EHang Reports Significant Growth in Q1 2024 Financial Results and Key Milestones

The EH216 AAV’s passenger-carrying flight demo at the 5G Intelligent Air Mobility Experience Center
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GUANGZHOU, China, May 20, 2024 – EHang Holdings Limited (Nasdaq: EH), a global leader in Urban Air Mobility (UAM) technology, announced impressive financial results for Q1 2024, achieving substantial revenue growth and critical operational milestones.

Financial Highlights:

  • Revenue Surge: EHang reported Q1 revenues of RMB 61.7 million (US$ 8.5 million), a 178.0% increase year-over-year and a 9.1% rise from the previous quarter, driven primarily by higher sales of EH216 series products.
  • Reduced Losses: Operating loss improved to RMB 65.8 million (US$ 9.1 million), a 13.1% year-over-year reduction. Adjusted operating loss (non-GAAP) significantly decreased by 63.4% to RMB 12.6 million (US$ 1.7 million).
  • Positive Cash Flow: The company achieved positive operating cash flow for the second consecutive quarter.
  • Sales Growth: 26 units of EH216 series were sold, more than doubling from 11 units in Q1 2023.

Strategic and Operational Milestones:

  • CAAC Certification: EHang secured a Production Certificate from the Civil Aviation Administration of China (CAAC) for the EH216-S eVTOL aircraft, paving the way for mass production.
  • Government Partnerships: In collaboration with the Wuxi government, EHang received conditional orders for 100 units of EH216-S. Additionally, strategic expansion into Shenzhen’s Luohu district aims to enhance UAM services.
  • International Expansion: EHang established key partnerships and conducted demo flights in the UAE, Spain, Costa Rica, and Japan, showcasing the versatility and potential of its eVTOL technology.
  • Innovative Collaborations: The company partnered with Guangzhou Automobile Company (GAC) to enhance production capabilities and with Guangzhou Greater Bay Technology (GBT) to develop ultra-fast charging batteries.

Executive Insights:

CEO Huazhi Hu highlighted the significance of the CAAC certification as a milestone for mass production and commercial operations of eVTOL aircraft. CFO Conor Yang emphasized the robust financial performance driven by strategic certifications and supportive government policies, forecasting continued growth and expansion.

Future Outlook:

EHang expects Q2 2024 revenues to reach around RMB 90 million, reflecting an 804% increase year-over-year. The company plans to further commercialize the EH216-S and advance the development of the VT-30 model for inter-city travel.

Conference Call Details:

EHang’s management will host a conference call on May 20, 2024, at 8:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong Time). Participants can register online for access.

For more detailed financial data and updates, visit EHang’s investor relations website at EHang Investor Relations.

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