EHang Reports Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results

Financial Performance - The company reported record-high quarterly revenues of RMB164.3 million (US$22.5 million), representing a 190.2$62.5 million), up 288.5% from RMB117.4 million in 2023, primarily driven by increased sales volume of EH216 series products [28] - The gross margin for Q4 2024 was 60.7%, slightly down from 64.7% in Q4 2023 and on par with 61.2% in Q3 2024 [16] - The company achieved its first year and third consecutive quarter of non-GAAP profitability, with adjusted net income of RMB36.4 million (US$5.0 million) in Q4 2024, a significant improvement from an adjusted net loss of RMB22.1 million in Q4 2023 [24][25] Operational Highlights - The company delivered a record-high of 216 units of EH216 series eVTOLs in 2024, a 315.4% increase from 52 units in 2023 [4] - The EH216 series eVTOL sales and deliveries in Q4 2024 reached 78 units, representing a 239.1% increase from 23 units in Q4 2023 [4] - The company expects fiscal year 2025 revenues to be around RMB900 million, reflecting a 97% year-over-year increase [40] Strategic Developments - EHang expanded its global presence, achieving the first-ever urban flight of a pilotless eVTOL in Europe and securing new orders from clients across multiple cities in China [5][10] - The company is collaborating with various partners to develop UAM infrastructure and low-altitude flight hubs, including a strategic partnership with China Communications Information & Technology Group [5] - EHang is also focusing on talent training by partnering with the Civil Aviation Flight University of China to address the demand for skilled professionals in the low-altitude economy sector [5] Management Insights - The CEO highlighted the achievements in 2024, emphasizing the acceleration of eVTOL adoption and the company's commitment to innovation and operational expansion [10] - The CFO noted the exceptional momentum in 2024, driven by unprecedented demand for the EH216-S and strategic execution in scaling production and preparing for commercial operations [10]