EHang Reports Third Quarter 2024 Unaudited Financial Results

Core Insights - EHang Holdings Limited reported record-high quarterly revenues of RMB128.1 million (US$18.3 million), a 347.8$1.3 million) and adjusted net income of RMB15.7 million (US$2.2 million), marking the second consecutive quarter of non-GAAP profitability [4][6] - EHang maintained positive operating cash flow for the fourth consecutive quarter and secured over US$22 million in strategic PIPE investment to enhance liquidity [7][29] Financial Performance - Total revenues reached RMB128.1 million (US$18.3 million), up 347.8$7.8 million), a 21.8% improvement from RMB70.0 million in Q3 2023 and a 29.3% improvement from RMB77.4 million in Q2 2024 [4][43] - Net loss was RMB48.1 million (US$6.9 million), representing a 28.3% improvement from RMB67.1 million in Q3 2023 and a 32.8% improvement from RMB71.6 million in Q2 2024 [5][45] Business Developments - EHang achieved significant eVTOL sales and operational progress in various Chinese cities, with 63 units of the EH216 series delivered in Q3 2024, the highest quarterly delivery volume in the company's history [2][8] - The company is advancing its Air Operator Certification (OC) for commercial operations, with the first OC expected to be issued by the end of 2024 [19] - EHang has established strategic partnerships for talent training and technology development, including a partnership with the Civil Aviation Flight University of China [20][27] International Expansion - EHang expanded its international presence with flights in Brazil, Thailand, Japan, and the UAE, conducting over 56,000 safe flights with pilotless eVTOLs in 18 countries [21][25] - The company launched a UAM Hub in Hefei and is working on establishing additional vertiports and operational sites across various cities in China [10][9] Technological Advancements - EHang announced a breakthrough in solid-state battery technology, completing the first eVTOL solid-state battery flight test, which significantly improves flight endurance [26] - The company upgraded its lift-and-cruise eVTOL model to the VT-35, targeting inter-city and cross-bay applications [28]