Source: Wall Street News Author: Yuan Wei
Ehang Intelligence, the leading flying car company, expects total revenue to reach about 90 million yuan in the second quarter, an increase of about 804% over the previous year.
May 20, Global Urban Air Transport Technology Company$EHang (EH.US)$, announced its unaudited financial results report for the first quarter of the 2024 fiscal year ending March 31, 2024.
According to the performance report, in the first quarter, Ehang Smart's total revenue was 61.7 million yuan, up 178.0% year on year; operating losses were 65.8 million yuan, a decrease of 13.1% year on year; the company's operating cash flow was positive. This is the second consecutive quarter to achieve positive operating cash flow.
Looking ahead, Ehang Intelligence expects total revenue for the second quarter to reach about 90 million yuan, an increase of about 804% over the previous year.
Let's take a look specifically:
In terms of revenue, Ehang Smart's total revenue for the first quarter was RMB 61.7 million (US$8.5 million), up 178.0% from RMB 22.2 million in the first quarter of 2023, and up 9.1% from RMB 56.6 million in the fourth quarter of 2023. The year-on-year and month-on-month growth was mainly due to increased sales of the EH216 series autonomous aircraft.
In terms of revenue costs, Ehang Smart's revenue cost for the first quarter was RMB 23.5 million (US$3.2 million), compared to RMB 8 million for the first quarter of 2023 and RMB 20 million for the fourth quarter of 2023. The year-on-year and month-on-month growth is in line with the increase in sales of the EH216 series products.
In terms of gross profit and gross margin, Ehang Smart's gross profit for the first quarter was RMB 38.2 million (US$5.3 million), up 169.1% from RMB 14.2 million in the first quarter of 2023, and 4.3% from RMB 36.6 million in the fourth quarter of 2023; gross margin was 61.9%, down 2.0 percentage points from 63.9% in the first quarter of 2023, down 2.8 percentage points from 64.7% in the fourth quarter of 2023.
In terms of operating expenses, the total operating expenses of Ehang Smart in the first quarter were 107.7 million yuan (US$14.9 million), compared with 91.5 million yuan in the first quarter of 2023 and 114.5 million yuan in the fourth quarter of 2023. Among them, sales and marketing expenses were RMB 20.4 million (USD 2.8 million), compared to RMB 12.4 million for the first quarter of 2023 and RMB 20.7 million for the fourth quarter of 2023; general and administrative expenses were RMB 49.7 million (USD 6.9 million), compared to RMB 25 million for the first quarter of 2023 and RMB 55.6 million for the fourth quarter of 2023; R&D expenses were RMB 37.8 million (USD 5.2 million), compared to RMB 54.1 million for the first quarter of 2023, and RMB 20.7 million for the fourth quarter of 2023 RMB 38.2 million remained flat for the quarter.
In terms of operating losses, Ehang Smart's operating loss for the first quarter was RMB 65.8 million (US$9.1 million), down 13.1% from RMB 75.7 million in the first quarter of 2023, and 12.4% smaller than RMB 75.2 million in the fourth quarter of 2023. Among them, the net loss was RMB 63.4 million (US$8.8 million), down 27.2% from RMB 87 million in the first quarter of 2023, and 12.5% smaller than RMB 72.5 million in the fourth quarter of 2023.
In terms of balance sheet, as of March 31, 2024, the company's balance of cash and cash equivalents, short-term deposits and short-term investments was RMB 333.8 million (US$44.9 million).
In addition, it is worth mentioning that the number of Ehang Smart's EH216 series autonomous aircraft sold and delivered in the first quarter was 26, a month-on-month increase of 11 in the first quarter of 2023, and 23 in the fourth quarter of 2023.
In the first quarter of this year, Ehang Intelligence obtained a production license (“PC”) for the EH216-S driverless manned electric vertical take-off and landing aircraft, and approved mass production of the EH216-S. It is also the first production license in the global eVTOL industry.
Hu Huazhi, founder, chairman and CEO of Ehang Intelligence, said that with the EH216-S collecting the three airworthiness certificates, the company's commercial operation is also speeding up, and is actively promoting the EH216-S overseas model license certification to promote the landing and delivery of international orders.
After the performance report was released, the US stock of Ehang Smart rose more than 7% in the premarket.
edit/lambor