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


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

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


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