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EHang reports second quarter 2022 financial results

EHang Holdings Limited the autonomous aerial vehicle (“AAV”) technology platform company, has announced its unaudited financial results for the second quarter ended June 30, 2022.

In a statement the company reports:

“Financial and Operational Highlights for the Second Quarter 2022

  • “Total revenues were RMB14.6 million (US$2.2 million), representin an increase of 152.5% from RMB5.8 million in the first quarter of 2022.
  • “Gross margin was 67.1%, maintaining a high level with a further increase of 4.6 percentage points from 62.5% in the first quarter of 2022.
  • “Operating loss was RMB74.3 million (US$11.1 million), compared with RMB63.8 million in the first quarter of 2022.
  • “Adjusted operating loss1 (non-GAAP) was RMB51.2 million (US$7.6 million), compared with RMB41.7 million in the first quarter of 2022.
  • “Net loss was RMB73.9 million (US$11.0 million), compared with RMB68.8 million in the first quarter of 2022.
  • “Adjusted net loss2 (non-GAAP) was RMB50.8 million (US$7.6 million), compared with RMB40.9 million in the first quarter of 2022.
  • “Cash, cash equivalents, restricted cash and short-term investments balances were RMB240.7 million (US$35.9 million) as of June 30, 2022.
  • “Sales and deliveries of EHang 216 AAVs were 8 units, representing an increase of 166.7% from 3 units in the first quarter of 2022.
  • “Under the 100 Air Mobility Routes Initiative, more than 5,700 operational trial flights of EHang 216 have been conducted in practical scenarios at 11 operation spots in China to date.”

“Business Highlights for the Second Quarter 2022 and Recent Updates

  • “EH216-S Type Certification Updates

“The EH216-S Type Certification (“TC”) process has progressed into new phases following that the Civil Aviation Administration of China (“CAAC”) issued EHang with the first Special Conditions for TC of a human-carrying unmanned aircraft system specially for EH216-S in February 2022. The CAAC TC expert team and EHang have reached a consensus on the Project Specific Certification Plan, Certification Basis, and the Certification Plan, respectively.

“On top of references to CCAR-23 and many other internationally recognized regulations and standards, and conventional aircraft configuration management and airworthiness experience, EHang certification team has made further innovative explorations on new topics related to unmanned aircraft system, such as unmanned system, data link and ground control system, and worked out 13 means of compliance applicable to EH216. We are continuing carrying out internal tests and planning the activities for the demonstration of compliance.”

  • “Partnership with Tianxingjian on Scenic Flight Project with Its Purchased EHang 216 AAVs at Aizhai Wonder Tourist Area in Jishou, Hunan, China

“In June 2022, EHang received an initial purchase order for 5 units of EHang 216 AAVs from Tianxingjian Cultural Tourism Investment and Development LLC., an affiliated enterprise of the Jishou city government in China’s Hunan province, with deliveries for all 5 units completed. The two parties plan to develop a scenic flight project at the Aizhai Wonder Tourist Area in Jishou and have initiated trial flight operations at this newly-developed spot since the second quarter. Tianxingjian plans to purchase an additional 25 units of EHang 216 as the project progresses.”

  • “Strategic Partnership with Agricultural Bank of China Guangzhou Branch with Indicative Credit Facilities of RMB1 Billion for Long-Term Cooperation

“In June 2022, EHang entered into a strategic partnership with the Guangzhou Branch of Agricultural Bank of China (“ABC”), one of the world’s 10 largest commercial banks. ABC Guangzhou Branch is expected to provide EHang with comprehensive banking services, including indicative credit facilities of RMB1 billion, to support EHang’s operations in China. This partnership with ABC Guangzhou Branch will offer tremendous support for the Company’s long-term sustainable business growth, including on R&D, manufacturing, and sales and operations.”

  • “Prestige Aviation’s Pre-Order for 100 Units of EHang 216 in Indonesia

“In April 2022, EHang received a pre-order for 100 units of EHang 216 from Prestige Aviation, an Indonesian aviation company and a subsidiary of Prestige Corp. Prestige Aviation previously purchased one unit of EHang 216 from the Company with successful flight demonstrations conducted in Bali and Jakarta, Indonesia.”

  • “Strategic Partnership with C.P. Group to Introduce AAVs into Thailand

“In May 2022, EHang formed a strategic partnership with Charoen Pokphand Group Co., Ltd. (“C.P. Group”), one of the largest conglomerates in Thailand, with an intent to establish a joint venture in Thailand for AAV sales and Urban Air Mobility (“UAM”) operations.”

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(Image: EHang)

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