EHang Holdings Limited Reports Record Second Quarter 2024 Financial Results
Intellectia.AI Updated: 2024-08-22
EHang Holdings Limited Reports Record Second Quarter 2024 Financial Results
GUANGZHOU, China, Aug. 22, 2024 (GLOBE NEWSWIRE) -- EHang Holdings Limited ("EHang" or the "Company") (NASDAQ:EH), a leading Urban Air Mobility ("UAM") technology platform company, today announced its unaudited financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2023 | Q1 2024 | Q2 2024 | YoY Change | QoQ Change |
|---|---|---|---|---|---|
| Revenue (RMB in millions) | 10.0 | 61.7 | 102.0 | +919.6% | +65.3% |
| Revenue (USD in millions) | 1.4 | 8.5 | 14.0 | +919.6% | +65.3% |
| Gross Margin | 60.2% | 61.9% | 62.4% | +2.2 ppt | +0.5 ppt |
| Operating Loss (RMB) | 75.3 million | 65.8 million | 77.4 million | +2.8% | +17.6% |
| Adjusted Operating Loss (RMB, non-GAAP) | 51.3 million | 12.6 million | 4.7 million | -90.9% | -62.9% |
| Net Loss (RMB) | 75.7 million | 63.4 million | 71.6 million | -5.4% | +13.0% |
| Adjusted Net Income (RMB, non-GAAP) | -51.8 million | -10.1 million | 1.2 million | +102.3% | +111.9% |
| Cash and Equivalents (RMB) | - | - | 988.2 million | - | - |
EHang displayed notable financial improvement as it achieved record-breaking revenues and significant margin expansion. The impressive 919.6% year-over-year revenue growth, alongside a gross margin increase to 62.4%, signifies robust demand for the company's flagship eVTOL products. Although operating and net losses widened on a quarter-over-quarter basis, the company's adjusted figures highlight a substantial reduction in losses, pointing to improved operational efficiency.
Revenue Performance by Segment
| Segment | Q2 2024 (Units) | Q1 2024 (Units) | Q2 2023 (Units) |
|---|---|---|---|
| EH216 Series Products Sold | 49 | 26 | 5 |
| Revenue from EH216 Series (RMB M) | 102.0 | 61.7 | 10.0 |
The EH216 series saw unprecedented delivery volumes, indicating a rising adoption of EHang's solutions within domestic and international markets. The year-over-year increase from 5 units to 49 units and quarter-over-quarter rise from 26 units underscore the significant uptrend in customer demand.
Operational Highlights and Comments
Several strategic achievements marked the quarter, including: - Production Certificate : Secured for EH216-S from CAAC, enabling mass production. - Major Orders : Includes 480 pre-orders from Shanxi, 300 units from Zhejiang and other regions. - Air Operator Certificate Applications : Approved by CAAC, paving the way for commercial operations. - Strategic Collaborations : Partnered with China Southern Airlines General Aviation and MLG in UAE.
CEO Huazhi Hu noted, “We are excited to report another quarter of robust growth... We delivered a record 49 units of EH216-S during the quarter, driving exceptional revenue growth and inked hundreds of units of purchase orders.”
CFO Conor Yang stated, "Thanks to our industry-leading eVTOL products, certifications, and supportive government policies, we continued delivering excellent financial results and beat our guidance again.”
Forward Guidance
For the third quarter of 2024, EHang estimates that total revenues will reach approximately RMB123 million, indicating a year-over-year increase of around 329.8% and a sequential uptick of 20.6%.
Stock Price Movement
Following the earnings release, EHang's stock price increased by 3.53%.
Summary
EHang's record-breaking performance in the second quarter of 2024, combined with strategic growth initiatives and operational efficiencies, positions the company for sustained success in the emerging UAM market. With significant advancements in certification and partnerships, the future trajectory for EHang appears strong.
For further details and the complete earnings release, please visit EHang's Investor Relations .
