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Our unaudited condensed consolidated financial statements as of and for the six-months ended June 30, 2025 and June 30, 2024, included herein, are prepared in accordance with accounting principles generally accepted in the United States of America and are reported in U.S. dollars (“US$”). These should be read in conjunction with our audited financial statements as of and for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission (the “SEC”) on Form 20-F on March 26, 2025 (the “2024 Annual Report”).

During the six-months ended June 30, 2025, we decided to change our reporting currency from Chinese Renminbi (“RMB”) to U.S. dollars. This change was made as a result of our assessment and conclusion that the change will help provide a clearer understanding of our financial performance to investors and improve comparability of our performance to peers, particularly due to our ongoing international expansion.

The change in our reporting currency is a voluntary change and is accounted for retrospectively. The unaudited condensed consolidated financial statements appended herewith for all periods presented have been translated into the new reporting currency as if we have always used U.S. dollars as the reporting currency.

This document contains statements that are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management’s beliefs and expectations as well as on assumptions made by and data currently available to management, appear in a number of places throughout this document and include statements regarding, amongst other things, results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which we operate. The use of words “expects,” “intends,” “anticipates,” “estimates,” “predicts,” “believes,” “should,” “potential,” “may,” “preliminary,” “forecast,” “objective,” “plan,” or “target,” and other similar expressions are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to a number of risks and uncertainties that could cause actual results to differ materially, including, but not limited to statements regarding our intentions, beliefs or current expectations concerning, among other things, results of operations, financial condition, liquidity, prospects, growth, strategies, future market conditions or economic performance and developments in the capital and credit markets and expected future financial performance, and the markets in which we operate.

Forward-looking statements involve a number of risks, uncertainties and assumptions, and actual results or events may differ materially from those projected or implied in those statements. Important factors that could cause such differences include, but are not limited to:

•The regulatory environment and changes in laws, regulations or policies in the jurisdictions in which we operate;

•The overall economic environment and general market and economic conditions in the jurisdictions in which we operate and beyond;

•The progress and results of the research and development of our products and services, as well as of their manufacturing, launch, commercialization and delivery;

•The conditions and outlook of the automobile and automotive intelligence industries in China and globally;

•Our relationships with automotive OEMs, Tier 1 suppliers, and our other customers, suppliers, other business partners and stakeholders;

•Our ability to successfully compete in highly competitive industries and markets;

•Our ability to continue to adjust our offerings to meet market demand, attract customers to choose our products and services and grow our ecosystem;

•Our ability to execute our strategies, manage growth and maintain our corporate culture as we grow;

•Our anticipated investments in new products, services, collaboration arrangements, technologies and strategic acquisitions, and the effect of these investments on our results of operations;

•Changes in the needs for capital and the availability of financing and capital to fund these needs;

•Anticipated technology trends and developments and our ability to address those trends and developments with our products and services;

•The safety, price-competitiveness, quality and breadth of our products and services;

•The loss of key personnel and the inability to replace such personnel on a timely basis or on acceptable terms;

•Man-made or natural disasters, health epidemics, and other outbreaks including war, acts of international or domestic terrorism, civil disturbances, occurrences of catastrophic events and acts of God such as floods, earthquakes, wildfires, typhoons and other adverse weather and natural conditions that affect our business or assets;

•Exchange rate fluctuations;

•Changes in interest rates or rates of inflation;

•Legal, regulatory and other proceedings; and

•The results of future financing efforts.

In addition to the foregoing factors, you should also carefully consider the other risks and uncertainties described under “Item 3. Key Information – D. Risk Factors” in our 2024 Annual Report, as well as in other documents filed by us from time to time with the SEC.

We operate in a rapidly evolving environment. New risks emerge from time to time and it is impossible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking statement. We do not undertake any obligation to update or revise the forward-looking statements except as required under applicable law.

The following table sets forth our results of operations with line items in absolute amount.

Our revenues increased by US$19.8million from US$303.5 million for the six months ended June 30, 2024 to US$323.3 million for the six months ended June 30, 2025.

Sales of Goods Revenues. Sales of goods revenues increased by US$16.7 million from US$235.2 million for the six months ended June 30, 2024 to US$251.9 million for the six months ended June 30, 2025, primarily driven by the continued growth in the demand of Antora and Venado platform series, along with the ramping up of autonomous driving control unit (ADCU) sales volume.

Software License Revenues. Software license service revenues increased by US$8.6 million from US$18.2 million for the six months ended June 30, 2024 to US$26.8 million for the six months ended June 30, 2025, driven by an increase in demand for operating software license compared to the same period last year.

Service Revenues. Service revenues decreased by US$5.5 million from US$50.1 million for the six months ended June 30, 2024 to US$44.6 million for the six months ended June 30, 2025, mainly due to a decrease in revenue from non-recurring engineering services contracts, partially offset by the growth in overseas connectivity service revenue.

Our cost of revenues increased by US$38.3 million from US$235.0 million for the six months ended June 30, 2024 to US$273.3 million for the six months ended June 30, 2025, primarily attributable to higher sales volume of automotive computing platform products and SoC core modules, as well as growth in software license revenue.

As a result of the strategic pricing initiatives taken to accelerate computing platform market penetration, combined with the change in the revenue mix compared to the same period last year, our gross profits decreased from US$68.5 million for the six months ended June 30, 2024 to US$50.0 million for the six months ended June 30, 2025.

Our gross margins decreased from 22.6% for the six months ended June 30, 2024 to 15.5% for the six months ended June 30, 2025.

Research and development expenses. Our research and development expenses decreased by US$11.0 million from US$79.3 million for the six months ended June 30, 2024 to US$68.3 million for the six months ended June 30, 2025, primarily due to strategic resource prioritization, which enhanced operational efficiency, and the realization of synergies from R&D integration.

Selling, General and administrative expenses. Our selling, general and administrative expenses decreased by US$9.0 million from US$56.6 million for the six months ended June 30, 2024 to US$47.6 million for the six months ended June 30, 2025, mainly attributable to the improvement in operational efficiency and a decrease in share-based compensation expenses.

As a result of the foregoing, we had a loss from operation of US$65.2 million for the six months ended June 30, 2025, in comparison with a loss from operation of US$67.4 million for the six months ended June 30, 2024.

Our interest income remained relatively unchanged at US$1.6 million during the six months ended June 30, 2025 primarily because the balance of short-term investment was stable during the period.

Our interest expenses increased by US$3.9 million from US$6.3 million for the six months ended June 30, 2024 to US$10.2 million for the six months ended June 30, 2025, primarily due to additional interests accrued to account for the noteholders’ right to 9% internal rate of return on the principal amount of convertible notes and increased short-term borrowings.

We recorded a loss from equity method investments of US$9.4 million for the six months ended June 30, 2024 to and a gain from equity method investments of US$0.1 million for the six months ended June 30, 2025 due to the lower losses reported by our equity method investees and fewer number of equity method investments in 2025 compared to 2024 as a result of the sale of HaleyTek in the third quarter of 2024, as well as operating profits achieved by two equity method investments during the six months ended June 30, 2025.

Major components of other non-operating (expenses) income, net are discussed below:

We recorded a loss due to changes in the fair value of an equity security of US$0.3 million for the six months ended June 30, 2025, compared to a loss of US$3.8 million for the same period in 2024. The change was mainly attributable to the change in the market price of the listed equity security of Luminar Technologies, Inc.

We recorded losses due to changes in fair value of warrant liabilities of US$0.2 million for the six months ended June 30, 2025, compared to losses of US$0.03 million for the same period in 2024.

For the six months ended June 30, 2024 and 2025, we recorded government grants totaling US$1.3 million and US$3.2 million, respectively, as a result of subsidies received for investment in the operations, research and development activities and government incentives for foreign capital investment in a specified industry.

We recorded foreign currency exchange loss, net of US$0.5 million for the six months ended June 30, 2025, compared to losses of US$0.6 million for the six months ended June 30, 2024.The net change in foreign currency exchange loss was primarily attributable to fluctuations in exchange rates between US$ and RMB.

We use Adjusted EBITDA in evaluating our operating results and for financial and operational decision-making purposes. We define Adjusted EBITDA as net loss excluding interest income, interest expense, income tax expenses, depreciation of property and equipment, amortization of intangible assets, and share-based compensation expenses.

We present this non-GAAP financial measure because it is used by our management to evaluate our operating performance and formulate business plans. We believe that Adjusted EBITDA helps identify underlying trends in our business that could otherwise be distorted by the effect of certain expenses that are included in net loss. We also believe that the use of this non-GAAP measure facilitates investors’ assessment of our operating performance and provides useful information about our operating results and allows for greater visibility with respect to key metrics used by our management in its financial and operational decision making.

Adjusted EBITDA should not be considered in isolation or construed as alternatives to net loss or any other measures of performance or as indicators of our operating performance. Investors are encouraged to compare our historical Adjusted EBITDA to the most directly comparable GAAP measure, net loss. Adjusted EBITDA presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to our data. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure.

The tables below set forth a reconciliation of our net loss to Adjusted EBITDA for the periods indicated:

The following table sets forth a summary of our cash flows for the periods indicated.

To date, we have funded our operating and investing activities primarily through cash generated from financing activities (including credit facilities).

In January, 2023, we entered into a loan agreement with Zhejiang Geely Holding Group Co., Ltd. (“Geely Group”) for the principal amount of US$41.9 million due on October 7, 2023, with interest payable quarterly and at the rate of 4.1% per annum. The term of the loan was subsequently extended to June 30, 2024, and the interest rate was reduced to 3.9% per annum during the extended period. In June 2024, the principal amount of US$13.7 million and interest were repaid, the term of the loan (including the outstanding amount of US$28.1 million) was extended to June 30, 2025, and the interest rate of 3.9% per annum remained unchanged.

In March, 2025, we entered into a debt assignment and offset agreement with Geely Group and its subsidiaries with respect to assignment and offsetting of our loan and accounts receivable from Geely Group and its subsidiaries amounting to US$4.9 million. The remaining loan amount of US$22.3 million is unpaid and bears interest rate of 3.9% per annum.

In March 2024, we entered into an accounts receivable factoring agreement with a finance company within the Geely Group for a total principal amount of US$20.5 million due on October 8, 2024, with interest payable quarterly and at the rate of 6% per annum. We received US$13.8 million in March 2024 and US$6.7 million in May 2024, respectively. The full amount of US$20.5 million was prepaid in October 2024 and an increased limit of US$35.0 million was extended to us at a reduced rate of 4.8% per annum.

In January, 2025, we obtained a one-year loan of US$27.2 million from Bank of Communications, with an interest rate of the one-year LPR plus an annual interest rate of 0.7%.

In April, 2025, we obtained a one-year loan of US$13.7 million from Everbright Bank, with an interest rate of 3.6%.

In March and April, 2025, we obtained one-year loans of US$16.4 million and US$24.7 million respectively from Shanghai Pudong Development Bank, with an interest rate of the one-year LPR plus an annual interest rate of 0.7%.

In January and March, 2025, we obtained one-year loans of US$27.8 million each from China CITIC Bank, with an interest rate of the one-year LPR plus an annual interest rate of 0.7%.

We have incurred losses since our inception. As of June 30, 2025, we had an accumulated deficit of US$1,193.5 million and its consolidated current liabilities exceeded current assets in the amount of US$347.2 million. In addition, we recorded net cash used in operating activities in the amount of US$82.0 million for the six months ended June 30, 2025. We will require additional liquidity to continue our operations over the next 12 months.

We have funded our operations principally through short-term borrowings from banks and related parties and long-term convertible notes. We have 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) obtaining extended financial support from controlling shareholder and related parties, (iv) accelerating pace of collections of amounts due from related and third parties to optimize operational efficiency, and (v) exploring opportunities for further equity financing. Notwithstanding this, feasibility of some of these plans is contingent upon factors outside of the control of us and as such we concluded that substantial doubt about its ability to continue as a going concern has not been alleviated as of the reporting date.

In the event that additional financing is required from third party sources, we may not be able to raise it on acceptable terms or at all. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Business and Industry—Our business plans require a significant amount of capital. In addition, our future capital needs may require us to sell additional equity or debt securities that may dilute our shareholders or introduce covenants that may restrict our operations or our ability to pay dividends” in our 2024 Annual Report. The issuance and sale of additional equity would also result in further dilution to our shareholders. The incurrence of indebtedness would result in increasing fixed obligations and could result in operating covenants that would restrict our operations.

We had cash and restricted cash of US$99.3 million as of June 30, 2025. As of June 30, 2025, US$87.1 million of our cash and cash equivalents were held in China and US$86.4 million were denominated in Renminbi. Substantially all of our revenues have been, and we expect them to continue to be, denominated in Renminbi in the short-term. Under existing foreign exchange regulations in mainland China, payments of current account items, including profit distributions, interest payments and trade and service-related foreign exchange transactions, can be made in foreign currencies without prior SAFE approval as long as certain routine procedural requirements are fulfilled. Therefore, our mainland China subsidiaries are allowed to pay dividends in foreign currencies to us without prior SAFE approval by following certain routine procedural requirements. However, approval from or registration with competent authorities is required where the Renminbi is to be converted into foreign currency and remitted out of mainland China to pay capital expenses such as the repayment of loans denominated in foreign currencies. The PRC government may at its discretion restrict access to foreign currencies for current account transactions in the future. Economic uncertainty in China and around the world could also adversely affect our liquidity and capital resources in the future, and our cash requirements may fluctuate based on the timing and extent of many factors such as those discussed above.

Net cash used in operating activities increased by US$24.9 million from US$57.1 million for the six months ended June 30, 2024 to US$82.0 million for the six months ended June 30, 2025, primarily due to a higher cash used in the working capital management in 2025 compared to the same period last year.

Net cash used in operating activities for the six months ended June 30, 2025 was US$82.0 million, as compared to a net loss of US$72.6 million for the same period. The difference was primarily due to adjustments for non-cash items that primarily include depreciation and amortization of US$11.1 million, share-based compensation of US$6.5 million, as well as a decrease of US$67.7 million in accounts receivable from related parties offset by a decrease of US$59.1 million in accounts payable from third parties, US$10.4 million decrease in in accounts payable from related parties, and a US$19.6 million decrease in other payable and accruals.

We recorded net cash used in investing activities of US$0.2 million for the six months ended June 30, 2025, compared to net cash used in investing activities of US$19.9 million for the same period in 2024. The difference was mainly due to the acquisition of Suzhou-Photon Matrix in the amount of US$6.4 million, acquisition of equity method investments of US$7.5 million and payments for purchase of property, equipment and intangible assets of US$7.8 million during the six months ended June 30, 2024 and proceeds from sale of a portion of our equity method investment in SiEngine in the amount of US$17.9 million offset by cash paid for acquisition of short-term investment of US$15.1 million during the six months ended June 30, 2025.

Net cash provided by financing activities increased by US$26.7 million from US$103.7 million for the six months ended June 30, 2024 to US$130.4 million for the six months ended June 30, 2025, primarily due to the additional short-term borrowings of US$10.8 million, net proceeds from issuance of ordinary shares upon follow-on public offering of US$43.2 million offset by payments for repurchase of ordinary shares of US$29.0 million in the six months ended June 30, 2025.

Our capital expenditures are primarily incurred for the purchase of property, equipment, and intangible assets. Our total capital expenditures were US$7.8 million and US$4.5 million for the six months ended June 30, 2024 and 2025, respectively. We will continue to make capital expenditures on our manufacturing capabilities and to meet the needs of our manufacturing activities.

Other than the ordinary cash requirements for our operations, research and development, and our capital expenditure, our material cash requirements as of June 30, 2025 and any subsequent interim period primarily include interest and principal payments for our borrowings from banks and related parties, convertible notes, operating lease commitments, purchase commitments, and capital commitments.

Our operating lease commitment primarily consists of future minimum lease commitments, all under non-cancellable operating lease agreements for our offices and production facilities.

Our purchase commitment primarily related to the purchase of research and development services. Purchase obligations for intangible assets consist of the amount payable towards acquisition of certain distribution rights.

Our capital commitment primarily consists of total capital expenditures contracted but not yet reflected in the unaudited condensed consolidated financial statements.

We intend to fund our existing and future material cash requirements with our existing cash balance, additional loan facilities from banks, financial support from controlling shareholder, as well as renewing our existing bank loans when they fall due, as necessary, although such plans are contingent upon many factors out of our control. We will continue to make cash commitments, including capital expenditures, to support the growth of our business.

The following table sets forth our contractual obligations as of June 30, 2025.

Other than as shown above, we did not have any significant capital and other commitments, long-term obligations, or guarantees as of June 30, 2025.

We have not entered into any financial guarantees or other commitments to guarantee the payment obligations of any third parties. In addition, we have not entered into any derivative contracts that are indexed to our shares and classified as shareholders’ equity or that are not reflected in our consolidated financial statements. Furthermore, we do not have any retained or contingent interest in assets transferred to an unconsolidated entity that serves as credit, liquidity, or market risk support to such entity. We do not have any variable interest in any unconsolidated entity that provides financing, liquidity, market risk, or credit support to us or engages in leasing, hedging, or product development services with us.

Our exposure to interest rate risk primarily relates to decrease in market interest rates as our liabilities to credit institutions, amounts due to related parties and convertible notes carry a fixed interest rate. However, due to the tenure of these borrowings, interest payment terms and the instrument features, we are not exposed to material interest rate risk arising therefrom and interest income generated by excess cash, which is mostly held in interest-bearing bank deposits, bank notes, and wealth management products. Due to the short-term tenure of our borrowings and investments, we have not been exposed to material risks due to changes in market interest rates.

We closely monitor the effects of changes in the interest rates on our interest rate risk exposures, but we have not used any derivative financial instruments to manage our interest risk exposure.

The revenue and expenses of our entities in mainland China are generally denominated in Renminbi and their assets and liabilities are denominated in Renminbi. Our international revenues and expenses are denominated in foreign currencies and expose us to the risk of fluctuations in foreign currency exchange rates against the Renminbi. The value of your investment in our securities will be affected by the exchange rate between the U.S. dollar and Renminbi because the value of our business is effectively denominated in Renminbi, while our securities will be traded in U.S. dollars.

Renminbi is not freely convertible into foreign currencies. Remittances of foreign currencies into mainland China or remittances of Renminbi out of mainland China as well as exchange between Renminbi and foreign currencies require approval by foreign exchange administrative authorities with certain supporting documentation. The State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of Renminbi into other currencies.

The conversion of Renminbi into foreign currencies, including U.S. dollars, is based on rates set by the People’s Bank of China. The Renminbi has fluctuated against the U.S. dollar, at times significantly and unpredictably. It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between Renminbi and the U.S. dollar in the future.

To the extent that we need to convert U.S. dollars into Renminbi for our operations, appreciation of the Renminbi against the U.S. dollar would have an adverse effect on the Renminbi amount we receive from the conversion. Conversely, if we decide to convert Renminbi into U.S. dollars for the purpose of making payments for dividends on our ordinary shares or for other business purposes, appreciation of the U.S. dollars against the Renminbi would have a negative effect on the U.S. dollar amounts available to us.

As of June 30, 2025, we had RMB-denominated cash and cash equivalents, restricted cash and short-term investments of US$86.4 million, and U.S. dollar-denominated cash and cash equivalents, restricted cash and short-term investments of US$34.7 million. If the RMB had depreciated by 10% against the U.S. dollar, our U.S. dollar cash balance would have been US$78.5 million instead. If the RMB had appreciated by 10% against the U.S. dollar, our cash balance would have been US$95.0 million instead.

We prepare our unaudited condensed consolidated financial statements in accordance with U.S. GAAP. In doing so, we have to make estimates and assumptions. Our critical accounting estimates are those estimates that involve a significant level of uncertainty at the time the estimate is made, and changes in them have had or are reasonably likely to have a material effect on our financial condition or results of operations. Accordingly, actual results could differ materially from our estimates. We base our estimates on past experience and other assumptions that we believe are reasonable under the circumstances, and we evaluate these estimates on an ongoing basis. Please refer to our 2024 Annual Report for these estimates.

The accompanying unaudited condensed consolidated financial statements of ECARX Holdings Inc. (“the Company”) and its consolidated subsidiaries (the “Group”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted as permitted by rules and regulations of the United States Securities and Exchange Commission. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Group as of and for the year ended December 31, 2024.

The accompanying unaudited condensed consolidated financial statements were prepared assuming the Group will continue as a going concern. The Group generated a net loss of US$72,639 and net cash outflows from operations of US$82,006 for the six months ended June 30, 2025. As of June 30, 2025, the Group’s consolidated current liabilities exceeded current assets in the amount of US$347,227.

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) obtaining extended financial support from controlling shareholder and related parties (iv) accelerating pace of collections of amounts due from related and third parties to optimize operational efficiency and (v) exploring opportunities for further equity financing. Notwithstanding this, feasibility of some of these plans is contingent upon factors outside of the control of the Company and, as such, the Company concluded that substantial doubt about its ability to continue as a going concern has not been alleviated as of the reporting date.

In the opinion of the management, all adjustments (which include normal recurring adjustments) necessary to present a fair statement of the financial position as of June 30, 2025, the results of operations and cash flows for the six months ended June 30, 2024 and 2025, have been made.

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

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 non-current assets.

The Group’s policy requires cash and restricted cash 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 Zhejiang Geely Holding Group Co. Ltd. (“Geely Group”) and its subsidiaries.

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

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

Customers contributing more than 10.0% of total revenues were as follows:

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

The following table summarizes suppliers with greater than 10.0% of the accounts payable:

Suppliers contributing more than 10.0% of total purchases were as follows:

Financial assets and liabilities of the Group primarily consist of cash, restricted cash, short-term investments, accounts receivable, amounts due from related parties, notes receivable, equity securities, short-term borrowings, accounts payable, notes payable, amounts due to related parties, warrant liabilities, convertible notes, and other payables included in accrued expenses and other current liabilities.

The Group measures below assets and liabilities at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2024 and June 30, 2025:

Level 1 – Equity securities and public warrant liabilities using observable inputs in active markets;

Level 3 – Private warrant liabilities using unobservable inputs.

As of December 31, 2024 and June 30, 2025, 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.

During the six-months ended June 30, 2025, the Company decided to change its reporting currency from Chinese Renminbi (“RMB”) to 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.

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

			As of December 31,						As of June 30,
			2024						2025
Cash at banks			44,250						86,216
Restricted cash			5,914						13,038
Cash and restricted cash shown in the unaudited condensed consolidated statements of cash flows			50,164						99,254

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

As of December 31, 2024, and June 30, 2025, the Group’s restricted cash of US$5,805 and US$12,929 were pledged for notes payable, and US$109 and US$109 were restricted due to disputes with a customer, respectively.

Accounts receivable, net consisted of the following:

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

The Group collects notes receivable from its customers for sales of automotive computing platform, SoC Core Modules and other products. Notes receivable as of December 31, 2024 and June 30, 2025 were bank acceptance notes.

Inventories consisted of the following:

The Group recorded inventory write-down of US$251 and US$387 for the six months ended June 30, 2024 and 2025, respectively.

Prepayments and other current assets consisted of the following:

No provision was made for impairment of prepayments and other current assets as of December 31, 2024 and June 30, 2025.

Management evaluated whether there was other-than-temporary impairment based on the facts for the long-term investments, including recent financing activities, projected and historical financial performance of investees. US$892 and nil impairment loss were recognized for the six months ended June 30, 2024 and 2025, respectively, which were included in the (loss)/gain from equity method investments.

Property and equipment, net consisted of the following:

Depreciation on property and equipment was allocated as follows:

An impairment loss of US$98 was recognized for obsolete and damaged equipment, which was included in selling, general and administrative expenses for the six-months ended June 30, 2025. No Impairment loss was recorded for the six months ended June 30, 2024.

Intangible assets, net consisted of the following:

Amortization of intangible assets was allocated as follows:

No impairment loss was recorded for the six months ended June 30, 2025. An impairment loss of US$86 was recognized for obsolete software, which was included in selling, general and administrative expenses for the six months ended June 30, 2024.

Short-term borrowings consisted of the following:

As of December 31, 2024, the Group’s short-term borrowings bear interest rates of 3.90% and 4.00% per annum. As of June 30, 2025, the Group’s short-term borrowings bear interest rates of 3.40%, 3.60% and 3.80% per annum. As of December 31, 2024 and June 30, 2025, the Group had a total line of credit in the amount of US$272,416 and US$ 286,169, of which the unused portion was US$87,173 and US$6,980, respectively.

The components of lease cost were as follows:

The lease cost was allocated as follows:

The operating lease right-of-use assets and the amortization were as follows: