Ehang's sales and revenue in the second quarter reached a record high, and unexpectedly turned losses into profits. The company forecasts that total revenue in Q3 will continue to grow at a high speed, with a year-on-year increase of more than 3 times.
The low-altitude economy has unlimited prospects. Ehang Intelligent, the leading eVTOL technology company, achieved record high sales and revenue in the second quarter, unexpectedly turning losses into profits. The company expects to obtain its first operational certificate within the year.
On August 22, Ehang Intelligence released its financial performance report for the second quarter of 2024.
1) Major Financial Indicators:
Revenue: In the second quarter, revenue reached 0.102 billion yuan, reaching a record high for the company, with a year-on-year growth of 919.6% and a quarter-on-quarter growth of 65.3%, the highest growth rate in company history.
Profit: The company turned losses into profits in the second quarter, with adjusted net income of 1.15 million yuan. Market expectations were for a loss of 24 million yuan, compared to a loss of 51.77 million yuan in the same period last year.
Cash flow: Ehang Intelligence has achieved positive operating cash flow for three consecutive quarters. It has raised approximately 0.55 billion yuan through ATM projects and will no longer issue additional ATM shares this year.
2) Main business highlights:
A total of 49 EH216-S aircraft were delivered in the second quarter, setting a record high. 5 aircraft were delivered in the same period last year, and 26 were delivered in the first quarter.
3) Performance Outlook:
In the third quarter, the company expects a total revenue of approximately 0.123 billion yuan, a year-on-year increase of about 329.8%, and a quarter-on-quarter growth of 20.6%.
After the financial report was released, EHang Intelligent's pre-market trading on the US stock market rose by over 4%.
Regarding the strong growth in performance, Hu Huazhi, the founder, chairman, and CEO of EHang Intelligent, stated that the EH216-S has obtained three certifications, allowing the company to accelerate the production and delivery process. Combined with government support policies to promote the development of low-altitude economy, the demand and orders from domestic and international customers, including the government and tourism operators, have significantly increased. Therefore, the company delivered 49 EH216-S aircraft this quarter, setting a new historical high and driving a substantial increase in revenue. The company also signed purchase orders and intent orders for several hundred EH216-S aircraft with domestic customers.
It is expected that the first operation qualification certificate will be approved within the year.
In April of this year, EHang Intelligent EH216-S became the world's first eVTOL aircraft with all three certificates, obtaining the Type Certificate (TC), Airworthiness Certificate (AC), and Production Certificate (PC). According to the query parameters, the EH216-S has a body length of 5.73 meters, a height of 1.93 meters, and an official claim that it can be fully charged within two hours. The fastest flying speed can reach 130 kilometers per hour, with a endurance time of 25 minutes and a designed range of 30 kilometers. The EH216-S can be applied to scenarios such as passenger transportation, tourism, logistics, medical emergency, and is currently priced at 2.39 million yuan.
It is reported that in the second quarter, EHang Intelligent obtained multiple sales projects:
In May of this year, EHang signed a memorandum of understanding with Xishan Ecotourism Investment Construction Co., Ltd. ("Xishan Tourism") in Taiyuan City, receiving a purchase order for 50 EH216-S and making a full payment of 1.13 billion yuan (15.5 million US dollars). EHang delivered the first batch of 10 aircraft to Xishan Tourism in the second quarter of 2024.
In June of this year, EHang Intelligent signed a cooperation agreement with the government of Wencheng County, Wenzhou City, Zhejiang Province, China, and obtained an order for 30 EH216-S aircraft.
EHang Intelligent has also begun planning for the next step of commercial operation. According to Xinhua News Agency, in July of this year, the Civil Aviation Administration has officially accepted the operation qualification certificate (OC) application submitted by EHang's wholly-owned subsidiary, EHang Tonghang, and the joint venture operation company Hefei Heyi Aviation in Hefei, specializing in UAM operation services. The current review team of the Civil Aviation Administration has completed the document review and will conduct on-site inspections in Hefei. EHang Intelligent expects the first OC to be approved within this year.
