939					104,483
Related Party \| Technical and logistical services
Related party balances and transactions
Other non-current assets			18,338					10,174
Amounts due to related parties			7,314					0
Related Party \| Loans and interest receivable
Related party balances and transactions
Amounts due from related parties, net			32,784					7,024
Related Party \| Loans and interest receivable \| Hubei ECARX
Related party balances and transactions
Amounts due from related parties, net			9,345
Related Party \| Interest income on loans
Related party balances and transactions
Amount of transaction			1,357		$ 10
Related Party \| Borrowings and interest payable on borrowing
Related party balances and transactions
Amounts due to related parties			435					423
Related Party \| Procurement Support Funds
Related party balances and transactions
Amounts due to related parties			44,717					$ 15,759
Related Party \| Prepayments To Related Parties \| Hubei Qiguang Technology Co., Ltd.
Related party balances and transactions
Amount of transaction			$ 73,712	¥ 500