EHang(EH) - 2023 Q4 - Annual Results

Financial Performance - Total revenues for Q4 2023 were RMB56.6 million (US$8.0 million), a 260.9$16.5 million), representing a 165.0% increase from RMB44.3 million in 2022[3] - Gross profit for Q4 2023 was RMB36.6 million (US$5.2 million), reflecting a 253.3$10.6 million), an 18.4% improvement from RMB92.2 million in Q4 2022[2] - Net loss for Q4 2023 was RMB72.5 million (US$10.2 million), improving by 34.2$19.6 million), a 32.7% improvement from RMB206.2 million in 2022[4] - Operating loss for the year ended December 31, 2023, was RMB 296,252, a slight improvement from RMB 329,331 in 2022, reflecting a reduction of 10%[67] - Net loss attributable to ordinary shareholders for the year ended December 31, 2023, was RMB 301,700, down from RMB 328,221 in 2022, showing a decrease of 8%[67] Cash Flow and Assets - The company achieved positive operating cash flow in Q4 2023, with cash and equivalents totaling RMB334.1 million (US$47.1 million) as of December 31, 2023[2][4] - As of December 31, 2023, cash and cash equivalents totaled RMB334.1 million (US$47.1 million), with positive cash flow generated from operations during Q4 2023[35] - The Company reported total current assets of RMB 453,048 thousand as of December 31, 2023, an increase from RMB 387,155 thousand as of December 31, 2022, representing a growth of approximately 17%[62] - The Company’s total assets increased to RMB 598,645 thousand in 2023 from RMB 530,867 thousand in 2022, representing a growth of about 13%[62] Expenses - Total operating expenses for FY 2023 were RMB377.8 million (US$53.2 million), compared to RMB339.3 million in 2022[39] - Research and development expenses for FY 2023 were RMB167.3 million (US$23.6 million), an increase from RMB135.1 million in 2022, primarily due to higher share-based compensation and compliance tests related to EH216-S[40] - Sales and marketing expenses for the year ended December 31, 2023, were RMB 60,389, up from RMB 53,116 in 2022, reflecting a rise of 14%[66] - Total operating expenses for the year ended December 31, 2023, were RMB 377,796, compared to RMB 339,263 in 2022, an increase of 11%[66] Shareholder Equity and Liabilities - Total shareholders' equity rose to RMB 214,219 thousand in 2023 from RMB 124,678 thousand in 2022, marking an increase of about 71%[64] - Total liabilities decreased to RMB 384,426 thousand in 2023 from RMB 406,189 thousand in 2022, reflecting a reduction of approximately 5%[64] - The Company’s accumulated deficit increased to RMB (1,754,542) thousand in 2023 from RMB (1,450,374) thousand in 2022, indicating a worsening of approximately 21%[64] Product Development and Market Expansion - EHang obtained the world's first pilotless passenger-carrying eVTOL Type Certificate and Standard Airworthiness Certificate for EH216-S from the CAAC[5] - EHang expanded its market presence to the UAE, entering a strategic partnership for the sale of 100 units of EH216 series eVTOLs[12][14] - The company is moving forward to obtain a Production Certificate for mass production of the EH216-S[8] - The company aims to scale up commercial sales of EH216-S following the achievement of obtaining the world's first pilotless passenger-carrying eVTOL certifications in Q4 2023[46] Future Projections - The company expects total revenues for Q1 2024 to be around RMB58.0 million, indicating an approximate 160% year-over-year increase[48]