0001628280-26-021865 | 20-F | XBRL Viewer

Cash and Cash Equivalents [Abstract]

$ 88,875

$ 85,477

^[1]

[1]	Restated (refer to Note 2(c))

Cash and restricted cash - Schedule of reconciliation of cash at bank and restricted cash (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

^[2]

Dec. 31, 2022

^[2]

Cash at banks

$ 87,118

$ 44,250

^[1]

$ 80,283

Cash and restricted cash shown in the consolidated statements of cash flows

6,138

5,914

^[1]

3,810

$ 93,256

$ 50,164

^[2]

$ 84,093

$ 130,679

[1]	Restated (refer to Note 2(c))
[2]	Restated (refer to Note 2(c))

Ordinary shares and treasury shares (Details) - USD ($)			12 Months Ended
Ordinary shares and treasury shares (Details) - USD ($)	Mar. 28, 2025	Jul. 15, 2024	Dec. 31, 2025	Dec. 31, 2024	Mar. 31, 2026	Dec. 31, 2023
Ordinary Share
Amount of shares authorized			$ 50,000
Ordinary shares, shares authorized (in shares)			10,000,000,000
Convertible notes payable			$ 7,664,000
Share-based compensation arrangement by share-based payment award, shares to be repurchased		4,500,000
Share repurchase program, authorized, amount				$ 20,000,000
Share repurchase program, authorized (in shares)			20,897,751	503,000
Repurchase of ordinary shares			$ 28,985,000	$ 1,019,000
Treasury Shares
Ordinary Share
Repurchase of ordinary shares			$ 28,985,000	$ 1,019,000
Forecast
Ordinary Share
Share repurchase program, authorized, amount					$ 40,000,000
Common Class A
Ordinary Share
Ordinary shares, shares authorized (in shares)			8,000,000,000	8,000,000,000
Ordinary shares, par value per share (in USD per share)			$ 0.000005	$ 0.000005
Ordinary shares, shares issued (in shares)			336,406,528	296,169,110
Convertible notes payable (in shares)			4,107,146
Convertible notes payable			$ 7,664,000
Common Class A \| Follow-On Public Offering
Ordinary Share
Number of shares issued in transaction (in shares)	25,000,000
Share price (in USD per share)	$ 1.80
Consideration received	$ 42,578,000
Common Class A \| Share Incentive 2022 Plan
Ordinary Share
Ordinary shares, shares issued (in shares)			8,130,272	7,180,061		554,575
Class B Ordinary Shares
Ordinary Share
Ordinary shares, shares authorized (in shares)			1,000,000,000	1,000,000,000
Ordinary shares, par value per share (in USD per share)			$ 0.000005	$ 0.000005
Ordinary shares, shares issued (in shares)			45,960,916	48,960,916
Convertible notes payable (in shares)			3,000,000
Designated Shares
Ordinary Share
Ordinary shares, shares authorized (in shares)			1,000,000,000
Ordinary shares, par value per share (in USD per share)			$ 0.000005

Inventories (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of inventories

Inventories consisted of the following:


	As of December 31,
	2024	2025
	US$	US$
Raw materials	24,181	40,718
Work-in-process	2,529	7,012
Finished goods	5,155	14,611
Total	31,865	62,341

Convertible notes payable - Additional information (Details) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Oct. 30, 2025 USD ($) day $ / shares	Nov. 30, 2025 USD ($) day $ / shares	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 20, 2022 $ / shares	Oct. 25, 2022 USD ($)
Convertible Notes due 2025
Debt Instrument [Line Items]
Issuance costs			$ 1,225
Convertible Notes due 2025 \| Convertible notes
Debt Instrument [Line Items]
Aggregate principal amount			$ 662			$ 65,000
Internal rate of return (in percent)		9.00%	9.00%
Conversion price (in USD per share) \| $ / shares					$ 11.50
Convertible Notes due 2025 \| Convertible notes \| Significant Unobservable Inputs (Level 3)
Debt Instrument [Line Items]
Convertible debt, fair value				$ 66,000
Convertible Notes due 2026
Debt Instrument [Line Items]
Issuance costs			$ 6,035
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	$ 60,000
Interest rate (in percent)		5.00%
Internal rate of return (in percent)		9.00%
Conversion price (in USD per share) \| $ / shares	$ 2.59	$ 2.62
Debt instrument trading days \| day		10
Convertible debt, fair value	$ 1,085		871
Issuance of convertible notes	$ 50,000
Installments payable interest, percentage	107.00%
Debt instrument, redemption price, percentage	107.00%
Debt instrument, mandatory conversion price (in USD per share) \| $ / shares	$ 3.88
Trading days \| day	15
Debt instrument, convertible mandatory conversion	$ 3,000
Gain on derivatives			$ 214
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]			Other non-operating (expenses) income, net
Convertible Notes due 2026 \| Convertible notes \| Significant Unobservable Inputs (Level 3)
Debt Instrument [Line Items]
Convertible debt, fair value			$ 41,944
Convertible Notes due 2028 \| Convertible notes \| Significant Unobservable Inputs (Level 3)
Debt Instrument [Line Items]
Convertible debt, fair value			$ 56,535

Borrowings - Additional information (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Unsecured debt
Short-Term Debt [Line Items]
Total line of credit	$ 329,498	$ 272,416
Unused portion of line of credit	$ 13,252	$ 87,173
Loan One \| Unsecured debt
Short-Term Debt [Line Items]
Interest rate (in percent)	2.81%
Loan One \| Unsecured debt
Short-Term Debt [Line Items]
Short-term debt, weighted average interest rate (as a percent)	3.70%	3.91%

Description of business and organization	12 Months Ended
Description of business and organization	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of business and organization	Description of business and organization (a) Description of business ECARX Holdings Inc. (“ECARX” or the “Company’) was incorporated as an exempted company with limited liability in the Cayman Islands on November 12, 2019. The Company along with its subsidiaries is collectively referred to as “the Group”. The terms “we,” “our,” and “us” refer to the Group, unless the context indicates otherwise. We are a global mobility-tech company partnering with original equipment manufacturers (“OEM”s) to reshape the automotive landscape as the industry transitions to an electrified and physical Artificial Intelligence (“AI”) future. As OEMs develop new vehicle platforms from the ground up, we are developing a full-stack solution - central computer, system on a chip (“SoC”) and software to help continuously improve the in-car user experience. Our products continue to shape the interaction between people and vehicles by rapidly advancing the technology at the heart of smart mobility. We are engaged in the sales of SoC core modules, automotive computing platform products, software stacks as well as the provision of research and development services. (b) Merger On December 20, 2022 (the “Closing Date”), the Company consummated its merger (“Merger”) with COVA Acquisition Corp. (“COVA”) pursuant to a merger agreement dated May 26, 2022. The ordinary shares of the Company and Public Warrants are listed on the Nasdaq Stock Market LLC, or “Nasdaq”, under the trading symbols “ECX” and “ECXWW”, respectively, on December 21, 2022.

CONSOLIDATED STATEMENTS OF CASH FLOWS
¥ in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2025

USD ($)

Dec. 31, 2024

USD ($)

Dec. 31, 2023

USD ($)

Operating activities:

Adjustments to reconcile net loss to net cash used in operating activities:

$ (68,939)

$ (137,751)

^[1]

$ (143,899)

^[1]

Allowance for credit losses

(1,208)

1,814

^[1]

1,063

^[1]

Reversal of provision for prepayments and other current assets

^[1]

(185)

^[1]

Write-down of inventories

1,340

925

^[1]

1,502

^[1]

Share-based compensation

13,341

19,056

^[1]

24,866

^[1]

Depreciation and amortization

19,871

20,570

^[1]

12,110

^[1]

Reduction of carrying amount of right-of-use assets

4,522

5,835

^[1]

5,482

^[1]

Loss (gain) from equity method investments

(1,236)

(5,611)

^[2]

6,142

^[2]

Change in fair value of equity securities

221

6,114

^[1]

3,208

^[1]

Accretion of interest expenses

4,413

289

^[1]

409

^[1]

Change in fair value of warrant liabilities

(76)

477

^[1]

(1,675)

^[1]

Change in fair value of derivative financial assets

(175)

^[1]

Change in fair value of derivative financial liabilities

(214)

^[1]

Loss/(gain) on disposal of property and equipment, and intangible assets

437

(64)

^[1]

247

^[1]

Net unrealized foreign exchange losses/(gains)

(3,329)

3,373

^[1]

5,671

^[1]

Impairment of property and equipment and intangible assets

3,410

234

^[1]

1,445

^[1]

Deferred income tax benefit

(450)

(2,531)

^[1]

(16)

^[1]

Noncash interest income

(838)

^[1]

Changes in operating assets and liabilities, net of effects of consolidation / deconsolidation of subsidiaries:

(3,667)

5,985

^[1]

11,275

^[1]

Amounts due from related parties

(31,935)

(9,257)

^[1]

2,384

^[1]

(30,819)

(1,826)

^[1]

5,713

^[1]

Prepayments and other current assets and other non-current assets

(18,532)

22,404

^[1]

441

^[1]

Notes payable

(33)

17,945

^[1]

(23,015)

^[1]

Accrued expenses and other current liabilities and income tax payable

20,396

(1,397)

^[1]

(1,174)

^[1]

(8,431)

(17,244)

^[1]

(17,830)

^[1]

Operating lease liabilities

(4,714)

(4,208)

^[1]

(3,040)

^[1]

Provisions

2,811

2,616

^[1]

8,309

^[1]

Distributions from equity method investees, return on investment

892

^[1]

Cash paid for acquisition of short-term investments

(94,391)

(59,980)

^[1]

(172,440)

^[1]

Investing activities:

(38,192)

(40,936)

^[1]

(22,469)

^[1]

Proceeds from redemption of short-term investments

25,754

42,934

^[1]

3,355

^[1]

Loans and advances to related parties

(11,371)

(1,488)

^[1]

(29,433)

^[1]

Cash collection of loans to related parties and advances to related parties

5,832

2,439

^[1]

29,388

^[1]

Cash paid for acquisition of equity method investments

(7,451)

^[1]

Proceeds from sale of equity method investments

334

19,899

^[1]

Cash received from partial sale of equity interest in SiEngine

17,947

^[1]

Receivables from partial sale of equity interest in SiEngine

17,947

^[1]

Proceeds from sale of Zenseact

^[1]

115,000

^[1]

Payments for available-for-sale debt investments

(42,979)

^[1]

Payments for equity securities

(17,000)

^[1]

Purchase of property and equipment, and intangible assets

(12,168)

(15,907)

^[1]

(8,881)

^[1]

Proceeds from disposal of property and equipment, and intangible assets

1,008

220

^[1]

305

^[1]

Distributions from equity method investees in excess of cumulative earnings

353

^[1]

Net cash (used in) provided by investing activities

(70,482)

(8,121)

^[1]

87,265

^[1]

Financing activities:

Proceeds from short-term borrowings

328,550

222,432

^[1]

208,792

^[1]

Repayment of short-term borrowings

(216,645)

(201,554)

^[1]

(163,237)

^[1]

Proceeds from long-term borrowings

5,475

^[1]

Borrowings from related parties

188,495

83,381

^[1]

44,458

^[1]

Repayments of borrowings from related parties

(153,972)

(62,360)

^[1]

(44,458)

^[1]

Acquisition of an entity under common control

(1,915)

^[1]

Cash payment not soon after purchase of intangible assets

(7,383)

(7,270)

^[1]

Cash paid to acquire noncontrolling interests

(332)

^[1]

Cash payment not soon after a business acquisition of Hubei Dongjun

(1,614)

^[1]

Proceeds from employee stock option exercises

256

^[1]

Proceeds from issuance of ordinary shares

43,200

^[1]

Cash paid for follow-on public offering cost

(622)

^[1]

Cash paid for repurchase of ordinary shares

(28,985)

(3,000)

^[1]

Proceeds from issuance of convertible notes

108,500

^[1]

Payment for issuance costs of convertible notes

(2,325)

^[1]

(500)

^[1]

Cash paid for costs of the Merger

(65,000)

^[1]

(1,000)

^[1]

(11,289)

^[1]

Proceeds from conditional government grants

6,933

6,973

^[1]

6,853

^[1]

Net cash provided by financing activities

203,863

36,355

^[1]

40,619

^[1]

Effect of foreign currency exchange rate changes on cash and restricted cash

4,102

(2,183)

^[1]

(2,030)

^[1]

Net decrease in cash and restricted cash

43,092

(33,929)

^[1]

(46,586)

^[1]

Cash and restricted cash at the beginning of the year

^[1]

50,164

84,093

130,679

Cash and restricted cash at the end of the year

93,256

50,164

^[1]

84,093

^[1]

Reconciliation of cash and restricted cash:

87,118

44,250

^[3]

80,283

^[1]

Cash and restricted cash shown in the consolidated statements of cash flows

6,138

5,914

^[3]

3,810

^[1]

93,256

50,164

^[1]

84,093

^[1]

Supplemental information:

Income tax paid

3,218

1,775

^[1]

280

^[1]

Interest paid

23,276

15,554

^[1]

9,013

^[1]

Non-cash investing and financing activities:

Payable for purchase of property and equipment, and intangible assets

23,917

18,485

^[1]

17,920

^[1]

Receivables from partial sale of equity interest in SiEngine

17,947

^[1]

Receivables from shares issued upon exercise of options

174

^[1]

Transfer of notes receivable as part of consideration to purchase intangible assets

^[1]

7,022

^[1]

Payable for issuance cost of convertible notes payable

2,210

^[1]

Issuance of ordinary shares through conversion of convertible notes

7,664

^[1]

Waiver of loan receivables from a related party under common control

873

^[1]

Debt assignment and offset with related parties

29,415

^[1]

Changes in operating assets and liabilities, net of effects of consolidation / deconsolidation of subsidiaries:

15,074

14,124

^[1]

20,673

^[1]

(27,552)

(39,339)

^[1]

46,180

^[1]

Contract liabilities

(756)

680

^[1]

(605)

^[1]

(1,872)

32,068

^[1]

(101,048)

^[1]

Hubei Dongjun Automotive Electronics Technology Co., Ltd.

41,899

27,056

^[1]

1,833

^[1]

Contract liabilities

(18,242)

(22,317)

^[1]

(38,906)

^[1]

Changes in operating assets and liabilities, net of effects of consolidation / deconsolidation of subsidiaries:

Distributions from equity method investees, return on investment

294

Investing activities:

Payments for acquisition, net of cash acquired

(1,565)

^[1]

Suzhou Photon-Matrix

Investing activities:

Payments for acquisition, net of cash acquired

$ 0

$ (6,266)

^[1]

$ 0

^[1]

[1]	Restated (refer to Note 2(c))
[2]	Restated (refer to Note 2(c))
[3]	Restated (refer to Note 2(c))

Long-term investments, net - Investments (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Available-for-sale debt investments

$ 1,163

$ 1,436

Equity securities

17,507

728

42,833

Total long-term investments, net

61,503

2,164

^[1]

SiEngine Technology Co., Ltd

Smart Automobile Co., Ltd.

Shenzhen U Chance Technology Co., Ltd.

1,163

973

ACO Tech Sdn. Bhd.

$ 0

$ 463

[1]	Restated (refer to Note 2(c))

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.

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.

Schedule of concentration of customers and suppliers

Leases - Supplemental cash flow information related to operating leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 6,112	$ 5,422	$ 4,406
Right-of-use assets obtained in exchange for lease obligations
Operating leases	$ 3,494	$ 3,952	$ 7,918

Risks and concentration (Tables)

12 Months Ended

Dec. 31, 2025

Risks and Uncertainties [Abstract]

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


	As of December 31,
	2024		2025
Customer A, a third party	25.7	%	23.3	%
Customer B, a third party	54.1	%	38.3	%
Customer C, a third party	Less than 10.0%		18.4	%

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


	As of December 31,
	2024		2025
Supplier A, a third party	14.6	%	10.9	%
Supplier B, a third party	28.2	%	Less than 10.0%
Supplier D, a third party	13.1	%	21.9	%

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


	Year Ended December 31,
	2023		2024		2025
Supplier A, a third party	20.2	%	17.3	%	10.5	%
Supplier B, a third party	15.4	%	21.8	%	Less than 10.0%
Supplier C, a third party	12.1	%	Less than 10.0%		Less than 10.0%
Supplier D, a third party	Less than 10.0%		12.2	%	28.9	%

Summary of significant accounting policies - Property and equipment and intangible assets (Details)	Dec. 31, 2025	Jan. 31, 2024
Trademarks
Summary of significant accounting policies
Intangible assets, estimated useful life	10 years
Developed technology
Summary of significant accounting policies
Intangible assets, estimated useful life	10 years	10 years
Minimum \| Software
Summary of significant accounting policies
Intangible assets, estimated useful life	3 years
Minimum \| Distribution and licensing rights
Summary of significant accounting policies
Intangible assets, estimated useful life	3 years
Minimum \| Patent
Summary of significant accounting policies
Intangible assets, estimated useful life	3 years
Maximum \| Software
Summary of significant accounting policies
Intangible assets, estimated useful life	10 years
Maximum \| Distribution and licensing rights
Summary of significant accounting policies
Intangible assets, estimated useful life	10 years
Maximum \| Patent
Summary of significant accounting policies
Intangible assets, estimated useful life	10 years
Machinery and electronic equipment \| Minimum
Summary of significant accounting policies
Property and equipment, estimated useful life	3 years
Machinery and electronic equipment \| Maximum
Summary of significant accounting policies
Property and equipment, estimated useful life	10 years
Transportation vehicles
Summary of significant accounting policies
Property and equipment, estimated useful life	4 years
Office and other equipment
Summary of significant accounting policies
Property and equipment, estimated useful life	5 years

Long-term investments, net - Fair value of available-for-sale debt investments (Details)	12 Months Ended
	Dec. 31, 2025
Long-term investments
Bond Yield	6.07%
Minimum
Long-term investments
Risk-free interest rates	1.38%
Maximum
Long-term investments
Risk-free interest rates	3.55%

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.

Accounts receivable, net - Schedule of Accounts receivable, net (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Less: Allowance for doubtful accounts

$ 15,345

$ 30,527

(539)

(470)

14,806

30,057

^[1]

Less: Allowance for doubtful accounts

186,705

190,327

(1,169)

(2,997)

$ 185,536

$ 187,330

^[1]

[1]	Restated (refer to Note 2(c))

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: 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 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Movement in Standard Product Warranty Accrual [Roll Forward]

Accrued expenses and other liabilities - Product warranties (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Balance at the beginning of the year/period

$ 21,861

$ 18,650

Additions

8,922

9,657

Settlements

(5,967)

(5,813)

Foreign currency translation adjustments

1,221

(633)

Balance at the end of the year/period

26,037

21,861

Current portion of warranty included in "Accrued expenses and other current liabilities"

8,233

6,868

Non-current portion of warranty included in "Provisions"

$ 17,804

$ 14,993

^[1]

[1]	Restated (refer to Note 2(c))

Other non-operating (expenses) income, net - Government Grants (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Other Income and Expenses [Abstract]
Accrued expenses and other current liabilities	$ 853	$ 795
Government Assistance, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities
Other non-current liabilities – third parties1	$ 20,675	$ 13,349
Government Assistance, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other non-current liabilities

Prepayments and other current assets, net (Tables)

12 Months Ended

Dec. 31, 2025

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,
	2024	2025
	US$	US$
Prepayments to suppliers	22,849	13,222
Receivables from partial sale of equity interest in SiEngine (refer to Note 9)	17,947	—
Contract cost assets	9,525	2,724
Deductible VAT	4,083	5,221
Others	7,127	15,216
Prepayments and other current assets, net	61,531	36,383

Notes receivable	12 Months Ended
Notes receivable	Dec. 31, 2025
Receivables [Abstract]
Notes receivable	Notes receivableThe 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, 2024 and 2025 were bank acceptance notes

Leases

12 Months Ended

Dec. 31, 2025

Lessee Disclosure [Abstract]

Leases

Supplemental balance sheet information related to operating leases was as follows:


	As of December 31,
	2024	2025
	US$	US$
Operating Leases
Operating lease right-of-use assets	18,206	16,770
Total operating lease assets	18,206	16,770

Operating lease liabilities, current	5,611	4,983
Operating lease liabilities, non-current	16,696	15,696
Total operating lease liabilities	22,307	20,679

The components of lease costs were as follows:


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Operating lease costs	6,751	7,180	6,060
Short-term lease costs	518	445	73
Total	7,269	7,625	6,133

The lease costs were allocated as follows:


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Selling, general and administrative expenses	3,990	4,366	3,265
Research and development expenses	3,279	3,259	2,868
Total	7,269	7,625	6,133

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


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	4,406	5,422	6,112

Right-of-use assets obtained in exchange for lease obligations
Operating leases	7,918	3,952	3,494

Weighted average remaining lease term and weighted average discount rate for leases are as follows:


	Year ended December 31,
		2023	2024	2025
Weighted average remaining lease term (years):
Operating leases		6.14	5.59	5.33

Weighted average discount rate:
Operating leases		8.65%	8.06%	8.34%

Maturities of operating lease liabilities were as follows:


			As of December 31, 2025
			US$
2026			5,413
2027			5,350
2028			4,352
2029			3,475
2030			3,241
2031 and thereafter			3,741
Total undiscounted lease payments			25,572
Less imputed interest			(4,893)
Present value of lease liabilities			20,679
Operating lease liabilities, current			4,983
Operating lease liabilities, non-current			15,696

Other non-operating (expenses) income, net

12 Months Ended

Dec. 31, 2025

Other Income and Expenses [Abstract]

Schedule of estimated useful life of property and equipment

Other non-operating (expenses) income, net consisted of the following:


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Change in fair value of equity securities (Note 9)	(3,208)	(6,114)	(221)
Change in fair value of warrant liabilities (Note 14)	1,675	(477)	76
Change in fair value of derivative assets (Note 9)	—	—	175
Change in fair value of derivative liabilities (Note 16)	—	—	214
Government grants	1,672	2,798	5,942
Foreign currency exchange losses, net	(1,479)	(973)	(1,223)
Others, net	—	—	941
Total other non-operating (expenses) income, net	(1,340)	(4,766)	5,904

The Group received government grants of US$8,516, US$10,244 and US$13,611 during the years ended December 31, 2023, 2024 and 2025 respectively, and recognized US$1,672, US$2,798 and US$5,942 as non-operating (expenses) income, net in the Group’s consolidated statements of comprehensive loss for the years ended December 31, 2023, 2024 and 2025 respectively.

There were no significant commitments, contingencies or provision for recapture conditions for the government subsidies received for the years ended December 31, 2023, 2024 and 2025.

As of December 31, 2024 and 2025, deferred government grants are recorded as follow:


	As of December 31,
	2024	2025
	US$	US$
Accrued expenses and other current liabilities	795	853
Other non-current liabilities – third parties1	13,349	20,675

1 The Group was awarded grants from governments and conditional on the tax contribution in certain specified regions in the next few years. The government grants have been received and recognized as other non-current liabilities – third parties, which will be released to government grants in the consolidated statements of comprehensive loss when the conditions attached for tax contribution are satisfied. As of December 31, 2024 and 2025, the Group estimated that the conditions attached for tax contribution would be not probable to be satisfied, thus the Group classifies these liabilities as other non-current liabilities – third parties.

Summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Depreciation on property and equipment is calculated on the straight-line method over the estimated useful lives of the assets as below:


Category						Estimated useful life
Machinery and electronic equipment						3 – 10 years
Transportation vehicles						4 years
Office and other equipment						5 years
Leasehold improvements						Shorter of the lease term and the estimated useful lives of the assets

Schedule of intangible assets, net

In determining the useful life of an intangible asset, the Group considers the factors such as the expected use of the asset by the Group, and any legal, regulatory, or contractual provisions that may limit the useful life:


Category						Estimated useful life
Software						3 – 10 years
Distribution and licensing rights						3 – 10 years
Patent						3 – 10 years
Trademarks						10 years
Developed technology						10 years

Intangible assets, net consisted of the following:


	As of December 31,
	2024	2025
	US$	US$
Software	22,406	23,923
Distribution and licensing rights	25,248	34,176
Trademark	37	40
Patent	362	380
Developed technology (Refer to Note 3.(c))	18,874	19,851
Intangible assets	66,927	78,370
Less: accumulated amortization	(24,236)	(34,476)
Less: impairment	(487)	(3,513)
Intangible assets, net	42,204	40,381

Commitments and contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and contingencies

Purchase commitments

As of December 31, 2025, the Group has future minimum purchase commitment related to the purchase of research and development services. Total purchase obligations contracted but not yet reflected in the consolidated financial statements as of December 31, 2025 were as follows:

Total

Less than
one year

1-2 Years

2-3 Years

3-5 Years

Over 5
Years

US$

Purchase commitments

45,351

—

Capital commitments

Total capital expenditures contracted but not yet reflected in the consolidated financial statements as of December 31, 2025 were as follows:

Total

Less than
one year

1-2 Years

2-3 Years

3-5 Years

Over 5 Years

US$

Capital commitments

2,601

—

Commitments to purchase equity securities

Total

Less than
one year

1-2 Years

2-3 Years

3-5 Years

Over 5 Years

US$

Commitments to purchase equity securities

6,000

—

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Segment reporting

12 Months Ended

Dec. 31, 2025

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:


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Total revenues	662,226	771,530	847,858
Total cost of revenues	(483,608)	(611,431)	(686,596)
Gross profit	178,618	160,099	161,262
Operating expenses excluding share-based compensation expense1	(333,500)	(302,051)	(229,376)
Share-based compensation expense	24,866	19,056	13,341
Total operating expenses	(308,634)	(282,995)	(216,035)
Loss from operation	(130,016)	(122,896)	(54,773)
Interest income	4,313	3,078	3,710
Interest expense	(11,239)	(18,568)	(23,772)
(Loss) gain from equity method investments	(6,142)	5,611	1,236
Other non-operating (expenses) income , net	(1,340)	(4,766)	5,904
Loss before income taxes	(144,424)	(137,541)	(67,695)
Income tax benefit (expense)	525	(210)	(1,244)
Net loss	(143,899)	(137,751)	(68,939)

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 depends on factors such as volatility not reflective of the Group’s operating performance.

Major Customer

Revenues from a group of customer entities under common control in the segment represented US$537,053, US$671,982, US$754,462, or 81.0%, 87.1% and 89.0% for the years ended December 31, 2023, 2024 and 2025, respectively.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-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 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 7: 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 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

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

Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 18: 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 19: 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 20: 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 21: 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 22: 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 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Convertible notes payable - Schedule of fair value, net derivative liability, unobservable input reconciliation (Details)	Dec. 31, 2025
Measurement Input, Probability Of Triggering Events
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	0.0161
Minimum \| Measurement Input, Bond Yields
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	0.1623
Maximum \| Measurement Input, Bond Yields
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	0.1628

Parent only financial information - Condensed statements of cash flows (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Condensed statements of cash flows

Net cash (used in)/provided by investing activities

$ (94,391)

$ (59,980)

^[1]

$ (172,440)

^[1]

(70,482)

(8,121)

^[1]

87,265

^[1]

Net cash provided by/(used in) financing activities

203,863

36,355

^[1]

40,619

^[1]

Effect of foreign currency exchange rate changes on cash and restricted cash

4,102

(2,183)

^[1]

(2,030)

^[1]

Net decrease in cash

43,092

(33,929)

^[1]

(46,586)

^[1]

Cash and restricted cash at the beginning of the year

^[1]

50,164

84,093

130,679

Cash and restricted cash at the end of the year

93,256

50,164

^[1]

84,093

^[1]

Parent company

Condensed statements of cash flows

Net cash (used in)/provided by investing activities

(12,338)

(6,460)

(6,524)

(41,612)

8,198

(17,000)

Net cash provided by/(used in) financing activities

54,023

(3,000)

8,091

Effect of foreign currency exchange rate changes on cash and restricted cash

Net decrease in cash

(1,262)

(15,433)

Cash and restricted cash at the beginning of the year

562

1,824

17,257

Cash and restricted cash at the end of the year

$ 635

$ 562

$ 1,824

[1]	Restated (refer to Note 2(c))

Related party balances and transactions

12 Months Ended

Dec. 31, 2025

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
Arteus Group Limited (“Arteus”)						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
Smart Automobile Co., Ltd.						Entity that the controlling shareholder of the Company has significant influence
Smart (Zhejiang) Software Technology Co., Ltd. (“smart Zhejiang”)						Entity that the controlling shareholder of the Company has significant influence
ACO Tech Sdn. Bhd.						Entity which is under significant influence of the Company
Hubei Dongjun Automotive Electronic Technology Co., Ltd. (“Hubei Dongjun”)						Entity which is under significant influence of the Company before consolidation in July 2024 (Note 3.b)

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

Contractual arrangements with Zhejiang Huanfu

In 2023 and 2024, the Group licensed certain intellectual property to Zhejiang Huanfu to enable it to perform certain data-related services (Including TSP maintenance service) and also provided technical consulting services to

Zhejiang Huanfu on the development of telematics products and licensed certain intellectual property to Zhejiang Huanfu on information security of telematics service. Details of transactions with Zhejiang Huanfu are included below.

Contractual arrangements with Hubei ECARX

In 2023, in connection with the Group’s autonomous driving systems, the Group engaged Hubei ECARX for an autonomous driving compliance and cloud data compliance service after having compared the pricing terms with the quotations obtained from other unrelated third-party vendors. Under this contract, Hubei ECARX is responsible for (i) the collection and storage of general sensor data (as opposed to surveying and mapping data); (ii) the desensitization of such data in a regulation compliant environment; and (iii) the provision of the desensitized data to the Company for its ADAS/autonomous driving products and technologies. Amount paid to Hubei ECARX for these services and interest income from loan are disclosed below. Details of transactions with Hubei Ecarx are included below.

Contractual arrangements with DreamSmart and its subsidiary Xingji Meizu

In addition to the disclosure in Note 9, the Group had significant transaction arrangements with DreamSmart and its subsidiary Xingji Meizu as noted below:

In 2023, the Group entered into a strategic cooperation agreement and a licensing agreement with Xingji Meizu, an indirect subsidiary of DreamSmart, pursuant to which, the Group licensed certain intellectual properties to Xingji Meizu for the development of the Flyme Auto intelligent cockpit solutions. In addition, the Group obtained certain rights to distribute the Flyme Auto intelligent cockpit solutions worldwide for three years with a total licensing fee of RMB150,000 (equivalent to US$21,020) in installments. In May 2025, the Group and Xingji Meizu entered into an amendment agreement and agreed to extend the license for an additional term of 8 years to November 2033 on an exclusive basis for no additional consideration.

During 2023 to 2025, the Group entered into several technology development entrustment agreements with Xingji Meizu, under which Xingji Meizu was engaged to provide software development, system integration, testing, and related technical services in connection with certain intelligent cockpit software projects for end customers.

In September 2023, the Group entered into a loan agreement with Xingji Meizu, pursuant to which, the Group provided a loan to Xingji Meizu in an amount of US$27,413 with an interest rate of 4.20% per annum, which was fully repaid in December 2023. In August 2025, the Group provided a loan to Xingji Meizu amounting to US$6,880 for working capital and general corporate purposes. The loan bears interest at 4.06% per annum, calculated based on the actual number of days outstanding, and has a one‑year term ending in August 2026, subject to customary acceleration events.

In December 2025, the Group entered into a production procurement framework agreement with Xingji Meizu for a one-year term. The framework agreement has a one‑year term and does not commit to any minimum purchase volume.


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Revenues (i):
Sales of goods revenues	383,228	531,994	622,115
Automotive computing platform	379,382	531,416	621,422
Including:
Automotive computing platform to Zhejiang Huanfu	148	—	—
Automotive computing platform to Hubei Ecarx	1	—	—
SoC Core Modules	58	224	63
Automotive merchandise and other products	3,788	354	630
Software license revenues	41,389	34,332	27,555
Including: Software license to Zhejiang Huanfu	11,292	5,550	—
Including: Software license to Xingji Meizu	2,117	—	—
Service revenues	127,693	116,660	108,120
Automotive computing platform – Design and development service	94,398	78,020	63,518
Including: Automotive computing platform – Design and development service to Zhejiang Huanfu	—	13,458	—
Including: Automotive computing platform – Design and development service to Xingji Meizu	—	—	2,778
Connectivity service	28,139	34,102	36,356
Other services	5,156	4,538	8,246
Including: Other services to Zhejiang Huanfu	620	15	—
Total	552,310	682,986	757,790


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Purchase of products and services (ii)	89,732	157,588	309,303
Including:
–Purchase of products and services from Zhejiang Huanfu (ii)	14,398	3,485	697
–Purchase of products and services from Hubei Ecarx (ii)	467	2,524	1,065
–Purchase of products and services from Xingji Meizu (ii)	386	16,456	23,227
Rental of office space (ii)	652	778	672
Other income (vi)	1,009	—	—
Interest income on loans due from related parties (iii)	748	62	150
- Interest income from Xingji Meizu	253	—	96
Interest income on loans due from Hubei ECARX (v)	1,504	1,561	2,128
Interest expense on borrowings due to related parties (iv)	1,717	2,165	1,818
Loans and advances to related parties (iii)	29,433	1,488	11,371
- Loans to Xingji Meizu (iii)	27,413	—	6,880
Cash collection of loans to related parties and advances to related parties (iii)	29,388	2,439	5,832
- Cash collection of loans to Xingji Meizu (iii)	27,413	—	—
Borrowings from related parties (iv)	44,458	83,381	188,495
Repayments of borrowings from related parties (iv)	44,458	62,360	153,972
Debt assignment and offset with related parties (iv)	—	—	29,415
Acquisition of software license rights from Xingji Meizu (vii)	21,020	—	—
Advances from related parties (viii)	—	—	15,759
Prepayments to related parties (viii)	—	—	26,504

(c)Balances with related parties:


	As of December 31,
	2024	2025
	US$	US$
Accounts receivable – related parties, net (i)	187,330	185,536
Amounts due from related parties (ii)(iii)(v)(viii)	5,007	53,737
Other non-current assets – related parties (v)	36,403	—
Accounts payable – related parties (ii) (vii)	69,967	104,483
Amounts due to related parties (ii)(iv)(viii)	24,071	54,648
Contract liabilities - current (i)	20,493	7,325
Contract liabilities - noncurrent (i)	5,084	10

___________________________

(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 related technology development services and other consulting services to Zhejiang Huanfu. Accounts receivable, net due from related parties arising from sales of products and provision of services were US$187,330 and US$185,536 as of December 31, 2024 and 2025, respectively. Contract liabilities, current and contract liabilities, noncurrent were US$20,493 and US$7,325 and US$5,084 and US$10 as of December 31, 2024 and 2025, respectively.

(ii)The Group purchased raw materials, technology development services and other consulting services from a number of related parties, of which, US$5,845, US$18,072 and US$32,455 of purchase of raw materials were recorded as inventories as of December 31, 2023, 2024 and 2025, respectively; US$77,163, US$123,082 and US$266,615 were recorded in cost of revenues for the years ended December 31, 2023, 2024 and 2025, respectively; US$6,724, US$16,434 and US$10,233 were recorded in operating expenses for the years ended December 31, 2023, 2024 and 2025, respectively. The Group purchased raw materials, technology development services and TSP maintenance service from Zhejiang Huanfu, of which, US$14,339, US$3,484 and US$629 were recorded in cost of revenues for the years ended December 31, 2023, 2024 and 2025, respectively; and US$59, US$1 and US$68 were recorded in operating expenses for the years ended December 31, 2023, 2024 and 2025, respectively. The Group also purchased research and development service from Hubei Ecarx of which, nil, US$288 and US$614

were recorded in cost of revenues, US$467, US$2,236 and US$451 were recorded in operating expenses for the years ended December 31, 2023 2024 and 2025, respectively. The Group also purchased raw materials, software and research and development services from Xingji Meizu, of which, nil, US$8,557 and US$18,103 were recorded in cost of revenues, US$386, US$7,899 and US$5,124 were recorded in operating expenses for the years ended December 31, 2023, 2024 and 2025, respectively. The Group has rented office space from related parties, pursuant to which, the Group recorded rental expenses of US$652, US$778 and US$672 in operating expenses for the years ended December 31, 2023, 2024 and 2025, respectively.

Accounts payable to related parties includes payables arising from purchase of raw materials and services of US$63,493 and US$104,483, and amount due from related parties includes prepayments arising from purchase of raw materials and services of US$3,645 and US$10,169 as of December 31, 2024 and 2025, respectively. Amounts due to related parties includes payables arising from purchase of technical services and logistics services of US$1,730 and US$10,174 as of December 31, 2024 and 2025, respectively.

(iii)The Group provided loans of US$29,433, US$1,488 and US$11,371 to related parties, and received repayments of US$29,388, US$2,439 and US$5,832 from related parties for the years ended December 31, 2023, 2024 and 2025 respectively. Interest incomes on loans due from related parties were US$748, US$62 and US$150 for the years ended December 31, 2023, 2024 and 2025, respectively.

As of December 31, 2024 and 2025, loans and interest receivables from related parties was US$1,362 and US$7,024, respectively.

(iv) In January 2023, ECARX (Hubei) Tech entered into an unsecured loan agreement with Geely Group in an amount of US$44,458 with an interest rate of 4.1% per annum, which was fully repaid in December 2023.

In January 2024, ECARX (Hubei) Tech obtained renewed US$41,832 loan from Geely Group. In June 2024, US$13,697 out of the loan was repaid, the remaining US$28,135 loan was fully repaid on December 31, 2024.

During 2025, ECARX (Hubei) Tech also obtained US$84,084 loan from Geely Group and was fully repaid before December 31, 2025.

In January 2025, ECARX (Hubei) Tech 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.

In March 2024, the Group entered into an accounts receivable factoring agreement with a finance company of Geely Group with a minimum interest rate of 6.0% per annum. In October 2024, the interest rate was reduced to 4.8% per annum and the factoring limits were increased from US$20,528 to US$35,035 (Note 5). The Group received US$41,549 in aggregate from the finance company, and US$20,528 was repaid during the year of 2024. During 2025, the interest rate was increased to 5.0% per annum, while the factoring limit remained unchanged. The Group received US$77,159 in aggregate from the finance company, of which US$69,888 was repaid prior to December 31, 2025. The remaining balances were US$21,021 and US$28,292 as of December 31, 2024 and 2025, respectively.

Interest expense on borrowings from related parties were US$1,717, US$2,165 and US$1,818 for the years ended December 31, 2023, 2024 and 2025, respectively.

The borrowings and the interest payable on borrowings from related parties was included in the amounts due to related parties and was US$1,320 and US$423 as of December 31, 2024 and 2025, respectively.

(v)As of December 31, 2024, the balance of other non-current assets due from related parties included the amounts due from its former VIE, Hubei ECARX in the amount of US$32,090, which represented the net present value of a loan provided by the Group to Hubei ECARX with the principal of US$39,822 and an effective annual interest rate of 5.0%. Pursuant to the debt assignment and offset agreement noted in (iv) above, the Group waived a debt of US$873 owed by Hubei ECARX, as a result, amounts due from Hubei ECARX of US$10,040 was included within amounts due from related parties as of December 31, 2025. Interest incomes on loans due from related parties were US$1,504, US$1,561 and US$2,128 for the years ended December 31, 2023, 2024 and 2025 respectively.

In March 2024, the Group provided software licenses to smart Zhejiang for a total consideration of US$6,748 which is due in three equal annual installments. As of December 31, 2024, amounts due from smart Zhejiang, representing the net present value of the long-term receivables from smart Zhejiang with an effective annual interest rate of 3.95%, of which US$1,862 was included within accounts receivable – related parties and US$4,313 was recorded as other non-current assets – related parties. As of December 31, 2025, US$4,873 was included within accounts receivable - related parties, with the repayment date advanced to June 30, 2026 pursuant to the supplementary agreement.

(vi)Other income from related parties represents the amounts due from Arteus for recharges of expenses including those in relation to management service, sharing of office space, consultancy and other expenses paid by the Group on behalf of Arteus Group Limited. In June 2023, ECARX signed an assignment of rights agreement with Arteus and DreamSmart. The amounts due from Arteus were assigned to DreamSmart, all of which were settled as of December 31, 2024.

(vii)In November 2023, the Group entered into a licensing agreement with Xingji Meizu, pursuant to which, the Group obtained a non-exclusive license under certain software of Xingji Meizu to develop and sell these software worldwide for three years. The consideration is due by three equal annual installments of US$7,007. As of December 31, 2024, amounts due to Xingji Meizu of US$6,474 was included within accounts payable – related parties. In May 2025, the Group entered into a modification agreement with Xingji Meizu, both parties agree to extend the license for additional 8 years from the modification date to November 2033 on an exclusive basis for no additional consideration, and the remaining installments were fully paid during the year ended December 31, 2025.

(viii)In November 2025, the Group received US$15,759 from a customer – a subsidiary of Geely Group, as procurement support funds to secure supply chain continuity, which was included in amounts due to related parties as of December 31, 2025. Amid a global shortage of memory chips at year-end, the Group made prepayments totaling US$26,504 to Xingji Meizu, to ensure the supply of critical chips and prevent delivery disruptions to Geely Group, prompting the Group to obtain temporary funding from Geely Group to support supply chain stability, which was included in amounts due from related parties as of December 31, 2025.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Summary of significant accounting policies

Accounts receivable, net - Factoring agreement (Details) $ in Thousands	1 Months Ended
	Mar. 31, 2024 USD ($)	Dec. 31, 2025 USD ($)	Nov. 30, 2025	Dec. 31, 2024 USD ($)	Oct. 31, 2024 USD ($)
Credit Loss [Abstract]
Minimum interest rate	6.00%				4.80%
Factoring agreement period	1 year
Factoring accounts receivable	$ 20,528	$ 21,021		$ 28,292	$ 35,035
Minimum interest rate increased			0.050
Factoring accounts receivable, advanced amount		$ 36,051		$ 52,335

Commitments and contingencies (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Purchase commitments
Total	$ 45,351
Less than one year	45,351
1-2 Years	0
2-3 Years	0
3-5 Years	0
Over 5 Years	0
Capital commitments
Total	2,601
Less than one year	2,601
1-2 Years	0
2-3 Years	0
3-5 Years	0
Over 5 Years	0
Commitments to purchase equity securities
Total	6,000
Less than one year	6,000
1-2 Years	0
2-3 Years	0
3-5 Years	0
Over 5 Years	$ 0

Summary of significant accounting policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

(a) Basis of presentation

These consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).

These consolidated financial statements have been prepared assuming the Company will continue as a going concern. The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, substantial doubt about the Company’s ability to continue as a going concern exists.

The Company has incurred losses since its inception. As of December 31, 2025, the Company had an accumulated deficit of US$1,190,495 and its consolidated current liabilities exceeded current assets in the amount of US$339,829. In addition, the Company recorded net cash used in operating activities in the amount of US$94,391 for the year ended December 31, 2025. The Company will require additional liquidity to continue its operations over the next 12 months.

Historically, the Company had relied principally on proceeds from the issuance of redeemable convertible preferred shares, convertible notes, and bank and related party borrowings to finance its operations and business expansion. 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 December 31, 2025, the Company has secured a new equity issuance of Class A ordinary shares totaling US$45.6 million from Geely Investment Holding Ltd. and issued US$40 million of convertible notes pursuant to the 2025 Convertible Note Purchase Agreement. 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.

These consolidated financial statements do not include any adjustments to the carrying amounts and classification of assets, liabilities, and reported expenses that may be necessary if the Company were unable to continue as a going concern.

(b) Principles of consolidation

The consolidated financial statements include the financial statements of the Company and its consolidated subsidiaries. All intercompany transactions and balances among the Company and its consolidated subsidiaries have been eliminated upon consolidation. Noncontrolling interests are separately presented as a component of shareholders’ deficit in the consolidated financial statements.

With effect from January 1, 2025, the Company decided to change its reporting currency from Chinese Renminbi (“RMB”) to U.S. dollars (“US$”). This change was made as a result of the Company’s assessment that the change will help provide a clearer understanding of the Group’s financial performance to investors and improve comparability of the Group’s performance to peers, particularly due to the Group’s ongoing international expansion.

The change in the reporting currency is a voluntary change and is accounted for retrospectively. The comparative financial information presented has been translated into the new reporting currency as if the Group has always used US$ as the reporting currency. Translation gains and losses from the application of the US$ as the reporting currency are included as part of the cumulative foreign currency translation adjustment, which is reported as a component of shareholders’ deficit under accumulated other comprehensive loss.

(d) Use of estimates

The preparation of the 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 balance sheet date, and the reported revenues and expenses during the reported period in the consolidated financial statements and accompanying notes. Significant accounting estimates include, but not limited to, the fair values of assets acquired and liabilities assumed and the consideration transferred in a business combination; 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; realizability of inventories; accrual for warranty obligations; useful lives and recoverability of property, equipment and intangible assets and operating lease right-of-use 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 consolidated financial statements.

(e) Cash and restricted cash

Cash consists of cash at bank. Restricted cash represents cash that cannot be withdrawn without the permission of third parties. The Group’s restricted cash are bank deposits pledged for notes payable and restricted cash due to litigation.

(f) Short-term investments

The Group’s short-term investments represent the Group’s fixed rate debt securities issued by financial institutions which are redeemable at the option of the Group on any working day or have the original maturities of less than twelve months. The Group’s short-term investments are classified as held-to-maturity based on the positive intent and ability to hold the securities to maturity. Income related to these securities is included in interest income in the consolidated statements of comprehensive loss.

(g) Accounts receivable and current expected credit losses

Accounts receivable represent those receivables derived in the ordinary course of business when the Group has sold the products or provided services to its customers and when its right to consideration is unconditional (i.e., only the passage of time is required before payment is due). Accounts receivable are presented net of allowance for credit losses.

Expected credit losses include losses expected based on known credit issues with specific customers as well as a general expected credit loss allowance based on relevant information, including historical loss rates, current conditions, and reasonable economic forecasts that affect collectability. The Group updates allowance for credit losses on a quarterly basis with changes in the allowance recognized in the consolidated statements of comprehensive loss.

An allowance for credit losses is recorded into general and administrative expenses. Receivables which are deemed to be uncollectible are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Group does not have any off-balance-sheet credit exposure related to its customers.

(h) Notes receivable

Notes receivable are primarily bank acceptance notes issued by reputable financial institutions that entitle the Group to receive the full face value amount from the financial institutions at maturity, which is typically six months from the date of issuance. The Group accepts bank acceptance notes from customers for products sold or services performed in the ordinary course of business.

(i) Inventories

Inventories consist of raw materials, work-in-process, and finished goods, are accounted for using the moving weighted average method and are valued at the lower of cost and net realizable value. Net realizable value is the estimated selling price of the inventory in the ordinary course of business less reasonably predictable costs of completion, disposal and transportation.

Cost of work-in-process and finished goods comprise primarily direct materials and manufacturing charges from outsourced factories or owned factories. The Group identifies potentially slow-moving and obsolete inventories through physical counts, monitoring of inventories on hand and specific identification. The Group records inventory write-downs for excess or obsolete inventories based upon assumptions on current and future demand forecasts. If the inventory on hand is in excess of future demand forecast, the excess amounts are written off. Write-downs to inventory are recorded in the cost of revenues to reduce the carrying amount of any obsolete and excess inventories to their estimated net realizable value.

(j) Business combinations

The Group accounts for business combinations using the acquisition method, which requires the identification of the acquirer, the determination of the acquisition date and the allocation of the purchase price paid by the acquirer to the identifiable tangible and intangible assets acquired, the liabilities assumed, including any contingent consideration and any noncontrolling interest in the acquiree at their acquisition date fair values. Goodwill represents the excess of the purchase price over the fair value of net assets acquired, including the amount assigned to identifiable intangible assets. Identifiable intangible assets with finite lives are amortized over their expected useful lives. Acquisition-related costs are expensed in the periods in which the costs are incurred. The results of operations of acquired businesses are included in our consolidated financial statements from the acquisition date.

In a business combination achieved in stages, the Group remeasures the previously held equity interest in the acquiree immediately before obtaining control at its acquisition date fair value and the remeasurement gain or loss, if any, is recognized in the consolidated statements of comprehensive loss.

(k) Goodwill

At acquisition date, the Group allocates goodwill to the reporting unit based on how it expects the reporting unit to benefit from the business combination. The Group evaluates goodwill for impairment at least annually, or as circumstances warrant. Goodwill is evaluated at the reporting unit level by comparing the fair value of the reporting unit with its carrying amount including goodwill. An impairment of goodwill exists if the carrying amount of the reporting unit exceeds its fair value. The impairment loss is the amount by which the carrying amount exceeds the

reporting unit’s fair value, limited to the total amount of goodwill allocated to that reporting unit. The Group did not incur impairment charges for goodwill in the years ended December 31, 2024 and 2025, and the group had no goodwill prior to 2024.

(l) Long-term investments

Equity method investments

The Group applies the equity method to account for equity interests in investees over which the Group has significant influence but does not own a majority equity interest or controls the investee otherwise.

Under the equity method of accounting, the Group’s share of the investees’ results of operations is reported as (loss) gain from equity method investments in the consolidated statements of comprehensive loss. When the Group’s share of losses in the equity investee equals or exceeds its interest in the equity investee, the Group does not recognize further losses, unless the Group has incurred obligations or made payments or guarantees on behalf of the equity investee, or the Group holds other investments in the investee.

Distributions received from an equity method investee are recognized as a reduction in the carrying amount of the investment. When such distributions reduce the carrying amount below zero, the Group accounts for the excess as a gain in (loss) gain from equity method investments in the consolidated statements of comprehensive loss, provided that (a) the distributions are not refundable by agreement or law, and (b) the Group is not liable for the investee’s obligations and is not committed or expected to provide financial support. The Group then suspends recognition of its share of subsequent investee income until the cumulative income equals the gain previously recognized. Otherwise, the excess distribution is recorded as a liability and the equity method continues to be applied.

The Group recognizes an impairment loss when there is a decline in value below the carrying value of the equity method investment that is considered to be other-than-temporary. The process of assessing and determining whether impairment on an investment is other-than-temporary requires a significant amount of judgment. To determine whether an impairment is other-than-temporary, management considers whether it has the ability and intent to hold the investment until recovery and whether evidence indicating the carrying value of the investment is recoverable outweighs evidence to the contrary. Evidence considered in this assessment includes the reasons for the impairment, the severity and duration of the decline in value and any change in value subsequent to the period end.

Equity securities

Equity investments with readily determinable fair values are measured and recorded at fair value using the market approach based on the quoted prices in active markets at the reporting date. The Group classifies the valuation techniques that use these inputs as Level 1 of fair value measurements.

Debt securities

The Group accounts for debt securities as available-for-sale when they are not classified as either trading or held-to-maturity. Available-for-sale debt securities are recorded at fair value, with unrealized gains and losses, net of related tax effect, are excluded from earnings and are reported as a separate component of accumulated other comprehensive loss until realized.

We regularly review available-for-sale debt securities for impairment. If we do not intend to sell the investment or it is not more likely than not that we will be required to sell the investment before recovery of our amortized cost, we evaluate qualitative criteria, such as the financial health of and specific prospects for the issuer, to determine whether we do not expect to recover the amortized cost basis of the investment. We also evaluate quantitative criteria including determining whether there has been an adverse change in expected future cash flows. If we do not expect to recover the entire amortized cost basis of the investment, we consider the investment to contain an expected credit loss, and we record the difference between the investment’s amortized cost basis and its recoverable amount in earnings as an allowance for credit loss and the difference between the investment’s recoverable amount and fair value in other comprehensive income/(loss). If we intend to sell the investment or it is more likely than not we will be required to sell

the investment before recovery of its amortized cost basis, the investment is considered impaired, and we recognize the entire difference between the investment’s amortized cost basis and its fair value in earnings.

(m) Property and equipment

Property and equipment are carried at cost less accumulated depreciation and impairment, if any.

Depreciation on property and equipment is calculated on the straight-line method over the estimated useful lives of the assets as below:


Category						Estimated useful life
Machinery and electronic equipment						3 – 10 years
Transportation vehicles						4 years
Office and other equipment						5 years
Leasehold improvements						Shorter of the lease term and the estimated useful lives of the assets

Construction in progress represents property and equipment under construction. Construction in progress is transferred to property and equipment and depreciation commences when an asset is ready for its intended use.

Gains or losses arising from the disposal of an item of property and equipment are determined based on the difference between the net disposal proceeds and the carrying amount of the item and are recognized in profit or loss on the date of disposal.

(n) Intangible assets

Intangible assets mainly include purchased intangible assets. Purchased intangible assets are initially recognized and measured at cost upon acquisition. Separately identifiable intangible assets that have determinable lives are amortized over their estimated useful lives on a straight-line method as follows. In determining the useful life of an intangible asset, the Group considers the factors such as the expected use of the asset by the Group, and any legal, regulatory, or contractual provisions that may limit the useful life:


Category						Estimated useful life
Software						3 – 10 years
Distribution and licensing rights						3 – 10 years
Patent						3 – 10 years
Trademarks						10 years
Developed technology						10 years

(o) Impairment of long-lived assets

Long-lived assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Group first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.

(p) Product warranties

The Group provides product warranties on all applicable products based on the contracts with its customers at the time of sale of products. The Group accrues a warranty reserve for the products sold, which includes the best estimate of projected costs to settle indemnity for claims under warranties. Factors that affect the Group’s warranty obligation include product defect rates and costs of repair or replacement. These factors are estimates that may change based on new information that becomes available each period. The portion of the warranty reserve expected to be incurred within the next 12 months is included within accrued expense and other current liabilities while the remaining balance is included in provision on the consolidated balance sheets. Warranty cost is recorded as a component of cost of goods sold in the consolidated statements of comprehensive loss. The Group reevaluates the adequacy of the warranty accrual on a regular basis.

The Group recognizes the benefit from a recovery of the costs associated with the warranty when specifics of the recovery have been agreed with the Group’s suppliers and the amount of the recovery is virtually certain.

(q) Value added taxes

The Group’s PRC subsidiaries are subject to value added tax (“VAT”) on its products and services, less any deductible VAT the Group has already paid or borne. They are also subject to surcharges on VAT payments in accordance with PRC law. VAT is not included in the revenue recognized for the Group. Revenue from sales of products and provision of services are generally subject to VAT at the rate of 6% to 13%, and subsequently paid to PRC tax authorities after netting input VAT on purchases.

The excess of output VAT over input VAT is reflected in accrued expenses and other current liabilities, and the excess of input VAT over output VAT is reflected in prepayments and other current assets in the consolidated balance sheets.

(r) Commitments and contingencies

In the normal course of business, the Group is subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters including, among others, government investigations, shareholder lawsuits, and non-income tax matters. An accrual for a loss contingency is recognized when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed.

(s) Fair value measurement

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.

(t) Revenue recognition

The Group accounts for revenue in accordance with Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (“ASC 606”). In accordance with ASC 606, the Group recognizes revenue upon the transfer of control of promised products or services to the Group’s customers, in the amount of consideration the Group expects to receive for those products or services (excluding VAT collected on behalf of government authorities).

The Group generates revenues from sales of goods, software license and services.

Sales of goods

Sales of goods include the following products:

a.Automotive computing platform, which Tier 1 automotive suppliers or the Original Equipment Manufacturers (“OEM”) purchase from the Group and assemble on cars with infotainment head unit or digital cockpit;

b.SoC core modules, where the Group sells standardized computing board, which integrates SoC with core integrated circuits and peripherals to Tier 1 automotive suppliers or the OEMs; and

c.Automotive merchandise and other products, which are primarily basic electronic components such as resistor, capacitor and circuit board sold to automotive suppliers.

The Group is mainly engaged by the related parties to manufacture and sell automotive computing platforms. The Group also generates revenue from the sales of SoC core modules, automotive merchandise and other products. Revenues are recognized when the automotive computing platform, SoC core modules, automotive merchandise or other products are accepted by the customers, which is the point in time that control of the product is transferred to the customers. The selling price, which is specified in the purchase orders, is fixed. The Group determines that it is the principal of the contract and recognizes revenue generated from sales of products on a gross basis as the Group has control of products before they are transferred to the customers. Unless a product was defective, the Group does not provide customers any right of product return.

Software license revenues

Software license revenues include revenues from sales of software stack, which incorporates the service software framework to connect the application layer to the operating system layer of the overall cockpit system.

The Group generates revenues from licensing its software to its customers, which are Tier 1 automotive suppliers, in two types of contracts. Customers may subscribe to term licenses or purchase perpetual licenses, which provide customer with the same functionality but for different duration.

For subscription to licenses, the Group licenses its software to its customers for a fixed period. The customers then indicate their acceptance upon receiving the software by providing a written notice. For perpetual licenses, the Group does not license customers for a specific period and it is accepted by customer with an acceptance notice.

The Group’s software licenses have significant standalone functionality which is not expected to substantively change during the license term. The nature of the software is functional and a right to use the Group’s intellectual property according to ASC 606. Revenues related to the fixed period software licenses, is fixed and are recognized at a point in time upon customers’ acceptance which is when the control is transferred to the customer. Revenues related to perpetual licenses are recognized when subsequent sale occurs using the sales-based royalties guidance under ASC606 as this type of software is invoiced based on the subsequent sale made by Tier 1 automotive suppliers to the OEMs after the software has been configured into Tier 1 supplier’s auto parts. The license does not have a renewal term. Post-contract customer support, which includes technical support and unspecified minor bug fixes, are provided to all customers. The post-contract customer support is not material and not accounted for as a distinct performance obligation.

Service revenues

The Group generates revenues by provision of the following services:

a.Automotive computing platform design and development service;

b.Connectivity service, which enables end-users of secure connected car service; and,

c.Other services, including technical consulting services provided to automotive companies. The performance obligations are satisfied, and revenues are recognized, at a point in time the customers accept the services, as the criteria for recognition of revenue over time are not met.

The Group provides design and development services on automotive computing platform for OEMs. The contracts for design and development services are separate from the contracts for manufacture of automotive computing platform because they are not entered into at or near the same time. The Group entered into a number of contracts with OEMs upon the commencement of design and development services on automotive computing platform. After the fulfillment of the design and development services, the Group delivers customized deliverables to the OEMs.

For such contracts, the Group recognizes revenue at a point in time because (1) the customer does not receive benefits until the delivery of deliverables; (2) the Company does not create or enhance assets which the customer controls as the assets are created or enhanced; and (3) the Group does not have any enforceable rights to payment for performance completed to date before the deliverables are accepted by the customers.

The connectivity service includes mobile data traffic and telematics services provider (“TSP”) maintenance service. The Group purchases mobile data traffic from its suppliers and maintains a mobile data pool to provide mobile data service pack to its related parties. In the meantime, the Group provides TSP maintenance service to its related parties with key duties to provide hosting of information, including personal data, as well as IT system support and troubleshooting.

The connectivity service commences upon activation of the mobile data service pack and remains effective with agreed standard connectivity speed (1) over the duration of ownership under the first registered owner of the automobiles or (2) over the shorter of (i) an agreed fixed period or (ii) the duration of ownership under the first registered owner. Therefore, the Group estimates the period when the mobile data service pack is activated and recognizes the connectivity service revenue over the estimated period on a straight-line basis.

The Group determines that it is the principal in providing such connectivity service, as it has control over the services, either providing the TSP maintenance service by itself or obtaining a right to and control the services provided by Zhejiang Huanfu (see Note 28), including negotiating arrangement details with customers, establishing prices for services, selecting data traffic suppliers and management of the data traffic pool to fulfil users’ needs, as well as being primarily responsible for fulfilling the promise, including issues that may arise during the provision of the services.

Contract liabilities

The timing of revenue recognition, billings and cash collections result in accounts receivable and contract liabilities. The Group’s contract liabilities consist of advance payments from clients and billings in excess of revenues recognized. The Group classifies contract liabilities as current or noncurrent based on the timing of when the Group expects to recognize the revenues.

Contract costs

Incremental costs of obtaining a contract with a customer is recognized as contract cost assets if the Group expects to recover those costs. Costs incurred to fulfill such contracts which are not in the scope of other guidance are recognized as contract cost assets when those costs:

•relate directly to the contracts that the Group can specifically identify;

•are expected to be recovered; and

•generate or enhance resources of the Group that will be used in satisfying performance obligations in the future.

The Group recognizes an impairment loss of contract cost assets in the statement of comprehensive loss to the extent that the carrying amount of the assets exceeds:

a.The amount of consideration that the Group expects to receive in the future and that the Group has received but not recognized as revenue, less

b.The costs that relate directly to providing those services and that have not been recognized as expenses.

(u) Research and development expenses

Research and development expenses mainly consist of direct material cost, outsourced development expenses, payroll, share-based compensation related to research and development personnel, and expenses associated with the use of facilities and equipment by these functions, such as lease rental and depreciation. Research and development expenses are expensed as incurred.

(v) Selling and marketing expenses

Selling and marketing expense mainly consists of payroll and share-based compensation related to the selling and marketing activities, advertising costs, rental, depreciation related to selling and marketing functions. Advertising costs are expensed as incurred. The advertising costs were US$2,491, US$4,253 and US$4,313 for the years ended December 31, 2023, 2024 and 2025, respectively.

(w) Government grants

The Group’s PRC subsidiaries received cash subsidies from certain local governments, which consist of specific purpose grants and general-purpose subsidies. Specific purpose grants are government subsidies designated to be used for a specific purpose, such as for construction of factory buildings and production facilities. General purpose subsidies are government subsidies provided for general purpose use and are not contingent upon any further actions or performance of the Group and the amounts do not have to be refunded under any circumstances.

Government grants are recognized when there is reasonable assurance that the Group will comply with the conditions attached to it and the grants will be received. Grants that compensate the Group for expenses incurred are recognized as other non-operating (expenses) income, net in the Group’s consolidated statements of comprehensive loss on a systematic basis in the same periods in which the expenses are incurred. Grants that compensate the acquisition cost of an asset are recorded as a liability in the Group’s consolidated balance sheets and are recognized as other non-operating (expenses) income, net in the Group’s consolidated statements of comprehensive loss over the useful life of the asset.

(x) Income tax

Current income taxes are provided on the basis of income before income taxes for financial reporting purposes and adjusted for income and expense items which are not taxable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions.

Deferred income taxes are provided for using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the tax consequences attributable to differences between carrying amounts of assets and liabilities in the financial statements and their respective tax bases, and operating loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in the consolidated statements of comprehensive loss in the period that includes the enactment date.

A valuation allowance is provided to reduce the amount of deferred income tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred income tax assets will not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative

losses, forecasts of futures profitability, the duration of statutory carryforward periods, the Group’s operating history and tax credit carryforwards, if any, not expiring.

The Group applies a “more-likely-than-not” recognition threshold in the evaluation of uncertain tax positions. The Group recognizes the benefit of a tax position in its consolidated financial statements if the tax position is “more-likely-than-not” to prevail based on the facts and technical merits of the position. Tax positions that meet the “more-likely-than-not” recognition threshold are measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. Unrecognized tax benefits may be affected by changes in interpretation of laws, rulings of tax authorities, tax audits, and expiry of statutory limitations. In addition, changes in facts, circumstances and new information may require the Group to adjust the recognition and measurement estimates with regard to individual tax positions. Accordingly, unrecognized tax benefits are periodically reviewed and re-assessed. Adjustments, if required, are recorded in the Group’s consolidated financial statements in the period in which the change that necessitates the adjustments occur. The ultimate outcome for a particular tax position may not be determined with certainty prior to the conclusion of a tax audit and, in certain circumstances, a tax appeal or litigation process. The Group records interest and penalties related to unrecognized tax benefits (if any) in interest expense and general and administrative expenses, respectively.

(y) Share-based compensation

The Group measures the cost of employee and non-employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes the cost over the period the employee and non-employee are required to provide service in exchange for the award, which generally is the vesting period. For graded vesting awards with only service condition, the Group recognizes compensation cost on a straight-line basis over the requisite service period, provided that the cumulative amount of compensation cost recognized at any date at least equals the portion of the grant-date value of such award that is vested at that date.

Awards granted to employees with performance conditions are measured at fair value on the grant date and are recognized as the compensation expenses over the performance period as the performance targets become probable to achieve. The Group adjusts the compensation cost based on the probability of achievement of the performance targets at the end of each reporting period. The rewards are earned upon attainment of identified performance targets. Awards granted to employees with market conditions are measured at fair value on the grant date and are recognized as the compensation expenses over the estimated requisite service period, regardless of whether the market condition has been satisfied if the requisite service period is fulfilled.

The Group elects to recognize the effect of forfeitures in compensation costs when they occur. To the extent the required vesting conditions are not met resulting in the forfeiture of the share-based awards, previously recognized compensation expense relating to those awards is reversed.

(z) Employee benefits

The Group compensates its employees through short-term employee benefits and defined contribution plans. Short-term employee benefits consist of salaries, social benefit costs, paid annual leave, and bonuses that are expected to be settled within twelve months of the reporting period in which services are rendered. Short-term employee benefits are recognized at the undiscounted amounts expected to be paid when the liabilities are settled and presented within accrued expenses and other current liabilities in the consolidated balance sheets.

For defined contribution plans, premiums are paid monthly to a separate legal entity or the local labor bureau that manages pension plans on behalf of various employers. The Group has no further commitments beyond its monthly contribution. Employee social benefits included as expenses in the accompanying consolidated statements of comprehensive loss amounted to US$33,968, US$33,465 and US$27,634 for the years ended December 31, 2023, 2024 and 2025, respectively.

(aa) Leases

The Group leases premises for offices under non-cancellable operating leases. There are no capital improvement funding, lease concessions, escalated rent provisions or contingent rent in the lease agreements. The Group has no legal or contractual asset retirement obligations at the end of the lease term.

Right-of-use assets and lease liabilities are recognized upon lease commencement for operating leases based on the present value of lease payments over the lease term. As the rate implicit in the lease cannot be readily determined, the Group uses different incremental borrowing rates for subsidiaries in different countries at the lease commencement date in determining the present value of lease payments. The incremental borrowing rates were determined based on the rates of interest that each subsidiary would be expected to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term.

The Group has elected not to recognize right-of-use assets or lease liabilities for leases with an initial term of 12 months or less and recognizes a single lease cost on a straight-line basis over the lease term.

(bb) Foreign currency

The Group uses US$ as its reporting currency. Functional currency of the entities consolidated within the Group is the currency of the primary economic environment in which the entity operates. Transactions denominated in currencies other than the functional currency are remeasured into the functional currency at the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in a foreign currency are remeasured into the functional currency using the applicable exchange rate at the balance sheet date. The resulted exchange differences are recorded as foreign currency exchange gains (losses), net in the consolidated statements of comprehensive loss.

The assets and liabilities of the Company’s foreign subsidiaries whose functional currency is not US$ are translated into US$ from functional currencies at the current exchange rates while revenues and expenses are translated from functional currencies at average exchange rates. Equity accounts other than earnings (deficits) generated in the current period are translated into at the appropriate historical rates. The resulting foreign currency translation adjustments are recorded as a component of other comprehensive income (loss) in the consolidated statements of comprehensive loss, and the accumulated foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income (loss) in the consolidated statements of changes in shareholders’ deficit.

(cc) Loss per share

Basic loss per share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the periods presented using the two-class method. Under the two-class method, any net income is allocated between ordinary shares and other participating securities based on their participating rights. Shares issuable for little to no consideration upon the satisfaction of certain conditions are considered as outstanding shares and included in the computation of basic earnings per share as of the date that all necessary conditions have been satisfied.

Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders, as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the year. Ordinary equivalent shares consist of shares issuable upon the conversion of convertible notes, using the if-converted method, and ordinary shares issuable upon the exercise of warrants, options and unvested RSUs and PSUs (as described in Note 20) using the treasury stock method. Ordinary equivalent shares are not included in the denominator of the diluted loss per share calculation when inclusion of such share would be anti-dilutive.

(dd) Statutory reserves

In accordance with the PRC Company Law, the paid-in capitals of the PRC subsidiaries are not allowed to be transferred to the Company by way of cash dividends, loans or advances, nor can they be distributed except in the event of a liquidation.

In addition, in accordance with the PRC Company Law, the Group’s PRC subsidiaries must make appropriations from their after-tax profits as determined under the generally accepted accounting principles in the PRC (“PRC GAAP”) to non-distributable reserve funds including statutory surplus fund and discretionary surplus fund. The appropriation to the statutory surplus fund must be 10% of the after-tax profits after offsetting any prior year losses as determined under PRC GAAP. Appropriation is not required if the statutory surplus fund has reached 50% of the registered capital of the PRC companies. Appropriation to the discretionary surplus fund is made at the discretion of the PRC companies.

The statutory surplus fund and discretionary surplus fund are restricted for use. They may only be applied to offset losses or increase the registered capital of the respective companies. These reserves are not allowed to be transferred to the Company by way of cash dividends, loans or advances, nor can they be distributed except in the event of a liquidation.

No appropriation to statutory surplus fund was made during the years ended December 31, 2023, 2024 and 2025. The balance of the statutory surplus was nil as of December 31, 2024 and 2025.

No appropriation to the discretionary surplus fund was made by the Group’s PRC subsidiaries.

(ee) Recently adopted accounting pronouncements

The Group adopted Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, on a prospective basis. The amendments require disclosure of specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. This standard also requires further disaggregation of income taxes paid by federal, state, and foreign taxes, and by individual jurisdictions exceeding a specific threshold. Refer to Note 23 for further information.

The Group adopted ASU 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures (Topic 280) on January 1, 2024 which requires public entities to disclose (1) significant segment expenses by reportable segment if they are regularly provided to the Chief Operating Decision Maker (CODM) and included in each reported measure of segment profit or loss, (2) other segment items by reportable segment, (3) more than one measure of segment profit or loss used by the CODM, provided that at least one of the reported measures includes the segment profit or loss measure that is most consistent with GAAP measurement principles, (4) CODM’s title and position on both an annual and an interim basis. The Group adopted this ASU from January 1, 2024 (see Note 29).

The Group adopted ASU 2016-13, Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments, and subsequent amendments to the initial guidance within ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-11 and ASU 2020-02 (collectively referred to as ASC 326) on January 1, 2023 using the modified retrospective approach. ASC 326 requires the measurement and recognition of expected credit losses using the current expected credit loss model for financial assets held at amortized cost, which includes the Group’s accounts receivable, notes receivable, amounts due from related parties and other financial assets. It replaces the existing incurred loss impairment model with an expected loss methodology. The recorded credit losses are adjusted each period for changes in expected lifetime credit losses. On adoption of ASC 326, there is no change to accumulated deficit as of January 1, 2023.

(ff) New accounting pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement —Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). The standard is intended to improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial

statements at interim and annual reporting periods. This update is effective for the Group from January 1, 2027. The Group is in the process determining the impact of the adoption of the update on its consolidated financial statements.

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. The Group does not expect a material impact on its consolidated financial statements on adoption of this update.

In September 2025, the FASB issued ASU 2025-06 Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40). This update introduces targeted improvements to the recognition and capitalization guidance for internal-use software costs. The update eliminates the prior “project stage” framework and instead requires capitalization of software development costs when (i) management has authorized and committed to funding the software project, and (ii) it is probable that the project will be completed and the software will be used to perform its intended function. In assessing the probability threshold, entities are required to evaluate whether significant development uncertainty exists, including whether the software contains novel or unproven functionality or whether significant performance requirements have not been identified or continue to be substantially revised. The update is effective for the Group beginning January 1, 2028, with early adoption permitted. Transition may be applied prospectively, retrospectively, or under a modified approach. The Group is in the process determining the impact of the adoption of the update on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832). This update establishes guidance on the recognition, measurement, and presentation of government grants received by business entities. The new guidance leverages the principles in the accounting framework for government assistance in IFRS, specifically IAS 20, Accounting for Government Grants and Disclosure of Government Assistance; makes certain targeted improvements; and modifies certain of the existing disclosure requirements in ASC 832, Government Assistance. The new guidance is effective for public business entities in annual periods beginning after December 15, 2028 (including interim periods within) and one year later for all other entities, with early adoption permitted in any period for which financial statements have not yet been issued. The guidance can be applied on a modified prospective basis, a modified retrospective basis, or a full retrospective basis. The Group is in the process determining the impact of the adoption of the update on its consolidated financial statements.

Loss per share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Loss per share

Basic and diluted net loss per share for the years ended December 2023, 2024 and 2025 have been calculated as follows:


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Numerator:
Net loss attributable to ECARX Holdings Inc.	(133,315)	(129,765)	(66,043)

Denominator:
Weighted average number of ordinary shares – basic and diluted	337,407,225	336,641,846	338,659,826
Net loss per share attributable to ordinary shareholders
— Basic and diluted	(0.40)	(0.39)	(0.20)

The potentially 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:


	Year ended December 31,
	2023	2024	2025
Warrants	23,871,971	23,871,971	23,871,971
Options	11,260,718	15,935,056	22,631,543
RSU	—	218,884	147,396
Convertible notes	5,652,174	5,652,174	11,640,584

For the year ended December 31, 2024, unvested PSUs of 792,000 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 year end.

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have implemented comprehensive cybersecurity risk assessment procedures to ensure effectiveness in cybersecurity management, strategy and governance and reporting cybersecurity risks. We have also integrated cybersecurity risk management into our overall enterprise risk management system. We have developed a comprehensive cybersecurity threat defense system to address both internal and external cyber threats. This comprehensive system spans multiple security domains, including network, host and applications. It integrates a range of security capabilities, such as threat defense, continuous monitoring, in-depth analysis, rapid response, as well as endpoint protection. Our approach to managing cybersecurity risks and safeguarding sensitive data is multi-faceted, involving technological safeguards, procedural protocols, a rigorous program of surveillance on our corporate network, continuous testing of aspects of our security posture internally and with third-party consultants or collaborators, a solid incident response framework and regular cybersecurity training sessions for our employees. Our IT department and information security department is actively engaged in continuous monitoring of the performance of our infrastructure to ensure prompt identification and response to potential issues, including potential cybersecurity threats. As of the date of this annual report, we have not experienced any material cybersecurity incidents or identified any material cybersecurity threats that have affected or are reasonably likely to materially affect us, our business strategy, results of operations or financial condition.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have implemented comprehensive cybersecurity risk assessment procedures to ensure effectiveness in cybersecurity management, strategy and governance and reporting cybersecurity risks. We have also integrated cybersecurity risk management into our overall enterprise risk management system.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The cybersecurity committee of our board of directors is responsible for overseeing our cybersecurity risk management and is informed on risks from cybersecurity threats. Our cybersecurity committee reviews, approves and maintains oversight of the disclosure (i) on Form 6-K for material cybersecurity incidents (if any) and (ii) related to cybersecurity matters in the periodic reports (including annual report on Form 20-F) of our company. On the management level, our cybersecurity officer, compliance officers and chief information officer (the “Cybersecurity Risk Management Officers”), are responsible for assessing, identifying and managing material risks from cybersecurity threats to our company and monitoring the prevention, detection, mitigation and remediation of material cybersecurity incidents. Our Cybersecurity Risk Management Officers report to our board of directors and cybersecurity committee (i) on a quarterly basis regarding their assessment, identification and management on material risks from cybersecurity threats happened in the ordinary course of our business operations and (ii) on disclosure concerning cybersecurity matters in our Form 6-K for material cybersecurity incidents (if any) and our annual report on Form 20-F. If a cybersecurity incident occurs, our Cybersecurity Risk Management Officers will immediately organize relevant personnel for internal assessment and, depending on the situation, seek the opinions of external experts and legal advisors. If it is determined that the incident could potentially be a material cybersecurity event, our Cybersecurity Risk Management Officers will promptly report the incident and assessment results to our cybersecurity committee and our cybersecurity committee will decide on the response measures and whether any disclosure is necessary. If such disclosure is determined to be necessary, our Cybersecurity Risk Management Officers shall promptly prepare disclosure material for review and approval by our cybersecurity committee before it is disseminated to the public.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The cybersecurity committee of our board of directors is responsible for overseeing our cybersecurity risk management and is informed on risks from cybersecurity threats.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	board of directors
Cybersecurity Risk Role of Management [Text Block]	On the management level, our cybersecurity officer, compliance officers and chief information officer (the “Cybersecurity Risk Management Officers”), are responsible for assessing, identifying and managing material risks from cybersecurity threats to our company and monitoring the prevention, detection, mitigation and remediation of material cybersecurity incidents. Our Cybersecurity Risk Management Officers report to our board of directors and cybersecurity committee (i) on a quarterly basis regarding their assessment, identification and management on material risks from cybersecurity threats happened in the ordinary course of our business operations and (ii) on disclosure concerning cybersecurity matters in our Form 6-K for material cybersecurity incidents (if any) and our annual report on Form 20-F.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	On the management level, our cybersecurity officer, compliance officers and chief information officer (the “Cybersecurity Risk Management Officers”), are responsible for assessing, identifying and managing material risks from cybersecurity threats to our company and monitoring the prevention, detection, mitigation and remediation of material cybersecurity incidents. Our Cybersecurity Risk Management Officers report to our board of directors and cybersecurity committee (i) on a quarterly basis regarding their assessment, identification and management on material risks from cybersecurity threats happened in the ordinary course of our business operations and (ii) on disclosure concerning cybersecurity matters in our Form 6-K for material cybersecurity incidents (if any) and our annual report on Form 20-F.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	On the management level, our cybersecurity officer, compliance officers and chief information officer (the “Cybersecurity Risk Management Officers”), are responsible for assessing, identifying and managing material risks from cybersecurity threats to our company and monitoring the prevention, detection, mitigation and remediation of material cybersecurity incidents. Our Cybersecurity Risk Management Officers report to our board of directors and cybersecurity committee (i) on a quarterly basis regarding their assessment, identification and management on material risks from cybersecurity threats happened in the ordinary course of our business operations and (ii) on disclosure concerning cybersecurity matters in our Form 6-K for material cybersecurity incidents (if any) and our annual report on Form 20-F. If a cybersecurity incident occurs, our Cybersecurity Risk Management Officers will immediately organize relevant personnel for internal assessment and, depending on the situation, seek the opinions of external experts and legal advisors. If it is determined that the incident could potentially be a material cybersecurity event, our Cybersecurity Risk Management Officers will promptly report the incident and assessment results to our cybersecurity committee and our cybersecurity committee will decide on the response measures and whether any disclosure is necessary. If such disclosure is determined to be necessary, our Cybersecurity Risk Management Officers shall promptly prepare disclosure material for review and approval by our cybersecurity committee before it is disseminated to the public.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	If a cybersecurity incident occurs, our Cybersecurity Risk Management Officers will immediately organize relevant personnel for internal assessment and, depending on the situation, seek the opinions of external experts and legal advisors. If it is determined that the incident could potentially be a material cybersecurity event, our Cybersecurity Risk Management Officers will promptly report the incident and assessment results to our cybersecurity committee and our cybersecurity committee will decide on the response measures and whether any disclosure is necessary. If such disclosure is determined to be necessary, our Cybersecurity Risk Management Officers shall promptly prepare disclosure material for review and approval by our cybersecurity committee before it is disseminated to the public.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Income taxes - Principal components of the deferred tax assets and liabilities (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Deferred tax assets:

Allowance for doubtful accounts

$ 539

$ 435

273

521

Intangible assets

18,477

17,224

Plant, property and equipment

263

291

Contract cost assets

202

Accrued product warranties

3,906

3,271

Accrued salaries and benefits

442

641

Accounts payable, accrued expenses and other liabilities

11,353

10,471

Donation

Government grants

5,297

3,456

Unrealized investment loss of equity method investments

174

Operating lease liabilities

685

1,544

Net operating loss carryforwards

84,889

69,314

Total deferred tax assets

126,160

107,564

Less: valuation allowance

(119,072)

(102,576)

$ (81,830)

$ (77,874)

Deferred tax assets, net of valuation allowance

7,088

4,988

Deferred tax liabilities:

Operating lease right-of-use assets

(825)

(1,640)

Depreciation of plant, property, and equipment

(3,031)

(1,183)

Unrealized investment gain of equity method investments

(966)

Intangible assets

(3,955)

(4,221)

Total deferred tax liabilities

(8,777)

(7,044)

Net deferred tax liabilities

(1,689)

(2,056)

Deferred tax assets

Deferred tax liabilities

$ (1,700)

$ (2,070)

^[1]

[1]	Restated (refer to Note 2(c))

Accounts receivable, net (Tables)

12 Months Ended

Dec. 31, 2025

Credit Loss [Abstract]

Schedule of accounts receivable, net

Accounts receivable, net consisted of the following:


	As of December 31,
	2024	2025
	US$	US$
Accounts receivable, third parties	30,527	15,345
Less: Allowance for credit losses, third parties	(470)	(539)
Accounts receivable, third parties, net	30,057	14,806
Accounts receivable, related parties	190,327	186,705
Less: Allowance for credit losses, related parties	(2,997)	(1,169)
Accounts receivable, related parties, net	187,330	185,536

Schedule of movement of the allowance for doubtful accounts of accounts receivables

The movement of the allowance for credit losses is as follows:


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Balance at the beginning of the year	998	2,064	3,467
Additions	1,405	1,815	917
Reversal	(342)	(1)	(2,125)
Write-off	(72)	(321)	(675)
Foreign currency translation adjustments	75	(90)	124
Balance at the end of the year	2,064	3,467	1,708

Revenue information

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue information

Contract liabilities

Contract liabilities consisted of the following:


	As of December 31,
	2024	2025
	US$	US$
Current liabilities – third parties	876	123
Current liabilities – related parties	20,493	7,325
Non-current liabilities – third parties	3	—
Non-current liabilities – related parties	5,084	10
Contract liabilities, current and non-current	26,456	7,458

Contract liabilities primarily relate to upfront non-refundable payments from the Group’s customers for the purchase of connectivity services and automotive computing platform products in advance of transfer of control of the products

or services under the contract. Amounts that are expected to be recognized as revenues within one-year are included as current contract liabilities while the remaining balance recognized as non-current contract liabilities.

The amount of revenue recognized that was included in the contract liabilities balance at the beginning of the year was US$25,160 and US$20,973 for the years ended December 31, 2024 and 2025, respectively.

As of December 31, 2024 and 2025, the aggregated amounts of the transaction price allocated to the remaining performance obligation under the Group’s existing contracts are US$26,456 and US$8,880, respectively.

As of December 31, 2025, revenue expected to be recognized in the future related to the unsatisfied performance obligations is as follows:


Year ending December 31,						Amount
2026						8,870
2027						10
2028						—
2029						—
2030						—

The Group has elected the practical expedient not to disclose the information about remaining performance obligations which are part of contracts that have an original duration of one year or less.

Revenue information

Revenues are disaggregated as follow:

Major products/services lines:


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Sales of goods revenues	467,403	611,245	703,093
Automotive computing platform	385,886	536,582	627,067
SoC Core Modules	70,140	73,944	74,910
Automotive merchandise and other products	11,377	719	1,116
Software license revenues	62,796	42,455	29,698
Service revenues	132,027	117,830	115,067
Automotive computing Platform – Design and development service	94,641	78,470	69,827
Connectivity service	31,142	34,112	36,834
Other services	6,244	5,248	8,406
Total revenues	662,226	771,530	847,858

Timing of revenue recognition:


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Point in time	631,084	737,418	811,024
Over time	31,142	34,112	36,834
Total revenues	662,226	771,530	847,858

For the years ended December 31, 2023, 2024 and 2025, 98.2%, 97.6% and 95.3% of the Group’s revenues were generated in the PRC.

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.

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

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

Property and equipment, net - Property and equipment (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Less: accumulated depreciation

$ 63,076

$ 52,447

(35,063)

(29,194)

Less: impairment

(1,308)

(1,398)

Machinery and electronic equipment

26,705

21,855

^[1]

50,915

39,512

Transportation vehicles

Office and other equipment

786

576

2,033

2,894

Leasehold improvements

8,922

7,456

Construction in progress

Net loss attributable to ECARX Holdings Inc.

$ 420

$ 2,009

[1]	Restated (refer to Note 2(c))

Loss per share - Schedule of basic and diluted net loss per share (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Numerator:

$ (66,043)

$ (129,765)

$ (133,315)

Denominator:

Weighted average number of ordinary shares, basic (in shares)

338,659,826

336,641,846

^[1]

337,407,225

^[1]

Weighted average number of ordinary shares, diluted (in shares)

338,659,826

336,641,846

^[1]

337,407,225

^[1]

Net loss per share attributable to ordinary shareholders - basic (in USD per share)

$ (0.20)

$ (0.39)

^[1]

$ (0.40)

^[1]

Net loss per share attributable to ordinary shareholders - diluted (in USD per share)

$ (0.20)

$ (0.39)

^[1]

$ (0.40)

^[1]

[1]	Restated (refer to Note 2(c))

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-52

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-15

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-10

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-7

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-52

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-15

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-7

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Schedule of basic and diluted net loss per share

Loss per share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Basic and diluted net loss per share for the years ended December 2023, 2024 and 2025 have been calculated as follows:


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Numerator:
Net loss attributable to ECARX Holdings Inc.	(133,315)	(129,765)	(66,043)

Denominator:
Weighted average number of ordinary shares – basic and diluted	337,407,225	336,641,846	338,659,826
Net loss per share attributable to ordinary shareholders
— Basic and diluted	(0.40)	(0.39)	(0.20)

Schedule of potential dilutive instruments

The potentially 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:


	Year ended December 31,
	2023	2024	2025
Warrants	23,871,971	23,871,971	23,871,971
Options	11,260,718	15,935,056	22,631,543
RSU	—	218,884	147,396
Convertible notes	5,652,174	5,652,174	11,640,584

Related party balances and transactions (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of significant related parties and their relationships

(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
Arteus Group Limited (“Arteus”)						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
Smart Automobile Co., Ltd.						Entity that the controlling shareholder of the Company has significant influence
Smart (Zhejiang) Software Technology Co., Ltd. (“smart Zhejiang”)						Entity that the controlling shareholder of the Company has significant influence
ACO Tech Sdn. Bhd.						Entity which is under significant influence of the Company
Hubei Dongjun Automotive Electronic Technology Co., Ltd. (“Hubei Dongjun”)						Entity which is under significant influence of the Company before consolidation in July 2024 (Note 3.b)

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

Contractual arrangements with Zhejiang Huanfu

Contractual arrangements with Hubei ECARX

Contractual arrangements with DreamSmart and its subsidiary Xingji Meizu

In addition to the disclosure in Note 9, the Group had significant transaction arrangements with DreamSmart and its subsidiary Xingji Meizu as noted below:


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Revenues (i):
Sales of goods revenues	383,228	531,994	622,115
Automotive computing platform	379,382	531,416	621,422
Including:
Automotive computing platform to Zhejiang Huanfu	148	—	—
Automotive computing platform to Hubei Ecarx	1	—	—
SoC Core Modules	58	224	63
Automotive merchandise and other products	3,788	354	630
Software license revenues	41,389	34,332	27,555
Including: Software license to Zhejiang Huanfu	11,292	5,550	—
Including: Software license to Xingji Meizu	2,117	—	—
Service revenues	127,693	116,660	108,120
Automotive computing platform – Design and development service	94,398	78,020	63,518
Including: Automotive computing platform – Design and development service to Zhejiang Huanfu	—	13,458	—
Including: Automotive computing platform – Design and development service to Xingji Meizu	—	—	2,778
Connectivity service	28,139	34,102	36,356
Other services	5,156	4,538	8,246
Including: Other services to Zhejiang Huanfu	620	15	—
Total	552,310	682,986	757,790


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Purchase of products and services (ii)	89,732	157,588	309,303
Including:
–Purchase of products and services from Zhejiang Huanfu (ii)	14,398	3,485	697
–Purchase of products and services from Hubei Ecarx (ii)	467	2,524	1,065
–Purchase of products and services from Xingji Meizu (ii)	386	16,456	23,227
Rental of office space (ii)	652	778	672
Other income (vi)	1,009	—	—
Interest income on loans due from related parties (iii)	748	62	150
- Interest income from Xingji Meizu	253	—	96
Interest income on loans due from Hubei ECARX (v)	1,504	1,561	2,128
Interest expense on borrowings due to related parties (iv)	1,717	2,165	1,818
Loans and advances to related parties (iii)	29,433	1,488	11,371
- Loans to Xingji Meizu (iii)	27,413	—	6,880
Cash collection of loans to related parties and advances to related parties (iii)	29,388	2,439	5,832
- Cash collection of loans to Xingji Meizu (iii)	27,413	—	—
Borrowings from related parties (iv)	44,458	83,381	188,495
Repayments of borrowings from related parties (iv)	44,458	62,360	153,972
Debt assignment and offset with related parties (iv)	—	—	29,415
Acquisition of software license rights from Xingji Meizu (vii)	21,020	—	—
Advances from related parties (viii)	—	—	15,759
Prepayments to related parties (viii)	—	—	26,504

(c)Balances with related parties:


	As of December 31,
	2024	2025
	US$	US$
Accounts receivable – related parties, net (i)	187,330	185,536
Amounts due from related parties (ii)(iii)(v)(viii)	5,007	53,737
Other non-current assets – related parties (v)	36,403	—
Accounts payable – related parties (ii) (vii)	69,967	104,483
Amounts due to related parties (ii)(iv)(viii)	24,071	54,648
Contract liabilities - current (i)	20,493	7,325
Contract liabilities - noncurrent (i)	5,084	10

___________________________

As of December 31, 2024 and 2025, loans and interest receivables from related parties was US$1,362 and US$7,024, respectively.

During 2025, ECARX (Hubei) Tech also obtained US$84,084 loan from Geely Group and was fully repaid before December 31, 2025.

Interest expense on borrowings from related parties were US$1,717, US$2,165 and US$1,818 for the years ended December 31, 2023, 2024 and 2025, respectively.

Convertible notes payable

12 Months Ended

Dec. 31, 2025

Convertible notes payable

Borrowings

Borrowings consisted of the following:


	As of December 31,
	2024	2025
	US$	US$
Short-term borrowings
Unsecured bank loans	185,243	310,659
Long-term borrowings
Unsecured bank loans	—	5,587

The weighted average interest rates of short-term borrowings outstanding as of December 31, 2024 and 2025 were 3.91% and 3.70% per annum, respectively. The weighted average interest rates of long-term borrowings outstanding as of December 31, 2025 were 2.81% per annum. The outstanding long-term borrowing matures in 2027.

As of December 31, 2024 and 2025, the Group had a total line of bank credit in the amount of US$272,416 and US$329,498, of which the unused portion was US$87,173 and US$13,252, respectively.

Convertible notes payable


	Convertible Notes due 2025	Convertible Notes due 2026	Convertible Notes due 2028	Total
	US$	US$	US$	US$
Balance as of December 31, 2022	63,775	—	—	63,775
Accretion of interest expense	409	—	—	409
Balance as of December 31, 2023	64,184	—	—	64,184
Accretion of interest expense	289	—	—	289
Balance as of December 31, 2024	64,473	—	—	64,473
Issuance of convertible notes	—	42,880	60,000	102,880
Accretion of interest expense	527	3,603	283	4,413
Conversion to ordinary shares	—	(7,664)	—	(7,664)
Repayments of convertible notes	(65,000)	—	—	(65,000)
Balance as of December 31, 2025	—	38,819	60,283	99,102
– Current portion	—	38,819	—	38,819
– Non-current portion	—	—	60,283	60,283

•Convertible Notes due 2025

On October 25, 2022, the Company entered into a convertible note purchase agreement (the “Investor Note Purchase Agreement”) with certain institutional investors, pursuant to which the Company agreed to issue and sell US$65,000 aggregate principal amount of unsecured convertible notes (the “Investor Notes”, each an “Investor Note”) due to mature on November 8, 2025 (the “Investor Note Maturity Date”). The Investor Notes bear interest at a rate of 5% per annum. The holder of Investor Notes has the right to earn 9% internal rate of return if the Notes are not converted or redeemed before the Investor Note Maturity Date.

Each holder of an Investor Note now has the right from time to time to convert all or any portion of the Investor Notes (plus any accrued but unpaid interest thereon) into fully paid and non-assessable Class A ordinary shares of the Company to such number which is equal to the quotient of (x) the outstanding principal and accrued but unpaid interest of such Note divided by (y) conversion price.

All or any portion of the Investor Notes is convertible into fully paid and non-assessable ECARX Class A Ordinary Shares (the “Investor Note Conversion Shares”) at a conversion price equal to US$11.50 per share, subject to customary anti-dilution adjustments and certain limitations on the conversion right as described in the Investor Note.

The Company incurred issuance costs of US$1,225 which is presented on the balance sheet as a direct deduction from the Investor Notes. Investor Notes are classified as a long-term debt initially on balance sheet and measured at amortized cost.

During 2024, the Group determined that it is probable that the Investor Notes will not be converted prior to the Investor Note Maturity Date of November 8, 2025. Accordingly, an additional interest of US$662 was accrued to account for the noteholders’ right to 9% internal rate of return on the principal amount of the Investor Notes in 2024. The Company repaid Investor Note on its maturity in 2025.

As of December 31, 2024, the fair value of Convertible Notes due 2025 was valued at US$66,000 and was classified within Level 3. The fair value of the Convertible Notes due 2025 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.

•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 bifurcated feature was initially measured at US$1,085 and subsequently remeasured to US$871 as at December 31, 2025, and was recorded as derivative liability 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$214 was recognized in the changes in the fair value of derivative financial liabilities and assets included in other non-operating (expenses) income, net in the consolidated statement of comprehensive loss for the year ended December 31, 2025.

The Initial Note was initially recorded net of issuance costs of US$6,035 and the fair value of embedded derivative bifurcated at inception, and subsequently measured at amortized cost.

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 December 31, 2025, the fair value of the Convertible Notes due 2026 was measured at US$41,944 and was classified within Level 3.

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 December 31,
						2025
Bond yields (i)						16.23% - 16.28%
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

In November 2025, the Company entered into convertible note purchase agreements with certain institutional investors to issue convertible notes (“Convertible Senior Notes”) with an aggregate principal amount of US$60,000 and maturity date of November 14, 2028. The Convertible Senior Notes bear interest at a rate of 5% per annum. Each holder of the Convertible Senior Notes has the right to earn 9% internal rate of return if the Convertible Senior Notes are not converted or redeemed before the maturity.

Each holder of Convertible Senior Notes has the right from time to time to convert all or any portion of Convertible Senior Notes (plus any accrued but unpaid interest thereon) into fully paid and non-assessable ECARX Class A Ordinary Shares (the “Senior Note Conversion Shares”) at a conversion price equal to US$2.62 per share, subject to customary anti-dilution adjustments.

Each holder of Convertible Senior Notes also has the right to require the Company to redeem for cash all outstanding principal amount of such Convertible Senior Notes prior to the maturity, upon occurrence of certain events such as change of control, delisting of the Company’s shares, sale or transfer of substantially all assets, suspension of trading of the Company’s shares for more than ten business days or an event of default.

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

As of December 31, 2025, the fair value of the Convertible Senior Notes was valued at US$56,535 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.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

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 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: 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 14: 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 15: 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 16: 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 17: 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 18: 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 19: 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 20: 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 21: 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 22: 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 23: 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

Intangible assets, net - Amortization expenses on intangible assets allocated to expense items (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Intangible assets, net
Total amortization expense	$ 12,205	$ 12,690	$ 4,494
Cost of revenues
Intangible assets, net
Total amortization expense	3,515	6,682	1,127
Selling, general and administrative expenses
Intangible assets, net
Total amortization expense	1,145	1,232	1,418
Research and development expenses
Intangible assets, net
Total amortization expense	$ 7,545	$ 4,776	$ 1,949

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-18

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-11

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-24

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-12

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-SubTopic 30
-Topic 350
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

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.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-20

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-20

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 18: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 19: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 29
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-29

Reference 20: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 29
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-29

Reference 21: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-20

Reference 22: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-20

Reference 23: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 24: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 25: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 26: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 27: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 28: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-SubTopic 30
-Topic 350
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-3

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 985
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481283/985-20-50-2

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483154/926-20-50-5

Condensed Financial Information Disclosure [Abstract]

Parent only financial information

12 Months Ended

Dec. 31, 2025

Parent only financial information

The following condensed financial statements of the Company have been prepared using the same accounting policies as set out in the accompanying consolidated financial statements. As of December 31, 2025, there were no material contingencies, significant provisions of long-term obligations, mandatory dividend or redemption requirements of convertible redeemable preferred shares or guarantees of the Company, except for those, which have been separately disclosed in the consolidated financial statements.

(a)Condensed Balance Sheets


	As of December 31,
	2024	2025
	US$	US$
ASSETS
Current assets
Cash	562	635
Short-term investments	17,882	31,158
Prepayments and other assets	1,997	214
Amounts due from related parties	608,993	664,784
Total current assets	629,434	696,791

Non-current assets
Long-term investments	728	17,507
Total non-current assets	728	17,507
Total assets	630,162	714,298

Current Liabilities
Convertible notes payable, current	64,473	38,819
Accrued expenses and other current liabilities	13,571	10,458
Amounts due to related parties	23,395	67,631
Share of losses in excess of investments in subsidiaries	767,190	818,646
Total current liabilities	868,629	935,554

Non-current liabilities
Convertible notes payable, non-current	—	60,283
Warrant liabilities, non-current	1,201	1,125
Total non-current liabilities	1,201	61,408
Total liabilities	869,830	996,962

SHAREHOLDERS’ DEFICIT
Class A Ordinary Shares	2	2
Class B Ordinary Shares	—	—
Treasury Shares	(1,019)	(30,004)
Additional paid-in capital	895,010	958,052
Accumulated deficit	(1,124,452)	(1,190,495)
Accumulated other comprehensive loss	(9,209)	(20,219)
Total shareholders’ deficit	(239,668)	(282,664)
Total liabilities and shareholders’ deficit	630,162	714,298

(b)Condensed statements of comprehensive loss


	Year end of December 31,
	2023	2024	2025
	US$	US$	US$
General and administrative expenses	(3,442)	(3,629)	(3,874)
Interest income	773	1,617	1,639
Interest expense	(3,659)	(8,312)	(11,286)
Foreign currency exchange gains (losses)	178	(4)	(425)
Share of losses from subsidiaries	(125,632)	(112,846)	(52,341)
Changes in fair value of financial instruments	(1,533)	(6,591)	244
Loss before income taxes	(133,315)	(129,765)	(66,043)
Income tax expenses	—	—	—
Net loss	(133,315)	(129,765)	(66,043)

(c)Condensed statements of cash flows


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Net cash used in operating activities	(6,524)	(6,460)	(12,338)
Net cash (used in)/provided by investing activities	(17,000)	8,198	(41,612)
Net cash provided by/(used in) financing activities	8,091	(3,000)	54,023
Effect of foreign currency exchange rate changes on cash	—	—	—
Net decrease in cash	(15,433)	(1,262)	73
Cash at beginning of the year	17,257	1,824	562
Cash at end of the year	1,824	562	635

Fair value measurement (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of major financial instruments measured at fair value

The following tables set the major financial instruments measured at fair value, by level within the fair value hierarchy as of December 31, 2024 and 2025.


		Fair Value Measurement at Reporting Date Using
	Fair Value as of December 31, 2025	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
	US$	US$	US$	US$
Assets
Prepayments and other current assets, net –derivative asset	175	175	—	—
Long-term investments, net – equity securities	17,507	17,507	—	—
Long-term investments, net – available-for-sale debt investments	42,833	—	—	42,833

Liabilities
Warrant liabilities – public warrants	676	676	—	—
Warrant liabilities – private warrants	449	—	—	449
Accrued expenses and other current liabilities – derivative liability	871	—	—	871


		Fair Value Measurement at Reporting Date Using
	Fair Value as of December 31, 2024	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
	US$	US$	US$	US$
Assets
Long-term investments, net – equity securities	728	728	—	—

Liabilities
Warrant liabilities – public warrants	750	750	—	—
Warrant liabilities – private warrants	451	—	—	451

Income taxes - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income taxes
Statutory tax rate		25.00%	25.00%	25.00%
Total		$ 388,979
Hong Kong \| first HK$2 million of assessable profits earned first HK$2 million of assessable profits earned
Income taxes
Statutory tax rate		8.25%
Hong Kong \| after first HK$2 million of assessable profits earned
Income taxes
Statutory tax rate		16.50%
Chinese mainland
Income taxes
Statutory tax rate		25.00%
Preferential income tax rate		15.00%
High and new technology enterprise certificate term	3 years
Other than PRC
Income taxes
Total	$ 85,405	$ 117,246	$ 85,405

Property and equipment, net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of property and equipment, net

Property and equipment, net, consisted of the following:


	As of December 31,
	2024	2025
	US$	US$
Machinery and electronic equipment	39,512	50,915
Transportation vehicles	576	786
Office and other equipment	2,894	2,033
Leasehold improvements	7,456	8,922
Construction in progress	2,009	420
Property and equipment	52,447	63,076
Less: accumulated depreciation	(29,194)	(35,063)
Less: impairment	(1,398)	(1,308)
Property and equipment, net	21,855	26,705

Schedule of depreciation expenses of property and equipment

Depreciation on property and equipment was allocated as follows:


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Cost of revenues	77	618	1,515
Selling, general and administrative expenses	4,222	2,581	2,273
Research and development expenses	3,317	4,681	3,878
Total depreciation expenses	7,616	7,880	7,666

Schedule of impairment loss on obsolete and damaged equipment of property and equipment

Impairment loss on obsolete and damaged equipment of property and equipment was allocated as follows:


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Selling, general and administrative expenses	64	—	—
Research and development expenses	965	144	119
Total impairment loss	1,029	144	119

Long-term investments, net

12 Months Ended

Dec. 31, 2025

Long-Term Investments [Abstract]

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]


	As of December 31,
	2024	2025
	US$	US$
Equity method investments, net	1,436	1,163
–SiEngine Technology Co., Ltd. (“SiEngine”)	—	—
–Smart Automobile Co., Ltd. (“Smart”)	—	—
–Shenzhen U Chance Technology Co., Ltd. (“U Chance”)	973	1,163
–ACO Tech Sdn. Bhd. (“ACO Tech”)	463	—
Equity securities	728	17,507
Available-for-sale debt investments	—	42,833
Total long-term investments, net	2,164	61,503

Equity method investments, net

Management evaluated whether there was other-than-temporary impairment based on the facts, including recent financing activities, projected and historical financial performance of the investees. Nil, US$894 and nil impairment loss was recognized for the years ended December 31, 2023, 2024 and 2025, which was included in the (Loss) gain from equity method investments.

The Group held several equity method investments as of December 31, 2024 and 2025, which included:

•SiEngine

On July 26, 2021, the Group acquired 34.61% equity interest of SiEngine from the controlling shareholder of the Company, at the cash consideration of US$10,600 plus the issuance of 9,882,082 Series B Redeemable Convertible Preferred Shares at the issuance price of US$9.70 per share valuing US$95,800. The Group initially recognized the investment at the carrying amount of the Company’s controlling shareholder, which was nil, as a transaction between entities under common control. The excess of consideration over the carrying amount of the equity investment was recorded as a deemed dividend in the amount of RMB689,670 (equivalent to US$106,408)

to the controlling shareholder. In December 2024, the Group disposed of 3.29% of its equity interest in SiEngine to a third-party investor for a consideration of RMB130,000 (equivalent to US$17,947), which was received during the year ended December 31, 2025. 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 (Loss) gain from equity method investments, net.

•smart

In November 2023, the Group entered into a shareholders’ agreement with smart Automobile Co., Ltd., a subsidiary of smart mobility Pte. Ltd, to establish a China-based joint venture with a cash consideration of RMB49,000 (equivalent to US$6,777) for the development of automotive operating system software, in which the Group owns 49% equity interest. The Group settled the cash consideration by March 2024.

In December 2025, the Group disposed of its entire equity interest in the joint venture for a consideration of RMB2,369 (equivalent to US$334). As the carrying value of the Group’s equity interest in this joint venture is zero, the entire amount was recorded as a gain and included in (Loss) gain from equity method investments.

•U Chance

On September 1, 2021, the Group sold 2% equity interest of a PRC subsidiary, Hubei Dongjun, at the cash consideration of RMB1,000 (equivalent to US$155). As a result of the transaction, the Group’s equity interest in the subsidiary decreased from 51% to 49% and the Group lost control over the subsidiary.

In May 2024, Hubei Dongjun distributed on a pro rata basis its equity interest in U Chance to each of its equity holders, namely the Group and Dongjun Group based on their respective shareholding. As a result, U Chance was spun-off from Hubei Dongjun and the Group directly held 49% equity interest in U Chance. The Group continues to account for its investment in U Chance as equity method investment at its carrying amount. The Group further invested RMB4,900 (equivalent to US$674) to U Chance after the spin-off.

The Group received distribution of US$294 from U Chance in 2025.

•ACO tech

In June 2019, the Group established ACO Tech, a joint venture with Proton Edar Sdn. Bhd. (a subsidiary of Proton Holdings Bhd.), to localize and supply automotive computing platform products for Proton. The Group holds a 10% equity interest in ACO Tech.

In 2025, the Group received distributions of MYR4,000 (equivalent to US$951) from ACO Tech, which exceeded the carrying value of the investment. The excess of US$353 was recognized as equity method earnings in the year and included in (loss)gain from equity method investments.

Equity securities

•Luminar

In May 2022, the Group entered into strategic investment agreements with Luminar Technologies, Inc., (“Luminar”) a Delaware corporation. Pursuant to the strategic investment agreement, Luminar was to fulfil the agreement obligation by electing on its sole discretion to (1) pay cash in the amount of US$15,000 to the Group, or (2) issue shares to the Group in the number equal to the quotient of US$15,000 divided by the volume-weighted average price of Luminar’s shares listed on Nasdaq for twenty (20) consecutive trading days immediately preceding the closing date of the Group’s merger with COVA, at the par value of US$0.0001 per share, provided that no fractional shares will be issued, upon the completion of the Group’s Merger with COVA. Pursuant to this agreement, upon the Group’s Merger with COVA, Luminar settled its obligation by issuing 2,030,374 shares to the Company worth US$12,588. The fair value of these shares decreased to US$728 and US$11 as of December 31, 2024 and 2025, respectively. The fair value change of US$6,114 and US$717 were recorded in

Other non-operating (expenses) income, net in the consolidated statements of comprehensive loss for the years ended December 31, 2024 and 2025, respectively. In December 2025, Luminar filed for Chapter 11 bankruptcy.

•Lotus Technology Inc.

On December 23, 2025, the Company entered into a Subscription Agreement with Lotus Technology Inc. (“Lotus”), ultimately controlled by the controlling shareholder of the Company, to purchase 16,788,321 ordinary shares of Lotus at per share price of US$1.37 for an aggregate subscription amount of US$23,000. As of December 31, 2025, the Company purchased the first tranche of 12,408,759 ordinary shares of Lotus for US$17,000 and recorded a gain of US$496 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. The Group also recognized the forward contract to purchase the remaining 4,379,562 ordinary shares of Lotus at a fixed price of US$1.37 per share as derivative asset which was included in prepayments and other current assets and recorded a gain on fair value change of US$175.

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. DreamSmart Singapore indirectly holds 100% of the equity interest in DreamSmart Hubei. The investment was classified as available-for-sale debt investment because the investment contains liquidation preference and redemption provision and is redeemable at the option of the investor. The Company recorded the investment at fair value. Unrealized loss of US$143, net of nil income taxes, was recorded in other comprehensive loss for the year ended December 31, 2025.

The following table provides information about the reconciliation of the Level 3 fair value measurement of available-for-sale debt investments for the year indicated:


						US$
Balance at December 31, 2024						42,979
Unrealized loss						(143)
Foreign currency translation adjustments						(3)
Balance at December 31, 2025						42,833

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 December 31, 2025 were estimated with the following key assumptions:


	As of December 31,
	2025
Risk-free interest rates (i)	1.38% - 3.55%
Bond Yield (ii)	6.07	%

___________________________

i.The risk-free interest rates were estimated based on the yield to maturity of U.S. treasury bonds and 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 bond yields were estimated based on the market yield of comparable bonds with similar credit rating.

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of purchase price to the fair value of the assets acquired and liabilities assumed

The allocation of purchase price to the fair value of the assets acquired and liabilities assumed were as follows:


						US$
Cash						51
Accounts receivable - third parties, net						4,326
Prepayments and other current assets						110
Inventories						966
Notes receivable						603
Property and equipment, net						1,776
Intangible assets, net						99
Non-deductible goodwill						3,522
Short-term borrowings						(978)
Accounts payable - third parties						(3,783)
Accrued expenses and other current liabilities						(436)
Carrying value of existing investment						(2,865)
Gain on equity method investment derecognized						(161)
Total consideration						3,230

Supplemental schedule of noncash investing and financing activities
Fair values of assets acquired and liabilities assumed excluding cash of RMB374 (equivalent to US$51)						2,696
Non-deductible goodwill						3,522
Fair value of derecognized investment						(3,039)
Consideration payable as included in "accrued expenses and other current liabilities"						(1,614)
Consideration paid						1,565


						US$
Supplemental schedule of noncash investing and financing activities
Assets acquired and liabilities assumed excluding cash of RMB1,121 (equivalent to US$156)						13,907
Carrying amount of derecognized investment						(4,855)
Noncontrolling interest						2,002
Deferred tax liability						(4,788)
Consideration paid						6,266

Income taxes - Effective Tax Rate Reconciliation (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Amount

Tax calculated at the statutory tax rate:

$ (16,924)

Research and development expenses additional deduction

(2,954)

Effect of preferential tax rate

2,720

Prior year return-to-provision true up

405

Tax calculated at the statutory tax rate:

$ 1,244

$ 210

^[1]

$ (525)

^[1]

Percent

25.00%

Research and development expenses additional deduction

(1.00%)

(4.00%)

4.00%

5.00%

6.00%

Effect of preferential tax rate

(0.04)

Prior year return-to-provision true up

(14.00%)

(5.00%)

(0.01)

Actual income tax expense

1.00%

(4.00%)

(2.00%)

(2.00%)

0.00%

United Kingdom

Amount

$ 296

2,979

$ 1,038

Percent

0.00%

(4.00%)

(2.00%)

Cayman Islands

Amount

$ 3,425

Percent

(5.00%)

Singapore

Amount

$ (669)

1,881

$ 875

Percent

1.00%

(3.00%)

(1.00%)

Hong Kong

Amount

$ 408

877

$ 614

Percent

(1.00%)

(1.00%)

(1.00%)

Amount

$ (572)

United States

Amount

1,333

$ 5,512

Percent

(2.00%)

Revenue from Contract with Customer [Abstract]

(8.00%)

[1]	Restated (refer to Note 2(c))

Revenue information (Tables)

12 Months Ended

Dec. 31, 2025

Summary of disaggregation of revenue

Revenues are disaggregated as follow:

Major products/services lines:


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Sales of goods revenues	467,403	611,245	703,093
Automotive computing platform	385,886	536,582	627,067
SoC Core Modules	70,140	73,944	74,910
Automotive merchandise and other products	11,377	719	1,116
Software license revenues	62,796	42,455	29,698
Service revenues	132,027	117,830	115,067
Automotive computing Platform – Design and development service	94,641	78,470	69,827
Connectivity service	31,142	34,112	36,834
Other services	6,244	5,248	8,406
Total revenues	662,226	771,530	847,858

Timing of revenue recognition:


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Point in time	631,084	737,418	811,024
Over time	31,142	34,112	36,834
Total revenues	662,226	771,530	847,858

Warrant liabilities (Tables)

12 Months Ended

Dec. 31, 2025

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 December 31,
	2024		2025
Risk-free rate of return (%)	4.27	%	3.47	%
Volatility	50.20	%	71.00	%
Expected dividend yield	0.0	%	0.0	%
Expected term	3.0 years		2.0 years
Fair value of the underlying ordinary shares	US$2.11		US$1.72

Schedule of movement of ECARX warrants

The table below reflects the movement of ECARX Warrants for the years ended December 31, 2024 and 2025:


	2024		2025
	ECARX Public Warrants	ECARX Private Warrants	ECARX Public Warrants	ECARX Private Warrants
	US$	US$	US$	US$
January 1,	450	274	750	451
Loss (gain) due to change in fair value	300	177	(74)	(2)
December 31,	750	451	676	449

Income taxes - Components of income / (loss) before income taxes (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

$ (67,695)

$ (137,541)

^[1]

$ (144,424)

^[1]

Cayman Islands

(13,699)

(16,918)

(7,657)

British Virgin Islands

(779)

(824)

2,691

Hong Kong

(7,227)

7,304

(2,478)

Sweden

8,494

449

1,911

United Kingdom

(17,251)

(26,200)

(35,166)

Americas

176

785

(3,752)

Germany

409

(3,516)

(1,895)

Singapore

(8,346)

Malaysia

(34)

Mainland PRC

Warranty and Rights Oustanding, Increase (Decrease) [Roll Forward]

$ (29,438)

$ (98,621)

$ (98,078)

[1]	Restated (refer to Note 2(c))

Warrant liabilities - ECARX Warrants in connection with the Merger - Movements (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Liability at the beginning

^[1]

$ 1,201

Loss (gain) due to change in fair value

$ (477)

^[2]

$ 1,675

^[2]

Liability at the end

1,125

1,201

^[1]

ECARX Public Warrants

Warranty and Rights Oustanding, Increase (Decrease) [Roll Forward]

Liability at the beginning

750

450

Loss (gain) due to change in fair value

(74)

300

Liability at the end

676

750

450

ECARX Private Warrants

Warranty and Rights Oustanding, Increase (Decrease) [Roll Forward]

Liability at the beginning

451

274

Loss (gain) due to change in fair value

(2)

177

Liability at the end

$ 449

$ 451

$ 274

[1]	Restated (refer to Note 2(c))
[2]	Restated (refer to Note 2(c))

Other non-current assets - third parties (Tables)

12 Months Ended

Dec. 31, 2025

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

Schedule of other non current assets


	As of December 31
	2024	2025
	US$	US$
Contract cost assets	—	26,620
Others	3,880	3,569
Prepayments and other current assets	3,880	30,189

Borrowings (Tables)

12 Months Ended

Dec. 31, 2025

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of borrowings

Borrowings consisted of the following:


	As of December 31,
	2024	2025
	US$	US$
Short-term borrowings
Unsecured bank loans	185,243	310,659
Long-term borrowings
Unsecured bank loans	—	5,587

Prepayments and other current assets, net

12 Months Ended

Dec. 31, 2025

Prepayments and other current assets, net

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


	As of December 31,
	2024	2025
	US$	US$
Prepayments to suppliers	22,849	13,222
Receivables from partial sale of equity interest in SiEngine (refer to Note 9)	17,947	—
Contract cost assets	9,525	2,724
Deductible VAT	4,083	5,221
Others	7,127	15,216
Prepayments and other current assets, net	61,531	36,383

A reversal of provision of US$185 was recorded for prepayments and other current assets for the year ended December 31, 2023. No provision was made for prepayments and other current assets as of December 31, 2024 and 2025, respectively

Property and equipment, net - Depreciation expenses on property and equipment allocated to expense items (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property and equipment, net
Total depreciation expenses	$ 7,666	$ 7,880	$ 7,616
Total impairment loss	119	144	1,029
Cost of revenues
Property and equipment, net
Total depreciation expenses	1,515	618	77
Selling, general and administrative expenses
Property and equipment, net
Total depreciation expenses	2,273	2,581	4,222
Total impairment loss	0	0	64
Research and development expenses
Property and equipment, net
Total depreciation expenses	3,878	4,681	3,317
Total impairment loss	$ 119	$ 144	$ 965

Income taxes - Income tax expense recognized in the consolidated statements of comprehensive loss (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Total current income tax benefit (expense)

$ (1,694)

$ (2,741)

$ 509

Total deferred income tax benefit

450

2,531

^[1]

(1,244)

(210)

^[2]

525

^[2]

Chinese mainland

Total current income tax benefit (expense)

(168)

(1,242)

1,060

Total deferred income tax benefit

464

2,539

Total current income tax benefit (expense)

(1,526)

(1,499)

(551)

Total deferred income tax benefit

$ (14)

$ (8)

$ 16

[1]	Restated (refer to Note 2(c))
[2]	Restated (refer to Note 2(c))

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: 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 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: 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 8: 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 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

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

Reference 13: 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 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Schedule of long-term investments

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2025 shares
Document Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-41576
Entity Registrant Name	ECARX Holdings Inc.
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	Second Floor North, International House
Entity Address, Address Line Two	1 St. Katharine's Way
Entity Address, City or Town	London
Entity Address, Postal Zip Code	E1W 1UN
Entity Address, Country	GB
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Entity Central Index Key	0001861974
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	KPMG Huazhen LLP
Auditor Firm ID	1186
Auditor Location	Shanghai, China
Class A Ordinary Shares
Document Entity Information
Title of 12(b) Security	Class A ordinary shares, par value $0.000005 per share
Trading Symbol	ECX
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	310,505,777
Warrants
Document Entity Information
Title of 12(b) Security	Warrants
Trading Symbol	ECXWW
Security Exchange Name	NASDAQ
Class B Ordinary Shares
Document Entity Information
Entity Common Stock, Shares Outstanding	45,960,916
Business Contact
Document Entity Information
Entity Address, Address Line One	Second Floor North, International House
Entity Address, Address Line Two	1 St. Katharine's Way
Entity Address, City or Town	London
Entity Address, Postal Zip Code	E1W 1UN
Entity Address, Country	GB
Contact Personnel Name	Ziyu Shen
Contact Personnel Email Address	ziyu.shen@ecarxgroup.com

Contract liabilities - Revenue expected to be recognized in the future (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Transaction price allocated to the performance obligation	$ 8,880	$ 26,456
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Transaction price allocated to the performance obligation	$ 8,870
Revenue, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Transaction price allocated to the performance obligation	$ 10
Revenue, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Transaction price allocated to the performance obligation	$ 0
Revenue, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Transaction price allocated to the performance obligation	$ 0
Revenue, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Transaction price allocated to the performance obligation	$ 0
Revenue, period	1 year

Long-term investments, net (Tables)

12 Months Ended

Dec. 31, 2025

Long-Term Investments [Abstract]


	As of December 31,
	2024	2025
	US$	US$
Equity method investments, net	1,436	1,163
–SiEngine Technology Co., Ltd. (“SiEngine”)	—	—
–Smart Automobile Co., Ltd. (“Smart”)	—	—
–Shenzhen U Chance Technology Co., Ltd. (“U Chance”)	973	1,163
–ACO Tech Sdn. Bhd. (“ACO Tech”)	463	—
Equity securities	728	17,507
Available-for-sale debt investments	—	42,833
Total long-term investments, net	2,164	61,503

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 year indicated:


						US$
Balance at December 31, 2024						42,979
Unrealized loss						(143)
Foreign currency translation adjustments						(3)
Balance at December 31, 2025						42,833

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

The fair value of available-for-sale debt investments as of December 31, 2025 were estimated with the following key assumptions:


	As of December 31,
	2025
Risk-free interest rates (i)	1.38% - 3.55%
Bond Yield (ii)	6.07	%

___________________________

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

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

Reference 1: 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 2: 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 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

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.

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible assets, net

12 Months Ended

Dec. 31, 2025

Intangible assets, net

Intangible assets, net consisted of the following:


	As of December 31,
	2024	2025
	US$	US$
Software	22,406	23,923
Distribution and licensing rights	25,248	34,176
Trademark	37	40
Patent	362	380
Developed technology (Refer to Note 3.(c))	18,874	19,851
Intangible assets	66,927	78,370
Less: accumulated amortization	(24,236)	(34,476)
Less: impairment	(487)	(3,513)
Intangible assets, net	42,204	40,381

In November 2023, the Group entered into a licensing agreement with Hubei Xingji Meizu Group Co., Ltd., (“Xingji Meizu”), a related party. Pursuant to the licensing agreement, the Group obtained a non-exclusive license under certain software of Xingji Meizu to develop and sell this software worldwide for three years. The consideration is due in three equal annual installments of US$7,007. The Group recognized US$20,141 software license rights based on the present value of the consideration and amortized it over three years. In May 2025, the Group entered into a modification agreement with Xingji Meizu and both parties agreed to extend the license for additional 8 years from the modification date to November 2033 on an exclusive basis for no additional consideration. The Group accounted for the modification as an extension of the licensing period and the carrying amount of the intangible asset on the modification date is amortized over the remaining contractual period.

Amortization of intangible assets was allocated as follows:


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Cost of revenues	1,127	6,682	3,515
Selling, general and administrative expenses	1,418	1,232	1,145
Research and development expenses	1,949	4,776	7,545
Total amortization expense	4,494	12,690	12,205

Estimated amortization expenses relating to the existing intangible assets with finite lives for the next five years is as follows:


			As of December 31,
			US$
2026			11,139
2027			8,919
2028			6,601
2029			5,842
2030			3,484

Impairment loss was allocated as follows:


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Selling, general and administrative expenses	376	90	223
Research and development expenses1	40	—	3,068
Total impairment loss	416	90	3,291

1 For the year ended December 31, 2025 the Company recognized US$3,068 of impairment losses related to developed technology due to weaker-than-expected operations, as the carrying amount was not recoverable based on the undiscounted cash flows. The fair value was estimated using discounted cash flows under the income approach classified in Level 3 of the fair value hierarchy. Significant unobservable inputs used in the fair value measurement include revenue growth rates, technology migration rates and discount rate, which were determined with the assistance of an independent valuation specialist.

Parent only financial information - Condensed Balance Sheets (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

^[2]

Prepayments and other assets

$ 87,118

$ 44,250

^[1]

$ 80,283

Short-term investments

31,158

17,882

^[1]

36,383

61,531

^[1]

53,737

5,007

^[1]

Total current assets

483,175

386,127

^[1]

61,503

2,164

^[1]

Total non-current assets

179,234

128,216

^[1]

Total assets

662,409

514,343

^[1]

38,819

64,473

^[1]

88,875

85,477

^[1]

Total current liabilities

54,648

24,071

^[1]

823,004

698,650

^[1]

60,283

^[1]

Total non-current liabilities

1,125

1,201

^[1]

122,880

53,396

^[1]

Total liabilities

945,884

752,046

^[1]

Treasury Shares

(30,004)

(1,019)

^[1]

958,052

895,010

^[1]

Accumulated other comprehensive loss

(1,190,495)

(1,124,452)

^[1]

(20,219)

(9,209)

^[1]

Total deficit attributable to ordinary shareholders of ECARX Holdings Inc.

(282,664)

(239,668)

^[1]

Liabilities and shareholders’ deficit

662,409

514,343

^[1]

Class A Ordinary Shares

^[1]

Class B Ordinary Shares

^[1]

Parent company

Prepayments and other assets

635

562

Short-term investments

31,158

17,882

214

1,997

664,784

608,993

Total current assets

696,791

629,434

17,507

728

Total non-current assets

17,507

728

Total assets

714,298

630,162

38,819

64,473

10,458

13,571

Share of losses in excess of investments in subsidiaries

67,631

23,395

818,646

767,190

Total current liabilities

935,554

868,629

60,283

Total non-current liabilities

1,125

1,201

^[1]

61,408

1,201

Total liabilities

996,962

869,830

Treasury Shares

(30,004)

(1,019)

958,052

895,010

Accumulated other comprehensive loss

(1,190,495)

(1,124,452)

(20,219)

(9,209)

Total deficit attributable to ordinary shareholders of ECARX Holdings Inc.

(282,664)

(239,668)

Liabilities and shareholders’ deficit

714,298

630,162

Parent company | Class A Ordinary Shares

Parent company | Class B Ordinary Shares

Prepaid Expense and Other Assets, Current [Abstract]

$ 0

[1]	Restated (refer to Note 2(c))
[2]	Restated (refer to Note 2(c))

Prepayments and other current assets, net - Prepayments and other current assets (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Prepayments to suppliers

$ 13,222

$ 22,849

Receivables from partial sale of equity interest in SiEngine (refer to Note 9)

17,947

Contract cost assets

2,724

9,525

Deductible VAT

5,221

4,083

Prepayments and other current assets, net

15,216

7,127

$ 36,383

$ 61,531

^[1]

[1]	Restated (refer to Note 2(c))

Segment Reporting - Additional Information (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2025

USD ($)

segment

Dec. 31, 2024

USD ($)

Dec. 31, 2023

USD ($)

Number of reportable segments | segment

$ 847,858

$ 771,530

^[1]

$ 662,226

^[1]

Major customer group

Major customer group | Revenue Benchmark | Customer concentration risk

$ 754,462

$ 671,982

$ 537,053

Concentration risk percentage

89.00%

87.10%

81.00%

[1]	Restated (refer to Note 2(c))

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.

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.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 13: 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 14: 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 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Income taxes - Net operating loss carryforwards (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Income Tax Disclosure [Abstract]
2026	$ 5,428
2027	14,698
2028	4,246
2029	4,024
2030	3,439
2031	93
2032	102,601
2033	67,322
2034	125,973
2035	61,155
Total	$ 388,979

Intangible assets, net (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of intangible assets, net


Category						Estimated useful life
Software						3 – 10 years
Distribution and licensing rights						3 – 10 years
Patent						3 – 10 years
Trademarks						10 years
Developed technology						10 years

Intangible assets, net consisted of the following:


	As of December 31,
	2024	2025
	US$	US$
Software	22,406	23,923
Distribution and licensing rights	25,248	34,176
Trademark	37	40
Patent	362	380
Developed technology (Refer to Note 3.(c))	18,874	19,851
Intangible assets	66,927	78,370
Less: accumulated amortization	(24,236)	(34,476)
Less: impairment	(487)	(3,513)
Intangible assets, net	42,204	40,381

Schedule of amortization expenses on intangible assets allocated to expense items

Amortization of intangible assets was allocated as follows:


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Cost of revenues	1,127	6,682	3,515
Selling, general and administrative expenses	1,418	1,232	1,145
Research and development expenses	1,949	4,776	7,545
Total amortization expense	4,494	12,690	12,205

Schedule of finite-lived intangible assets, future amortization expense

Estimated amortization expenses relating to the existing intangible assets with finite lives for the next five years is as follows:


			As of December 31,
			US$
2026			11,139
2027			8,919
2028			6,601
2029			5,842
2030			3,484

Schedule of unrealized loss on investments

Impairment loss was allocated as follows:


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Selling, general and administrative expenses	376	90	223
Research and development expenses1	40	—	3,068
Total impairment loss	416	90	3,291

Loss per share - Anti-dilutive securities (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Warrants
Anti-dilutive securities
Convertible notes (in shares)	23,871,971	23,871,971	23,871,971
Options
Anti-dilutive securities
Convertible notes (in shares)	22,631,543	15,935,056	11,260,718
RSU
Anti-dilutive securities
Convertible notes (in shares)	147,396	218,884	0
Performance Shares
Anti-dilutive securities
Convertible notes (in shares)		792,000
Convertible notes
Anti-dilutive securities
Convertible notes (in shares)	11,640,584	5,652,174	5,652,174

Accrued expenses and other liabilities

12 Months Ended

Dec. 31, 2025

Accrued Liabilities and Other Liabilities [Abstract]

Accrued expenses and other liabilities

Accrued expenses and other liabilities consisted of the following:


	As of December 31,
	2024	2025
	US$	US$
Salaries and benefits payables	18,490	14,547
Taxes payable	16,447	22,219
Product warranties	6,868	8,233
Accrued costs of the Merger	7,900	6,900
Other payables and accrued charges*	35,772	36,976
Accrued expenses and other current liabilities	85,477	88,875

___________________________

*Other payables and accrued charges primarily include accrual for research and development expenses.

Product warranties

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


	Year ended December 31,
	2024	2025
	US$	US$
Balance at the beginning of the year	18,650	21,861
Additions	9,657	8,922
Settlements	(5,813)	(5,967)
Foreign currency translation adjustments	(633)	1,221
Balance at the end of the year	21,861	26,037
Including:
Current portion of warranty included in "Accrued expenses and other current liabilities"	6,868	8,233
Non-current portion of warranty included in "Provisions"	14,993	17,804

Summary of significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of presentation

These consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).

Principles of consolidation

Principles of consolidationThe consolidated financial statements include the financial statements of the Company and its consolidated subsidiaries. All intercompany transactions and balances among the Company and its consolidated subsidiaries have been eliminated upon consolidation. Noncontrolling interests are separately presented as a component of shareholders’ deficit in the consolidated financial statements.

Change in reporting currency

Use of estimates

Use of estimatesThe preparation of the 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 balance sheet date, and the reported revenues and expenses during the reported period in the consolidated financial statements and accompanying notes. Significant accounting estimates include, but not limited to, the fair values of assets acquired and liabilities assumed and the consideration transferred in a business combination; 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; realizability of inventories; accrual for warranty obligations; useful lives and recoverability of property, equipment and intangible assets and operating lease right-of-use 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 consolidated financial statements.

Cash and restricted cash

Short-term and Long-term investments

Short-term investments

Long-term investments

Equity method investments

Equity securities

Debt securities

Accounts receivable and current expected credit losses

Business combinations

Impairment of long-lived assets

Property and equipment are carried at cost less accumulated depreciation and impairment, if any.

Depreciation on property and equipment is calculated on the straight-line method over the estimated useful lives of the assets as below:


Category						Estimated useful life
Machinery and electronic equipment						3 – 10 years
Transportation vehicles						4 years
Office and other equipment						5 years
Leasehold improvements						Shorter of the lease term and the estimated useful lives of the assets

Intangible assets


Category						Estimated useful life
Software						3 – 10 years
Distribution and licensing rights						3 – 10 years
Patent						3 – 10 years
Trademarks						10 years
Developed technology						10 years

Impairment of long-lived assetsLong-lived assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Group first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.

Product warranties

Value added taxes

Commitments and contingencies

Fair value measurement

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.

Revenue recognition and Contract liabilities

Revenue recognition

The Group generates revenues from sales of goods, software license and services.

Sales of goods

Sales of goods include the following products:

b.SoC core modules, where the Group sells standardized computing board, which integrates SoC with core integrated circuits and peripherals to Tier 1 automotive suppliers or the OEMs; and

c.Automotive merchandise and other products, which are primarily basic electronic components such as resistor, capacitor and circuit board sold to automotive suppliers.

Software license revenues

Service revenues

The Group generates revenues by provision of the following services:

a.Automotive computing platform design and development service;

b.Connectivity service, which enables end-users of secure connected car service; and,

Contract liabilities

Contract costs

•relate directly to the contracts that the Group can specifically identify;

•are expected to be recovered; and

•generate or enhance resources of the Group that will be used in satisfying performance obligations in the future.

The Group recognizes an impairment loss of contract cost assets in the statement of comprehensive loss to the extent that the carrying amount of the assets exceeds:

a.The amount of consideration that the Group expects to receive in the future and that the Group has received but not recognized as revenue, less

b.The costs that relate directly to providing those services and that have not been recognized as expenses.

Selling and marketing expenses

Selling and marketing expensesSelling and marketing expense mainly consists of payroll and share-based compensation related to the selling and marketing activities, advertising costs, rental, depreciation related to selling and marketing functions. Advertising costs are expensed as incurred.

Government grants

Income tax

losses, forecasts of futures profitability, the duration of statutory carryforward periods, the Group’s operating history and tax credit carryforwards, if any, not expiring.

Share-based compensation

Recently adopted accounting pronouncements and New accounting pronouncements

Recently adopted accounting pronouncements

(ff) New accounting pronouncements

Leases -Weighted average remaining lease term and discount rate (Details)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Weighted average remaining lease term (years):
Operating leases	5 years 3 months 29 days	5 years 7 months 2 days	6 years 1 month 20 days
Weighted average discount rate:
Operating leases	8.34%	8.06%	8.65%

Leases - Lease cost allocated expense items (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases
Total	$ 6,133	$ 7,625	$ 7,269
Selling, general and administrative expenses
Leases
Total	3,265	4,366	3,990
Research and development expenses
Leases
Total	$ 2,868	$ 3,259	$ 3,279

Cash and restricted cash (Tables)

12 Months Ended

Dec. 31, 2025

Cash and Cash Equivalents [Abstract]

Schedule of reconciliation of cash and restricted cash

A reconciliation of cash at bank and restricted cash in the consolidated balance sheets to the total amount in the consolidated statement of cash flows is as follows:


	As of December 31,
	2024	2025
	US$	US$
Cash at banks	44,250	87,118
Restricted cash	5,914	6,138
Cash and restricted cash shown in the consolidated statements of cash flows	50,164	93,256

Cash and restricted cash are amounts deposited with financial institutions at the locations noted below:


	As of December 31,
	2024	2025
	US$	US$
Financial institutions in the Chinese mainland
– Denominated in RMB	29,736	78,546
– Denominated in US$	11,979	2,134
– Denominated in Great Britain Pound (“GBP”)	12	6
–– Denominated in Hong Kong Dollar (“HKD”)	2	—
Total cash balances held in the Chinese mainland	41,729	80,686
Financial institutions in Sweden
– Denominated in Swedish Krona (“SEK”)	5,191	3,429
– Denominated in US$	29	—
–– Denominated in Euro	2,272	6,735
Total cash balances held in Sweden	7,492	10,164
Financial institutions in the United Kingdom
– Denominated in GBP	665	1,118
Total cash balances held in the United Kingdom	665	1,118
Total cash balances held at financial institutions in other jurisdictions	278	1,288
Total cash balances held at financial institutions	50,164	93,256
Cash on hand	—	—
Total cash balances	50,164	93,256

Schedule of restrictions on cash and cash equivalents

A reconciliation of cash at bank and restricted cash in the consolidated balance sheets to the total amount in the consolidated statement of cash flows is as follows:


	As of December 31,
	2024	2025
	US$	US$
Cash at banks	44,250	87,118
Restricted cash	5,914	6,138
Cash and restricted cash shown in the consolidated statements of cash flows	50,164	93,256

Cash and restricted cash are amounts deposited with financial institutions at the locations noted below:


	As of December 31,
	2024	2025
	US$	US$
Financial institutions in the Chinese mainland
– Denominated in RMB	29,736	78,546
– Denominated in US$	11,979	2,134
– Denominated in Great Britain Pound (“GBP”)	12	6
–– Denominated in Hong Kong Dollar (“HKD”)	2	—
Total cash balances held in the Chinese mainland	41,729	80,686
Financial institutions in Sweden
– Denominated in Swedish Krona (“SEK”)	5,191	3,429
– Denominated in US$	29	—
–– Denominated in Euro	2,272	6,735
Total cash balances held in Sweden	7,492	10,164
Financial institutions in the United Kingdom
– Denominated in GBP	665	1,118
Total cash balances held in the United Kingdom	665	1,118
Total cash balances held at financial institutions in other jurisdictions	278	1,288
Total cash balances held at financial institutions	50,164	93,256
Cash on hand	—	—
Total cash balances	50,164	93,256

Share based compensation - Fair value of RSUs granted estimated Using binomial model (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share based compensation
Risk-free rate of return, minimum	4.09%	4.48%	3.79%
Risk-free rate of return, maximum	4.58%	4.69%	3.88%
Volatility, minimum	46.39%	47.09%	44.37%
Volatility, maximum	47.34%	47.34%	44.95%
Expected dividend yield	0.00%	0.00%	0.00%
Expected terms	10 years	10 years	10 years
2021 Option Plan
Share based compensation
Expected dividend yield	0.00%
Minimum
Share based compensation
Risk-free rate of return	1.38%
Issuance price (in USD per share)	$ 1.57	$ 1.14	$ 3.16
Maximum
Share based compensation
Risk-free rate of return	3.55%
Issuance price (in USD per share)	$ 2.11	$ 1.84	$ 8.02
RSU \| Share Incentive Plan, 2022
Share based compensation
Risk-free rate of return, minimum	3.94%		2.65%
Risk-free rate of return, maximum	3.95%		4.25%
Risk-free rate of return		4.06%
Volatility, minimum	47.57%		44.58%
Volatility, maximum	47.65%		44.73%
Volatility rate		44.56%
Expected dividend yield	0.00%	0.00%	0.00%
Expected terms	10 years	10 years	10 years
RSU \| Minimum \| Share Incentive Plan, 2022
Share based compensation
Issuance price (in USD per share)	$ 1.72	$ 0.96	$ 3.68
RSU \| Maximum \| Share Incentive Plan, 2022
Share based compensation
Issuance price (in USD per share)	$ 2.50	$ 1.60	$ 6.91
Performance Shares
Share based compensation
Risk-free rate of return		4.26%
Volatility rate		43.25%
Expected dividend yield		0.00%
Issuance price (in USD per share)		$ 1.69
Expected terms		10 years

Intangible assets, net - Net intangible assets (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Jan. 31, 2024 USD ($)	Jan. 31, 2024 CNY (¥)
Intangible assets, net
Intangible assets	$ 78,370	$ 66,927
Less: accumulated amortization	(34,476)	(24,236)
Less: impairment	(3,513)	(487)
Intangible assets, net	40,381	42,204
Software
Intangible assets, net
Intangible assets	23,923	22,406
Distribution and licensing rights
Intangible assets, net
Intangible assets	34,176	25,248
Trademark
Intangible assets, net
Intangible assets	40	37
Patent
Intangible assets, net
Intangible assets	380	362
Developed technology
Intangible assets, net
Intangible assets	$ 19,851	$ 18,874	$ 19,315	¥ 138,569

Fair value measurement (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Assets

Prepayments and other current assets, net –derivative asset

$ 175

Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]

Prepayments and other assets

Long-term investments, net – available-for-sale debt investments

$ 17,507

$ 728

42,833

Accrued expenses and other current liabilities – derivative liability

1,125

1,201

^[1]

$ 871

Derivative Liability, Statement of Financial Position [Extensible Enumeration]

Accrued expenses and other current liabilities

Warrant liabilities – public warrants

Warrant liabilities – private warrants

$ 676

750

Quoted Prices in Active Markets for Identical Assets (Level 1)

449

451

Assets

Prepayments and other current assets, net –derivative asset

175

Long-term investments, net – available-for-sale debt investments

17,507

728

Accrued expenses and other current liabilities – derivative liability

Quoted Prices in Active Markets for Identical Assets (Level 1) | Warrant liabilities – public warrants

Quoted Prices in Active Markets for Identical Assets (Level 1) | Warrant liabilities – private warrants

676

750

Significant Other Observable Inputs (Level 2)

Assets

Prepayments and other current assets, net –derivative asset

Long-term investments, net – available-for-sale debt investments

Accrued expenses and other current liabilities – derivative liability

Significant Other Observable Inputs (Level 2) | Warrant liabilities – public warrants

Significant Other Observable Inputs (Level 2) | Warrant liabilities – private warrants

Significant Unobservable Inputs (Level 3)

Assets

Prepayments and other current assets, net –derivative asset

Long-term investments, net – available-for-sale debt investments

42,833

Accrued expenses and other current liabilities – derivative liability

871

Significant Unobservable Inputs (Level 3) | Warrant liabilities – public warrants

Significant Unobservable Inputs (Level 3) | Warrant liabilities – private warrants

$ 449

$ 451

[1]	Restated (refer to Note 2(c))

Borrowings

12 Months Ended

Dec. 31, 2025

Borrowings

Borrowings consisted of the following:


	As of December 31,
	2024	2025
	US$	US$
Short-term borrowings
Unsecured bank loans	185,243	310,659
Long-term borrowings
Unsecured bank loans	—	5,587

As of December 31, 2024 and 2025, the Group had a total line of bank credit in the amount of US$272,416 and US$329,498, of which the unused portion was US$87,173 and US$13,252, respectively.

Convertible notes payable


	Convertible Notes due 2025	Convertible Notes due 2026	Convertible Notes due 2028	Total
	US$	US$	US$	US$
Balance as of December 31, 2022	63,775	—	—	63,775
Accretion of interest expense	409	—	—	409
Balance as of December 31, 2023	64,184	—	—	64,184
Accretion of interest expense	289	—	—	289
Balance as of December 31, 2024	64,473	—	—	64,473
Issuance of convertible notes	—	42,880	60,000	102,880
Accretion of interest expense	527	3,603	283	4,413
Conversion to ordinary shares	—	(7,664)	—	(7,664)
Repayments of convertible notes	(65,000)	—	—	(65,000)
Balance as of December 31, 2025	—	38,819	60,283	99,102
– Current portion	—	38,819	—	38,819
– Non-current portion	—	—	60,283	60,283

•Convertible Notes due 2025

•Convertible Notes due 2026

The Initial Note was initially recorded net of issuance costs of US$6,035 and the fair value of embedded derivative bifurcated at inception, and subsequently measured at amortized cost.


						As of December 31,
						2025
Bond yields (i)						16.23% - 16.28%
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

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

Income taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income taxes

Cayman Islands

Under the current laws of the Cayman Islands, the Company is not subject to income or capital gains taxes. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.

British Virgin Islands

Under the current laws of the British Virgin Islands (“BVI”), the Company’s BVI subsidiaries are not subject to income or capital gains taxes. Additionally, the British Virgin Islands does not impose a withholding tax on payments of dividends to shareholders.

Hong Kong

Our subsidiaries incorporated in Hong Kong are generally subject to Hong Kong profits tax at a rate of 16.5%. For the years 2018 and onwards, the first HK$2,000 of profits generated by an entity incorporated in Hong Kong is taxed at a rate of 8.25%, while the remaining profits will continue to be taxed at 16.5% tax rate. In December 2022, a refined Foreign Sourced Income Exemption (“FSIE”) regime was published in Hong Kong and took effect from January 1, 2023. Under the new FSIE regime, certain foreign soured income would be deemed as being sourced from Hong Kong and chargeable to Hong Kong Profits Tax, if the recipient entity fails to meet the prescribed exception requirements. Certain dividends, interests, intellectual property income and disposal gains, if any, received by us and our Hong Kong subsidiaries may be subject to the new tax regime.

Mainland PRC

Under the Enterprise Income Tax Law (“EIT Law”) in mainland PRC, domestic companies are subject to Enterprise Income Tax (“EIT”) at a uniform rate of 25%. The Company’s PRC subsidiaries are subject to the statutory income tax rate at 25%, unless a preferential EIT rate is otherwise stipulated.

The enterprise income tax rate will be reduced to 15% for state-encouraged High and New Technology Enterprises (“HNTE”). In December 2023, ECARX (Hubei) Tech was certified as an HNTE by the Hubei provincial government for a period from 2023 to 2025 if all the criteria for HNTE status is satisfied in the relevant year.

In December 2024, JICA is certified as an HNTE by the Jiangsu provincial government for a period of 3 years from 2024 to 2026 if all the criteria for HNTE status is satisfied in the relevant year.

The components of loss before income taxes are as follows:


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Cayman Islands	(7,657)	(16,918)	(13,699)
British Virgin Islands	2,691	(824)	(779)
Hong Kong	(2,478)	7,304	(7,227)
Sweden	1,911	449	8,494
United Kingdom	(35,166)	(26,200)	(17,251)
Americas	(3,752)	785	176
Germany	(1,895)	(3,516)	409
Singapore	—	—	(8,346)
Malaysia	—	—	(34)
Mainland PRC	(98,078)	(98,621)	(29,438)
Total	(144,424)	(137,541)	(67,695)

Withholding tax on undistributed dividends

Dividends paid to non-PRC-resident corporate investor from profits earned by the PRC subsidiaries are subject to a withholding tax. The EIT Law and its relevant regulations impose a withholding tax at 10%, unless reduced by a tax treaty or agreement, for dividends distributed by a PRC-resident enterprise to its non-PRC-resident corporate investor for earnings generated beginning on January 1, 2008.

The Company’s subsidiaries located in the PRC were in accumulated loss status as of December 31, 2023, 2024 and 2025. Accordingly, no deferred tax liability had been accrued for the Chinese dividend withholding taxes as of December 31, 2024 and 2025.

The Group does not file combined or consolidated tax returns, therefore, losses from individual subsidiaries may not be used to offset other subsidiaries’ earnings within the Group.

(a)Income taxes benefit (expense)

Income tax benefit (expense) recognized in the consolidated statements of comprehensive loss consisted of the following:


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Current income tax benefit (expense)
Mainland PRC	1,060	(1,242)	(168)
Others	(551)	(1,499)	(1,526)
Total current income tax benefit (expense)	509	(2,741)	(1,694)
Deferred income tax benefit
Mainland PRC	—	2,539	464
Others	16	(8)	(14)
Total deferred income tax benefit	16	2,531	450
Income tax benefit (expense)	525	(210)	(1,244)

(b)Tax reconciliation

A reconciliation of the provision for income taxes to the amount computed by applying the 25% statutory PRC corporate income tax rate to income before income taxes after the adoption of ASU 2023-09 is as follows:


	Year ended December 31, 2025
	US$	%
Tax calculated at the statutory tax rate:	(16,924)	25%
Non-deductible expenses and non-taxable income	1,333	(2)%
Research and development expenses additional deduction	(2,954)	4%
Effect of preferential tax rate	2,720	(4)%
Change in valuation allowance	5,512	(8)%
Prior year return-to-provision true up	405	(1)%
Foreign tax effect:
United Kingdom
Tax rate differential	1,038	(2)%
Change in valuation allowance	2,979	(4)%
Non-deductible expenses	296	—%
Cayman Islands
Tax rate differential	3,425	(5)%
Singapore
Tax rate differential	875	(1)%
Non-taxable income	(669)	1%
Change in valuation allowance	1,881	(3)%
Hong Kong
Tax rate differential	614	(1)%
Change in valuation allowance	877	(1)%
Non-deductible expenses	408	(1)%
Other tax jurisdictions	(572)	1%
Total	1,244	(2)%

Reconciliation of the differences between PRC statutory income tax rate and the Group’s effective income tax rates for the years ended December 31, 2023, and 2024 are as follows:


	Year ended December 31,
	2023	2024
Computed expected income tax benefit	25%	25%
Effect of preferential tax rate	(4)%	(7)%
Effect of different tax jurisdiction	(2)%	(4)%
Change in tax rate	(18)%	(4)%
Prior year return-to-provision true up	2%	—%
Non-deductible expenses and non-taxable income	(4)%	(1)%
Research and development expenses additional deduction	6%	5%
Change in valuation allowance	(5)%	(14)%
Actual income tax expense	—%	—%

According to the PRC Tax Administration and Collection Law, the statute of limitation is three years if the underpayment of taxes is due to computational errors made by the taxpayer or the withholding agent. The statute of limitation is extended to five years under special circumstances where the underpayment of taxes is more than RMB100. In the case of transfer pricing issues, the statute of limitation is 10 years. There is no statute of limitation in the case of tax evasion. The income tax returns of the Company’s PRC subsidiaries for the years from 2020 to 2025 are open to examination by the PRC tax authorities.

(c)Deferred taxes

The principal components of the deferred tax assets and liabilities are as follows:


	As of December 31,
	2024	2025
	US$	US$
Deferred tax assets:
Inventories	435	539
Allowance for doubtful accounts	521	273
Intangible assets	17,224	18,477
Plant, property and equipment	291	263
Contract cost assets	202	15
Accrued product warranties	3,271	3,906
Accrued salaries and benefits	641	442
Accounts payable, accrued expenses and other liabilities	10,471	11,353
Donation	20	21
Government grants	3,456	5,297
Unrealized investment loss of equity method investments	174	—
Operating lease liabilities	1,544	685
Net operating loss carryforwards	69,314	84,889
Total deferred tax assets	107,564	126,160
Less: valuation allowance	(102,576)	(119,072)
Deferred tax assets, net of valuation allowance	4,988	7,088

Deferred tax liabilities:
Operating lease right-of-use assets	(1,640)	(825)
Depreciation of plant, property, and equipment	(1,183)	(3,031)
Unrealized investment gain of equity method investments	—	(966)
Intangible assets	(4,221)	(3,955)
Total deferred tax liabilities	(7,044)	(8,777)
Net deferred tax liabilities	(2,056)	(1,689)

Analyzed as:


	As of December 31,
	2024	2025
	US$	US$
Deferred tax assets	14	11
Deferred tax liabilities	(2,070)	(1,700)
Net deferred tax liabilities	(2,056)	(1,689)

The following table presents the movement of the valuation allowance for the deferred tax assets:


	As of December 31,
	2023	2024	2025
	US$	US$	US$
Balance as of January 1,	77,874	81,830	102,576
Increase during the year	6,418	23,648	10,915
Foreign currency translation adjustments	(2,462)	(2,902)	5,581
Balance as of December 31	81,830	102,576	119,072

Deferred tax assets are included in other non-current assets – third parties on consolidated balance sheets.

Net operating loss carryforwards of the Company’s subsidiaries in jurisdictions other than the PRC do not expire. As of December 31, 2024 and 2025, the balance of net operating loss carryforwards of the Company’s subsidiaries in jurisdictions other than the PRC amounted to US$85,405 and US$117,246, respectively.

As of December 31, 2025, the net operating loss carryforwards by the PRC companies will expire during the period from year 2026 to year 2035, if unused by the following year-end:


Year ending December 31,						Amount
						US$
2026						5,428
2027						14,698
2028						4,246
2029						4,024
2030						3,439
2031						93
2032						102,601
2033						67,322
2034						125,973
2035						61,155
Total						388,979

The recoverability of these net operating loss carryforwards is evaluated by assessing the adequacy of future expected taxable income from all sources, including reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies. To the extent the Company does not consider it more-likely-than-not that a deferred tax asset will be recovered, a valuation allowance is generally established. To the extent that a valuation allowance was established, and it is subsequently determined that it is more-likely-than-not that the deferred tax assets will be

recovered, the change in the valuation allowance is recognized in income tax (expense)/benefit on the consolidated statements of comprehensive loss.

As of December 31, 2025, the valuation allowances were related to the deferred income tax assets of subsidiaries of the Company which were in loss position. These entities were in a cumulative loss position, which is a significant negative indicator to overcome that sufficient income will be generated over the periods in which the deferred income tax assets are deductible or utilized. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income and tax planning strategies in making this assessment.

(d) Income taxes paid

The amounts of cash income taxes paid by the Company during the year ended December 31, 2025 are as follows:


						Year ended December 31, 2025
						US$
Mainland PRC						1,105
Hong Kong						942
Sweden						1,068
Other foreign jurisdictions						103
Income taxes, net of amounts refunded						3,218

The entire disclosure for income tax.

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)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

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

Intangible assets, net - Impairment loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Intangible assets, net
Total impairment loss	$ 3,291	$ 90	$ 416
Selling, general and administrative expenses
Intangible assets, net
Total impairment loss	$ 223	$ 90	$ 376
Goodwill, Impairment Loss, Statement of Income or Comprehensive Income [Extensible Enumeration]	Research and development expenses	Research and development expenses	Research and development expenses
Research and development expenses
Intangible assets, net
Total impairment loss	$ 3,068	$ 0	$ 40
Goodwill, Impairment Loss, Statement of Income or Comprehensive Income [Extensible Enumeration]	Research and development expenses	Research and development expenses	Research and development expenses

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.

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

Cash and Cash Equivalents [Abstract]

Cash and restricted cash

12 Months Ended

Dec. 31, 2025

Cash and restricted cash

A reconciliation of cash at bank and restricted cash in the consolidated balance sheets to the total amount in the consolidated statement of cash flows is as follows:


	As of December 31,
	2024	2025
	US$	US$
Cash at banks	44,250	87,118
Restricted cash	5,914	6,138
Cash and restricted cash shown in the consolidated statements of cash flows	50,164	93,256

As of December 31, 2024 and 2025, the Group’s restricted cash of US$5,805 and US$6,138 were pledged for notes payable, and US$109 and nil were restricted due to a dispute with a customer, respectively.

Cash and restricted cash are amounts deposited with financial institutions at the locations noted below:


	As of December 31,
	2024	2025
	US$	US$
Financial institutions in the Chinese mainland
– Denominated in RMB	29,736	78,546
– Denominated in US$	11,979	2,134
– Denominated in Great Britain Pound (“GBP”)	12	6
–– Denominated in Hong Kong Dollar (“HKD”)	2	—
Total cash balances held in the Chinese mainland	41,729	80,686
Financial institutions in Sweden
– Denominated in Swedish Krona (“SEK”)	5,191	3,429
– Denominated in US$	29	—
–– Denominated in Euro	2,272	6,735
Total cash balances held in Sweden	7,492	10,164
Financial institutions in the United Kingdom
– Denominated in GBP	665	1,118
Total cash balances held in the United Kingdom	665	1,118
Total cash balances held at financial institutions in other jurisdictions	278	1,288
Total cash balances held at financial institutions	50,164	93,256
Cash on hand	—	—
Total cash balances	50,164	93,256

Commitments and contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of future minimum purchase commitments

Total purchase obligations contracted but not yet reflected in the consolidated financial statements as of December 31, 2025 were as follows:

Total

Less than
one year

1-2 Years

2-3 Years

3-5 Years

Over 5
Years

US$

Purchase commitments

45,351

—

Schedule of future minimum capital commitments

Total capital expenditures contracted but not yet reflected in the consolidated financial statements as of December 31, 2025 were as follows:

Total

Less than
one year

1-2 Years

2-3 Years

3-5 Years

Over 5 Years

US$

Capital commitments

2,601

—

Commitments to purchase equity securities

Total

Less than
one year

1-2 Years

2-3 Years

3-5 Years

Over 5 Years

US$

Commitments to purchase equity securities

6,000

—

Prepayments and other current assets, net - Additional information (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Provision for prepayments and other current assets	$ 0	$ 0	$ 185

Long-term investments, net - Equity securities (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands		1 Months Ended		12 Months Ended
	Dec. 23, 2025 USD ($) $ / shares shares	Dec. 31, 2025 USD ($)	May 31, 2022 USD ($) day $ / shares shares	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2025 CNY (¥)
Long-term investments
Other commitment		$ 6,000		$ 6,000
Equity securities		17,507		17,507	$ 728
Luminar Technologies, Inc
Long-term investments
Equity securities (in shares) \| shares			2,030,374
Equity securities		$ 11,000	$ 12,588	11,000	728
Equity securities, annual amount				$ 717	$ 6,114
Lotus Technology Inc \| Tech Lent Dream Smart
Long-term investments
Equity interest (as a percent)		100.00%		100.00%		100.00%
Luminar Technologies, Inc
Long-term investments
Other commitment			$ 15,000
Trading days \| day			20
Ordinary shares, par value per share (in USD per share) \| $ / shares			$ 0.0001
Lotus Technology Inc
Long-term investments
Number of shares issued in transaction (in shares) \| shares	16,788,321
Share price (in USD per share) \| $ / shares	$ 1.37
Consideration received	$ 23,000
Gain on sale of forward contract	$ 496
Remaining shares outstanding (in shares) \| shares	4,379,562
Derivative asset fair value	$ 175
Unrealized loss				$ 143
Lotus Technology Inc \| Tech Lent Dream Smart
Long-term investments
Aggregate principal amount		$ 42,979		$ 42,979		¥ 300,000
Debt instrument term		36 months
Lotus Technology Inc \| Sale of Stock, Tranche One
Long-term investments
Number of shares issued in transaction (in shares) \| shares	12,408,759
Consideration received	$ 17,000

Share based compensation - Activities of PSUs (Details) - Performance Shares - $ / shares	1 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2025	Dec. 31, 2024
Number of PSUs
Outstanding at the beginning (in shares)		2,000,000
Aggregate number of shares granted (in shares)	6,000,000	933,334
Vested (in shares)		(928,667)
Forfeited (in shares)		(1,674,667)
Cancelled (in shares)		(330,000)
Outstanding at the end (in shares)		0	2,000,000
Weighted Average Fair value at grant date
Outstanding at the beginning (in USD per share)		$ 1.69
Weighted average granted (in USD per share)		1.72	$ 1.69
Weighted average vested (in USD per share)		1.71
Weighted average forfeited (in USD per share)		1.70
Weighted average cancelled (in USD per share)		1.69
Outstanding at the end (in USD per share)		$ 0	$ 1.69

Income Taxes - Income taxes paid (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

^[1]

Dec. 31, 2023

^[1]

Mainland PRC

$ 1,105

Income tax paid

3,218

$ 1,775

$ 280

Hong Kong

Foreign

942

Sweden

Foreign

1,068

Contract with Customer, Liability [Abstract]

Foreign

$ 103

[1]	Restated (refer to Note 2(c))

Contract liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of contract with customer, contract asset, contract liability, and receivable

Contract liabilities consisted of the following:


	As of December 31,
	2024	2025
	US$	US$
Current liabilities – third parties	876	123
Current liabilities – related parties	20,493	7,325
Non-current liabilities – third parties	3	—
Non-current liabilities – related parties	5,084	10
Contract liabilities, current and non-current	26,456	7,458

Schedule of revenue, remaining performance obligation, expected timing of satisfaction

As of December 31, 2025, revenue expected to be recognized in the future related to the unsatisfied performance obligations is as follows:


Year ending December 31,						Amount
2026						8,870
2027						10
2028						—
2029						—
2030						—

Segment reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of segment reporting information, by segment

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


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Total revenues	662,226	771,530	847,858
Total cost of revenues	(483,608)	(611,431)	(686,596)
Gross profit	178,618	160,099	161,262
Operating expenses excluding share-based compensation expense1	(333,500)	(302,051)	(229,376)
Share-based compensation expense	24,866	19,056	13,341
Total operating expenses	(308,634)	(282,995)	(216,035)
Loss from operation	(130,016)	(122,896)	(54,773)
Interest income	4,313	3,078	3,710
Interest expense	(11,239)	(18,568)	(23,772)
(Loss) gain from equity method investments	(6,142)	5,611	1,236
Other non-operating (expenses) income , net	(1,340)	(4,766)	5,904
Loss before income taxes	(144,424)	(137,541)	(67,695)
Income tax benefit (expense)	525	(210)	(1,244)
Net loss	(143,899)	(137,751)	(68,939)

Accrued expenses and other liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Accrued Liabilities and Other Liabilities [Abstract]

Schedule of accrued expenses and other current liabilities

Accrued expenses and other liabilities consisted of the following:


	As of December 31,
	2024	2025
	US$	US$
Salaries and benefits payables	18,490	14,547
Taxes payable	16,447	22,219
Product warranties	6,868	8,233
Accrued costs of the Merger	7,900	6,900
Other payables and accrued charges*	35,772	36,976
Accrued expenses and other current liabilities	85,477	88,875

___________________________

*Other payables and accrued charges primarily include accrual for research and development expenses.

Schedule of product warranty liability

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


	Year ended December 31,
	2024	2025
	US$	US$
Balance at the beginning of the year	18,650	21,861
Additions	9,657	8,922
Settlements	(5,813)	(5,967)
Foreign currency translation adjustments	(633)	1,221
Balance at the end of the year	21,861	26,037
Including:
Current portion of warranty included in "Accrued expenses and other current liabilities"	6,868	8,233
Non-current portion of warranty included in "Provisions"	14,993	17,804

Other non-current assets (Details) - Nonrelated Party - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Contract cost assets

$ 26,620

$ 0

Prepayments and other current assets

3,569

3,880

$ 30,189

$ 3,880

^[1]

[1]	Restated (refer to Note 2(c))

Convertible notes payable (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of convertible debt


	Convertible Notes due 2025	Convertible Notes due 2026	Convertible Notes due 2028	Total
	US$	US$	US$	US$
Balance as of December 31, 2022	63,775	—	—	63,775
Accretion of interest expense	409	—	—	409
Balance as of December 31, 2023	64,184	—	—	64,184
Accretion of interest expense	289	—	—	289
Balance as of December 31, 2024	64,473	—	—	64,473
Issuance of convertible notes	—	42,880	60,000	102,880
Accretion of interest expense	527	3,603	283	4,413
Conversion to ordinary shares	—	(7,664)	—	(7,664)
Repayments of convertible notes	(65,000)	—	—	(65,000)
Balance as of December 31, 2025	—	38,819	60,283	99,102
– Current portion	—	38,819	—	38,819
– Non-current portion	—	—	60,283	60,283

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 December 31,
						2025
Bond yields (i)						16.23% - 16.28%
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.

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

$ 87,118

$ 44,250

^[1]

6,138

5,914

^[1]

Short-term investments

31,158

17,882

^[1]

5,958

2,291

^[1]

62,341

31,865

^[1]

Prepayments and other current assets, net

53,737

5,007

^[1]

36,383

61,531

^[1]

Total current assets

483,175

386,127

^[1]

61,503

2,164

^[1]

Operating lease right-of-use assets

26,705

21,855

^[1]

Intangible assets, net

40,381

42,204

^[1]

16,770

18,206

^[1]

3,686

3,504

^[1]

Total non-current assets

179,234

128,216

^[1]

Total assets

662,409

514,343

^[1]

Short-term borrowings

310,659

185,243

^[1]

Notes payable

19,311

19,344

^[1]

Operating lease liabilities, current

54,648

24,071

^[1]

4,983

5,611

^[1]

38,819

64,473

^[1]

Total current liabilities

88,875

85,477

^[1]

Income tax payable

1,022

2,787

^[1]

823,004

698,650

^[1]

Long term borrowings

5,587

^[1]

Operating lease liabilities, non-current

60,283

^[1]

15,696

16,696

^[1]

Total non-current liabilities

1,125

1,201

^[1]

Provisions

17,804

14,993

^[1]

Deferred tax liabilities

1,700

2,070

^[1]

122,880

53,396

^[1]

Total liabilities

945,884

752,046

^[1]

Commitments and contingencies

^[1]

Treasury Stock, Value

(30,004)

(1,019)

^[1]

958,052

895,010

^[1]

Accumulated other comprehensive loss

(1,190,495)

(1,124,452)

^[1]

(20,219)

(9,209)

^[1]

Total deficit attributable to ordinary shareholders of ECARX Holdings Inc.

(282,664)

(239,668)

^[1]

Noncontrolling interests

(811)

1,965

^[1]

Total shareholders’ deficit

(283,475)

(237,703)

^[1]

Liabilities and shareholders’ deficit

662,409

514,343

^[1]

Class A Ordinary Shares

^[1]

Class B Ordinary Shares

^[1]

14,806

30,057

^[1]

Other non-current assets

30,189

3,880

^[1]

192,756

220,308

^[1]

123

876

^[1]

Other non-current liabilities

^[1]

20,675

13,349

^[1]

Related Party

185,536

187,330

^[1]

53,737

5,007

Other non-current assets

36,403

^[1]

104,483

69,967

^[1]

54,648

24,071

7,325

20,493

^[1]

Share-Based Payment Arrangement [Abstract]

$ 10

$ 5,084

^[1]

[1]	Restated (refer to Note 2(c))

Income taxes - Withholding tax on undistributed dividends (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Withholding tax rate (in percent)	10.00%
Deferred tax liability accrued for dividend withholding taxes	¥ 0	¥ 0	¥ 0

Share based compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-based payment arrangement, activity

The following table summarizes activities of the Company’s RSUs for the year ended December 31, 2025:


	Number of RSUs	Weighted Average Exercise Price	Weighted Average Fair value at grant date	Weighted remaining contractual years	Aggregate intrinsic value
		US$	US$		US$
Outstanding as of December 31, 2024	11,863,038	0.31	4.04	—	—
Granted (new RSUs)	327,195	—*	1.71	—	—
Granted (replacement RSUs)	2,396,730	0.67	1.48	—	—
Forfeited	(52,019)	—	2.02	—	—
Replaced	(2,396,730)	0.74	3.27	—	—
Exercised	(8,998,984)	0.33	5.14	—	—
Cancelled	(230,000)	0.38	5.05	—	—
Outstanding as of December 31, 2025	2,909,230	0.38	2.02	7.23	3,423
Exercisable as of December 31, 2025	2,761,834	0.43	1.84	3.20	3,133

* Amount less than US$0.01

The following table summarizes activities of the Company’s PSUs for the year ended December 31, 2025:


	Number of PSUs	Weighted Average Fair value at grant date
		US$
Outstanding as of December 31, 2024	2,000,000	1.69
Granted	933,334	1.72
Vested	(928,667)	1.71
Forfeited	(1,674,667)	1.70
Cancelled	(330,000)	1.69
Outstanding as of December 31, 2025	—	—

The following table summarizes activities of the options for the year ended December 31, 2025.


	Number of options	Weighted Average Exercise Price	Weighted Average Fair value at grant date	Weighted remaining contractual years	Aggregate intrinsic value
		US$	US$		US$
Outstanding at December 31, 2024	15,935,056	6.65	2.57	—	—
Granted	7,850,532	0.34	1.66	—	—
Forfeited	(490,137)	0.75	1.27	—	—
Exercised	(663,908)	0.50	1.22	—	—
Outstanding at December 31, 2025	22,631,543	4.77	2.32	7.52	52,545
Exercisable as of December 31, 2025	13,853,496	7.55	2.50	6.24	34,602

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

The fair value of the RSUs granted in 2023, 2024 and 2025 was estimated using the binomial model with the following assumptions used:


	Year ended December 31,
	2023	2024	2025
Risk-free rate of return (i)	2.65% - 4.25%	4.06%	3.94% - 3.95%
Volatility (ii)	44.58% - 44.73%	44.56%	47.57% - 47.65%
Expected dividend yield (iii)	0.0%	0.0%	0.0%
Fair value of underlying ordinary share (iv)	US$3.68-US$6.91	US$0.96 - US$1.60	US$1.72 - US$2.50
Expected terms (v)	10 years	10 years	10 years

___________________________

i.With respect to the RSUs issued in US$ or RMB, the risk-free interest rate was separately estimated based on the yield to maturity of U.S. Treasury bonds or China Government Bond for a term consistent with the expected term of the Company’s RSUs in effect at the valuation date.

ii.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 RSUs.

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

iv.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.

v.Expected term is the contract life of the RSUs.

The fair value of the PSUs granted in 2025 was estimated using the closing price as of the grant dates of listed trading price of the Company.


Grant date:						Year ended December 31, 2024
Risk-free rate of return (i)						4.26%
Volatility (ii)						43.25%
Expected dividend yield (iii)						0.00%
Fair value of underlying ordinary share (iv)						US$1.69
Expected terms (v)						10 years

(i)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 PSUs in effect at the valuation date.

(ii)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 PSUs.

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

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

(v)Expected term is the contract life of the PSUs.

The fair value of the options granted in 2023, 2024 and 2025 was estimated using the binomial model with the following assumptions used:


	Year ended December 31,
	2023	2024	2025
Risk-free rate of return (i)	3.79% – 3.88%	4.48% - 4.69%	4.09% - 4.58%
Volatility (ii)	44.37% – 44.95%	47.09% - 47.34%	46.39% - 47.34%
Expected dividend yield (iii)	0.0%	0.0%	0.0%
Fair value of underlying ordinary share (iv)	US$3.16 - US$8.02	US$1.14 - US$1.84	US$1.57 - US$2.11
Expected terms (v)	10 years	10 years	10 years

i.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.

ii.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.

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

iv.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.

v.Expected term is the contract life of the option awards.

Summary of compensation expense recognized for RSUs

Compensation expense recognized for RSUs, PSUs and options for the years ended December 31, 2023, 2024 and 2025 is allocated as follows.


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Selling, general and administrative expenses	20,895	16,836	11,693
Research and development expenses	3,971	2,220	1,648
Total	24,866	19,056	13,341

Summary of significant accounting policies - Additional information (Details)
$ in Thousands

12 Months Ended

Jan. 01, 2026

USD ($)

Dec. 31, 2025

USD ($)

contractType

Dec. 31, 2024

USD ($)

Dec. 31, 2023

USD ($)

Current liabilities in excess of current assets

$ 1,190,495

$ 1,124,452

^[1]

339,829

Secured new equity amount

94,391

59,980

^[2]

$ 172,440

^[2]

$ 42,578

Financing receivable, term

6 months

Number of contract types | contractType

Advertising costs

$ 4,313

4,253

2,491

Employee social benefits expense

27,634

33,465

$ 33,968

Statutory surplus

$ 0

Products

VAT rate

6.00%

Services

Geely Investment | Subsequent events | Common Class A

VAT rate

13.00%

Secured new equity amount

$ 45,600

Convertible notes

$ 40,000

[1]	Restated (refer to Note 2(c))
[2]	Restated (refer to Note 2(c))

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

^[1]

Dec. 31, 2023

^[1]

Revenues

$ 847,858

$ 771,530

$ 662,226

(686,596)

(611,431)

(483,608)

Gross profit

161,262

160,099

178,618

Selling, general and administrative expenses

(123,337)

(174,864)

(177,679)

(93,841)

(108,195)

(131,717)

Other income - related parties

1,009

Others, net

1,143

(247)

Total operating expenses

(216,035)

(282,995)

(308,634)

Loss from operations

(54,773)

(122,896)

(130,016)

(Loss) gain from equity method investments, net

3,710

3,078

4,313

Interest expenses

(23,772)

(18,568)

(11,239)

1,236

5,611

(6,142)

5,904

(4,766)

(1,340)

(67,695)

(137,541)

(144,424)

(1,244)

(210)

525

Net loss attributable to noncontrolling interests

(68,939)

(137,751)

(143,899)

2,896

7,986

10,584

Net loss available to ECARX Holdings Inc. ordinary shareholders

$ (66,043)

$ (129,765)

$ (133,315)

Loss per ordinary share

Basic loss per share, ordinary shares (in USD per share)

$ (0.20)

$ (0.39)

$ (0.40)

Diluted loss per share, ordinary shares (in USD per share)

$ (0.20)

$ (0.39)

$ (0.40)

Weighted average number of ordinary shares used in computing loss per ordinary share

Weighted average number of ordinary shares, basic (in shares)

338,659,826

336,641,846

337,407,225

Weighted average number of ordinary shares, diluted (in shares)

338,659,826

336,641,846

337,407,225

Fair value change of available-for-sale debt investment, net of nil income taxes

$ (68,939)

$ (137,751)

$ (143,899)

Other comprehensive income (loss):

(143)

Foreign currency translation adjustments, net of nil income taxes

(10,747)

3,849

6,505

Comprehensive loss

(79,829)

(133,902)

(137,394)

Comprehensive loss attributable to noncontrolling interests

2,776

8,208

11,264

Comprehensive loss attributable to ordinary shareholders

(77,053)

(125,694)

(126,130)

Revenues

703,093

611,245

467,403

(610,285)

(537,620)

(385,929)

Revenues

29,698

42,455

62,796

(17,193)

(17,783)

(16,978)

Service

Revenues

115,067

117,830

132,027

$ (59,118)

$ (56,028)

$ (80,701)

[1]	Restated (refer to Note 2(c))

Inventories

12 Months Ended

Dec. 31, 2025

Inventories consisted of the following:


	As of December 31,
	2024	2025
	US$	US$
Raw materials	24,181	40,718
Work-in-process	2,529	7,012
Finished goods	5,155	14,611
Total	31,865	62,341

The Group recorded inventory write-down of US$1,502, US$925 and US$1,340 for the years ended December 31, 2023, 2024 and 2025, respectively.

Convertible notes payable - Schedule of Convertible Debt (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

$ (7,664)

(65,000)

$ 0

^[1]

$ 0

^[1]

38,819

64,473

^[2]

60,283

^[2]

Convertible Debt

64,473

64,184

63,775

4,413

289

409

102,880

(7,664)

(65,000)

99,102

64,473

64,184

38,819

Convertible Notes due 2025 | Convertible Debt

60,283

64,473

64,184

63,775

527

289

409

(65,000)

64,473

64,184

Convertible Notes due 2026 | Convertible Debt

3,603

42,880

(7,664)

38,819

38,819

Convertible Notes due 2028 | Convertible Debt

283

60,000

60,283

$ 0

$ 60,283

[1]	Restated (refer to Note 2(c))
[2]	Restated (refer to Note 2(c))

Income taxes - Reconciliation of the differences between PRC statutory income tax rate and the Group's effective income tax rates (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Statutory tax rate	25.00%	25.00%	25.00%
Effect of preferential tax rate		(7.00%)	(4.00%)
Effect of different tax jurisdiction	1.00%	(4.00%)	(2.00%)
Change in tax rate		(4.00%)	(18.00%)
Prior year return-to-provision true up		0.00%	2.00%
Non-deductible expenses and non-taxable income		(1.00%)	(4.00%)
Research and development expenses additional deduction	4.00%	5.00%	6.00%
Change in valuation allowance		(14.00%)	(5.00%)
Actual income tax expense	(2.00%)	0.00%	0.00%

Cash and restricted cash - Additional information (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

^[2]

Restricted Cash For Litigation

$ 6,138

$ 5,914

^[1]

$ 3,810

Asset Pledged as Collateral | Restricted Cash For Notes Payable

109

$ 6,138

$ 5,805

[1]	Restated (refer to Note 2(c))
[2]	Restated (refer to Note 2(c))

Inventories - Inventory (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Raw materials

$ 40,718

$ 24,181

Work-in-process

7,012

2,529

Finished goods

14,611

5,155

Total

$ 62,341

$ 31,865

^[1]

[1]	Restated (refer to Note 2(c))

Accounts receivable, net

12 Months Ended

Dec. 31, 2025

Credit Loss [Abstract]

Accounts receivable, net

Accounts receivable, net consisted of the following:


	As of December 31,
	2024	2025
	US$	US$
Accounts receivable, third parties	30,527	15,345
Less: Allowance for credit losses, third parties	(470)	(539)
Accounts receivable, third parties, net	30,057	14,806
Accounts receivable, related parties	190,327	186,705
Less: Allowance for credit losses, related parties	(2,997)	(1,169)
Accounts receivable, related parties, net	187,330	185,536

The movement of the allowance for credit losses is as follows:


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Balance at the beginning of the year	998	2,064	3,467
Additions	1,405	1,815	917
Reversal	(342)	(1)	(2,125)
Write-off	(72)	(321)	(675)
Foreign currency translation adjustments	75	(90)	124
Balance at the end of the year	2,064	3,467	1,708

Factoring agreement

In March 2024, the Group entered into an accounts receivable factoring agreement with a finance company of Geely Group with a minimum interest rate of 6% per annum. The one-year factoring agreement provides the Group with factoring limits of US$20,528 on a revolving basis, measured by the aggregate amount advanced for the unpaid balance of certain trade accounts receivable from specified customers from time to time. In October 2024, the interest rate was reduced to 4.8% per annum and the factoring limits were increased from US$20,528 to US$35,035. In November 2025, the interest rate increased to 5.0% and the factoring limits remained unchanged.

The Group accounts for transfers of accounts receivable in accordance with ASC 860, Transfers and Servicing (“ASC 860”). Pursuant to ASC 860, the Group does not derecognize customers’ accounts receivable when receiving advance payments from the finance company due to the recourse obligations retained by the Group. As of December 31, 2024 and 2025, factoring accounts receivable of US$52,335 and US$36,051, respectively, were not derecognized and were restricted as security for the advanced amounts of US$21,021 and US$28,292 received by the Group, respectively, which were recorded as amounts due to related parties on the consolidated balance sheets. The factoring proceeds from the finance company was considered financing activities and reported as “Borrowings from related parties” in the consolidated statements of cash flows.

Revenue information (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Revenue Benchmark | Geographic Concentration Risk | Mainland PRC

$ 847,858

$ 771,530

^[1]

$ 662,226

^[1]

Concentration risk percentage

95.30%

97.60%

98.20%

Point in time

$ 811,024

$ 737,418

$ 631,084

Over time

36,834

34,112

31,142

Automotive computing platform

703,093

611,245

^[1]

467,403

^[1]

627,067

536,582

385,886

SoC Core Modules

Automotive merchandise and other products

74,910

73,944

70,140

1,116

719

11,377

29,698

42,455

^[1]

62,796

^[1]

Service revenues

Automotive computing Platform – Design and development service

115,067

117,830

^[1]

132,027

^[1]

69,827

78,470

94,641

Connectivity service

36,834

34,112

31,142

Other services

Warrants and Rights Note Disclosure [Abstract]

$ 8,406

$ 5,248

$ 6,244

[1]	Restated (refer to Note 2(c))

Intangible assets, net - Estimated amortization expenses for intangible assets (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2026	$ 11,139
2027	8,919
2028	6,601
2029	5,842
2030	$ 3,484

Warrant liabilities

12 Months Ended

Dec. 31, 2025

Warrant liabilities

ECARX Warrants in connection with the Merger

In December 2022, COVA Public Shares and COVA Public Warrants ceased trading upon consummation of the Merger and were delisted from Nasdaq and deregistered under the Exchange Act. Concurrently, the Company issued 23,871,971 ECARX warrants, including 14,999,971 public warrants that the Company applied for listing on Nasdaq with the symbol “ECXWW” (“ECARX Public Warrants”) and 8,872,000 private warrants (“ECARX Private Warrants”, collectively referred to as “ECARX Warrants”) to the then holders of COVA Public Warrants and COVA Private Warrants.

ECARX Public Warrants are exercisable commencing thirty (30) days after the completion of the Merger, provided that the Company has an effective registration statement under the Securities Act covering the shares of Class A Ordinary Shares issuable upon exercise of ECARX Public Warrants and a current prospectus relating to them is available (or the Company permits holders to exercise ECARX Public Warrants held by them on a cashless basis and such cashless exercise is exempt from registration under the Securities Act). The warrants have an exercise price of US$11.50 per whole share, subject to adjustments, and will expire five (5) years after the completion of the Merger or earlier upon redemption or liquidation.

ECARX Private Warrants are identical to the ECARX Public Warrants, except that ECARX Private Warrants and the shares of Class A common stock issuable upon exercise of the ECARX Private Warrants will not be transferable, assignable or saleable. Additionally, ECARX Private Warrants are non-redeemable so long as they are held by permitted transferees. If ECARX Private Warrants are held by someone other than permitted transferees as stipulated in the warrant agreement, the ECARX Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as ECARX Public Warrants.

ECARX Warrants are recorded as liability-classified financial instruments in accordance with ASC Topic 815 (“ASC 815”), Derivatives and Hedging as the Company may be required to net settle the liability outside of the Company’s control. As such, ECARX Warrants are recognized at fair value at the issuance date and measured subsequently at fair value with changes in fair value recognized in earnings or losses.

Given 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 December 31,
	2024		2025
Risk-free rate of return (%)	4.27	%	3.47	%
Volatility	50.20	%	71.00	%
Expected dividend yield	0.0	%	0.0	%
Expected term	3.0 years		2.0 years
Fair value of the underlying ordinary shares	US$2.11		US$1.72

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 years ended December 31, 2024 and 2025:


	2024		2025
	ECARX Public Warrants	ECARX Private Warrants	ECARX Public Warrants	ECARX Private Warrants
	US$	US$	US$	US$
January 1,	450	274	750	451
Loss (gain) due to change in fair value	300	177	(74)	(2)
December 31,	750	451	676	449

Income taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of components of income / (loss) before income taxes

The components of loss before income taxes are as follows:


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Cayman Islands	(7,657)	(16,918)	(13,699)
British Virgin Islands	2,691	(824)	(779)
Hong Kong	(2,478)	7,304	(7,227)
Sweden	1,911	449	8,494
United Kingdom	(35,166)	(26,200)	(17,251)
Americas	(3,752)	785	176
Germany	(1,895)	(3,516)	409
Singapore	—	—	(8,346)
Malaysia	—	—	(34)
Mainland PRC	(98,078)	(98,621)	(29,438)
Total	(144,424)	(137,541)	(67,695)

Schedule of income tax expense recognized in the consolidated statements of comprehensive loss

Income tax benefit (expense) recognized in the consolidated statements of comprehensive loss consisted of the following:


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Current income tax benefit (expense)
Mainland PRC	1,060	(1,242)	(168)
Others	(551)	(1,499)	(1,526)
Total current income tax benefit (expense)	509	(2,741)	(1,694)
Deferred income tax benefit
Mainland PRC	—	2,539	464
Others	16	(8)	(14)
Total deferred income tax benefit	16	2,531	450
Income tax benefit (expense)	525	(210)	(1,244)

Schedule of reconciliation of the differences between PRC statutory income tax rate and the Group's effective income tax rates


	Year ended December 31, 2025
	US$	%
Tax calculated at the statutory tax rate:	(16,924)	25%
Non-deductible expenses and non-taxable income	1,333	(2)%
Research and development expenses additional deduction	(2,954)	4%
Effect of preferential tax rate	2,720	(4)%
Change in valuation allowance	5,512	(8)%
Prior year return-to-provision true up	405	(1)%
Foreign tax effect:
United Kingdom
Tax rate differential	1,038	(2)%
Change in valuation allowance	2,979	(4)%
Non-deductible expenses	296	—%
Cayman Islands
Tax rate differential	3,425	(5)%
Singapore
Tax rate differential	875	(1)%
Non-taxable income	(669)	1%
Change in valuation allowance	1,881	(3)%
Hong Kong
Tax rate differential	614	(1)%
Change in valuation allowance	877	(1)%
Non-deductible expenses	408	(1)%
Other tax jurisdictions	(572)	1%
Total	1,244	(2)%

Reconciliation of the differences between PRC statutory income tax rate and the Group’s effective income tax rates for the years ended December 31, 2023, and 2024 are as follows:


	Year ended December 31,
	2023	2024
Computed expected income tax benefit	25%	25%
Effect of preferential tax rate	(4)%	(7)%
Effect of different tax jurisdiction	(2)%	(4)%
Change in tax rate	(18)%	(4)%
Prior year return-to-provision true up	2%	—%
Non-deductible expenses and non-taxable income	(4)%	(1)%
Research and development expenses additional deduction	6%	5%
Change in valuation allowance	(5)%	(14)%
Actual income tax expense	—%	—%

Schedule of principal components of the deferred tax assets and liabilities

The principal components of the deferred tax assets and liabilities are as follows:


	As of December 31,
	2024	2025
	US$	US$
Deferred tax assets:
Inventories	435	539
Allowance for doubtful accounts	521	273
Intangible assets	17,224	18,477
Plant, property and equipment	291	263
Contract cost assets	202	15
Accrued product warranties	3,271	3,906
Accrued salaries and benefits	641	442
Accounts payable, accrued expenses and other liabilities	10,471	11,353
Donation	20	21
Government grants	3,456	5,297
Unrealized investment loss of equity method investments	174	—
Operating lease liabilities	1,544	685
Net operating loss carryforwards	69,314	84,889
Total deferred tax assets	107,564	126,160
Less: valuation allowance	(102,576)	(119,072)
Deferred tax assets, net of valuation allowance	4,988	7,088

Deferred tax liabilities:
Operating lease right-of-use assets	(1,640)	(825)
Depreciation of plant, property, and equipment	(1,183)	(3,031)
Unrealized investment gain of equity method investments	—	(966)
Intangible assets	(4,221)	(3,955)
Total deferred tax liabilities	(7,044)	(8,777)
Net deferred tax liabilities	(2,056)	(1,689)

Analyzed as:


	As of December 31,
	2024	2025
	US$	US$
Deferred tax assets	14	11
Deferred tax liabilities	(2,070)	(1,700)
Net deferred tax liabilities	(2,056)	(1,689)

Schedule of movement of the valuation allowance for the deferred tax assets

The following table presents the movement of the valuation allowance for the deferred tax assets:


	As of December 31,
	2023	2024	2025
	US$	US$	US$
Balance as of January 1,	77,874	81,830	102,576
Increase during the year	6,418	23,648	10,915
Foreign currency translation adjustments	(2,462)	(2,902)	5,581
Balance as of December 31	81,830	102,576	119,072

Schedule of net operating loss carryforwards by the PRC companies will expire during the period from year 2022 to year 2031, if unused by the following year-end

As of December 31, 2025, the net operating loss carryforwards by the PRC companies will expire during the period from year 2026 to year 2035, if unused by the following year-end:


Year ending December 31,						Amount
						US$
2026						5,428
2027						14,698
2028						4,246
2029						4,024
2030						3,439
2031						93
2032						102,601
2033						67,322
2034						125,973
2035						61,155
Total						388,979

Schedule of income taxes paid

The amounts of cash income taxes paid by the Company during the year ended December 31, 2025 are as follows:


						Year ended December 31, 2025
						US$
Mainland PRC						1,105
Hong Kong						942
Sweden						1,068
Other foreign jurisdictions						103
Income taxes, net of amounts refunded						3,218

Share based compensation - Additional information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended					12 Months Ended
	Jul. 31, 2025	Jun. 30, 2024	Jan. 31, 2023	Dec. 31, 2022	Jul. 31, 2021	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2019
Share based compensation
Aggregate number of share options granted (in shares)						7,850,532
Exercise price per share (in USD per share)						$ 0.34
Granted (in USD per share)						$ 1.66
Total unrecognized compensation expense						$ 7,036
Weighted-average period						3 years 2 months 23 days
Directors Or Officers
Share based compensation
Aggregate number of share options granted (in shares)						202,532	246,724	93,904
Share Incentive Plan, 2022
Share based compensation
Aggregate number of share options granted (in shares)						7,850,352	5,821,580	93,904
Weighted average exercise price (in USD per share)						$ 1.71	$ 1.83	$ 1.65
Nonvested (in shares)						$ 46,764	$ 23,901	$ 55,086
Exercisable, intrinsic value						$ 812	$ 136	$ 0
Granted (in USD per share)						$ 1.66	$ 1.24	$ 3.12
2021 Option Plan
Share based compensation
Exercise price per share (in USD per share)					$ 9.70
Number of Shares Authorized (in shares)					16,802,069
2021 Option Plan \| Tranche three
Share based compensation
Vesting percentage						25.00%
2021 Option Plan \| Tranche two
Share based compensation
Vesting percentage						25.00%
2021 Option Plan \| Tranche Four
Share based compensation
Vesting percentage						25.00%
2021 Option Plan \| Tranche one
Share based compensation
Vesting percentage						25.00%
RSU
Share based compensation
Total unrecognized compensation expense						$ 159
Weighted-average period						2 years 8 months 12 days
RSU \| Tranche three
Share based compensation
Service period						12 months
RSU \| Tranche two
Share based compensation
Service period						12 months
RSU \| Tranche one
Share based compensation
Service period						12 months
RSU \| After the completion of a qualified IPO
Share based compensation
Service period						12 months
RSU \| 2019 RSU Plan
Share based compensation
Shares transferred (in shares)									23,859,142
Percent of total outstanding shares									10.00%
Vesting contractual term									10 years
Remining contractual term									5 years
Aggregate number of share options granted (in shares)						230,000	0	4,342,364
Forfeitures and Expirations (in shares)	230,000
RSU \| 2019 RSU Plan \| Share-Based Payment Arrangement, Employee
Share based compensation
Aggregate number of shares granted (in shares)						2,396,730	4,935,321	4,175,352
Incremental cost						$ 28	$ 1,458	$ 2,349
RSU \| Share Incentive Plan, 2022
Share based compensation
Vesting contractual term									10 years
Remining contractual term									4 years
Aggregate number of shares granted (in shares)				18,903,472		97,195	1,256,490	460,671
RSU \| Share Incentive Plan, 2022 \| Directors Or Officers
Share based compensation
Granted (in shares)						76,923	824,830	460,671
RSU \| 2021 Option Plan \| Share-Based Payment Arrangement, Employee
Share based compensation
Number of awards modified (in shares)			63,464
Performance Shares
Share based compensation
Aggregate number of shares granted (in shares)		6,000,000				933,334
Weighted average exercise price (in USD per share)						$ 1.72	$ 1.69
Exercisable, intrinsic other than option value						$ 781
Performance Shares \| Share Incentive Plan, 2022
Share based compensation
Vesting contractual term									10 years
Remining contractual term									4 years

Related party balances and transactions - Additional Information (Details) ¥ in Thousands, $ in Thousands	1 Months Ended				12 Months Ended
	Aug. 31, 2025 USD ($)	May 31, 2025	Nov. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)
Related party balances and transactions
Amount of transaction			$ 7,007
Additional period		8 years
Interest rate					5.00%
Acquisition of software license rights \| Financial support to related parties
Related party balances and transactions
Amount of transaction	$ 6,880			$ 27,413	$ 0	$ 0	$ 21,020	¥ 150,000
Interest rate	4.06%			4.20%
Xingji Meizu \| Related Party
Related party balances and transactions
Additional period		8 years

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.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Sale of investment in U Chance In January 2026, the Group disposed of its entire equity interest in U Chance to Dongjun Group for a consideration of RMB6,132 (equivalent to US$878). Unsecured loan to Xingji Meizu In March 2026, the Group entered into an unsecured loan agreement to provide a loan to Xingji Meizu in an amount of RMB100,000 (equivalent to US$14,326) with an interest rate of 4.06% per annum and maturity date of June 27, 2026.

Fair value measurement

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair value measurement

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

The following tables set the major financial instruments measured at fair value, by level within the fair value hierarchy as of December 31, 2024 and 2025.


		Fair Value Measurement at Reporting Date Using
	Fair Value as of December 31, 2025	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
	US$	US$	US$	US$
Assets
Prepayments and other current assets, net –derivative asset	175	175	—	—
Long-term investments, net – equity securities	17,507	17,507	—	—
Long-term investments, net – available-for-sale debt investments	42,833	—	—	42,833

Liabilities
Warrant liabilities – public warrants	676	676	—	—
Warrant liabilities – private warrants	449	—	—	449
Accrued expenses and other current liabilities – derivative liability	871	—	—	871


		Fair Value Measurement at Reporting Date Using
	Fair Value as of December 31, 2024	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
	US$	US$	US$	US$
Assets
Long-term investments, net – equity securities	728	728	—	—

Liabilities
Warrant liabilities – public warrants	750	750	—	—
Warrant liabilities – private warrants	451	—	—	451

Valuation techniques

Derivative asset: Derivative asset represents a forward contract. The fair value is determined using quoted prices for the underlying securities in active markets and accordingly, the Company classifies the valuation techniques that use these inputs as Level 1.

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 9 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 14 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. The fair value of derivative liability is measured using income approach. See Note 16 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, operating lease liabilities, payables included in accrued expenses and other current liabilities and other non-current liabilities. As of December 31, 2024 and 2025, 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 property and equipment and intangible assets, would be measured at fair value only if they were determined to be impaired. See Note 11 for information about the significant unobservable inputs used in the fair value measurement of intangible assets – developed technology.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

Cash and restricted cash - Schedule of deposited with financial institutions (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

^[1]

Dec. 31, 2022

^[1]

Cash and restricted cash shown in the consolidated statements of cash flows

$ 93,256

$ 50,164

^[1]

$ 84,093

$ 130,679

Cash on hand

Total cash balances

93,256

50,164

Chinese mainland

Cash and restricted cash shown in the consolidated statements of cash flows

80,686

41,729

Chinese mainland | RMB

Cash and restricted cash shown in the consolidated statements of cash flows

78,546

29,736

Chinese mainland | US

Cash and restricted cash shown in the consolidated statements of cash flows

2,134

11,979

Chinese mainland | GBP

Cash and restricted cash shown in the consolidated statements of cash flows

Chinese mainland | HKD

Cash and restricted cash shown in the consolidated statements of cash flows

Sweden

Cash and restricted cash shown in the consolidated statements of cash flows

10,164

7,492

Sweden | US

Cash and restricted cash shown in the consolidated statements of cash flows

Sweden | SEK

Cash and restricted cash shown in the consolidated statements of cash flows

3,429

5,191

Sweden | Euro

Cash and restricted cash shown in the consolidated statements of cash flows

6,735

2,272

United Kingdom

Cash and restricted cash shown in the consolidated statements of cash flows

1,118

665

United Kingdom | GBP

Cash and restricted cash shown in the consolidated statements of cash flows

1,118

665

Cash and restricted cash shown in the consolidated statements of cash flows

$ 1,288

$ 278

[1]	Restated (refer to Note 2(c))

Other non-operating (expenses) income, net - Schedule Of Other Non-Operating Expenses (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Other Income and Expenses [Abstract]

Change in fair value of an equity security

$ (221)

$ (6,114)

^[1]

$ (3,208)

^[1]

Change in fair value of warrant liabilities

(477)

^[1]

1,675

^[1]

Change in fair value of derivative financial assets

175

^[1]

Change in fair value of derivative financial liabilities

214

^[1]

Government grants

5,942

2,798

1,672

Foreign currency exchange losses, net

(1,223)

(973)

(1,479)

Others, net

941

Other Income and Expenses [Abstract]

$ 5,904

$ (4,766)

^[2]

$ (1,340)

^[2]

[1]	Restated (refer to Note 2(c))
[2]	Restated (refer to Note 2(c))

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

12 Months Ended

Dec. 31, 2025

Schedule of Other Nonoperating (expenses) income

Other non-operating (expenses) income, net consisted of the following:


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Change in fair value of equity securities (Note 9)	(3,208)	(6,114)	(221)
Change in fair value of warrant liabilities (Note 14)	1,675	(477)	76
Change in fair value of derivative assets (Note 9)	—	—	175
Change in fair value of derivative liabilities (Note 16)	—	—	214
Government grants	1,672	2,798	5,942
Foreign currency exchange losses, net	(1,479)	(973)	(1,223)
Others, net	—	—	941
Total other non-operating (expenses) income, net	(1,340)	(4,766)	5,904

Schedule of deferred government grants

As of December 31, 2024 and 2025, deferred government grants are recorded as follow:


	As of December 31,
	2024	2025
	US$	US$
Accrued expenses and other current liabilities	795	853
Other non-current liabilities – third parties1	13,349	20,675

Share based compensation - Activities of options and PSUs (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares
Number of options
Outstanding at the beginning (in shares) \| shares	15,935,056
Granted (in shares) \| shares	7,850,532
Forfeited (in shares) \| shares	(490,137)
Exercised (in shares) \| shares	(663,908)
Outstanding at the end (in shares) \| shares	22,631,543
Exercisable (in shares) \| shares	13,853,496
Weighted Average Exercise Price
Outstanding at the beginning (in USD per share)	$ 6.65
Granted (in USD per share)	0.34
Forfeited (in USD per share)	0.75
Exercised (in USD per share)	0.50
Outstanding at the end (in USD per share)	4.77
Exercisable (in USD per share)	7.55
Weighted Average Fair value at grant date
Outstanding at the beginning (in USD per share)	2.57
Granted (in USD per share)	1.66
Forfeited (in USD per share)	1.27
Exercised ( in USD per share)	1.22
Outstanding at the end (in USD per share)	2.32
Exercisable (in USD per share)	$ 2.50
Weighted remaining contractual years
Outstanding	7 years 6 months 7 days
Exercisable	6 years 2 months 26 days
Outstanding \| $	$ 52,545
Exercisable \| $	$ 34,602

Related party balances and transactions - Revenues (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

$ 847,858

$ 771,530

^[1]

$ 662,226

^[1]

757,790

682,986

552,310

Sales of goods revenues | Related Party

703,093

611,245

^[1]

467,403

^[1]

Automotive computing platform

622,115

531,994

383,228

Automotive computing platform | Related Party

627,067

536,582

385,886

621,422

531,416

379,382

SoC Core Modules

SoC Core Modules | Related Party

74,910

73,944

70,140

Automotive merchandise and other products

224

Automotive merchandise and other products | Related Party

1,116

719

11,377

Automotive merchandise and other products | Related Party | Zhejiang Huanfu

630

354

3,788

Automotive merchandise and other products | Related Party | Hubei ECARX

148

Software license revenues | Related Party

29,698

42,455

^[1]

62,796

^[1]

Software license revenues | Related Party | Zhejiang Huanfu

27,555

34,332

41,389

Software license revenues | Related Party | Xingji Meizu

5,550

11,292

2,117

Service revenues

Service revenues | Related Party

115,067

117,830

^[1]

132,027

^[1]

Automotive computing Platform – Design and development service

108,120

116,660

127,693

Automotive computing Platform – Design and development service | Related Party

69,827

78,470

94,641

Automotive computing Platform – Design and development service | Related Party | Zhejiang Huanfu

63,518

78,020

94,398

Automotive computing Platform – Design and development service | Related Party | Xingji Meizu

13,458

2,778

Connectivity service

Connectivity service | Related Party

36,834

34,112

31,142

36,356

34,102

28,139

Other services

Other services | Related Party

8,406

5,248

6,244

Other services | Related Party | Zhejiang Huanfu

8,246

4,538

5,156

$ 0

$ 15

$ 620

[1]	Restated (refer to Note 2(c))

Inventories - Additional information (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Inventory write-down

$ 1,340

$ 925

^[1]

$ 1,502

^[1]

[1]	Restated (refer to Note 2(c))

Acquisitions

12 Months Ended

Dec. 31, 2025

Acquisitions

a.Combinations between entities under common control

(i) Acquisition of HF Tech Europe AB (“HF EU”)

On June 30, 2024, Ecarx Sweden AB. (“Ecarx SE”) acquired all issued and outstanding shares of HF EU, an entity under common control, at a purchase consideration of SEK21,271 (equivalent to US$1,915) which was settled in December 2024. Both the Group and HF EU are under the control of Mr. Eric Li (Shufu Li). As the acquisition of HF EU was a combination between entities under common control, the consolidated financial statements have been presented by combining assets, liabilities, revenues, expenses and equity of the Group and HF EU using the pooling-of-interests method. All intercompany transactions and balances between the combining entities have been eliminated.

(ii) Acquisition of JICA Intelligent Robotics Co., Ltd. (“JICA”)

On June 30, 2023, ECARX (Hubei) Tech Co., Ltd. (“ECARX (Hubei) Tech”) made additional capital injection amounting to RMB266,667 (equivalent to US$36,775) to JICA, of which RMB201,000 (equivalent to US$27,367) was settled as of December 31, 2025, and the remaining RMB65,667 (equivalent to US$9,408) is payable in 2026. Prior to the capital injection, ECARX (Hubei) Tech held 50% ownership interest in JICA, with the other 50% owned by Geely Automotive Group Co., Ltd. (“Geely Auto”). Both the Group and JICA are under the control of Mr. Eric Li (Shufu Li). Following the additional investment in JICA, ECARX (Hubei) Tech has a controlling interest of 70% in JICA. As the acquisition of JICA was a combination between entities under common control, the consolidated financial statements have been presented by combining assets, liabilities, revenues, expenses and equity of the Group and JICA using the pooling-of-interests method as if the transaction occurred at the beginning of the comparative period presented. All intercompany transactions and balances between the combining entities have been eliminated.

b.Acquisition of Hubei Dongjun

On May 20, 2024, the Group entered into an agreement with Hubei Dongjun Industrial Group (the “Dongjun Group”) to acquire the remaining 51% interest in Hubei Dongjun from Dongjun Group for a total consideration of RMB23,500 (equivalent to US$3,230) of which RMB11,750 (equivalent to US$1,616) was paid in July 2024 and the remaining RMB11,750 (equivalent to US$1,614) was settled in 2025. Following this, Hubei Dongjun became a wholly-owned subsidiary of the Group. The acquisition was consummated in July 2024 and was recorded as a business combination achieved in stages, or a step acquisition, using the acquisition method of accounting. At the acquisition date, the fair value of previously-held equity method investment was RMB22,200 (equivalent to US$3,039) determined using the

Income Approach valuation technique and resulted in a gain of RMB1,174 (equivalent to US$161) on remeasurement of previously-held equity method investment to fair value.

The allocation of purchase price to the fair value of the assets acquired and liabilities assumed were as follows:


						US$
Cash						51
Accounts receivable - third parties, net						4,326
Prepayments and other current assets						110
Inventories						966
Notes receivable						603
Property and equipment, net						1,776
Intangible assets, net						99
Non-deductible goodwill						3,522
Short-term borrowings						(978)
Accounts payable - third parties						(3,783)
Accrued expenses and other current liabilities						(436)
Carrying value of existing investment						(2,865)
Gain on equity method investment derecognized						(161)
Total consideration						3,230

Supplemental schedule of noncash investing and financing activities
Fair values of assets acquired and liabilities assumed excluding cash of RMB374 (equivalent to US$51)						2,696
Non-deductible goodwill						3,522
Fair value of derecognized investment						(3,039)
Consideration payable as included in "accrued expenses and other current liabilities"						(1,614)
Consideration paid						1,565

Goodwill has been allocated to our China reporting unit which is determined by the Group to be ECARX (Hubei) Tech and its subsidiaries, as this is a component of our operating segment which is a business and for which discrete financial information is available and segment management regularly reviews its operating results.

c.Asset acquisition of Suzhou Photon-Matrix Optoelectronics Technology Co., Ltd (“Suzhou Photon Matrix”)

On January 31, 2024, the Group entered into share purchase agreements with existing third-party shareholders of Suzhou Photon- Matrix, pursuant to which the Group acquired 13.10% additional equity interest in Suzhou Photon-Matrix for a total cash consideration of RMB46,306 (equivalent to US$6,422). Prior to the transaction, the Group held 49.17% equity interest in Suzhou Photon-Matrix and accounted for the interest as an equity method investment (refer to Note 9). As a result of the transactions, the Group’s equity interest increased to 62.27%, and the Group obtained control in Suzhou Photon- Matrix.

The transaction was accounted for as an asset acquisition rather than a business combination as what the Group acquired does not include a substantive process that together with input to significantly contribute to the ability to create output. In determining the cost basis to be allocated to assets acquired, the Group measured its previously held equity interest and noncontrolling interest at their carrying values. The cost of assets acquired was allocated to the individual assets acquired or liabilities assumed based on their relative fair values. A deferred tax liability of RMB34,348 (equivalent to US$4,788) was determined by using a simultaneous equation, and this increased the carrying amount of the developed technology intangible asset acquired to RMB138,569 (equivalent to US$19,315). The Group assessed the estimated useful life of the developed technology to be 10 years.


						US$
Supplemental schedule of noncash investing and financing activities
Assets acquired and liabilities assumed excluding cash of RMB1,121 (equivalent to US$156)						13,907
Carrying amount of derecognized investment						(4,855)
Noncontrolling interest						2,002
Deferred tax liability						(4,788)
Consideration paid						6,266

In July 2024, the Group further acquired 0.69% interest in Suzhou-Photon Matrix for a consideration of US$332 from a third-party shareholder and the difference of US$295 between consideration paid and carrying amount of the acquired interest was recorded in additional paid-in capital as this transaction is presented as equity transaction among owners.

The entire disclosure for business combination.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-38

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 46
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-46

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 43
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-43

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 45
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-45

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 29
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-29

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 29
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-29

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-4

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 40
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479326/805-40-45-1

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-30/tableOfContent

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-20/tableOfContent

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-5

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-10/tableOfContent

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS DEFICIT (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Statement of Stockholders' Equity [Abstract]
Issuance of Class A ordinary shares under 2022 Share Incentive Plan (Note 19)	$ 332	$ 98

Share based compensation - Compensation expense recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share based compensation
Total compensation expense recognized	$ 13,341	$ 19,056	$ 24,866
Selling, general and administrative expenses
Share based compensation
Total compensation expense recognized	11,693	16,836	20,895
Research and development expenses
Share based compensation
Total compensation expense recognized	$ 1,648	$ 2,220	$ 3,971

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Related party balances and transactions - Transactions (Details)
¥ in Thousands, $ in Thousands

1 Months Ended

12 Months Ended

Aug. 31, 2025

USD ($)

Nov. 30, 2023

USD ($)

Sep. 30, 2023

USD ($)

Dec. 31, 2025

USD ($)

Dec. 31, 2024

USD ($)

Dec. 31, 2023

USD ($)

Dec. 31, 2023

CNY (¥)

$ 7,007

$ 23,772

$ 18,568

^[1]

$ 11,239

^[1]

Hubei ECARX | Related Party

1,818

2,165

1,717

Purchase of products and services

39,822

Purchase of products and services | Zhejiang Huanfu

309,303

157,588

89,732

Purchase of products and services | Hubei ECARX

697

3,485

14,398

Purchase of products and services | Xingji Meizu

1,065

2,524

467

23,227

16,456

386

Rental of office space

Rental of office space | Related Party

672

778

652

672

778

652

Other income

Interest income on loans due from related parties

1,009

Interest income on loans due from related parties | Hubei ECARX

150

748

Interest income on loans due from related parties | Xingji Meizu

2,128

1,561

1,504

253

Loans to related parties

Loans to related parties | Xingji Meizu

11,371

1,488

29,433

Cash collections of loans and advances to related parties

Cash collections of loans and advances to related parties | Xingji Meizu

5,832

2,439

29,388

Repayment of borrowings from related parties

27,413

Borrowings from related parties

188,495

83,381

44,458

Debt assignment and offset with related parties

153,972

62,360

44,458

Advance from related parties

29,415

Prepayments to related parties

15,759

Prepayments to related parties | Xingji Meizu

Financial support to related parties | Acquisition of software license rights

26,504

Condensed statements of comprehensive loss

$ 6,880

$ 27,413

$ 0

$ 21,020

¥ 150,000

[1]	Restated (refer to Note 2(c))

Parent only financial information - Condensed statements of comprehensive loss (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

$ 3,710

$ 3,078

^[1]

$ 4,313

^[1]

Foreign currency exchange gains (losses)

23,772

18,568

^[1]

11,239

^[1]

(1,223)

(973)

(1,479)

Changes in fair value of financial instruments

(221)

(6,114)

^[2]

(3,208)

^[2]

Net loss available to ECARX Holdings Inc. ordinary shareholders

(67,695)

(137,541)

^[1]

(144,424)

^[1]

Income tax expenses

1,244

210

^[1]

(525)

^[1]

(66,043)

(129,765)

^[1]

(133,315)

^[1]

Parent company

Condensed statements of comprehensive loss

General and administrative expenses

(3,874)

(3,629)

(3,442)

1,639

1,617

773

Foreign currency exchange gains (losses)

(11,286)

(8,312)

(3,659)

(425)

(4)

178

Share of losses from subsidiaries

(52,341)

(112,846)

(125,632)

Changes in fair value of financial instruments

244

(6,591)

(1,533)

Net loss available to ECARX Holdings Inc. ordinary shareholders

(66,043)

(129,765)

(133,315)

Income tax expenses

$ (66,043)

$ (129,765)

$ (133,315)

[1]	Restated (refer to Note 2(c))
[2]	Restated (refer to Note 2(c))

Intangible assets, net - Additional information (Details) $ in Thousands	1 Months Ended
	May 31, 2025	Nov. 30, 2023 USD ($) installment	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Intangible assets, net
Software licensing agreement period		3 years
Number of installments \| installment		3
Amount of transaction		$ 7,007
Intangible assets			$ 78,370	$ 66,927
Amortization period			3 years
Additional period	8 years
Distribution and licensing rights
Intangible assets, net
Intangible assets			$ 20,141

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.

Beginning balance (in shares) at Dec. 31, 2022

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

Common Stock

Class A Ordinary Shares

Common Stock

Class B Ordinary Shares

Treasury Shares

Additional paid-in capital

Accumulated deficit

Accumulated other comprehensive loss

Noncontrolling interests

^[1]

288,434,474

48,960,916

Beginning balance at Dec. 31, 2022

^[1]

$ (4,994)

$ (28,470)

$ 2

$ 0

$ 853,365

$ (861,372)

$ (20,465)

$ 23,476

CHANGES IN SHAREHOLDERS' DEFICIT

Share-based compensation (Note 20)

(143,899)

(133,315)

(10,584)

24,866

Combination of a subsidiary under common control (Note 3.a)

409

Issuance of Class A ordinary shares under 2022 Share Incentive Plan (in shares)

554,575

Foreign currency translation adjustment, net of nil income taxes

6,505

^[2]

7,185

(680)

Ending balance (in shares) at Dec. 31, 2023

^[1]

288,989,049

48,960,916

Ending balance, treasury (in shares) at Dec. 31, 2023

Ending balance at Dec. 31, 2023

(117,113)

^[1]

(129,325)

^[1]

$ 2

^[1]

$ 0

^[1]

$ 0

878,640

^[1]

(994,687)

^[1]

(13,280)

^[1]

12,212

^[1]

CHANGES IN SHAREHOLDERS' DEFICIT

Share-based compensation (Note 20)

(137,751)

(129,765)

(7,986)

18,515

Combination of a subsidiary under common control (Note 3.a)

(1,948)

Acquisition of Suzhou Photon-Matrix (Note 3.c)

(2,002)

Acquisition of noncontrolling interests (Note 3.c)

(332)

(295)

(37)

Issuance of Class A ordinary shares under 2022 Share Incentive Plan (in shares)

7,180,061

Issuance of Class A ordinary shares under 2022 Share Incentive Plan (Note 19)

Repurchase of ordinary shares (in shares)

(5,003,000)

5,003,000

Repurchase of ordinary shares (Note 19)

(1,019)

$ (1,019)

Foreign currency translation adjustment, net of nil income taxes

$ 3,849

^[2]

4,071

(222)

Ending balance (in shares) at Dec. 31, 2024

291,166,110

48,960,916

291,166,110

48,960,916

Ending balance, treasury (in shares) at Dec. 31, 2024

5,003,000

Ending balance at Dec. 31, 2024

$ (237,703)

^[3]

(239,668)

$ 2

$ 0

$ (1,019)

895,010

(1,124,452)

(9,209)

1,965

CHANGES IN SHAREHOLDERS' DEFICIT

Share-based compensation (Note 20)

(68,939)

(66,043)

(2,896)

13,341

Issuance of Class A ordinary shares under 2022 Share Incentive Plan (in shares)

8,130,272

Issuance of Class A ordinary shares under 2022 Share Incentive Plan (Note 19)

332

Issuance of ordinary shares upon follow-on public offering (in shares)

25,000,000

Issuance of Class A ordinary shares upon follow-on public offering (Note 19)

42,578

Re-designated ordinary shares from class B to Class A (in shares)

3,000,000

(3,000,000)

Re-designated ordinary shares from class B to Class A (Note 19)

Repurchase of ordinary shares (in shares)

(20,897,751)

20,897,751

Repurchase of ordinary shares (Note 19)

(28,985)

$ (28,985)

Issuance of Class A ordinary shares for convertible notes conversion (Note 18) (in shares)

4,107,146

3,000,000

4,107,146

Issuance of Class A ordinary shares for convertible notes conversion (Note 19)

7,664

$ 7,664

7,664

Waiver of loan receivables from a related party under common control (Note 28)

(873)

Fair value change of available-for-sale debt investment (Note 9)

(143)

Foreign currency translation adjustment, net of nil income taxes

$ (10,747)

(10,867)

120

Ending balance (in shares) at Dec. 31, 2025

310,505,777

45,960,916

310,505,777

45,960,916

Ending balance, treasury (in shares) at Dec. 31, 2025

25,900,751

Ending balance at Dec. 31, 2025

$ (283,475)

$ (282,664)

$ 2

$ 0

$ (30,004)

$ 958,052

$ (1,190,495)

$ (20,219)

$ (811)

[1]	efer to Note 2(c))
[2]	Restated (refer to Note 2(c))
[3]	Restated (refer to Note 2(c))

Acquisitions - Assets acquired and liabilities assumed (Details)
¥ in Thousands, $ in Thousands

12 Months Ended

Jul. 31, 2024

USD ($)

Jul. 31, 2024

CNY (¥)

May 20, 2024

USD ($)

May 20, 2024

CNY (¥)

Jan. 31, 2024

USD ($)

Dec. 31, 2025

USD ($)

Dec. 31, 2024

USD ($)

May 20, 2024

CNY (¥)

Jan. 31, 2024

CNY (¥)

$ 3,686

$ 3,504

^[1]

Deferred tax liability

(1,689)

$ (2,056)

Dongjun Group

Prepayments and other current assets

$ 51

¥ 374

110

966

603

1,776

Intangible assets, net

Accounts payable - third parties

3,522

Short-term borrowings

(978)

(3,783)

Carrying value of existing investment

(436)

(2,865)

Gain on equity method investment derecognized

(161)

Amount of cash consideration

3,230

¥ 23,500

Fair value of assets acquired and liabilities assumed excluding cash

2,696

Fair value of derecognized investment

(3,039)

¥ (22,200)

Payment to acquire business

$ (1,616)

¥ (11,750)

(1,614)

$ (1,614)

Consideration paid

1,565

Dongjun Group | Nonrelated Party

Accounts receivable - third parties, net

$ 4,326

Suzhou Photon-Matrix

Fair value of assets acquired and liabilities assumed excluding cash

$ 156

¥ 1,121

13,907

Fair value of derecognized investment

(4,855)

Noncontrolling interest

2,002

Deferred tax liability

(4,788)

Consideration paid

$ 6,266

[1]	Restated (refer to Note 2(c))

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Ordinary shares, shares authorized (in shares)	10,000,000,000
Treasury shares (in shares)	25,900,751	5,003,000
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)	336,406,528	296,169,110
Ordinary shares, shares outstanding (in shares)	310,505,777	291,166,110
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	48,960,916
Ordinary shares, shares outstanding (in shares)	45,960,916	48,960,916

Share based compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Share based compensation

(a) Restricted Share Unit ("RSU")

2019 RSU Plan

In December 2019, Mr. Ziyu Shen set up a trust (the “Trust”), of which he acted as the sole beneficiary. He transferred 23,859,142 ordinary shares he owned, representing 10.0% of total outstanding shares of the Company, to the Trust, and entered into 2019 RSU agreements with key employees and external consultants, which were modified in December 2021 (the “2019 Modified RSU Plan”). 2019 Modified RSU Plan entitled the grantees to purchase the economic beneficial right of the ordinary shares in the Trust.

RSUs granted under the 2019 RSU Plan have a contractual term of ten years and have varying vesting terms that requires the grantees to render services for a period maximum to five years under which the grantees earn an entitlement to vest over such stipulated services period.

Pursuant to the 2019 Modified RSU Plan, the Company granted an aggregate number of 4,342,364, nil and 230,000 RSUs to employees during the years ended December 31, 2023, 2024 and 2025, respectively. In July 2025, in connection with an employee’s termination of employment, the employee voluntarily surrendered to the Company 230,000 vested RSUs, which were cancelled without consideration.

Modifications

During the years ended December 31, 2023, 2024 and 2025, the vesting condition or exercise price of 4,175,352, 4,935,321 and 2,396,730 RSUs, respectively, granted under the 2019 Modified RSU Plan were modified. The Company accounted for those modifications as a Type I (probable-to-probable) modification and recognized incremental compensation costs of US$2,349, US$1,458 and US$28, respectively.

2022 Share Incentive Plan

In December 2022, the Company’s Board of Directors approved a share award plan (the “2022 Share Incentive Plan”) for the granting of options, restricted shares, restricted share units or other equity incentive awards (collectively referred to as the ‘‘Awards’’), to attract and retain the best available personnel, provide additional incentives to employees, directors and consultants, and promote the success of the Company’s business. The maximum aggregate number of ordinary shares that may be issued under the 2022 Share Incentive Plan is 18,903,472.

RSUs granted under the 2022 Share Incentive Plan have a contractual term of ten years and have varying vesting terms that requires the grantees to render services for a period maximum to four years under which the grantees earn an entitlement to vest over such stipulated services period.

During the years ended December 31, 2023, 2024 and 2025, 460,671, 1,256,490 and 97,195 RSUs were granted under the 2022 Share Incentive Plan, respectively, among which, 460,671, 824,830 and 76,923 RSUs were granted to directors or officers, respectively.

The following table summarizes activities of the Company’s RSUs for the year ended December 31, 2025:


	Number of RSUs	Weighted Average Exercise Price	Weighted Average Fair value at grant date	Weighted remaining contractual years	Aggregate intrinsic value
		US$	US$		US$
Outstanding as of December 31, 2024	11,863,038	0.31	4.04	—	—
Granted (new RSUs)	327,195	—*	1.71	—	—
Granted (replacement RSUs)	2,396,730	0.67	1.48	—	—
Forfeited	(52,019)	—	2.02	—	—
Replaced	(2,396,730)	0.74	3.27	—	—
Exercised	(8,998,984)	0.33	5.14	—	—
Cancelled	(230,000)	0.38	5.05	—	—
Outstanding as of December 31, 2025	2,909,230	0.38	2.02	7.23	3,423
Exercisable as of December 31, 2025	2,761,834	0.43	1.84	3.20	3,133

* Amount less than US$0.01

The weighted-average grant-date fair value of RSUs granted for the years ended December 31, 2023, 2024 and 2025 was US$1.65, US$1.83 and US$1.71 per RSU, respectively. Total intrinsic value of RSUs exercised was US$55,086, US$23,901 and US$46,764 for the years ended December 31, 2023, 2024 and 2025, respectively.

The fair value of the RSUs granted in 2023, 2024 and 2025 was estimated using the binomial model with the following assumptions used:


	Year ended December 31,
	2023	2024	2025
Risk-free rate of return (i)	2.65% - 4.25%	4.06%	3.94% - 3.95%
Volatility (ii)	44.58% - 44.73%	44.56%	47.57% - 47.65%
Expected dividend yield (iii)	0.0%	0.0%	0.0%
Fair value of underlying ordinary share (iv)	US$3.68-US$6.91	US$0.96 - US$1.60	US$1.72 - US$2.50
Expected terms (v)	10 years	10 years	10 years

___________________________

ii.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 RSUs.

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

iv.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.

v.Expected term is the contract life of the RSUs.

As of December 31, 2025, US$159 of total unrecognized compensation expense related to the RSUs is expected to be recognized over a weighted-average period of 2.7 years.

(b) Performance Share Units (“PSUs”)

In June 2024, the Group’s board of directors approved the grant of total 6,000,000 PSUs to certain executive officers under the 2022 Share Incentive Plan with nil exercise price. The vesting of PSUs is contingent on meeting certain financial performance targets, market conditions and continued service.

The following table summarizes activities of the Company’s PSUs for the year ended December 31, 2025:


	Number of PSUs	Weighted Average Fair value at grant date
		US$
Outstanding as of December 31, 2024	2,000,000	1.69
Granted	933,334	1.72
Vested	(928,667)	1.71
Forfeited	(1,674,667)	1.70
Cancelled	(330,000)	1.69
Outstanding as of December 31, 2025	—	—

The weighted-average grant-date fair value of PSUs granted for the years ended December 31, 2024 and 2025 was US$1.69 and US$1.72 per PSU, respectively. Total intrinsic value of PSUs exercised was nil and US$781 for the years ended December 31, 2024 and 2025, respectively.

The fair value of the PSUs granted in 2024 was estimated using the Monte Carlo simulation with the following assumptions used. The fair value of the PSUs granted in 2025 was estimated using the closing price as of the grant dates of listed trading price of the Company.


Grant date:						Year ended December 31, 2024
Risk-free rate of return (i)						4.26%
Volatility (ii)						43.25%
Expected dividend yield (iii)						0.00%
Fair value of underlying ordinary share (iv)						US$1.69
Expected terms (v)						10 years

(ii)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 PSUs.

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

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

(v)Expected term is the contract life of the PSUs.

2021 Option Plan

In July 2021, the Company’s shareholders and Board of Directors approved a share option plan (the “2021 Option Plan”), which granted the employees, directors and officers an option to purchase ordinary shares of the Company at an exercise price of US$9.70 per share. The grantees are entitled to cumulative vesting of 25% of the total grants for every twelve-month service period since their employment commencement. The share options can only be exercised upon the occurrence a qualified IPO. The maximum aggregate number of ordinary shares that may be issued under the 2021 Option Incentive Plan is 16,802,069.

In January 2023, the Company granted 63,464 share options to certain employees.

2022 Share Incentive Plan

Share options granted under the 2022 Share Incentive Plan have a contractual term of ten years and have varying vesting terms that requires the grantees to render services for a period maximum to four years under which the grantees earn an entitlement to vest over such stipulated services period.

During the years ended December 31, 2023, 2024 and 2025, 93,904, 5,821,580 and 7,850,352 options were granted under the 2022 Share Incentive Plan, respectively, among which, 93,904, 246,724 and 202,532 options were granted to directors or officers, respectively.

The following table summarizes activities of the options for the year ended December 31, 2025.


	Number of options	Weighted Average Exercise Price	Weighted Average Fair value at grant date	Weighted remaining contractual years	Aggregate intrinsic value
		US$	US$		US$
Outstanding at December 31, 2024	15,935,056	6.65	2.57	—	—
Granted	7,850,532	0.34	1.66	—	—
Forfeited	(490,137)	0.75	1.27	—	—
Exercised	(663,908)	0.50	1.22	—	—
Outstanding at December 31, 2025	22,631,543	4.77	2.32	7.52	52,545
Exercisable as of December 31, 2025	13,853,496	7.55	2.50	6.24	34,602

The weighted-average grant-date fair value of options granted for the years ended December 31, 2023, 2024 and 2025 was US$3.12, US$1.24 and US$1.66 per option, respectively. Total intrinsic value of options exercised was nil, US$136 and US$812 for the years ended December 31, 2023, 2024 and 2025, respectively.

The fair value of the options granted in 2023, 2024 and 2025 was estimated using the binomial model with the following assumptions used:


	Year ended December 31,
	2023	2024	2025
Risk-free rate of return (i)	3.79% – 3.88%	4.48% - 4.69%	4.09% - 4.58%
Volatility (ii)	44.37% – 44.95%	47.09% - 47.34%	46.39% - 47.34%
Expected dividend yield (iii)	0.0%	0.0%	0.0%
Fair value of underlying ordinary share (iv)	US$3.16 - US$8.02	US$1.14 - US$1.84	US$1.57 - US$2.11
Expected terms (v)	10 years	10 years	10 years

ii.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.

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

iv.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.

v.Expected term is the contract life of the option awards.

As of December 2025, US$7,036 of total unrecognized compensation expense related to the options is expected to be recognized over a weighted-average period of 3.23 years.

Compensation expense recognized for RSUs, PSUs and options for the years ended December 31, 2023, 2024 and 2025 is allocated as follows.


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Selling, general and administrative expenses	20,895	16,836	11,693
Research and development expenses	3,971	2,220	1,648
Total	24,866	19,056	13,341

Other non-current assets - third parties

12 Months Ended

Dec. 31, 2025

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

Other non-current assets - third parties


	As of December 31
	2024	2025
	US$	US$
Contract cost assets	—	26,620
Others	3,880	3,569
Prepayments and other current assets	3,880	30,189

Property and equipment, net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and equipment, net, consisted of the following:


	As of December 31,
	2024	2025
	US$	US$
Machinery and electronic equipment	39,512	50,915
Transportation vehicles	576	786
Office and other equipment	2,894	2,033
Leasehold improvements	7,456	8,922
Construction in progress	2,009	420
Property and equipment	52,447	63,076
Less: accumulated depreciation	(29,194)	(35,063)
Less: impairment	(1,398)	(1,308)
Property and equipment, net	21,855	26,705

Depreciation on property and equipment was allocated as follows:


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Cost of revenues	77	618	1,515
Selling, general and administrative expenses	4,222	2,581	2,273
Research and development expenses	3,317	4,681	3,878
Total depreciation expenses	7,616	7,880	7,666

Impairment loss on obsolete and damaged equipment of property and equipment was allocated as follows:


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Selling, general and administrative expenses	64	—	—
Research and development expenses	965	144	119
Total impairment loss	1,029	144	119

Ordinary shares and treasury shares	12 Months Ended
Ordinary shares and treasury shares	Dec. 31, 2025
Equity [Abstract]
Ordinary shares and treasury shares	Ordinary shares and treasury shares The authorized share capital of the Company is US$50 divided into 10,000,000,000 shares comprising of (i) 8,000,000,000 Class A Ordinary Shares with par value of US$0.000005 each, (ii) 1,000,000,000 Class B Ordinary Shares with par value of US$0.000005 each, and (iii) 1,000,000,000 shares with par value of US$0.000005 each of such class or classes (however designated) as the Board of Directors may determine in accordance with the Articles. Ordinary shares In 2023, the Company issued 554,575 Class A Ordinary Shares for the 2022 Share Incentive Plan. In 2024, the Company issued 7,180,061 Class A Ordinary Shares for the 2022 Share Incentive Plan. In 2025, the Company issued 8,130,272 Class A Ordinary Shares for the 2022 Share Incentive Plan. On March 28, 2025, the Group issued 25,000,000 Class A ordinary shares upon follow-on public offering at a public offering price of US$1.80 per share. The Group received net proceeds of US$42,578. During the year ended December 31, 2025, the Group issued 4,107,146 Class A ordinary shares upon conversion of aggregate US$7,664 principal amount of its convertible notes. In 2025, 3,000,000 Class B ordinary shares held by Jie&Hao Holding Limited were converted into equivalent number of Class A ordinary shares. Treasury shares On July 15, 2024, the Company received a written notice from a shareholder relating to the surrender of 4,500,000 Class A ordinary shares of the Company by that shareholder for no consideration. These surrendered shares were designated and held in the name of the Company as treasury shares. In December 2024, the Group 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 year ended December 31, 2025, the Company repurchased 20,897,751 shares (2024: 503,000 shares) in the open market for a total consideration, including related expenses, of US$28,985 (2024: US$1,019) which are reported as treasury shares on the consolidated balance sheets.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: 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 8: 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 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: 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 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: 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 14: 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 15: 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 16: 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

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Borrowings - Borrowings (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Short-term borrowings

Unsecured bank loans

$ 310,659

$ 185,243

^[1]

Unsecured debt

Long-term borrowings

Unsecured bank loans

5,587

Unsecured debt

Short-term borrowings

Unsecured bank loans

$ 310,659

$ 185,243

[1]	Restated (refer to Note 2(c))

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

$ 847,858

$ 771,530

^[1]

$ 662,226

^[1]

686,596

611,431

^[1]

483,608

^[1]

Selling, general and administrative expenses

123,337

174,864

^[1]

177,679

^[1]

93,841

108,195

^[1]

131,717

^[1]

3,710

3,078

^[1]

4,313

^[1]

23,772

18,568

^[1]

11,239

^[1]

Related Party

Selling, general and administrative expenses

10,068

15,979

4,894

837

1,233

2,482

2,278

1,623

2,252

1,818

2,165

1,717

703,093

611,245

^[1]

467,403

^[1]

Sales of goods revenues | Related Party

610,285

537,620

^[1]

385,929

^[1]

622,115

531,994

383,228

243,623

104,692

61,367

29,698

42,455

^[1]

62,796

^[1]

Software license revenues | Related Party

17,193

17,783

^[1]

16,978

^[1]

27,555

34,332

41,389

22,117

15,910

3,160

Service

115,067

117,830

^[1]

132,027

^[1]

59,118

56,028

^[1]

80,701

^[1]

Service | Related Party

108,120

116,660

127,693

$ 875

$ 2,480

$ 12,636

[1]	Restated (refer to Note 2(c))

Segment reporting - Segment reporting information (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

$ 847,858

$ 771,530

^[1]

$ 662,226

^[1]

Share-based compensation expense

(686,596)

(611,431)

^[1]

(483,608)

^[1]

Gross profit

161,262

160,099

^[1]

178,618

^[1]

13,341

19,056

24,866

Total operating expenses

(216,035)

(282,995)

^[1]

(308,634)

^[1]

Loss from operations

(54,773)

(122,896)

^[1]

(130,016)

^[1]

3,710

3,078

^[1]

4,313

^[1]

(Loss) gain from equity method investments, net

(23,772)

(18,568)

^[1]

(11,239)

^[1]

1,236

5,611

^[1]

(6,142)

^[1]

5,904

(4,766)

^[1]

(1,340)

^[1]

(67,695)

(137,541)

^[1]

(144,424)

^[1]

(1,244)

(210)

^[1]

525

^[1]

(68,939)

(137,751)

^[1]

(143,899)

^[1]

Reportable Segment

847,858

771,530

662,226

Operating expenses excluding share-based compensation expense

(686,596)

(611,431)

(483,608)

Gross profit

161,262

160,099

178,618

(229,376)

(302,051)

(333,500)

Share-based compensation expense

13,341

19,056

24,866

Total operating expenses

(216,035)

(282,995)

(308,634)

Loss from operations

(54,773)

(122,896)

(130,016)

3,710

3,078

4,313

(Loss) gain from equity method investments, net

(23,772)

(18,568)

(11,239)

1,236

5,611

(6,142)

5,904

(4,766)

(1,340)

(67,695)

(137,541)

(144,424)

(1,244)

(210)

525

$ (68,939)

$ (137,751)

$ (143,899)

[1]	Restated (refer to Note 2(c))

Accounts receivable, net - Schedule of Movement of the allowance for doubtful accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at the beginning of the year	$ 3,467	$ 2,064	$ 998
Additions	917	1,815	1,405
Reversal	(2,125)	(1)	(342)
Write-off	(675)	(321)	(72)
Foreign currency translation adjustments	124	(90)	75
Balance at the end of the year	$ 1,708	$ 3,467	$ 2,064

Long-term investments, net - Equity method investments (Details)
$ / shares in Units, ¥ in Thousands, RM in Thousands, $ in Thousands

1 Months Ended

12 Months Ended

Sep. 01, 2021

USD ($)

Sep. 01, 2021

CNY (¥)

Jul. 26, 2021

USD ($)

$ / shares

Jul. 26, 2021

CNY (¥)

Dec. 31, 2025

USD ($)

Dec. 31, 2025

CNY (¥)

Dec. 31, 2024

USD ($)

Dec. 31, 2024

CNY (¥)

Nov. 30, 2023

USD ($)

Nov. 30, 2023

CNY (¥)

Dec. 31, 2025

USD ($)

Dec. 31, 2025

MYR (RM)

Dec. 31, 2024

USD ($)

Dec. 31, 2023

USD ($)

May 31, 2024

USD ($)

May 31, 2024

CNY (¥)

Aug. 31, 2021

Jun. 30, 2019

Impairment loss recognized

$ 0

$ 894

$ 0

Cash contribution to acquire equity method investment

7,451

^[1]

Equity method investment distribution

$ 1,163

$ 1,436

1,163

1,436

892

$ 0

^[1]

$ 0

^[1]

SiEngine Technology Co., Ltd

Cash contribution to acquire equity method investment

$ 10,600

Value of shares issued to acquire equity method investment

95,800

Carrying amount of the Company's controlling shareholder

Excess of consideration over the carrying amount of the equity investment

$ 106,408

¥ 689,670

SiEngine Technology Co., Ltd | Series B Redeemable Convertible Preferred

Number of shares issued to acquire equity method investment | shares

9,882,082

Issuance price (in USD per share) | $ / shares

$ 9.70

SiEngine Technology Co., Ltd

Equity interest (as a percent)

34.61%

0.00%

Equity interest sold (as a percent)

3.29%

Proceeds from divestiture of interest

$ 17,947

¥ 130,000

Hubei Dongjun Automotive Electronics Technology Co., Ltd.

$ 0

Equity interest (as a percent)

49.00%

51.00%

Cash contribution to acquire equity method investment

$ 6,777

¥ 49,000

Equity interest sold (as a percent)

2.00%

Proceeds from divestiture of interest

$ 155

¥ 1,000

Proceeds from divestiture of interest in joint venture

$ 674

¥ 4,900

334

¥ 2,369

Equity interest in joint venture

Equity method investment distribution

294

ACO Tech Sdn. Bhd.

Equity interest (as a percent)

10.00%

$ 463

Distributed earnings

951

RM 4,000

Equity method earnings

$ 353

[1]	Restated (refer to Note 2(c))

Risks and concentration (Details) - Customer concentration risk	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts receivable - third parties, net \| Customer A, a third party
Risks and Concentration
Concentration risk percentage	23.30%	25.70%
Accounts receivable - third parties, net \| Customer B, a third party
Risks and Concentration
Concentration risk percentage	38.30%	54.10%
Accounts receivable - third parties, net \| Customer C, a third party
Risks and Concentration
Concentration risk percentage	18.40%
Accounts receivable - third parties, net \| Geely Group, Related Party
Risks and Concentration
Concentration risk percentage	69.70%	83.30%
Total revenues \| Geely Group, Related Party
Risks and Concentration
Concentration risk percentage	68.10%	81.80%	78.50%
Accounts payable \| Supplier A, a third party
Risks and Concentration
Concentration risk percentage	10.90%	14.60%
Accounts payable \| Supplier B, a third party
Risks and Concentration
Concentration risk percentage		28.20%
Accounts payable \| Supplier D, a third party
Risks and Concentration
Concentration risk percentage	21.90%	13.10%
Liabilities, Total \| Supplier A, a third party
Risks and Concentration
Concentration risk percentage	10.50%	17.30%	20.20%
Liabilities, Total \| Supplier B, a third party
Risks and Concentration
Concentration risk percentage		21.80%	15.40%
Liabilities, Total \| Supplier C, a third party
Risks and Concentration
Concentration risk percentage			12.10%
Liabilities, Total \| Supplier D, a third party
Risks and Concentration
Concentration risk percentage	28.90%	12.20%

Risks and concentration

12 Months Ended

Dec. 31, 2025

Risks and Uncertainties [Abstract]

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 and other receivables included in prepayments and other current assets.

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

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 Geely Group and its subsidiaries. Geely Group and its subsidiaries represents 83.3% and 69.7% of the Group’s accounts receivable - related parties, net, as of December 31, 2024 and 2025, respectively. During the years ended December 31, 2023, 2024 and 2025, Geely Group and its subsidiaries contributed 78.5%, 81.8% and 68.1% of the Group’s total related parties and third parties’ revenues, respectively, which 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 customers with greater than 10.0% of the accounts receivable - third parties, net:


	As of December 31,
	2024		2025
Customer A, a third party	25.7	%	23.3	%
Customer B, a third party	54.1	%	38.3	%
Customer C, a third party	Less than 10.0%		18.4	%

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


	As of December 31,
	2024		2025
Supplier A, a third party	14.6	%	10.9	%
Supplier B, a third party	28.2	%	Less than 10.0%
Supplier D, a third party	13.1	%	21.9	%

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


	Year Ended December 31,
	2023		2024		2025
Supplier A, a third party	20.2	%	17.3	%	10.5	%
Supplier B, a third party	15.4	%	21.8	%	Less than 10.0%
Supplier C, a third party	12.1	%	Less than 10.0%		Less than 10.0%
Supplier D, a third party	Less than 10.0%		12.2	%	28.9	%

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-3A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-2A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/275/tableOfContent

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

Acquisitions - Additional information (Details) ¥ in Thousands, kr in Thousands, $ in Thousands									6 Months Ended		12 Months Ended
	Jul. 31, 2024 USD ($)	Jul. 31, 2024 CNY (¥)	May 20, 2024 USD ($)	May 20, 2024 CNY (¥)	Jan. 31, 2024 USD ($)	Jan. 31, 2024 CNY (¥)	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 SEK (kr)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Jun. 30, 2025	Dec. 31, 2024 USD ($)	Jan. 31, 2024 CNY (¥)	Jan. 30, 2024	Jun. 29, 2023
Investments in and Advances to Affiliates, Activity [Line Items]
Deferred tax liabilities											$ 1,689			$ 2,056
Intangible assets											$ 78,370			66,927
Developed technology
Investments in and Advances to Affiliates, Activity [Line Items]
Intangible assets, estimated useful life					10 years						10 years				10 years
Developed technology
Investments in and Advances to Affiliates, Activity [Line Items]
Intangible assets					$ 19,315						$ 19,851			$ 18,874	¥ 138,569
Suzhou Photon-Matrix
Investments in and Advances to Affiliates, Activity [Line Items]
Deferred tax liabilities					$ 4,788										¥ 34,348
Suzhou Photon-Matrix
Investments in and Advances to Affiliates, Activity [Line Items]
Ownership interest					62.27%										62.27%	49.17%
JICA
Investments in and Advances to Affiliates, Activity [Line Items]
Payment to acquire business							$ 27,367	¥ 201,000
Consideration transferred, liabilities incurred											9,408	¥ 65,667
Dongjun Group
Investments in and Advances to Affiliates, Activity [Line Items]
Amount of cash consideration			$ 3,230	¥ 23,500
Payment to acquire business	$ 1,616	¥ 11,750	$ 1,614								$ 1,614
Equity interest percentage			51.00%	51.00%
Fair value of derecognized investment			$ 3,039	¥ 22,200
Gain on equity method investment derecognized			$ 161	¥ 1,174
Business Combination, Achieved in Stages, Preacquisition Equity Interest in Acquiree, Remeasurement, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration]			Other non-operating (expenses) income, net	Other non-operating (expenses) income, net
Hubei ECARX
Investments in and Advances to Affiliates, Activity [Line Items]
Payable to acquire interest in subsidiary									$ 1,915	kr 21,271
Hubei ECARX \| Suzhou Photon-Matrix
Investments in and Advances to Affiliates, Activity [Line Items]
Asset acquisition, interest percentage	0.69%	0.69%			13.10%										13.10%
Asset acquisition, consideration transferred	$ 332				$ 6,422	¥ 46,306
Asset acquisition difference amount	$ 295
Hubei ECARX \| JICA
Investments in and Advances to Affiliates, Activity [Line Items]
Amount of cash consideration							$ 36,775	¥ 266,667
Hubei ECARX \| JICA \| JICA
Investments in and Advances to Affiliates, Activity [Line Items]
Controlling interest, percent													70.00%
JICA \| JICA \| Hubei ECARX
Investments in and Advances to Affiliates, Activity [Line Items]
Equity interest																	50.00%
Geely Auto \| JICA \| JICA \| JICA
Investments in and Advances to Affiliates, Activity [Line Items]
Equity interest (as a percent)																	50.00%

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Lessee Disclosure [Abstract]

Supplemental balance sheet information related to operating leases was as follows:


	As of December 31,
	2024	2025
	US$	US$
Operating Leases
Operating lease right-of-use assets	18,206	16,770
Total operating lease assets	18,206	16,770

Operating lease liabilities, current	5,611	4,983
Operating lease liabilities, non-current	16,696	15,696
Total operating lease liabilities	22,307	20,679

Summary of components of lease cost

The components of lease costs were as follows:


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Operating lease costs	6,751	7,180	6,060
Short-term lease costs	518	445	73
Total	7,269	7,625	6,133

The lease costs were allocated as follows:


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Selling, general and administrative expenses	3,990	4,366	3,265
Research and development expenses	3,279	3,259	2,868
Total	7,269	7,625	6,133

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


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	4,406	5,422	6,112

Right-of-use assets obtained in exchange for lease obligations
Operating leases	7,918	3,952	3,494

Weighted average remaining lease term and weighted average discount rate for leases are as follows:


	Year ended December 31,
		2023	2024	2025
Weighted average remaining lease term (years):
Operating leases		6.14	5.59	5.33

Weighted average discount rate:
Operating leases		8.65%	8.06%	8.34%

Schedule of future minimum lease payments

Maturities of operating lease liabilities were as follows:


			As of December 31, 2025
			US$
2026			5,413
2027			5,350
2028			4,352
2029			3,475
2030			3,241
2031 and thereafter			3,741
Total undiscounted lease payments			25,572
Less imputed interest			(4,893)
Present value of lease liabilities			20,679
Operating lease liabilities, current			4,983
Operating lease liabilities, non-current			15,696

Leases - Operating lease right-of-use assets and the amortization (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Lessee Disclosure [Abstract]

Operating lease right-of-use assets

$ 16,770

$ 18,206

Total operating lease assets

16,770

18,206

^[1]

Operating lease liabilities, current

4,983

5,611

^[1]

Operating lease liabilities, non-current

15,696

16,696

^[1]

Present value of lease liabilities

$ 20,679

$ 22,307

[1]	Restated (refer to Note 2(c))

Parent only financial information (Tables)

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Schedule of condensed balance sheets


	As of December 31,
	2024	2025
	US$	US$
ASSETS
Current assets
Cash	562	635
Short-term investments	17,882	31,158
Prepayments and other assets	1,997	214
Amounts due from related parties	608,993	664,784
Total current assets	629,434	696,791

Non-current assets
Long-term investments	728	17,507
Total non-current assets	728	17,507
Total assets	630,162	714,298

Current Liabilities
Convertible notes payable, current	64,473	38,819
Accrued expenses and other current liabilities	13,571	10,458
Amounts due to related parties	23,395	67,631
Share of losses in excess of investments in subsidiaries	767,190	818,646
Total current liabilities	868,629	935,554

Non-current liabilities
Convertible notes payable, non-current	—	60,283
Warrant liabilities, non-current	1,201	1,125
Total non-current liabilities	1,201	61,408
Total liabilities	869,830	996,962

SHAREHOLDERS’ DEFICIT
Class A Ordinary Shares	2	2
Class B Ordinary Shares	—	—
Treasury Shares	(1,019)	(30,004)
Additional paid-in capital	895,010	958,052
Accumulated deficit	(1,124,452)	(1,190,495)
Accumulated other comprehensive loss	(9,209)	(20,219)
Total shareholders’ deficit	(239,668)	(282,664)
Total liabilities and shareholders’ deficit	630,162	714,298

Schedule of condensed statements of comprehensive loss


	Year end of December 31,
	2023	2024	2025
	US$	US$	US$
General and administrative expenses	(3,442)	(3,629)	(3,874)
Interest income	773	1,617	1,639
Interest expense	(3,659)	(8,312)	(11,286)
Foreign currency exchange gains (losses)	178	(4)	(425)
Share of losses from subsidiaries	(125,632)	(112,846)	(52,341)
Changes in fair value of financial instruments	(1,533)	(6,591)	244
Loss before income taxes	(133,315)	(129,765)	(66,043)
Income tax expenses	—	—	—
Net loss	(133,315)	(129,765)	(66,043)

Schedule of condensed statements of cash flows


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Net cash used in operating activities	(6,524)	(6,460)	(12,338)
Net cash (used in)/provided by investing activities	(17,000)	8,198	(41,612)
Net cash provided by/(used in) financing activities	8,091	(3,000)	54,023
Effect of foreign currency exchange rate changes on cash	—	—	—
Net decrease in cash	(15,433)	(1,262)	73
Cash at beginning of the year	17,257	1,824	562
Cash at end of the year	1,824	562	635

Leases - Future minimum lease payments (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Future minimum lease payments

$ 5,413

5,350

4,352

3,475

3,241

3,741

Total undiscounted lease payments

25,572

Less imputed interest

(4,893)

Present value of lease liabilities

20,679

$ 22,307

Operating lease liabilities, current

4,983

5,611

^[1]

Operating lease liabilities, non-current

$ 15,696

$ 16,696

^[1]

[1]	Restated (refer to Note 2(c))

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	12 Months Ended
	Dec. 31, 2025 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value measurement value, beginning balance	$ 42,979
Unrealized loss	(143)
Foreign currency translation adjustments	(3)
Fair value measurement value, ending balance	$ 42,833

Other non-operating (expenses) income, net - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Other Income and Expenses [Abstract]
Government grants	$ 13,611	$ 10,244	$ 8,516
Non-operating (expenses) income	$ 5,942	$ 2,798	$ 1,672

Warrant liabilities - ECARX Warrants in connection with the Merger (Details)	1 Months Ended
	Dec. 31, 2022 shares	Dec. 31, 2025 $ / shares decimal	Dec. 31, 2024 $ / shares decimal
ECARX Warrants
Warrant liabilities
Number of warrants issued (in shares)	23,871,971
ECARX Public Warrants
Warrant liabilities
Number of warrants issued (in shares)	14,999,971
Number of days after the completion of the Merger for commencement of exercise of warrants	30 days
Exercise price of warrants, (in USD per share) \| $ / shares		$ 11.50
Warrant term		5 years
ECARX Private Warrants
Warrant liabilities
Number of warrants issued (in shares)	8,872,000
Risk-free rate of return (%) \| Significant Unobservable Inputs (Level 3) \| ECARX Private Warrants
Warrant liabilities
Warrants measurement input		0.0347	0.0427
Volatility \| Significant Unobservable Inputs (Level 3) \| ECARX Private Warrants
Warrant liabilities
Warrants measurement input		0.7100	0.5020
Expected dividend yield \| Significant Unobservable Inputs (Level 3) \| ECARX Private Warrants
Warrant liabilities
Warrants measurement input		0.000	0.000
Expected term \| Significant Unobservable Inputs (Level 3) \| ECARX Private Warrants
Warrant liabilities
Warrants measurement input \| decimal		2	3
Fair value of the underlying ordinary shares (in USD or RMB per share) \| Significant Unobservable Inputs (Level 3) \| ECARX Private Warrants
Warrant liabilities
Warrants measurement input \| $ / shares		1.72	2.11

Income taxes - Movement of the valuation allowance for the deferred tax assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Deferred Tax Assets [Roll Forward]
Beginning balance	$ 102,576	$ 81,830	$ 77,874
Increase during the year	10,915	23,648	6,418
Foreign currency translation adjustments	5,581	(2,902)	(2,462)
Ending balance	$ 119,072	$ 102,576	$ 81,830

Contract liabilities - Contract liabilities (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Contract liabilities, current and non-current

$ 7,458

$ 26,456

Revenue recognized from contract liabilities

20,973

25,160

Transaction price allocated to the performance obligation

8,880

26,456

123

876

^[1]

^[1]

7,325

20,493

^[1]

$ 10

$ 5,084

^[1]

[1]	Restated (refer to Note 2(c))

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.

Related party balances and transactions - Related party balances (Details) - USD ($)
$ in Thousands

1 Months Ended

12 Months Ended

May 31, 2025

Jan. 31, 2025

Mar. 31, 2024

Nov. 30, 2023

Jan. 31, 2023

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Sep. 30, 2025

Mar. 31, 2025

Oct. 31, 2024

Jun. 30, 2024

Jan. 31, 2024

$ 53,737

$ 5,007

^[1]

$ 54,648

24,071

^[1]

$ 7,007

Factoring accounts receivable

5.00%

Minimum interest rate

6.00%

4.80%

$ 20,528

$ 21,021

28,292

$ 35,035

23,772

18,568

^[2]

$ 11,239

^[2]

Software licensing agreement period

958,052

895,010

^[1]

3 years

Additional period

8 years

Zhejiang Huanfu

Inventory purchases

629

3,484

14,339

Hubei ECARX

614

288

Xingji Meizu

18,103

8,557

Rental of office space

Purchase of products and services

672

778

652

Purchase of products and services | Zhejiang Huanfu

309,303

157,588

89,732

Purchase of products and services | Hubei ECARX

697

3,485

14,398

Purchase of products and services | Xingji Meizu

1,065

2,524

467

23,227

16,456

386

Loans to related parties

Loans to related parties | Xingji Meizu

11,371

1,488

29,433

Cash collections of loans and advances to related parties

Cash collections of loans and advances to related parties | Xingji Meizu

5,832

2,439

29,388

Interest income on loans due from related parties

27,413

Interest income on loans due from related parties | Hubei ECARX

150

748

Interest income on loans due from related parties | Xingji Meizu

2,128

1,561

1,504

Annual Software Sales | Smart Zhejiang

253

Prepayments to related parties

6,748

Prepayments to related parties | Xingji Meizu

26,504

185,536

187,330

^[1]

Other non-current assets – related parties

53,737

5,007

36,403

^[1]

Accounts payable – related parties

104,483

69,967

^[1]

54,648

24,071

7,325

20,493

^[1]

5,084

^[1]

Inventory purchases

32,455

18,072

5,845

Aggregate principal amount

266,615

123,082

77,163

77,159

Related Party | Unsecured debt

1,818

2,165

1,717

Aggregate principal amount

$ 41,549

69,888

20,528

Debt remaining balance

28,292

21,021

Aggregate principal amount

$ 27,252

$ 44,458

84,084

28,135

$ 24,496

$ 4,919

$ 13,697

$ 41,832

Related Party | Hubei ECARX

3.90%

4.10%

Other non-current assets – related parties

32,090

$ 39,822

5.00%

Increase (decrease) in due from related parties

873

10,040

Related Party | Smart Zhejiang

Other non-current assets – related parties

4,873

$ 1,862

$ 4,313

Software licensing agreement period

3.95%

3 years

Related Party | Xingji Meizu

Accounts payable – related parties

$ 6,474

Software licensing agreement period

3 years

Additional period

8 years

Related Party | Operating expense

10,233

16,434

6,724

451

2,236

467

Related Party | Rental of office space

5,124

7,899

386

672

778

$ 652

Accounts payable – related parties

10,169

3,645

104,483

63,493

10,174

1,730

7,024

1,362

$ 423

$ 1,320

Contract with Customer, Liability [Abstract]

$ 7,007

[1]	Restated (refer to Note 2(c))
[2]	Restated (refer to Note 2(c))

Subsequent Events (Details) ¥ in Thousands, $ in Thousands			1 Months Ended
Subsequent Events (Details) ¥ in Thousands, $ in Thousands	May 20, 2024 USD ($)	May 20, 2024 CNY (¥)	Jan. 31, 2026 USD ($)	Jan. 31, 2026 CNY (¥)	Mar. 31, 2026 USD ($)	Mar. 31, 2026 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Mar. 31, 2024 USD ($)
Related Party
Subsequent events
Aggregate principal amount							$ 77,159
Related Party \| Unsecured debt
Subsequent events
Aggregate principal amount							$ 69,888	$ 20,528	$ 41,549
Subsequent events \| Xingji Meizu \| Related Party \| Unsecured debt
Subsequent events
Aggregate principal amount					$ 14,326	¥ 100,000
Interest rate (in percent)					4.06%	4.06%
Dongjun Group
Subsequent events
Amount of cash consideration	$ 3,230	¥ 23,500
Dongjun Group \| Subsequent events
Subsequent events
Amount of cash consideration			$ 878	¥ 6,132

Leases - Components of lease cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Lessee Disclosure [Abstract]
Operating lease costs	$ 6,060	$ 7,180	$ 6,751
Short-term lease costs	73	445	518
Total	$ 6,133	$ 7,625	$ 7,269

Contract liabilities

12 Months Ended

Dec. 31, 2025

Contract liabilities

Contract liabilities consisted of the following:


	As of December 31,
	2024	2025
	US$	US$
Current liabilities – third parties	876	123
Current liabilities – related parties	20,493	7,325
Non-current liabilities – third parties	3	—
Non-current liabilities – related parties	5,084	10
Contract liabilities, current and non-current	26,456	7,458

As of December 31, 2025, revenue expected to be recognized in the future related to the unsatisfied performance obligations is as follows:


Year ending December 31,						Amount
2026						8,870
2027						10
2028						—
2029						—
2030						—

The Group has elected the practical expedient not to disclose the information about remaining performance obligations which are part of contracts that have an original duration of one year or less.

Revenue information

Revenues are disaggregated as follow:

Major products/services lines:


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Sales of goods revenues	467,403	611,245	703,093
Automotive computing platform	385,886	536,582	627,067
SoC Core Modules	70,140	73,944	74,910
Automotive merchandise and other products	11,377	719	1,116
Software license revenues	62,796	42,455	29,698
Service revenues	132,027	117,830	115,067
Automotive computing Platform – Design and development service	94,641	78,470	69,827
Connectivity service	31,142	34,112	36,834
Other services	6,244	5,248	8,406
Total revenues	662,226	771,530	847,858

Timing of revenue recognition:


	Year ended December 31,
	2023	2024	2025
	US$	US$	US$
Point in time	631,084	737,418	811,024
Over time	31,142	34,112	36,834
Total revenues	662,226	771,530	847,858

For the years ended December 31, 2023, 2024 and 2025, 98.2%, 97.6% and 95.3% of the Group’s revenues were generated in the PRC.