GUANGZHOU, China, Nov. 18, 2024 (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 third quarter ended September 30, 2024.
Financial and Operational Highlights for the Third Quarter 2024
Business Highlights for the Third Quarter 2024 and Recent Developments
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.
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$1.00, the noon buying rate in effect on September 30, 2024 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to in this press release could have been converted into USD or RMB, as the case may be, at any particular rate or at all.
Investor Contact: This email address is being protected from spambots. You need JavaScript enabled to view it.
Media Contact: This email address is being protected from spambots. You need JavaScript enabled to view it.
EHANG HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”)) | ||||||
As of | As of | |||||
December 31, 2023 | 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 LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONT’D) (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”)) | ||||||||||||
As of | As of | |||||||||||
December 31, 2023 | September 30, 2024 | |||||||||||
RMB | RMB | US$ | ||||||||||
(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 LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data) | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, 2023 | June 30, 2024 | September 30, 2024 | September 30, 2023 | September 30, 2024 | |||||||||||||||
RMB | RMB | RMB | US$ | 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 LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (CONT’D) (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data) | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, 2023 | June 30, 2024 | September 30, 2024 | September 30, 2023 | September 30, 2024 | |||||||||||||||
RMB | RMB | RMB | US$ | 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 LIMITED UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data) | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, 2023 | June 30, 2024 | September 30, 2024 | September 30, 2023 | September 30, 2024 | |||||||||||||||
RMB | RMB | RMB | US$ | 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 LIMITED UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (CONT’D) (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data) | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, 2023 | June 30, 2024 | September 30, 2024 | September 30, 2023 | September 30, 2024 | |||||||||||||||
RMB | RMB | RMB | US$ | 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.
Last Trade: | US$14.86 |
Daily Change: | -0.13 -0.87 |
Daily Volume: | 948,475 |
Market Cap: | US$654.430M |
November 15, 2024 November 13, 2024 November 13, 2024 November 11, 2024 November 08, 2024 |
Northstar Clean Technologies is a cleantech company focused on the sustainable recovery and reprocessing of asphalt shingles. Northstar’s mission is to be the leader in the recovery and reprocessing of asphalt shingles in North America...
CLICK TO LEARN MORESurf Air Mobility is a regional air mobility platform expanding the category of regional air travel to reinvent flying through the power of electrification. In an effort to substantially reduce the cost and environmental impact of...
CLICK TO LEARN MORECOPYRIGHT ©2022 GREEN STOCK NEWS