ECARX Holdings Inc.

Good day and thank you for joining us. Welcome to the eCARx First Quarter 2025 Earnings Conference Call. At this time, all participants are on a listen-only mode. After management gives their prepared remarks, there will be a question and answer session. As a reminder, today's conference call is being recorded. I would now like to turn the call over to yours for today's call, Renee Du, Head of Investor Relations at eCARx. Please proceed, Renee.

Thank you, Operator. Good morning and welcome to eCARx First Quarter 2025 Earnings Conference Call. With me today from eCARX are our Chairman and Chief Executive Officer Tzu-Yu Shen, Chief Operating Officer Peter Serino, and Chief Financial Officer Phil Zhou. Following their prepared remarks, they will all be available to answer your questions. Before we start, I would like to refer you to our forward-looking statements at the bottom of our earnings press release, which also applies to this call. Further information on specific risk factors that could cause actual results to differ materially can be found in our filings with the SEC. In addition, this call will include discussions of certain non-GAAP financial measures. A reconciliation of the non-GAAP financial measures to the GAAP financial measures can also be found at the bottom of our earnings release. With that, I'd like to hand the call over to Tzu Yu. Please go ahead.

Thank you, Renee. Hello everyone and thank you for joining our earnings call today. The momentum we picked up in 2004 continued to build in the first quarter as the global automotive industry continues to evolve at a rapid pace. We remain firmly at the forefront of this transformation as we continue to stress and expand our portfolio of cutting-edge, cost-effective solutions and execute on our strategic vision. We hit a number of significant milestones during the quarter, which clearly reflect our position as a leading provider of intelligent solutions for automakers on a global scale. Global vehicle sales during the quarter fell 5.6% year-over-year, indicating growing market handleings and supply chain challenges. Notably, however, the China market continues to demonstrate resilience growing 12.9% year-over-year. Aimed at this dynamic backdrop, we continue to capitalize on growing demand from global automakers seeking to stand out from competition and attract consumers with unique driving experience. Our innovative product portfolio and strategic global partnerships offer them a unique value proposition which continues to translate into an improving financial performance. Our operating loss narrowed further, falling 30% year-over-year to US$24.6 million, while total revenue growth 30% to US$168.5 million, despite further competition. Growth margins remained firm at around 20%. Reflecting the continued progress, we are optimizing product cost. executing our supply chain and manufacturing strategy, improving operational efficiency, and delivering value even in a highly challenging market environment. Shipments surged to 684,000 units, bringing the total number of vehicles on the road with EcoX technology to over 8.7 million by the end of March. An increase of 35.8% year-over-year and up 8.4% increase sequentially. Shipment growth was fueled by the remarkable success of GD's glass brand, which sold over 90,000 units in March alone. An increase of more than 290% year-over-year, we secured eight new project wings under GE's new foundation EE architecture and supported the successful launch of the Galaxy E8 and Xinyao 8 during the course. Notably, both of these vehicles are the first to launch with GE's G-PILOT unified intelligent driving system integrated with our Skyline Pro ADA solution. Innovation remains the cornerstone of our strategy. In the first quarter, we achieved a significant milestone with the successful integration of the intelligent carpet driving and the parking capabilities into the Antrona 1000 SuperBrain. The latest and the most cutting-edge interaction of the Antrona series, this solution, which has already passed the road testing, represents a breakthrough in our R&D roadmap and enables us to deliver cost-effective, streamlined, and reliable solutions for entry-level vehicles. In March, we hosted our 2005 Invest Day in Hong Kong, where we highlighted our first quarter of EBITDA pre-event at the end of 2004. Our positive outlook for 2025 and our ongoing global expansion and technological innovation. The event was attended by over 80 investors and analysts, underscoring the growing interest in our story and our commitment to transparency. This was quickly followed by our first public offering since our listing in 2022, further diversifying our shareholder base. The US dollar 45 million in proceeds are in marked to accelerate our global expansion by deploying global R&D and supply chain networks. With a strong start to 2005, a robust pipeline of new projects, a growing suite of innovative solutions, and a clear path to profitability, we are confident in our ability to capture opportunities ahead as the automotive industry continues its transformation. I will now pass the call over to Peter, who will go through the operating results of the quarter in more detail.