EHang Reports Second Quarter 2024 Unaudited Financial Results

Core Insights - EHang Holdings Limited reported a record revenue of RMB102.0 million (US$14.0 million) for Q2 2024, marking a 919.6% increase year-over-year and a 65.3% increase quarter-over-quarter, driven by the sales of EH216 series products [2][18][31] - The company achieved an adjusted net income of RMB1.2 million (US$0.2 million) in Q2 2024, a significant improvement from adjusted net losses in the same quarter of the previous year and the first quarter of 2024 [2][28] - EHang maintained positive operating cash flow for the third consecutive quarter and raised US$76.2 million through an at-the-market equity offering, enhancing its liquidity position [2][17] Financial Highlights - Total revenues reached RMB102.0 million (US$14.0 million), a 919.6% increase from RMB10.0 million in Q2 2023 and a 65.3% increase from RMB61.7 million in Q1 2024 [2][18] - Gross profit was RMB63.7 million (US$8.7 million), up 957.3% year-over-year, with a gross margin of 62.4%, reflecting a 2.2 percentage points increase from the previous year [20] - Operating loss was RMB77.4 million (US$10.7 million), a slight increase from RMB75.3 million in Q2 2023, while adjusted operating loss improved by 90.9% year-over-year to RMB4.7 million (US$0.6 million) [25][26] Operational Highlights - EHang delivered 49 units of the EH216 series in Q2 2024, the highest quarterly delivery volume in the company's history, compared to 5 units in Q2 2023 [2][18] - The company secured a production certificate for the EH216-S from the Civil Aviation Administration of China (CAAC), allowing for steady production ramp-up [3][4] - EHang has formed strategic partnerships with various entities, including China Southern Airlines for collaborative eVTOL operations and GBT for developing ultra-fast charging battery solutions [9][13] Business Developments - EHang signed significant purchase agreements, including a RMB113 million (US$15.5 million) order for 50 units of EH216-S in Shanxi and a plan for an additional 450 units [5] - The company is expanding its market presence in the Middle East, having completed its first passenger-carrying autonomous eVTOL flight in Abu Dhabi and Mecca [11][12] - EHang's applications for pilotless eVTOL Air Operator Certificates have been accepted by CAAC, paving the way for commercial operations [8]