EHang posts 239% jump in revenues on higher EH216 sales
EHang Holdings reported financial results for the third quarter of 2023, with revenues soaring 239% year-on-year to $3.9m.
The increase was attributed to higher sales volume and average selling price of EH216 series products. The Guangzhou-based company sold and delivered 13 units of EH216 products during the quarter, nine more than in the same period last year taking the total sales and deliveries during the nine months of 2023 to 29 against 15 last year.
The company has successfully tested EH216 around the world and has received regulatory approval for passenger-carrying flights in China. The company has also developed a line of logistics AAVs for cargo transportation and aerial cinematography solutions.
“The third quarter reflects our exceptional performance in multiple aspects. A pivotal milestone was the type certification for our groundbreaking EH216-S, the first of its kind in the unmanned eVTOL industry around the world,” said Huazhi Hu, CEO, EHang.
“To support our commercial endeavors, we have forged strategic alliances with key entities such as the Bao’an District Government of Shenzhen and the Hefei Municipal Government. These partnerships are instrumental in establishing innovative projects like the UAM Operation Demonstration Center in Shenzhen and could facilitate potential supports with a target amount of $100m from the Hefei Municipal Government.”
Despite higher deliveries and revenues during the quarter, EHang reported a loss of $9.2m, slightly lower than $10.7m loss in the same quarter of 2022. This translated into loss-per-share of $0.07.
The company’s cash balance at the end of the third quarter was $31.9m compared to $17.5m at June 30, 2023, an increase of $14.4m during the three months. EHang had previously announced in July that it had completed a PIPE investment of $23m from long-term strategic investors to support working capital and general needs. The investment proceeds helped improve its liquidity profile.
Overall, EHang’s third quarter results were positive, with strong revenue growth and a narrower loss than in the previous year.