GUANGZHOU, China, March 11, 2025 (GLOBE NEWSWIRE) -- 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 fourth quarter and fiscal year ended December 31, 2024.
Operational and Financial Highlights for the Fourth Quarter of 2024
Operational and Financial Highlights for the Fiscal Year 2024
Business Highlights for the Fourth Quarter of 2024 and Recent Developments
eVTOL Sales and Market Development
Preparation for eVTOL Commercial Flight Operations
Production Expansion Plan
Technology Advancement and Product Development
Management Remarks
Mr. Huazhi Hu, Founder, Chairman and Chief Executive Officer of EHang: “We are thrilled to have concluded 2024 with a series of achievements that have propelled us closer to the widespread commercial adoption of eVTOLs. As a pioneer in the UAM industry, we achieved our highest-ever quarterly and annual eVTOL deliveries, driving revenues to record-high levels and delivering our first year of non-GAAP profitability1. This underscores the accelerating adoption of our pilotless eVTOL solutions. We worked on our production capacity expansion, deepened ecosystem partnerships for infrastructure and talents, and advanced our footprint in Asia, Europe and South America. Looking ahead to 2025, our focus remains on driving innovation, expanding our operational network, and scaling production to meet increasing demands and unlock the full potential of UAM. We are confident in our ability to lead the transformation of aerial transportation and deliver long-term value to our stakeholders.”
Mr. Conor Yang, Chief Financial Officer of EHang: “Year 2024 was a year of exceptional momentum for EHang. Total revenues in the fourth quarter of 2024 surged 190.2% YoY to a new high of RMB164.3 million, with full-year total revenues increasing 288.5% to a record RMB456.2 million. This growth was driven by unprecedented demand for our flagship EH216-S and our strategic execution in certifying our eVTOL, scaling production and preparing for commercial operations. As a result, we made significant strides in non-GAAP profitability1, achieving our 3rd consecutive quarter and 1st year of adjusted net income1 (non-GAAP), alongside 5th consecutive quarter and 1st year of positive operating cash flow. This has enabled us to invest in research and development activities, expand production capacity, and accelerate our business development. With a robust financial position and a competitive edge, we are well-positioned to accelerate innovation and commercialization, sustaining our momentum into 2025.”
Unaudited Financial Results for the Fourth Quarter of 2024
Revenues
Total revenues were RMB164.3 million (US$22.5 million), representing an increase of 190.2% from RMB56.6 million in the fourth quarter of 2023, and an increase of 28.2% from RMB128.1 million in the third quarter of 2024, primarily driven by increased sales volume of EH216 series products.
Costs of revenues
Costs of revenues were RMB64.6 million (US$8.8 million), compared with RMB20.0 million in the fourth quarter of 2023 and RMB49.7 million in the third 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 RMB99.7 million (US$13.7 million), representing an increase of 172.2% from RMB36.6 million in the fourth quarter of 2023, and an increase of 27.1% from RMB78.4 million in the third 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 60.7%, representing a 4.0 percentage points decrease from 64.7% in the fourth quarter of 2023, and a 0.5 percentage points decrease from 61.2% in the third quarter of 2024. The year-over-year and quarter-over-quarter decreases were mainly due to changes in revenue mix.
Operating expenses
Total operating expenses were RMB161.4 million (US$22.1 million), compared with RMB114.5 million in the fourth quarter of 2023, and RMB150.7 million in the third quarter of 2024.
Adjusted operating expenses4 (non-GAAP)
Adjusted operating expenses4 (non-GAAP) were RMB78.2 million (US$10.7 million), representing an increase of 21.8% from RMB64.2 million in the fourth quarter of 2023, and a decrease of 10.1% from RMB86.9 million in the third quarter of 2024. Adjusted sales and marketing expenses4 (non-GAAP), adjusted general and administrative expenses4 (non-GAAP), and adjusted research and development expenses4 (non-GAAP) were RMB18.1 million (US$2.5 million), RMB23.9 million (US$3.3 million) and RMB36.1 million (US$5.0 million) in the fourth quarter of 2024, respectively.
Operating loss
Operating loss was RMB55.4 million (US$7.6 million), representing a 26.4% improvement from RMB75.2 million in the fourth quarter of 2023, and a slight increase of 1.1% from RMB54.7 million in the third quarter of 2024.
Adjusted operating income (loss)3 (non-GAAP)
Adjusted operating income3 (non-GAAP) was RMB27.9 million (US$3.8 million), compared with adjusted operating loss3 (non-GAAP) of RMB24.9 million in the fourth quarter of 2023, and adjusted operating income3 (non-GAAP) of RMB9.0 million in the third quarter of 2024.
Net loss
Net loss was RMB46.9 million (US$6.4 million), representing a 35.3% improvement from RMB72.5 million in the fourth quarter of 2023, and a 2.6% improvement from RMB48.1 million in the third quarter of 2024.
Adjusted net income (loss) 1 (non-GAAP)
Adjusted net income1 (non-GAAP) was RMB36.4 million (US$5.0 million), compared with adjusted net loss1 (non-GAAP) of RMB22.1 million in the fourth quarter of 2023, and representing an increase of 132.3% from RMB15.7 million in the third quarter of 2024.
Adjusted net income attributable to EHang’s ordinary shareholders5 (non-GAAP) was RMB36.4 million (US$5.0 million). Adjusted net loss attributable to EHang’s ordinary shareholders5 (non-GAAP) in the fourth quarter of 2023 was RMB21.9 million, and adjusted net income attributable to EHang’s ordinary shareholders5 (non-GAAP) was RMB15.7 million in the third quarter of 2024.
Earnings (loss) per share and per ADS
Basic and diluted net loss per ordinary share were both RMB0.33 (US$0.05). Adjusted basic net earnings per ordinary share6 (non-GAAP) was RMB0.26 (US$0.035). Adjusted diluted net earnings per ordinary share6 (non-GAAP) was RMB0.25 (US$0.035).
Basic and diluted net loss per ADS were both RMB0.66 (US$0.10). Adjusted basic net earnings per ADS7 (non-GAAP) was RMB0.52 (US$0.070). Adjusted diluted net earnings per ADS7 (non-GAAP) was RMB0.50 (US$0.070).
Balance sheets
Cash and cash equivalents, restricted short-term deposits and short-term investments balances were RMB1,154.9 million (US$158.2 million) as of December 31, 2024.
Unaudited Financial Results for the Fiscal Year 2024
Revenues
Total revenues were RMB456.2 million (US$62.5 million), representing an increase of 288.5% from RMB117.4 million in 2023, primarily due to the increase in the sales volume of EH216 series products.
Costs of revenues
Costs of revenues were RMB176.2 million (US$24.1 million), compared with RMB42.1 million in 2023. The increase was in line with the increase in the sales volume of EH216 series products.
Gross profit and gross margin
Gross profit was RMB279.9 million (US$38.4 million), representing an increase of 271.7% from RMB75.3 million in 2023.
Gross margin was 61.4%, representing a 2.7 percentage points decrease from 64.1% in 2023. The decrease was 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 RMB563.2 million (US$77.2 million), compared with RMB377.8 million in 2023.
Adjusted operating expenses4 (non-GAAP)
Adjusted operating expenses4 (non-GAAP) were RMB290.1 million (US$39.7 million), representing an increase of 28.2% from RMB226.3 million in 2023. Adjusted sales and marketing expenses4 (non-GAAP), adjusted general and administrative expenses4 (non-GAAP), and adjusted research and development expenses4 (non-GAAP) were RMB65.4 million (US$9.0 million), RMB97.7 million (US$13.4 million) and RMB126.8 million (US$17.3 million) in 2024, respectively.
Operating loss
Operating loss was RMB253.4 million (US$34.7 million), representing a 14.5% improvement from RMB296.3 million in 2023.
Adjusted operating income (loss)3 (non-GAAP)
Adjusted operating income3 (non-GAAP) was RMB19.7 million (US$2.7 million), compared with adjusted operating loss3 (non-GAAP) of RMB144.8 million in 2023.
Net loss
Net loss was RMB230.0 million (US$31.5 million), representing an improvement of 23.9% from RMB302.3 million in 2023.
Adjusted net income (loss) 1 (non-GAAP)
Adjusted net income1 (non-GAAP) was RMB43.1 million (US$5.9 million), compared with adjusted net loss1 (non-GAAP) of RMB138.8 million in 2023.
Adjusted net income attributable to EHang’s ordinary shareholders5 (non-GAAP) was RMB43.3 million (US$5.9 million). Adjusted net loss attributable to EHang’s ordinary shareholders5 (non-GAAP) in 2023 was RMB138.2 million.
Earnings (loss) per share and per ADS
Basic and diluted net loss per ordinary share were both RMB1.71 (US$0.23). Adjusted basic and diluted net earnings per ordinary share6 (non-GAAP) were both RMB0.32 (US$0.04).
Basic and diluted net loss per ADS were both RMB3.42 (US$0.46). Adjusted basic and diluted net earnings per ADS7 (non-GAAP) were both RMB0.64 (US$0.08).
Balance sheets
Cash and cash equivalents, restricted short-term deposits and short-term investments balances were RMB1,154.9 million (US$158.2 million) as of December 31, 2024.
Business Outlook
For the fiscal year 2025, the Company expects the total revenues to be around RMB900 million, representing an increase of approximately 97% year-over-year.
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 Wednesday, March 12, 2025, U.S. Eastern Time (8:00 PM on Wednesday, March 12, 2025, 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/10045823-oki8u7.html
Chinese line: https://s1.c-conf.com/diamondpass/10045828-p2qd54.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 (Nasdaq: EH) 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 flagship product EH216-S has obtained the world’s first type certificate, production certificate and standard airworthiness certificate for pilotless eVTOL 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 net earnings (loss) per ordinary share and adjusted basic and diluted net 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 RMB7.2993 to US$1.00, the noon buying rate in effect on December 31, 2024, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to in this press release could have been converted into USD or RMB, as the case may be, at any particular rate or at all.
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| EHANG HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”)) | ||||||
| As of | As of | |||||
| December 31, 2023 | December 31, 2024 | |||||
| RMB | RMB | US$ | ||||
| (Unaudited) | (Unaudited) | (Unaudited) | ||||
| ASSETS | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | 228,250 | 610,877 | 83,690 | |||
| Short-term deposits | 14,397 | - | - | |||
| Short-term investments | 57,494 | 513,683 | 70,374 | |||
| Restricted short-term deposits | 33,942 | 30,295 | 4,150 | |||
| Accounts receivable, net8 | 34,786 | 58,180 | 7,971 | |||
| Inventories | 59,488 | 75,687 | 10,369 | |||
| Prepayments and other current assets | 24,691 | 68,298 | 9,356 | |||
| Total current assets | 453,048 | 1,357,020 | 185,910 | |||
| Non-current assets: | ||||||
| Property and equipment, net | 44,623 | 60,224 | 8,251 | |||
| Operating lease right‑of‑use assets, net | 74,528 | 128,433 | 17,595 | |||
| Intangible assets, net | 2,426 | 2,617 | 359 | |||
| Long-term loans receivable | 4,215 | - | - | |||
| Long-term investments | 18,369 | 33,764 | 4,626 | |||
| Other non-current assets | 1,436 | 2,440 | 334 | |||
| Total non-current assets | 145,597 | 227,478 | 31,165 | |||
| Total assets | 598,645 | 1,584,498 | 217,075 | |||
| EHANG HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONT’D) (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”)) | |||||||||||
| As of | As of | ||||||||||
| December 31, 2023 | December 31, 2024 | ||||||||||
| RMB | RMB | US$ | |||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | |||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Short-term bank loans | 69,798 | 64,250 | 8,802 | ||||||||
| Accounts payable | 35,101 | 127,446 | 17,460 | ||||||||
| Contract liabilities9 | 37,169 | 62,561 | 8,571 | ||||||||
| Current portion of long-term bank loans | 3,538 | 10,500 | 1,438 | ||||||||
| Mandatorily redeemable non-controlling interests | - | 40,000 | 5,480 | ||||||||
| Accrued expenses and other liabilities | 94,149 | 150,196 | 20,577 | ||||||||
| Current portion of lease liabilities | 5,595 | 12,527 | 1,716 | ||||||||
| Deferred income | 1,549 | 1,504 | 206 | ||||||||
| Deferred government subsidies | 3,147 | 1,209 | 166 | ||||||||
| Income taxes payable | 29 | 150 | 21 | ||||||||
| Total current liabilities | 250,075 | 470,343 | 64,437 | ||||||||
| Non-current liabilities: | |||||||||||
| Long-term bank loans | 9,308 | 20,500 | 2,808 | ||||||||
| Mandatorily redeemable non-controlling interests | 40,000 | - | - | ||||||||
| Deferred tax liabilities | 292 | 292 | 40 | ||||||||
| Unrecognized tax benefit | 5,480 | 5,480 | 751 | ||||||||
| Lease liabilities | 75,308 | 125,719 | 17,223 | ||||||||
| Deferred income | 1,486 | - | - | ||||||||
| Other non-current liabilities | 2,477 | 6,350 | 870 | ||||||||
| Total non-current liabilities | 134,351 | 158,341 | 21,692 | ||||||||
| Total liabilities | 384,426 | 628,684 | 86,129 | ||||||||
| Shareholders’ equity: | |||||||||||
| Ordinary shares | 80 | 90 | 12 | ||||||||
| Additional paid-in capital | 1,951,936 | 2,923,178 | 400,474 | ||||||||
| Treasury shares | - | (10,085 | ) | (1,382 | ) | ||||||
| Statutory reserves | 1,239 | 1,772 | 243 | ||||||||
| Accumulated deficit | (1,754,542 | ) | (1,984,851 | ) | (271,923 | ) | |||||
| Accumulated other comprehensive income | 15,079 | 25,539 | 3,499 | ||||||||
| Total EHang Holdings Limited shareholders’ equity | 213,792 | 955,643 | 130,923 | ||||||||
| Non-controlling interests | 427 | 171 | 23 | ||||||||
| Total shareholders’ equity | 214,219 | 955,814 | 130,946 | ||||||||
| Total liabilities and shareholders’ equity | 598,645 | 1,584,498 | 217,075 | ||||||||
| EHANG HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data) | |||||||||||||||||||
| Three Months Ended | For the Year Ended | ||||||||||||||||||
| December 31, 2023 | September 30, 2024 | December 31, 2024 | December 31, 2023 | December 31, 2024 | |||||||||||||||
| RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||
| Total revenues | 56,604 | 128,128 | 164,278 | 22,506 | 117,426 | 456,152 | 62,493 | ||||||||||||
| Costs of revenues | (19,986 | ) | (49,713 | ) | (64,590 | ) | (8,849 | ) | (42,115 | ) | (176,206 | ) | (24,140 | ) | |||||
| Gross profit | 36,618 | 78,415 | 99,688 | 13,657 | 75,311 | 279,946 | 38,353 | ||||||||||||
| Operating expenses: | |||||||||||||||||||
| Sales and marketing expenses | (20,712 | ) | (47,279 | ) | (36,203 | ) | (4,960 | ) | (60,389 | ) | (131,027 | ) | (17,951 | ) | |||||
| General and administrative expenses | (55,626 | ) | (59,559 | ) | (69,246 | ) | (9,487 | ) | (150,092 | ) | (232,716 | ) | (31,882 | ) | |||||
| Research and development expenses | (38,140 | ) | (43,866 | ) | (55,963 | ) | (7,667 | ) | (167,315 | ) | (199,465 | ) | (27,327 | ) | |||||
| Total operating expenses | (114,478 | ) | (150,704 | ) | (161,412 | ) | (22,114 | ) | (377,796 | ) | (563,208 | ) | (77,160 | ) | |||||
| Other operating income | 2,668 | 17,543 | 6,358 | 871 | 6,233 | 29,869 | 4,092 | ||||||||||||
| Operating loss | (75,192 | ) | (54,746 | ) | (55,366 | ) | (7,586 | ) | (296,252 | ) | (253,393 | ) | (34,715 | ) | |||||
| Other income (expense): | |||||||||||||||||||
| Interest and investment income | 4,339 | 8,944 | 12,028 | 1,648 | 8,484 | 30,599 | 4,192 | ||||||||||||
| Interest expenses | (682 | ) | (847 | ) | (870 | ) | (119 | ) | (2,930 | ) | (3,375 | ) | (462 | ) | |||||
| Amortization of debt discounts | - | - | - | - | (12,023 | ) | - | - | |||||||||||
| Foreign exchange gain (loss) | 697 | 353 | (813 | ) | (111 | ) | 394 | (1,188 | ) | (163 | ) | ||||||||
| Other non-operating (expense) income, net | (1,948 | ) | 43 | 73 | 10 | 1,752 | 2,064 | 283 | |||||||||||
| Total other income (expense) | 2,406 | 8,493 | 10,418 | 1,428 | (4,323 | ) | 28,100 | 3,850 | |||||||||||
| Loss before income tax and loss from equity method investment | (72,786 | ) | (46,253 | ) | (44,948 | ) | (6,158 | ) | (300,575 | ) | (225,293 | ) | (30,865 | ) | |||||
| Income tax expenses | (74 | ) | (190 | ) | (177 | ) | (24 | ) | (206 | ) | (386 | ) | (53 | ) | |||||
| Loss before loss from equity method investment | (72,860 | ) | (46,443 | ) | (45,125 | ) | (6,182 | ) | (300,781 | ) | (225,679 | ) | (30,918 | ) | |||||
| Income (loss) from equity method investment | 399 | (1,689 | ) | (1,752 | ) | (240 | ) | (1,560 | ) | (4,353 | ) | (596 | ) | ||||||
| Net loss | (72,461 | ) | (48,132 | ) | (46,877 | ) | (6,422 | ) | (302,341 | ) | (230,032 | ) | (31,514 | ) | |||||
| EHANG HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (CONT’D) (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data) | |||||||||||||||||||
| Three Months Ended | For the Year Ended | ||||||||||||||||||
| December 31, 2023 | September 30, 2024 | December 31, 2024 | December 31, 2023 | December 31, 2024 | |||||||||||||||
| RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||
| Net loss | (72,461 | ) | (48,132 | ) | (46,877 | ) | (6,422 | ) | (302,341 | ) | (230,032 | ) | (31,514 | ) | |||||
| Net loss attributable to non-controlling interests | 197 | 76 | 19 | 3 | 641 | 256 | 35 | ||||||||||||
| Net loss attributable to ordinary shareholders | (72,264 | ) | (48,056 | ) | (46,858 | ) | (6,419 | ) | (301,700 | ) | (229,776 | ) | (31,479 | ) | |||||
| Net loss per ordinary share: | |||||||||||||||||||
| Basic and diluted | (0.58 | ) | (0.35 | ) | (0.33 | ) | (0.05 | ) | (2.48 | ) | (1.71 | ) | (0.23 | ) | |||||
| Shares used in net loss per ordinary share computation (in thousands of shares): | |||||||||||||||||||
| Basic | 125,431 | 137,807 | 141,307 | 141,307 | 121,494 | 134,367 | 134,367 | ||||||||||||
| Diluted | 125,431 | 137,807 | 141,307 | 141,307 | 121,494 | 134,367 | 134,367 | ||||||||||||
| Loss per ADS (2 ordinary shares equal to 1 ADS) Basic and diluted | (1.16 | ) | (0.70 | ) | (0.66 | ) | (0.10 | ) | (4.96 | ) | (3.42 | ) | (0.46 | ) | |||||
| Other comprehensive (loss) income | |||||||||||||||||||
| Foreign currency translation adjustments net of nil tax | (4,525 | ) | (13,053 | ) | 19,946 | 2,733 | 69 | 10,460 | 1,433 | ||||||||||
| Total other comprehensive (loss) income, net of tax | (4,525 | ) | (13,053 | ) | 19,946 | 2,733 | 69 | 10,460 | 1,433 | ||||||||||
| Comprehensive loss | (76,986 | ) | (61,185 | ) | (26,931 | ) | (3,689 | ) | (302,272 | ) | (219,572 | ) | (30,081 | ) | |||||
| Comprehensive loss attributable to non-controlling interests | 197 | 76 | 19 | 3 | 641 | 256 | 35 | ||||||||||||
| Comprehensive loss attributable to ordinary shareholders | (76,789 | ) | (61,109 | ) | (26,912 | ) | (3,686 | ) | (301,631 | ) | (219,316 | ) | (30,046 | ) | |||||
| EHANG HOLDINGS LIMITED UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data) | |||||||||||||||||||
| Three Months Ended | For the Year Ended | ||||||||||||||||||
| December 31, 2023 | September 30, 2024 | December 31, 2024 | December 31, 2023 | December 31, 2024 | |||||||||||||||
| RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||
| Sales and marketing expenses | (20,712 | ) | (47,279 | ) | (36,203 | ) | (4,960 | ) | (60,389 | ) | (131,027 | ) | (17,951 | ) | |||||
| Plus: Share-based compensation | 4,585 | 26,963 | 18,092 | 2,479 | 18,958 | 65,597 | 8,987 | ||||||||||||
| Adjusted sales and marketing expenses | (16,127 | ) | (20,316 | ) | (18,111 | ) | (2,481 | ) | (41,431 | ) | (65,430 | ) | (8,964 | ) | |||||
| General and administrative expenses | (55,626 | ) | (59,559 | ) | (69,246 | ) | (9,487 | ) | (150,092 | ) | (232,716 | ) | (31,882 | ) | |||||
| Plus: Share-based compensation | 37,144 | 28,281 | 45,334 | 6,211 | 79,327 | 134,984 | 18,493 | ||||||||||||
| Adjusted general and administrative expenses | (18,482 | ) | (31,278 | ) | (23,912 | ) | (3,276 | ) | (70,765 | ) | (97,732 | ) | (13,389 | ) | |||||
| Research and development expenses | (38,140 | ) | (43,866 | ) | (55,963 | ) | (7,667 | ) | (167,315 | ) | (199,465 | ) | (27,327 | ) | |||||
| Plus: Share-based compensation | 8,589 | 8,551 | 19,833 | 2,716 | 53,200 | 72,543 | 9,938 | ||||||||||||
| Adjusted research and development expenses | (29,551 | ) | (35,315 | ) | (36,130 | ) | (4,951 | ) | (114,115 | ) | (126,922 | ) | (17,389 | ) | |||||
| Operating expenses | (114,478 | ) | (150,704 | ) | (161,412 | ) | (22,114 | ) | (377,796 | ) | (563,208 | ) | (77,160 | ) | |||||
| Plus: Share-based compensation | 50,318 | 63,795 | 83,259 | 11,406 | 151,485 | 273,124 | 37,418 | ||||||||||||
| Adjusted operating expenses | (64,160 | ) | (86,909 | ) | (78,153 | ) | (10,708 | ) | (226,311 | ) | (290,084 | ) | (39,742 | ) | |||||
| Operating loss | (75,192 | ) | (54,746 | ) | (55,366 | ) | (7,586 | ) | (296,252 | ) | (253,393 | ) | (34,715 | ) | |||||
| Plus: Share-based compensation | 50,318 | 63,795 | 83,259 | 11,406 | 151,485 | 273,124 | 37,418 | ||||||||||||
| Adjusted operating (loss) income | (24,874 | ) | 9,049 | 27,893 | 3,820 | (144,767 | ) | 19,731 | 2,703 | ||||||||||
| EHANG HOLDINGS LIMITED UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (CONT’D) (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data) | |||||||||||||||||||
| Three Months Ended | For the Year Ended | ||||||||||||||||||
| December 31, 2023 | September 30, 2024 | December 31, 2024 | December 31, 2023 | December 31, 2024 | |||||||||||||||
| RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||
| Net loss | (72,461 | ) | (48,132 | ) | (46,877 | ) | (6,422 | ) | (302,341 | ) | (230,032 | ) | (31,514 | ) | |||||
| Plus: Share-based compensation | 50,318 | 63,795 | 83,259 | 11,406 | 151,485 | 273,124 | 37,418 | ||||||||||||
| Plus: Amortization of debt discounts | - | - | - | - | 12,023 | - | - | ||||||||||||
| Adjusted net (loss) income | (22,143 | ) | 15,663 | 36,382 | 4,984 | (138,833 | ) | 43,092 | 5,904 | ||||||||||
| Net loss attributable to ordinary shareholders | (72,264 | ) | (48,056 | ) | (46,858 | ) | (6,419 | ) | (301,700 | ) | (229,776 | ) | (31,479 | ) | |||||
| Plus: Share-based compensation | 50,318 | 63,795 | 83,259 | 11,406 | 151,485 | 273,124 | 37,418 | ||||||||||||
| Plus: Amortization of debt discounts | - | - | - | - | 12,023 | - | - | ||||||||||||
| Adjusted net (loss) income attributable to ordinary shareholders | (21,946 | ) | 15,739 | 36,401 | 4,987 | (138,192 | ) | 43,348 | 5,939 | ||||||||||
| Shares used in net (loss) earnings per ordinary share computation (in thousands of shares): | |||||||||||||||||||
| Basic | 125,431 | 137,807 | 141,307 | 141,307 | 121,494 | 134,367 | 134,367 | ||||||||||||
| Diluted | 125,431 | 140,516 | 143,959 | 143,959 | 121,494 | 135,835 | 135,835 | ||||||||||||
| Adjusted basic net (loss) earnings per ordinary share | (0.17 | ) | 0.11 | 0.26 | 0.035 | (1.14 | ) | 0.32 | 0.04 | ||||||||||
| Adjusted diluted net (loss) earnings per ordinary share | (0.17 | ) | 0.11 | 0.25 | 0.035 | (1.14 | ) | 0.32 | 0.04 | ||||||||||
| Adjusted basic net (loss) earnings per ADS | (0.34 | ) | 0.22 | 0.52 | 0.070 | (2.28 | ) | 0.64 | 0.08 | ||||||||||
| Adjusted diluted net (loss) earnings per ADS | (0.34 | ) | 0.22 | 0.50 | 0.070 | (2.28 | ) | 0.64 | 0.08 | ||||||||||
| Last Trade: | US$24.70 |
| Daily Change: | -0.56 -2.22 |
| Daily Volume: | 1,448,659 |
| Market Cap: | US$1.090B |
February 24, 2025 January 22, 2025 January 16, 2025 December 27, 2024 | |
