EHang Holdings Limited (“EHang” or the “Company”) (Nasdaq: EH), the
world’s leading Urban Air Mobility (“UAM”) technology platform
company, today announced its unaudited financial results for the
third quarter ended September 30, 2024.
Financial and Operational Highlights for
the Third Quarter 2024
- Sales and deliveries of
EH216 series products1 were 63 units, the
highest quarterly delivery volume in the Company’s history,
compared with 13 units in the third quarter of 2023, and 49 units
in the second quarter of 2024.
- Total revenues
reached a record high of RMB128.1 million (US$18.3 million),
representing an increase of 347.8% from RMB28.6 million in the
third quarter of 2023, and an increase of 25.6% from RMB102.0
million in the second quarter of 2024.
- Gross margin was
61.2%, representing a decrease of 3.4 percentage points from 64.6%
in the third quarter of 2023, and a decrease of 1.2 percentage
points from 62.4% in the second quarter of 2024.
- Operating loss was
RMB54.7 million (US$7.8 million), representing a 21.8% improvement
from RMB70.0 million in the third quarter of 2023 and a 29.3%
improvement from RMB77.4 million in the second quarter of
2024.
- Adjusted operating
income2 (non-GAAP) was
RMB9.0 million (US$1.3 million), compared with adjusted operating
loss of RMB34.2 million in the third quarter of 2023, and adjusted
operating loss of RMB4.7 million in the second quarter of
2024.
- Net loss was
RMB48.1 million (US$6.9 million), representing a 28.3% improvement
from RMB67.1 million in the third quarter of 2023, and a 32.8%
improvement from RMB71.6 million in the second quarter of
2024.
- Adjusted net income3
(non-GAAP) was RMB15.7 million (US$2.2 million),
compared with adjusted net loss3 of RMB31.3
million in the third quarter of 2023, and representing an increase
of 1,262.0% from RMB1.2 million in the second quarter of 2024,
achieving the second consecutive quarter of non-GAAP
profitability.
- Cash and cash equivalents,
short-term deposits, restricted short-term deposits and short-term
investments balances were RMB1,077.6 million (US$153.6
million) as of September 30, 2024.
- Positive cash flow from
operations continued in the third quarter of 2024. This
was the fourth consecutive quarter that the Company generated
positive cash flow from operations.
Business Highlights for the Third
Quarter 2024 and Recent Developments
- Significant eVTOL Sales and
Operational Progress in Pioneering Chinese CitiesAfter
receiving the type certificate, production certificate and standard
airworthiness certificate for the EH216-S pilotless passenger eVTOL
aircraft, EHang is now prepared for mass production and deliveries.
The Company is working closely with customers and partners to
establish UAM demonstration projects in several Chinese cities such
as Hefei, Guangzhou, Shenzhen, Taiyuan, Wencheng, Zhuhai, and more,
to showcase eVTOL operations. These efforts include assisting
customers obtain their Air Operator Certificate (“OC”), training
eVTOL operators and maintenance personnel, building EH216-S
vertiports and UAM operational sites, planning flight routes and
business strategies, and promoting eVTOL sales and operations
across China. In Hefei, EHang, in
collaboration with the Hefei municipal government, launched a new
UAM Hub named "Ascend" at Luogang Central Park in November. This
marks the second eVTOL operation site for EH216-S in Hefei,
following the first UAM Operation Center established in May. The
UAM Hub spans nearly 2,000 square meters and can accommodate up to
20 units of EH216-S. It includes dedicated zones for ticketing,
passenger waiting, boarding, a command-and-control center, and
charging and maintenance facilities. In the third quarter of this
year, EHang delivered an additional five units of EH216-S to the
Hefei customer for deployment at the new UAM Hub. According to the
Hefei government’s plan, over 30 vertiports for eVTOLs will be
established in Hefei over the next three years to create a UAM
passenger transportation network for aerial sightseeing, multimodal
air transport, emergency response, peri-urban travel, and
more. In Guangzhou, EHang’s customer Heli
launched the first-ever cross-river round-trip flights with the
EH216-S eVTOL between Tiande Plaza and Haixinsha Island in downtown
Guangzhou in September, showcasing aerial tourism and air
transportation use cases in the city’s central business district.
In October, the EH216-S also completed a pilotless
passenger-carrying flight in Nansha District, where a comprehensive
unmanned system across sea, land and air is planned. EHang is
committed to developing more flight routes within a 30-kilometer
UAM living circle in Guangzhou, transforming the city’s
transportation landscape. In Shenzhen, five
more units of the EH216-S were delivered to the customer Boling for
a repeat order in the third quarter. These units will be deployed
at Boling’s second UAM Operation Center in Luohu District,
following the establishment of the first center in Bao’an District
in December 2023. In Taiyuan, EHang, in
collaboration with Xishan Tourism, conducted its debut
passenger-carrying flights of the EH216-S at Paddy Field
Park in July, after delivering 10 units of the EH216-S to the
customer in the second quarter. During the third quarter, an
additional 40 units were delivered to Taiyuan for low-altitude
sightseeing and tourism uses. In Wencheng, an
additional three units of the EH216-S were delivered to the local
customer in the third quarter, following the delivery of 27 units
in the second quarter. Several bespoke eVTOL vertiports and flight
routes for the EH216-S have been established in Wencheng for aerial
sightseeing and tourism. EHang has also formed a joint venture with
Wencheng Transportation Development Group to handle eVTOL
demonstration, sales, leasing, maintenance, and future operations.
Wencheng is currently constructing a commercial center, covering
20,000 square meters, that integrates business, living, operations,
and EH216-S display and delivery areas. In
Zhuhai, EHang, in partnership with Wanshan Development
Group, established the Wanshan Land-Island Low-altitude Operation
Center in July. This center integrates aerial logistics and
passenger transportation using EHang’s eVTOLs. EHang, in
collaboration with China Post, has jointly launched the first
island logistics route “Zhuhai Drone #1”. EHang’s VT-20 series
logistic eVTOLs completed a debut round-trip flight, transporting
parcels and seafood between Zhuhai Center and Gui Mountain. The
37km trip took 25 minutes, saving 80% of the time compared with
traditional transportation methods. Additionally, the EH216-S
completed passenger-carrying flights for aerial sightseeing.
Furthermore, the Company also secured new orders from, and
completed deliveries for clients in Fujian, Chongqing, Tianjin,
Guizhou and Shaanxi in the third quarter of 2024.
- Partnership with KC Smart
Mobility with Purchase Plan for 30 Units of the EH216-S to Advance
Sale and Tourism and Travel Operations in Hong Kong, Macau and
Hubei Province in China In July, EHang signed a
purchase and operations cooperation agreement with KC Smart
Mobility, a subsidiary of Kwoon Chung Bus Holdings Limited (“KCBH”)
(0306.HK), Hong Kong’s largest non-franchised bus operator,
providing passenger transport services between mainland China and
Hong Kong, as well as local transport and tourism services in Hong
Kong and other locations. KC Smart Mobility plans to purchase a
total of 30 units of the EH216-S from EHang for tourism and travel
operations in Hong Kong, Macau, as well as the cities of Xiangyang
and Shiyan in China’s Hubei Province by the end of 2026.
Previously, as part of the 30-unit purchase plan, the first order
of five units has been placed and delivered to Hubei for aerial
sightseeing uses in the first quarter of 2024.
-
Cooperation with Sunriver to Expand Chinese Cultural
Tourism Market with Purchase Plan for 50 Units of the
EH216-S In November, EHang signed a cooperation
framework agreement with Sunriver (600576.SH), a China A-share
listed tourism company with over 40 tourism attractions under its
and its parent company’s management, to jointly explore an
industrial model that integrates low-altitude economy with cultural
tourism in China. Sunriver plans to purchase 50 units of the
EH216-S or similar pilotless passenger aircraft from EHang for its
cultural tourism projects based on market development needs.
Sunriver has placed a purchase order for 5 units of EH216-S as the
first batch.
- Steady Progress in Air
Operator Certification for Commercial Operations In
July 2024, the Civil Aviation Administration of China (“CAAC”)
formally accepted the OC applications submitted by EHang General
Aviation and Heyi Aviation, the low-altitude economy operating
company in Hefei. This marks the world’s first OC certification
project for pilotless passenger eVTOL aircraft, indicating that the
first related operational standards are about to be established,
ensuring safety for the commercial operations of the EH216-S in
China. The OC review is progressing steadily, with the first OC
expected to be issued by the end of this year. The Company is also
actively assisting other customers and partners in Guangzhou,
Shenzhen, Wuxi, Wencheng and Zhuhai with their OC applications to
accelerate the commercial operations of the EH216-S nationwide and
promote the development of low-altitude economy demonstration zones
in more cities.
- Strategic Partnership with
Civil Aviation Flight University of China for eVTOL Talent
Training In October 2024, EHang entered into a
strategic partnership with the Civil Aviation Flight University of
China (“CAFUC”). Building upon the CAFUC’s extensive expertise in
civil aviation education, research, and talent development, the two
parties will work together to train skilled personnel, including
operators and maintenance staff for EHang’s pilotless eVTOL
aircraft. This training will cover personnel licensing and
operational supervision. This partnership aims to address the
growing demand for an estimated millions of talents in the
low-altitude economy and support the sustainable, high-quality
development of the civil unmanned aerial vehicle industry.
- Expanded International
Presence with Flights in Brazil, Thailand, Japan and the
UAE In Brazil, the National Civil
Aviation Agency (“ANAC”) granted the Experimental Flight
Authorization Certificate for the EH216-S in September, allowing
trial operations of this aircraft system. Following this, the
EH216-S made its debut flight in Brazil in collaboration with the
Company’s local partner Gohobby. The two parties are carrying out
extensive trial and test campaigns in Brazil to facilitate local
airworthiness certification, working with the ANAC, the Brazilian
Airspace Control Department, and the CAAC. In
Thailand, the Civil Aviation Authority of Thailand
(“CAAT”) issued a Demonstration Flight Permit, allowing the EH216-S
to debut a series of passenger-carrying flights in central Bangkok
during the Thailand Drone Exhibition & Symposium 2024 in
November. EHang, in collaboration with the CAAT, plans to conduct
flight tests with the EH216-S in Thailand and aims to launch
commercial flight operations in various regions such as Phuket and
Koh Samui by 2025. In Japan, EH216-S
completed a new round of four-city flight tour in Japan in October,
expanding its flight footprint to a total of 16 Japanese cities.
This tour showcased the EH216-S’s versatility in various use cases,
including aerial sightseeing, island transportation, aerial
logistics, and emergency services. In the United Arab
Emirates (“UAE”), EHang and its Middle East partner, Wings
Logistic Hub, continued to explore the use cases of pilotless eVTOL
in the region. In November, the EH216-L, which was delivered to
Wings Logistic Hub in the first quarter of 2024, completed a
cross-sea flight on the Abu Dhabi, demonstrating its excellent
stability and safety as a logistics eVTOL. To date, EHang and its
local partners have conducted over 56,000 safe flights with
pilotless eVTOLs in 18 countries across Asia, Europe, North
America, and Latin America.
- Breakthrough in Solid-State
Battery Technology: EH216-S Completes First eVTOL Solid-State
Battery Flight Test In November, EHang announced a
significant breakthrough in high-energy solid-state battery
technology, developed in collaboration with Inx, a leading lithium
metal solid-state battery provider invested in by EHang, under the
support of the Low-Altitude Economy Battery Research Institute of
the Hefei International Advanced Technology Application Promotion
Center. The EH216-S completed the first eVTOL solid-state battery
flight test, lasting 48 minutes and 10 seconds, significantly
improving its flight endurance by 60%-90%. Compared to liquid
lithium batteries, solid-state batteries offer higher energy
density, better thermal stability, reduced flammability, a wider
working temperature range, improved storage stability and excellent
maintenance-free qualities. EHang will continue to cooperate with
Inx to further test and optimize the battery’s performance and
stability, aiming for large-scale production of certified
solid-state batteries for the EH216-S by the end of 2025.
- Strategic Partnership with
Enpower for Advanced eVTOL Integrated Electric Motor Drive
Systems In November, EHang entered into a long-term
strategic partnership and technology development cooperation with
Zhuhai Enpower Electric Co., Ltd. (“Enpower”, SZ300681), a Chinese
leading new energy vehicle power systems provider, with the aim to
co-develop high-performance electric motors and motor controllers
with lighter weight, higher power density, superior cooling
performance, and broader compatibility for EHang’s suite of eVTOL
models.
- Lift-and-Cruise eVTOL Model
Upgraded to VT-35 Building on the VT-30 prototype,
EHang has upgraded its lift-and-cruise eVTOL model to the VT-35.
This long-range model complements the Company’s existing product
portfolio by targeting application scenarios such as inter-city,
cross-bay, and cross-mountain routes, extending beyond the
EH216-S's intra-city UAM coverage. With the EH216 series and VT
series, the Company aims to provide comprehensive coverage for
low-altitude flights across various scenarios.
- Over US$22 Million
Strategic PIPE Investment to Further Strengthen
Liquidity In November, EHang announced a strategic
investment totaling over US$22 million from Enpower, and a
strategic institutional investor from the Middle East. Both
investors agree to a 180-day lock-up period. This strategic
investment brings EHang’s total year-to-date financing to nearly
US$100 million, enhancing the Company’s financial position as it
embarks on its next phase of development and growth in the global
UAM industry. The financing proceeds will bolster EHang’s efforts
to advance the Company’s next-generation eVTOL technologies and
products, scale production capacity, expand its team, establish new
headquarters and operation sites, and support general corporate
activities.
Management Remarks
Mr. Huazhi Hu, Founder, Chairman and
Chief Executive Officer of EHang, commented, “In Q3, EHang
once again made remarkable milestones that reinforce our leadership
and strategic vision in UAM. As the first eVTOL manufacturer to
receive three key certifications for pilotless aerial vehicles,
coupled with strengthened government initiatives, we saw an
increase in orders from a diverse customers base. Quarterly
deliveries of the EH216-S hit a new high of 63 units, more than
quadrupling from the prior year, driving robust revenue growth and
reflecting strong market demand and recognition of our innovative
eVTOL solutions.
Our progress towards obtaining the OC for
pilotless passenger-carrying aircraft is on track, marking a global
first that will indicate readiness for full-scale operations. We
are also actively assisting customers and partners across multiple
regions to expedite their OC applications, accelerating the
nationwide commercialization of the EH216-S. Additionally, we
continue to build the low-altitude ecosystem, including launching a
UAM Hub in Hefei, forming a strategic partnership with CAFUC for
talent development, and establishing a comprehensive after-sales
maintenance system. As part of our global expansion, we have
extended our flight footprint to 18 countries and made significant
progress in overseas markets.
Looking ahead, we remain committed to advancing
technology, including breakthroughs in solid-state batteries to
enhance flight endurance and the development of long-range eVTOL
aircraft. These efforts are critical to expanding our operations,
supporting both intra- and inter-city routes, and meeting the
growing demands of our industry and stakeholders. EHang’s
unwavering focus on safety, innovation, and sustainable growth
positions us to seize the substantial opportunities within the
low-altitude economy. We are excited to bring our unique
operational and flight experiences to more cities, both in China
and abroad.”
Mr. Conor Yang, Chief Financial Officer
of EHang, stated, “Driven by our pioneering eVTOL
products, industry-first certifications, and deepened policy
support, we continued to deliver outstanding financial performance
that surpassed our guidance. Specifically, our Q3 revenue surged
347.8% year-over-year, reaching a record high of RMB128.1 million,
a testament to the powerful market resonance of our advanced
EH216-S pilotless eVTOLs.
We also saw significant improvements in
profitability, including a quarterly adjusted operating income2 and
the second consecutive quarter of adjusted net income3.
Furthermore, we strengthened our cash position for the next phase
of growth, with positive operating cash flow for four consecutive
quarters and year-to-date financing approaching US$100 million.
This includes a recent PIPE investment of over US$22 million from
two strategic investors, Enpower and an institutional investor from
the Middle East. For the coming quarters, we believe that our
strategic foresight, capital preparedness, and core strengths gives
us strong capability to sustain this upward trajectory as we
accelerate our development while driving innovation at every
step.”
Financial Results for the Third Quarter
2024
Revenues
Total revenues were RMB128.1 million (US$18.3
million), representing an increase of 347.8% from RMB28.6 million
in the third quarter of 2023, and an increase of 25.6% from
RMB102.0 million in the second quarter of 2024. The year-over-year
and quarter-over-quarter increases were primarily due to the
increase in the sales volume of EH216 series products.
Costs of revenues
Costs of revenues were RMB49.7 million
(US$7.1million), compared with RMB10.1 million in the third quarter
of 2023 and RMB38.4 million in the second quarter of 2024. The
year-over-year and quarter-over-quarter increases were in line with
the increase in the sales volume of EH216 series products.
Gross profit and gross
margin
Gross profit was RMB78.4 million (US$11.2
million), representing an increase of 324.3% from RMB18.5 million
in the third quarter of 2023, and an increase of 23.2% from RMB63.7
million in the second quarter of 2024. The year-over-year and
quarter-over-quarter increases were primarily due to the increase
in the sales volume of EH216 series products.
Gross margin was 61.2%, representing a 3.4
percentage points decrease from 64.6% in the third quarter of 2023,
and a 1.2 percentage points decrease from 62.4% in the second
quarter of 2024. The year-over-year and quarter-over-quarter
decreases were mainly due to changes in revenue mix and increased
cost per unit of the airworthiness certified EH216-S product.
Operating expenses
Total operating expenses were RMB150.7 million
(US$21.5 million), compared with RMB89.8 million in the third
quarter of 2023, and RMB143.3 million in the second quarter of
2024.
- Sales and marketing expenses were
RMB47.3 million (US$6.7 million), compared with RMB13.7 million in
the third quarter of 2023, and RMB27.3 million in the second
quarter of 2024. The year-over-year and quarter-over-quarter
increases were mainly attributable to increased sales-related
compensation and associated share-based compensation expenses due
to modification of outstanding share-based awards, as well as
increased expansion of sales channels.
- General and administrative expenses
were RMB59.5 million (US$8.5 million), compared with RMB38.4
million in the third quarter of 2023, and RMB54.2 million in the
second quarter of 2024. The year-over-year increase was mainly
attributable to increased employee compensation and related
share-based compensation expenses due to modification of
outstanding share-based awards and the higher expected credit loss
expenses. The quarter-over-quarter increase was mainly attributable
to higher expected credit loss expenses for receivables on certain
customers, while partially offset by the reduction in the
share-based compensation expenses.
- Research and development expenses
were RMB43.9 million (US$6.3 million), compared with RMB37.7
million in the third quarter of 2023, and RMB61.8 million in the
second quarter of 2024. The year-over-year increase was mainly
attributable to incremental expenditures on different models of
eVTOL aircraft and increased employee compensation. The
quarter-over-quarter decreases was mainly attributable to lower
share-based compensation expenses due to modification of
outstanding share-based awards in the second quarter of 2024.
Adjusted operating
expenses4 (non-GAAP)
Adjusted operating expenses were RMB86.9 million
(US$12.4 million), representing an increase of 60.9% from RMB54.0
million in the third quarter of 2023, and an increase of 23.1% from
RMB70.6 million in the second quarter of 2024. Adjusted sales and
marketing expenses, adjusted general and administrative expenses,
and adjusted research and development expenses were RMB20.3 million
(US$2.9 million), RMB31.3 million (US$4.5 million) and RMB35.3
million (US$5.0 million) in the third quarter of 2024,
respectively.
Operating loss
Operating loss was RMB54.7 million (US$7.8
million), representing a 21.8% improvement from RMB70.0 million in
the third quarter of 2023, and a 29.3% improvement from RMB77.4
million in the second quarter of 2024.
Adjusted operating income (loss)
(non-GAAP)
Adjusted operating income was RMB9.0 million
(US$1.3 million), compared with adjusted operating loss of RMB34.2
million in the third quarter of 2023, and adjusted operating loss
of RMB4.7 million in the second quarter of 2024.
Net loss
Net loss was RMB48.1 million (US$6.9 million),
representing an improvement of 28.3% from RMB67.1 million in the
third quarter of 2023, and an improvement of 32.8% from RMB71.6
million in the second quarter of 2024.
Adjusted net income (loss)
(non-GAAP)
Adjusted net income was RMB15.7 million (US$2.2
million), compared with adjusted net loss of RMB31.3 million in the
third quarter of 2023, and representing an increase of 1,262.0%
from RMB1.2 million in the second quarter of 2024.
Adjusted net income attributable to EHang’s
ordinary shareholders was RMB15.7 million (US$2.2 million).
Adjusted net loss attributable to EHang’s ordinary shareholders in
the third quarter of 2023 was RMB31.3 million, and adjusted net
income attributable to EHang’s ordinary shareholders was RMB1.2
million in the second quarter of 2024.
Earnings (loss) per share and per
ADS
Basic and diluted net loss per ordinary share
were both RMB0.35 (US$0.05). Adjusted basic and diluted net
earnings per ordinary share5 (non-GAAP) were both RMB0.11
(US$0.016).
Basic and diluted net loss per ADS were both
RMB0.70 (US$0.10). Adjusted basic and diluted net earnings per ADS6
(non-GAAP) were both RMB0.22 (US$0.032).
Balance Sheets
Cash and cash equivalents, short-term deposits,
restricted short-term deposits and short-term investments balances
were RMB1,077.6 million (US$153.6 million) as of September 30,
2024.
Business Outlook
For the fourth quarter of 2024, the Company
expects the total revenues to be around RMB135 million,
representing an increase of 138.5% year-over-year. With that, the
total revenue for the year of 2024 is expected to reach RMB427
million, with a year-on-year increase of 263.5%.
The above outlook is based on information
available as of the date of this press release and reflects the
Company’s current and preliminary views regarding its business
situation and market conditions, which are subject to change.
Conference Call
EHang’s management team will host an earnings
conference call at 8:00 AM on Monday, November 18, 2024, U.S.
Eastern Time (9:00 PM on Monday, November 18, 2024, Beijing/Hong
Kong Time).
To join the conference call via telephone,
participants must use the following link to complete an online
registration process. Upon registering, each participant will
receive email instructions to access the conference call, including
dial-in information and a PIN number allowing access to the
conference call.
Participant Online Registration:
English line:
https://s1.c-conf.com/diamondpass/10043281-hguy76.html
Chinese line:
https://s1.c-conf.com/diamondpass/10043282-jh7y6t.html
A live and archived webcast of the conference
call will be available on the Company’s investors relations website
at http://ir.ehang.com/.
About EHang
EHang Holdings Limited (Nasdaq: EH) (“EHang”) is
the world’s leading urban air mobility (“UAM”) technology platform
company. Our mission is to enable safe, autonomous, and
eco-friendly air mobility accessible to everyone. EHang provides
customers in various industries with unmanned aerial vehicle
(“UAV”) systems and solutions: air mobility (including passenger
transportation and logistics), smart city management, and aerial
media solutions. EHang’s EH216-S has obtained the world’s first
type certificate, production certificate and standard airworthiness
certificate for passenger-carrying pilotless eVTOL aircraft issued
by the Civil Aviation Administration of China. As the forerunner of
cutting-edge UAV technologies and commercial solutions in the
global UAM industry, EHang continues to explore the boundaries of
the sky to make flying technologies benefit our life in smart
cities. For more information, please visit www.ehang.com.
Safe Harbor Statement
This press release contains statements that may
constitute “forward-looking” statements pursuant to the “safe
harbor” provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These forward-looking statements can be identified by
terminology such as “will,” “expects,” “anticipates,” “aims,”
“future,” “intends,” “plans,” “believes,” “estimates,” “likely to”
and similar statements. Statements that are not historical facts,
including statements about management’s beliefs and expectations,
are forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to those
relating to certifications, our expectations regarding demand for,
and market acceptance of, our products and solutions and the
commercialization of UAM services, our relationships with strategic
partners, and current litigation and potential litigation involving
us. Management has based these forward-looking statements on its
current expectations, assumptions, estimates and projections. While
they believe these expectations, assumptions, estimates and
projections are reasonable, such forward-looking statements are
only predictions and involve known and unknown risks and
uncertainties, many of which are beyond management’s control. These
statements involve risks and uncertainties that may cause EHang’s
actual results, performance or achievements to differ materially
from any future results, performance or achievements expressed or
implied by these forward-looking statements.
Non-GAAP Financial
Measures
The Company uses adjusted operating expenses,
adjusted sales and marketing expenses, adjusted general and
administrative expenses, adjusted research and development
expenses, adjusted operating income (loss), adjusted net income
(loss), adjusted net income (loss) attributable to ordinary
shareholders, adjusted basic and diluted earnings (loss) per
ordinary share and adjusted basic and diluted earnings (loss) per
ADS (collectively, the “Non-GAAP Financial Measures”) in evaluating
its operating results and for financial and operational
decision-making purposes. There was no income tax impact on the
Company’s non-GAAP adjustments because the non-GAAP adjustments are
usually recorded in entities located in tax-free jurisdictions,
such as the Cayman Islands.
The Company believes that the Non-GAAP Financial
Measures help identify underlying trends in its business that could
otherwise be distorted by the effects of items of (i) share-based
compensation expenses and (ii) certain non-operational expenses,
such as amortization of debt discounts, which are included in their
comparable GAAP measures. The Company believes that the Non-GAAP
Financial Measures provide useful information about its operating
results, enhance the overall understanding of its past performance
and future prospects and allow for greater visibility with respect
to key metrics used by its management members in their financial
and operational decision-making.
The Non-GAAP Financial Measures are not defined
under U.S. GAAP and are not presented in accordance with U.S. GAAP.
The Non-GAAP Financial Measures have limitations as analytical
tools. One of the key limitations of using the Non-GAAP Financial
Measures is that they do not reflect all items of expense that
affect the Company’s operations. Share-based compensation expenses
have been and may continue to be incurred in the business and are
not reflected in the presentation of the Non-GAAP Financial
Measures. Further, the Non-GAAP Financial Measures may differ from
the non-GAAP information used by other companies, including peer
companies, and therefore their comparability may be limited. The
Company compensates for these limitations by reconciling the
Non-GAAP Financial Measures to the nearest U.S. GAAP measures, all
of which should be considered when evaluating the Company’s
performance.
Each of the Non-GAAP Financial Measures should
not be considered in isolation or construed as an alternative to
its comparable GAAP measure or any other measure of performance or
as an indicator of the Company’s operating performance or financial
results. Investors are encouraged to review the Company’s most
directly comparable GAAP measures in conjunction with the Non-GAAP
Financial Measures. The Non-GAAP Financial Measures presented here
may not be comparable to similarly titled measures presented by
other companies. Other companies may calculate similarly titled
measures differently, limiting their usefulness as comparative
measures to the Company’s data. The Company encourages investors
and others to review its financial information in its entirety and
not rely on a single financial measure.
For more information on the Non-GAAP Financial
Measures, please see the table captioned “Unaudited Reconciliations
of GAAP and Non-GAAP Results” set forth at the end of this press
release.
Exchange Rate
This press release contains translations of
certain RMB amounts into U.S. dollars (“USD”) at specified rates
solely for the convenience of the reader. Unless otherwise stated,
all translations from RMB to USD were made at the rate of RMB
7.0176 to US$1.00, the noon buying rate in effect on September 30,
2024 in the H.10 statistical release of the Federal Reserve Board.
The Company makes no representation that the RMB or USD amounts
referred to in this press release could have been converted into
USD or RMB, as the case may be, at any particular rate or at
all.
Investor Contact:
ir@ehang.com
Media Contact: pr@ehang.com
EHANG HOLDINGS LIMITEDUNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS (Amounts in thousands
of Renminbi (“RMB”) and US dollars (“US$”)) |
|
|
|
As of |
|
As of |
|
|
December 31, 2023 |
|
September 30, 2024 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
228,250 |
|
611,745 |
|
87,173 |
Short-term deposits |
|
14,397 |
|
115,534 |
|
16,463 |
Short-term investments |
|
57,494 |
|
309,915 |
|
44,163 |
Restricted short-term deposits |
|
33,942 |
|
40,419 |
|
5,760 |
Accounts receivable, net7 |
|
34,786 |
|
18,399 |
|
2,622 |
Inventories |
|
59,488 |
|
67,879 |
|
9,673 |
Prepayments and other current assets |
|
24,691 |
|
29,796 |
|
4,246 |
Total current assets |
|
453,048 |
|
1,193,687 |
|
170,100 |
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
|
Property and equipment, net |
|
44,623 |
|
43,416 |
|
6,187 |
Operating lease right‑of‑use assets, net |
|
74,528 |
|
124,255 |
|
17,706 |
Intangible assets, net |
|
2,426 |
|
2,383 |
|
340 |
Long-term loans receivable |
|
4,215 |
|
- |
|
- |
Long-term investments |
|
18,369 |
|
22,718 |
|
3,237 |
Other non-current assets |
|
1,436 |
|
2,063 |
|
294 |
Total non-current assets |
|
145,597 |
|
194,835 |
|
27,764 |
|
|
|
|
|
|
|
Total assets |
|
598,645 |
|
1,388,522 |
|
197,864 |
|
|
|
|
|
|
|
EHANG HOLDINGS LIMITEDUNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS (CONT’D)(Amounts in
thousands of Renminbi (“RMB”) and US dollars (“US$”)) |
|
|
|
As of |
|
As of |
|
|
December 31, 2023 |
|
September 30, 2024 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Short-term bank loans |
|
69,798 |
|
69,592 |
|
9,917 |
Short-term debt |
|
- |
|
90,000 |
|
12,825 |
Notes payables |
|
- |
|
3,977 |
|
567 |
Accounts payable |
|
35,101 |
|
100,514 |
|
14,323 |
Contract liabilities8 |
|
37,169 |
|
54,593 |
|
7,779 |
Current portion of long-term bank loans |
|
3,538 |
|
10,000 |
|
1,425 |
Mandatorily redeemable non-controlling interests |
|
|
|
40,000 |
|
5,700 |
Accrued expenses and other liabilities |
|
94,149 |
|
118,178 |
|
16,841 |
Current portion of lease liabilities |
|
5,595 |
|
10,958 |
|
1,562 |
Deferred income |
|
1,549 |
|
1,533 |
|
218 |
Deferred government subsidies |
|
3,147 |
|
822 |
|
117 |
Income taxes payable |
|
29 |
|
128 |
|
18 |
Total current liabilities |
|
250,075 |
|
500,295 |
|
71,292 |
|
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
|
Long-term bank loans |
|
9,308 |
|
7,500 |
|
1,069 |
Mandatorily redeemable non-controlling interests |
|
40,000 |
|
- |
|
- |
Deferred tax liabilities |
|
292 |
|
292 |
|
42 |
Unrecognized tax benefit |
|
5,480 |
|
5,480 |
|
781 |
Lease liabilities |
|
75,308 |
|
123,138 |
|
17,547 |
Deferred income |
|
1,486 |
|
319 |
|
45 |
Other non-current liabilities |
|
2,477 |
|
4,701 |
|
670 |
Total non-current liabilities |
|
134,351 |
|
141,430 |
|
20,154 |
|
|
|
|
|
|
|
Total liabilities |
|
384,426 |
|
641,725 |
|
91,446 |
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
|
Ordinary shares |
|
80 |
|
87 |
|
12 |
Additional paid-in capital |
|
1,951,936 |
|
2,677,148 |
|
381,491 |
Statutory reserves |
|
1,239 |
|
1,239 |
|
177 |
Accumulated deficit |
|
(1,754,542) |
|
(1,937,460) |
|
(276,086) |
Accumulated other comprehensive income |
|
15,079 |
|
5,593 |
|
797 |
Total EHang Holdings Limited shareholders’
equity |
|
213,792 |
|
746,607 |
|
106,391 |
Non-controlling interests |
|
427 |
|
190 |
|
27 |
Total shareholders’ equity |
|
214,219 |
|
746,797 |
|
106,418 |
Total liabilities and shareholders’ equity |
|
598,645 |
|
1,388,522 |
|
197,864 |
EHANG HOLDINGS LIMITEDUNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Amounts in thousands of Renminbi (“RMB”) and US dollars
(“US$”) except for per share data and per ADS data) |
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, 2023 |
|
June 30, 2024 |
|
September 30, 2024 |
|
September 30, 2023 |
|
September 30, 2024 |
|
|
RMB |
|
RMB |
|
RMB |
US$ |
|
RMB |
|
RMB |
US$ |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Total revenues |
|
28,615 |
|
|
102,019 |
|
|
128,128 |
|
18,258 |
|
|
60,822 |
|
|
291,874 |
|
41,592 |
|
Costs of revenues |
|
(10,136 |
) |
|
(38,367 |
) |
|
(49,713 |
) |
(7,084 |
) |
|
(22,129 |
) |
|
(111,616 |
) |
(15,905 |
) |
Gross profit |
|
18,479 |
|
|
63,652 |
|
|
78,415 |
|
11,174 |
|
|
38,693 |
|
|
180,258 |
|
25,687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing expenses |
|
(13,677 |
) |
|
(27,321 |
) |
|
(47,279 |
) |
(6,737 |
) |
|
(39,677 |
) |
|
(94,824 |
) |
(13,512 |
) |
General and administrative expenses |
|
(38,409 |
) |
|
(54,235 |
) |
|
(59,559 |
) |
(8,487 |
) |
|
(94,466 |
) |
|
(163,470 |
) |
(23,294 |
) |
Research and development expenses |
|
(37,686 |
) |
|
(61,800 |
) |
|
(43,866 |
) |
(6,251 |
) |
|
(129,175 |
) |
|
(143,502 |
) |
(20,449 |
) |
Total operating expenses |
|
(89,772 |
) |
|
(143,356 |
) |
|
(150,704 |
) |
(21,475 |
) |
|
(263,318 |
) |
|
(401,796 |
) |
(57,255 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating income |
|
1,284 |
|
|
2,261 |
|
|
17,543 |
|
2,500 |
|
|
3,565 |
|
|
23,511 |
|
3,350 |
|
Operating loss |
|
(70,009 |
) |
|
(77,443 |
) |
|
(54,746 |
) |
(7,801 |
) |
|
(221,060 |
) |
|
(198,027 |
) |
(28,218 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest and investment income |
|
2,196 |
|
|
6,763 |
|
|
8,944 |
|
1,275 |
|
|
4,145 |
|
|
18,571 |
|
2,646 |
|
Interest expenses |
|
(718 |
) |
|
(799 |
) |
|
(847 |
) |
(121 |
) |
|
(2,248 |
) |
|
(2,505 |
) |
(357 |
) |
Amortization of debt discounts |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
(12,023 |
) |
|
- |
|
- |
|
Foreign exchange gain (loss) |
|
821 |
|
|
(483 |
) |
|
353 |
|
50 |
|
|
(303 |
) |
|
(375 |
) |
(53 |
) |
Other non-operating income, net |
|
974 |
|
|
911 |
|
|
43 |
|
6 |
|
|
3,700 |
|
|
1,991 |
|
284 |
|
Total other income (expense) |
|
3,273 |
|
|
6,392 |
|
|
8,493 |
|
1,210 |
|
|
(6,729 |
) |
|
17,682 |
|
2,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income tax and loss from equity method
investment |
|
(66,736 |
) |
|
(71,051 |
) |
|
(46,253 |
) |
(6,591 |
) |
|
(227,789 |
) |
|
(180,345 |
) |
(25,698 |
) |
Income tax expenses |
|
(118 |
) |
|
(18 |
) |
|
(190 |
) |
(27 |
) |
|
(132 |
) |
|
(209 |
) |
(30 |
) |
Loss before loss from equity method
investment |
|
(66,854 |
) |
|
(71,069 |
) |
|
(46,443 |
) |
(6,618 |
) |
|
(227,921 |
) |
|
(180,554 |
) |
(25,728 |
) |
Loss from equity method investment |
|
(262 |
) |
|
(565 |
) |
|
(1,689 |
) |
(241 |
) |
|
(1,959 |
) |
|
(2,601 |
) |
(371 |
) |
Net loss |
|
(67,116 |
) |
|
(71,634 |
) |
|
(48,132 |
) |
(6,859 |
) |
|
(229,880 |
) |
|
(183,155 |
) |
(26,099 |
) |
EHANG HOLDINGS LIMITEDUNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (CONT’D)
(Amounts in thousands of Renminbi (“RMB”) and US dollars
(“US$”) except for per share data and per ADS data) |
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, 2023 |
|
June 30, 2024 |
|
September 30, 2024 |
|
September 30, 2023 |
|
September 30, 2024 |
|
|
RMB |
|
RMB |
|
RMB |
US$ |
|
RMB |
|
RMB |
US$ |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Net loss |
|
(67,116 |
) |
|
(71,634 |
) |
|
(48,132 |
) |
(6,859 |
) |
|
(229,880 |
) |
|
(183,155 |
) |
(26,099 |
) |
Net loss attributable to non-controlling interests |
|
68 |
|
|
97 |
|
|
76 |
|
11 |
|
|
444 |
|
|
237 |
|
34 |
|
Net loss attributable to ordinary
shareholders |
|
(67,048 |
) |
|
(71,537 |
) |
|
(48,056 |
) |
(6,848 |
) |
|
(229,436 |
) |
|
(182,918 |
) |
(26,065 |
) |
Net loss per ordinary share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
(0.54 |
) |
|
(0.54 |
) |
|
(0.35 |
) |
(0.05 |
) |
|
(1.91 |
) |
|
(1.39 |
) |
(0.20 |
) |
Shares used in net loss per ordinary share computation (in
thousands of shares): |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
123,866 |
|
|
131,537 |
|
|
137,807 |
|
137,807 |
|
|
120,167 |
|
|
132,037 |
|
132,037 |
|
Diluted |
|
123,866 |
|
|
131,537 |
|
|
137,807 |
|
137,807 |
|
|
120,167 |
|
|
132,037 |
|
132,037 |
|
Loss per ADS (2 ordinary shares equal to 1 ADS)Basic and
diluted |
|
(1.08 |
) |
|
(1.08 |
) |
|
(0.70 |
) |
(0.10 |
) |
|
(3.82 |
) |
|
(2.78 |
) |
(0.40 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments net of nil tax |
|
348 |
|
|
2,816 |
|
|
(13,053 |
) |
(1,860 |
) |
|
4,594 |
|
|
(9,486 |
) |
(1,352 |
) |
Total other comprehensive income (loss), net of
tax |
|
348 |
|
|
2,816 |
|
|
(13,053 |
) |
(1,860 |
) |
|
4,594 |
|
|
(9,486 |
) |
(1,352 |
) |
Comprehensive loss |
|
(66,768 |
) |
|
(68,818 |
) |
|
(61,185 |
) |
(8,719 |
) |
|
(225,286 |
) |
|
(192,641 |
) |
(27,451 |
) |
Comprehensive loss attributable
to non-controlling interests |
|
68 |
|
|
97 |
|
|
76 |
|
11 |
|
|
444 |
|
|
237 |
|
34 |
|
Comprehensive loss attributable to ordinary
shareholders |
|
(66,700 |
) |
|
(68,721 |
) |
|
(61,109 |
) |
(8,708 |
) |
|
(224,842 |
) |
|
(192,404 |
) |
(27,417 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
EHANG HOLDINGS LIMITEDUNAUDITED
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amounts in thousands of Renminbi (“RMB”) and US dollars
(“US$”) except for per share data and per ADS data) |
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, 2023 |
|
June 30, 2024 |
|
September 30, 2024 |
|
September 30, 2023 |
|
September 30, 2024 |
|
|
RMB |
|
RMB |
|
RMB |
US$ |
|
RMB |
|
RMB |
US$ |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Gross profit |
|
18,479 |
|
|
63,652 |
|
|
78,415 |
|
11,174 |
|
|
38,693 |
|
|
180,258 |
|
25,687 |
|
Plus: Share-based compensation |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
- |
|
|
- |
|
- |
|
Adjusted gross profit |
|
18,479 |
|
|
63,652 |
|
|
78,415 |
|
11,174 |
|
|
38,693 |
|
|
180,258 |
|
25,687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing expenses |
|
(13,677 |
) |
|
(27,321 |
) |
|
(47,279 |
) |
(6,737 |
) |
|
(39,677 |
) |
|
(94,824 |
) |
(13,512 |
) |
Plus: Share-based compensation |
|
4,767 |
|
|
11,725 |
|
|
26,963 |
|
3,842 |
|
|
14,373 |
|
|
47,505 |
|
6,769 |
|
Adjusted sales and marketing expenses |
|
(8,910 |
) |
|
(15,596 |
) |
|
(20,316 |
) |
(2,895 |
) |
|
(25,304 |
) |
|
(47,319 |
) |
(6,743 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses |
|
(38,409 |
) |
|
(54,235 |
) |
|
(59,559 |
) |
(8,487 |
) |
|
(94,466 |
) |
|
(163,470 |
) |
(23,294 |
) |
Plus: Share-based compensation |
|
22,327 |
|
|
31,848 |
|
|
28,281 |
|
4,030 |
|
|
42,183 |
|
|
89,650 |
|
12,775 |
|
Adjusted general and administrative expenses |
|
(16,082 |
) |
|
(22,387 |
) |
|
(31,278 |
) |
(4,457 |
) |
|
(52,283 |
) |
|
(73,820 |
) |
(10,519 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development expenses |
|
(37,686 |
) |
|
(61,800 |
) |
|
(43,866 |
) |
(6,251 |
) |
|
(129,175 |
) |
|
(143,502 |
) |
(20,449 |
) |
Plus: Share-based compensation |
|
8,679 |
|
|
29,211 |
|
|
8,551 |
|
1,218 |
|
|
44,611 |
|
|
52,710 |
|
7,512 |
|
Adjusted research and development expenses |
|
(29,007 |
) |
|
(32,589 |
) |
|
(35,315 |
) |
(5,033 |
) |
|
(84,564 |
) |
|
(90,792 |
) |
(12,937 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
(89,772 |
) |
|
(143,356 |
) |
|
(150,704 |
) |
(21,475 |
) |
|
(263,318 |
) |
|
(401,796 |
) |
(57,255 |
) |
Plus: Share-based compensation |
|
35,773 |
|
|
72,784 |
|
|
63,795 |
|
9,090 |
|
|
101,167 |
|
|
189,865 |
|
27,056 |
|
Adjusted operating expenses |
|
(53,999 |
) |
|
(70,572 |
) |
|
(86,909 |
) |
(12,385 |
) |
|
(162,151 |
) |
|
(211,931 |
) |
(30,199 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
(70,009 |
) |
|
(77,443 |
) |
|
(54,746 |
) |
(7,801 |
) |
|
(221,060 |
) |
|
(198,027 |
) |
(28,218 |
) |
Plus: Share-based compensation |
|
35,773 |
|
|
72,784 |
|
|
63,795 |
|
9,090 |
|
|
101,167 |
|
|
189,865 |
|
27,056 |
|
Adjusted operating (loss) income |
|
(34,236 |
) |
|
(4,659 |
) |
|
9,049 |
|
1,289 |
|
|
(119,893 |
) |
|
(8,162 |
) |
(1,162 |
) |
EHANG HOLDINGS LIMITEDUNAUDITED
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (CONT’D)
(Amounts in thousands of Renminbi (“RMB”) and US dollars
(“US$”) except for per share data and per ADS data) |
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, 2023 |
|
June 30, 2024 |
|
September 30, 2024 |
|
September 30, 2023 |
|
September 30, 2024 |
|
|
RMB |
|
RMB |
|
RMB |
US$ |
|
RMB |
|
RMB |
US$ |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Net loss |
|
(67,116 |
) |
|
(71,634 |
) |
|
(48,132 |
) |
(6,859 |
) |
|
(229,880 |
) |
|
(183,155 |
) |
(26,099 |
) |
Plus: Share-based compensation |
|
35,773 |
|
|
72,784 |
|
|
63,795 |
|
9,090 |
|
|
101,167 |
|
|
189,865 |
|
27,056 |
|
Plus: Amortization of debt discounts |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
12,023 |
|
|
- |
|
- |
|
Adjusted net (loss) income |
|
(31,343 |
) |
|
1,150 |
|
|
15,663 |
|
2,231 |
|
|
(116,690 |
) |
|
6,710 |
|
957 |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to ordinary
shareholders |
|
(67,048 |
) |
|
(71,537 |
) |
|
(48,056 |
) |
(6,848 |
) |
|
(229,436 |
) |
|
(182,918 |
) |
(26,065 |
) |
Plus: Share-based compensation |
|
35,773 |
|
|
72,784 |
|
|
63,795 |
|
9,090 |
|
|
101,167 |
|
|
189,865 |
|
27,056 |
|
Plus: Amortization of debt discounts |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
12,023 |
|
|
- |
|
- |
|
Adjusted net (loss) income attributable to ordinary
shareholders |
|
(31,275 |
) |
|
1,247 |
|
|
15,739 |
|
2,242 |
|
|
(116,246 |
) |
|
6,947 |
|
991 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in net earnings (loss) per ordinary share
computation (in thousands of shares): |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
123,866 |
|
|
131,537 |
|
|
137,807 |
|
137,807 |
|
|
120,167 |
|
|
132,037 |
|
132,037 |
|
Diluted |
|
123,866 |
|
|
134,037 |
|
|
140,516 |
|
140,516 |
|
|
120,167 |
|
|
134,221 |
|
134,221 |
|
Adjusted basic and diluted net earnings (loss) per ordinary
share |
|
(0.25 |
) |
|
0.01 |
|
|
0.11 |
|
0.016 |
|
|
(0.97 |
) |
|
0.05 |
|
0.01 |
|
Adjusted basic and diluted net earnings (loss) per ADS |
|
(0.50 |
) |
|
0.02 |
|
|
0.22 |
|
0.032 |
|
|
(1.94 |
) |
|
0.10 |
|
0.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
______________________________________
1 The EH216 series products include EH216-S, the standard model
for passenger transportation, EH216-F model for aerial
firefighting, and EH216-L model for aerial logistics. 2 Adjusted
operating income (loss) is a non-GAAP financial measure, which is
defined as operating loss excluding share-based compensation
expenses. Operating loss was RMB54.7 million (US$7.8 million) in
the third quarter of 2024. See “Non-GAAP Financial Measures”
below.3 Adjusted net income (loss) is a non-GAAP financial measure,
which is defined as net loss excluding share-based compensation
expenses and certain non-operational expenses. Net loss was RMB48.1
million (US$6.9 million) in the third quarter of 2024. See
“Non-GAAP Financial Measures” below.4 Adjusted operating expenses
is a non-GAAP financial measure, which is defined as operating
expenses excluding share-based compensation expenses. See “Non-GAAP
Financial Measures” below.5 Adjusted basic and diluted net earnings
(loss) per ordinary share is a non-GAAP financial measure, which is
defined as basic and diluted loss per ordinary share excluding
share-based compensation expenses and certain non-operational
expenses. See “Non-GAAP Financial Measures” below.6 Adjusted basic
and diluted net earnings (loss) per ADS is a non-GAAP financial
measure, which is defined as basic and diluted loss per ADS
excluding share-based compensation expenses and certain
non-operational expenses. See “Non-GAAP Financial Measures” below.7
As of December 31, 2023 and September 30, 2024, amount due from a
related party of RMB1,700 and RMB1,530 (US$218) are included in
accounts receivable, net, respectively.8 As of December 31, 2023
and September 30, 2024, amount due to a related party of RMB2,000
and RMB2,000 (US$285) are included in contract liabilities,
respectively.
EHang (NASDAQ:EH)
Historical Stock Chart
Von Nov 2024 bis Dez 2024
EHang (NASDAQ:EH)
Historical Stock Chart
Von Dez 2023 bis Dez 2024