EHang reports 164% jump in first quarter revenue

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Chinese urban air mobility technology platform EHang announced reported 164% year-over-year increase in total revenue to $8.5m compared to $3.2m in the same period last year. The company attributed the sharp increase in revenue to higher sales volume for its EH216 products.

“We are thrilled for continuing our strong growth in both operational and financial performance. Particularly noteworthy is our obtainment of the PC from the CAAC for our EH216-S,” said Huazhi Ho, chairman and CEO, EHang.

“Receiving such a certification is a milestone that positions us as the pioneering entity in the global eVTOL industry, a significant stride towards mass production and commercial operations for eVTOL aircraft. The certification accomplishments, coupled with accelerated government support aimed at promoting the high-quality development of the low-altitude economy, also spurred a surge in inquiries and orders from diverse entities in China and overseas, including governments and scenic operators. Consequently, we achieved a new record high in deliveries for 26 units of EH216-S during the quarter and impressive revenue growth.”

On top of the stellar growth, the company’s gross profit margin clocked in at 64% of the revenue at $5.3m – slight decline from 64% in the same period last year.

Operating expenses also witnessed a growth of 12% to $15m owing to sharp increases in sales, marketing, general and administrative expenses. However, the company reported a one-third decline in research and development expenses at $5.2m.

Overall, the company’s net loss during the quarter under review narrowed by 31% YoY to $8.8m compared to a loss of $13m in the same period last year.