EH.US announced its unaudited financial results for the second quarter of 2024. The total revenue for the second quarter of 2024 is 0.102 billion RMB, a year-on-year increase of 919.6% and a quarter-on-quarter increase of 65.3%. The gross profit is 63.7 million RMB, a year-on-year increase of 957.3% and a quarter-on-quarter increase of 66.7%. The gross margin is 62.4%, an increase of 2.2 percentage points year-on-year and 0.5 percentage points quarter-on-quarter. The net loss is 71.6 million RMB, a year-on-year increase of 5.4% and a quarter-on-quarter increase of 13.0%. The adjusted net income is 1.2 million RMB, compared to 51.8 million RMB in the same period last year. The basic and diluted net loss per share is 0.54 RMB.

As of June 30, 2024, the balance of cash and cash equivalents, short-term deposits, restricted short-term deposits, and short-term investments is 0.9882 billion RMB (0.136 billion USD).

EHang's founder, chairman, and CEO, Hu Huazhi, commented: "We are pleased to report another strong quarter of growth in both operational and financial indicators. The three certifications obtained by the EH216-S model have allowed us to accelerate production and delivery. This, together with the enhanced measures to promote the development of the low-altitude economy by the government, has led to a significant increase in demand and orders from domestic and international customers, including governments and tourism operators. As a result, we delivered a record 49 EH216-S aircraft in this quarter, driving exceptional revenue growth. We also signed purchase orders and prepayment orders for hundreds of EH216-S aircraft in China. Additionally, with the expansion of our partner network in the Middle East and the successful first flights of our autonomous electric vertical takeoff and landing aircraft in the second quarter in the United Arab Emirates and Saudi Arabia, our global expansion is also accelerating. Through integrated sales and operational strategies, we have made significant progress in areas such as after-sales personnel training, infrastructure construction, operational standards, and certifications to accelerate the post-purchase UAM commercial operation readiness for customers. The Civil Aviation Administration of China has formally accepted the operating permit (OC) applications submitted by EHang General Aviation and EHang Aerial. In addition, our customers and partners in Guangdong, Shenzhen, Taiyuan, and Wuxi are actively preparing for operating permit applications, with the goal of accelerating the commercial operation of EH216-S and low-altitude economic demonstration projects in these cities. We are committed to launching commercial operations of the EH216-S in the near future, which will mark a new phase of growth focused on urban internal mobility. At the same time, we will continue to meet diverse UAM demands by leveraging advanced technology, upgraded components, and new models designed for intercity mobility, such as our electric vertical takeoff and landing aircraft. We will utilize our cutting-edge electric vertical takeoff and landing technology as well as our leading position in the low-altitude industry to provide safe and low-carbon autonomous air transportation vehicles for more customers worldwide."

Yang Jiahong, CFO of EHang, said: "Thanks to our leading eVTOL products, certifications, and supportive policies from the government, we continue to deliver outstanding financial performance and once again exceed our guidance. In particular, our revenue in the second quarter increased by 919.6% year-on-year to reach 0.102 billion RMB, demonstrating strong demand for our advanced EH216-S autonomous electric vertical takeoff and landing aircraft and strong growth potential. We are pleased to achieve adjusted net income in the second quarter and maintain positive operating cash flow for the third consecutive quarter, which has further strengthened our financial position. Additionally, our cash position continues to improve as the company has raised 0.5541 billion RMB through market equity issuances, so we will not continue to sell American Depository Shares (ADS) under the market plan for the remaining time in 2024. We believe that our capital and strategic readiness for commercial operations, as well as our core strengths, fully empower us to maintain this upward momentum and continue our expansion."

Looking ahead, the company expects total revenue for the third quarter of 2024 to be approximately 0.123 billion RMB, an increase of approximately 329.8% year-on-year and 20.6% quarter-on-quarter.