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EHang announces third quarter 2023 financial results – sales rise, loss falls

EHang Holdings Limited has announced third quarter 2023 revenues of RMB28.6 million (USD3.9 million), “representing an increase of 247.9% from RMB8.2 million in the third quarter of 2022, and an increase of 186.0% from RMB10.0 million in the second quarter of 2023,” said the company in a statement. “Gross margin was 64.6%, representing a consistently high gross margin level with a slight decrease of 1.3 percentage points compared to 65.9% in the third quarter of 2022, but an increase of 4.4 percentage points compared to 60.2% in the second quarter of 2023. The year-over-year decrease was mainly due to changes in revenue mix. The quarter-over-quarter increase was mainly due to higher average selling price of EH216 series products.”

Sales and deliveries of EH216 series products were 13 units, an increase over the four units in the third quarter of 2022, and five units in the second quarter of 2023.

The operating loss was RMB70.0 million (USD9.6million), representing an improvement of 5.0% from RMB73.7 million in the third quarter of 2022 and an improvement of 7.0% from RMB75.3 million in the second quarter of 2023. Adjusted operating loss1 (non-GAAP) was RMB34.2 million (USD4.7 million), representing an improvement of 35.2% from RMB52.9 million in the third quarter of 2022, and an improvement of 33.3% from RMB51.3 million in the second quarter of 2023. Net loss was RMB67.1 million (USD9.2 million), representing an improvement of 12.3% from RMB76.5 million in the third quarter of 2022, and an improvement of 11.4% from RMB75.7 million in the second quarter of 2023. Adjusted net loss2 (non-GAAP) was RMB31.3 million (USD4.3 million), representing an improvement of 43.1% from RMB55.1 million in the third quarter of 2022, and an improvement of 39.5% from RMB51.8 million in the second quarter of 2023. Cash, cash equivalents, short-term investments and restricted short-term deposits balances were RMB295.6 million (USD40.5 million) as of September 30, 2023.

According to Huazhi Hu, EHang’s Founder, Chairman and Chief Executive Officer: “The third quarter reflects our exceptional performance in multiple aspects. A pivotal milestone was the TC (type certification) for our groundbreaking EH216-S, the first of its kind in the unmanned eVTOL industry around the world. This certification evidences our adherence to CAAC’s stringent safety and airworthiness standards, and enables us to move toward commercial operations with confidence.”

“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 USD100 million from the Hefei Municipal Government. These initiatives, combined with certifications and favorable policies, will position us to meet the increasing demands and orders for our trailblazing unmanned eVTOL products. As the first mover in the eVTOL industry, we will continue committing ourselves to delivering safe, autonomous, efficient, and eco-friendly UAM solutions and services.”

For more information

https://ir.ehang.com/news-releases/news-release-details/ehang-reports-third-quarter-2023-unaudited-financial-results

(Image: EHang)

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