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EHang Holdings announces latest financial results and certification progress

EHang Holdings Limited today announced its unaudited financial results for the first quarter ended March 31, 2023.

According to the company:

“Total revenues were RMB22.2 million (USD3.2 million), representing a growth of 41.6% compared to RMB15.7 million in the fourth quarter of 2022. Gross margin was 63.9%, representing a continued high gross margin level with a slight decrease of 2.2 percentage points compared to 66.1% in the fourth quarter of 2022. Operating loss was RMB75.7 million (USD11.0 million), representing an improvement of 17.8% from RMB92.2 million in the fourth quarter of 2022. Adjusted operating loss (non-GAAP) was RMB34.3 million (USD5.0 million), representing an improvement of 44.1% from RMB61.3 million in the fourth quarter of 2022. Net loss was RMB87.0 million (USD12.7 million), representing an improvement of 21.0% from RMB110.1 million in the fourth quarter of 2022. Adjusted net loss (non-GAAP) was RMB33.6 million (USD4.9 million), representing an improvement of 43.5% from RMB59.4 million in the fourth quarter of 2022. Cash, cash equivalents, restricted cash, restricted short-term deposits and short-term investments balances were RMB217.6 million (USD31.7 million) as of March 31, 2023. Sales and deliveries of EH216 series AAVs were 11 units, compared with 6 units in the fourth quarter of 2022.

“In the first quarter of 2023, the EH216-S type certification process with the Civil Aviation Administration of China (the “CAAC”) has achieved significant progress in the final phase of Demonstration and Verification of Compliance,” said the company. “As of today, more than 90% of the compliance tests in the final phase have been completed step by step. During the process, EHang conducted a great number of laboratory tests, ground tests and flight tests at multiple professional aeronautical laboratories and test sites across China under the CAAC’s inspections. The completed tests, including but not limited to battery, environmental, material, strength, software, data link, ground control station tests, demonstrated and verified the safety and airworthiness of the EH216-S AAV. The Company is making all efforts to conclude the remaining tests in the final sprint.

Under the CAAC’s guidance and the Company’s 100 Air Mobility Route Initiative, EHang, along with its customers and partners, have developed a total of 19 trial operation spots across 17 cities in China during the past two years. As of today, approximate 8,800 safe operational trial flights have been completed by EH216-S AAVs for aerial sightseeing at these spots, which paves the way for commercial operations following the certification.”

According to Huazhi Hu, EHang’s Founder, Chairman and Chief Executive Officer: “As anticipated, we witnessed increasing demands for our AAVs upon the post pandemic recovery of the tourism industry in China. In the first quarter, we achieved more customer orders and deliveries, leading to remarkable revenue growth of 42% quarter over quarter and 283% year over year. Meanwhile, we maintained a high quarterly gross margin of 63.9%, a testament to our competitive strengths and first mover advantages in the global UAM and eVTOL industry. Moreover, the USD10 million strategic investment from the Qingdao West Coast New Area was closed in the first quarter, which enhanced our cash position to support our operations and growth.”

“Currently our top priority is to obtain the EH216-S type certificate as soon as possible in the near term. With continued tailwinds from tourism recovery and favorable domestic policies, as well as our leading position in advanced AAVs and related systems, we feel very confident in our vast potential to thrive in the UAM sector and are very optimistic for what’s ahead.”

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