ECARX Holdings Inc. (Class A) (ECX) — RQD Stock Rating Cockpit

Per the Roarable RQD rating, ECX scores 19 out of 100, grade E, labeled "Roarable Strong Sell — Forensic Risk / Avoid." The five pillars are:

• Fundamental Cash Engine: 0 / 20. Per the RQD rating, ROIC is -35% and FCF yield is 0%. The pillar is fully exhausted, meaning the business is not currently generating returns on capital or free cash flow that would support valuation.
• Whale 13F Flow: 5 / 20. The RQD rating references institutional accumulation and options positioning as the basis for this score. The source data does not itemize specific 13F holders (see Analyst View section), so the investor cannot verify the composition of that flow from the provided material.
• Insider Conviction: 3 / 20. Per the RQD rating, this reflects SEC Form 4 and Congressional PTR cluster flow. No specific transactions are itemized in the source data.
• Macro Regime Fit: 6 / 20. Per the RQD rating, beta is 1.0 and the score reflects sector sensitivity.
• Forensic Balance Sheet: 5 / 20. Per the RQD rating, Altman Z is 0.2, Piotroski F is 2/9, and Debt/Equity is 0.5. An Altman Z of 0.2 sits in a distress-level range and a Piotroski score of 2/9 indicates weak fundamental health signals.

For a prospective investor evaluating the stock today, the upside drivers are limited to the pillars with non-zero scores, and the valuation tradeoff is stark: with no positive FCF yield and negative ROIC, the equity's value rests on future operational change rather than current cash generation. The 52-week range of $0.78 to $2.7 against a current price of 0.8 shows the stock trading near its low end. Second-order risk comes from the forensic balance sheet metrics: weak solvency indicators can constrain financing options if the company needs capital. This analysis is educational and not personalized financial advice.

ECARX Holdings Inc. (Class A) is a NASDAQ-listed issuer in the Technology sector, operating within the EDP Services industry, per the profile. The source data does not describe its products, customers, or revenue model beyond the sector classification. Per the financials section, FY 2025 revenue was $847.9M, indicating a reported revenue base, but the source data does not specify how that revenue is generated. Per the market data, gross margin is 19%.

Per the SEC financials, revenue grew from $662.2M in FY 2023 to $847.9M in FY 2025 while operating losses narrowed from $-130.0M to $-54.8M. Market data shows operating margin of -6.5% and net margin of -7.8%, with ROIC of -35%. The RQD rating assigns an Altman Z of 0.2 and Piotroski F of 2/9. Debt is reported as N/A in every period, so the Debt/Equity of 0.5 cited in the RQD rating cannot be reconciled to the financials table within the source data.

Per the recent news section, the feed contains six items, all tagged YELLOW with impact label MARKET WIRE:

• Flyme deal: A headline reports ECARX closed a $266 Million Flyme deal. The source does not describe the transaction terms or strategic rationale.
• Arm partnership: A headline reports Arm and ECARX will explore AI computers for cars under a nonbinding pact. The pact is described as nonbinding.
• Convertible note waiver: A headline reports a $10M waiver payment accompanies ECARX's convertible note repayment. This is a risk watch item given the balance sheet metrics in the RQD rating.
• Three additional items are generic quote-page or analysis entries without substantive detail in the source.

Per the Butterfly Supply-Chain Graph, a proprietary LIQUIDITY_TAILWIND signal carries severity 88 and direction BEARISH. The terminal label is MACRO TAILWIND SCORE (24/100). The graph reports a 2.72x True Net Liquidity elasticity with r = +0.19, and the True Net Liquidity Index stands at $5,745.73B with a -0.64% 4-week rate of change. High-yield OAS is +2 bps. The signal implies the stock is sensitive to liquidity conditions and currently faces a macro headwind.

Per the Butterfly Supply-Chain Graph, supply_chain is NONE and butterfly_links is empty. The source data therefore does not identify upstream suppliers, downstream customers, or specific cross-company dependencies. The one proprietary signal provided is the liquidity signal described above. A prospective investor should note that the liquidity sensitivity (2.72x elasticity) means a further contraction in net liquidity could amplify downside moves, while the Arm partnership reference is the only named counterparty in the news and its nonbinding status limits its near-term second-order weight.

• What are the terms and strategic rationale of the $266 Million Flyme deal, and how does it change revenue or cash needs?
• The financials report Debt as N/A in every period, yet the RQD rating cites Debt/Equity of 0.5. Which balance sheet figures are correct?
• What are the terms and timing of the convertible note repayment and associated waiver payment?
• Which specific institutional and insider transactions underlie the 13F and Form 4 pillar scores?
• What are the company's principal products and customers, given that the source describes only sector classification?