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EHang(EH) - 2025 Q2 - Earnings Call Transcript
2025-08-26 13:02
Financial Data and Key Metrics Changes - Total revenues for Q2 2025 were RMB 147.2 million, representing a 44% year-over-year increase and a significant sequential increase of 4.6 times compared to Q1 2025, primarily driven by increased sales volume of EH216 series products [34][6][33] - Gross profit for Q2 was RMB 92 million, showing both year-over-year and sequential growth [34] - Gross margin in Q2 was 62.6%, stable compared to 62.4% in both Q2 2024 and Q1 2025, indicating sustained market competitiveness [35] - Adjusted net income was RMB 9.4 million, a 19.9% increase from RMB 1.2 million in 2024, marking a turnaround from an adjusted net loss of RMB 31.1 million in Q1 2025 [36] Business Line Data and Key Metrics Changes - The company successfully delivered 68 units of the EH216 series, generating total revenues of RMB 147 million, reflecting strong market demand [6] - New orders for over 150 units of the EH216 series were received in Q2, indicating robust market interest and confidence in the products [6][18] - The EH216 S completed over 10,000 safe flights without incidents, underscoring its safety and reliability [6] Market Data and Key Metrics Changes - The company delivered aircraft to 13 enterprise clients across various regions in China and one international client in Japan, expanding its customer base [17] - 90% of the new orders were from domestic clients, while 10% were from overseas customers, indicating a growing demand for pilotless vehicles in international markets [52] Company Strategy and Development Direction - The company is focusing on establishing a proven scalable business model for pilotless eVTOL operations, emphasizing safety, regulatory compliance, and innovation as cornerstones for leadership in the market [16] - A strategic partnership with the Hefei municipal government was signed to establish a VT35 series product hub, integrating R&D, manufacturing, and operations [12] - The company is committed to collaborating with leading academic institutions to advance critical technologies in the low altitude economy [13] Management's Comments on Operating Environment and Future Outlook - Management emphasized that the adjustment in revenue guidance is not due to weak demand but a commitment to safety and sustainable operations [45][24] - The company is confident in achieving the full-year revenue target of RMB 500 million based on the current order backlog [46] - Management highlighted the importance of supporting existing customers to ensure safe and orderly commercial operations [15] Other Important Information - The company raised over USD 23 million through an at-the-market offering, which will be used for R&D, team expansion, and commercial operations [37] - The company is pursuing type certification in Brazil and a special flight permit in Chile, indicating ongoing international expansion efforts [31] Q&A Session Summary Question: Reasons behind the revenue guidance cuts - Management clarified that the adjustment is due to a strategic focus on providing support services to existing clients and maintaining safety as a core principle, not due to insufficient market demand [45] Question: Update on operating certificates (OC) for clients - Management provided an update on the phased operational approach of the two operators who obtained OCs, emphasizing the strong interest from existing and potential customers [47][48] Question: Breakdown of order backlog - Management indicated that 90% of the new orders are from domestic clients and 10% from overseas customers, with significant demand noted from international markets [52][53] Question: Plans for the VT20 model and airworthiness certification - Management confirmed that the VT20 series logistic aircraft does not require airworthiness certification, while larger models are in the process of certification [56] Question: Production capacity and CapEx plans - Management stated that the annual production capacity of 1,000 units will continue as planned, with CapEx for 2025 remaining unchanged at USD 14 million [69] Question: Business model as a UAV service provider - Management explained that the company will act as both an eVTOL producer and an operation service provider, focusing on sustainable long-term commercial operations [72] Question: Support from Hefei government for VT35 - Management detailed that the support from the Hefei government includes orders, investments, and supply chain support, which will aid in the development of the VT35 model [76]