EHang Reports Impressive Growth and Financial Gains in Q4 2024

Key Financial Metrics for the Fourth Quarter of 2024

• Revenue stood at RMB119.4 million (US$16.4 million), marking a substantial increase of 119.3% compared to RMB54.7 million in Q4 2023, and a 100.8% rise from RMB59.3 million in Q3 2024.
• Adjusted Operating Income
  ³ (non-GAAP) was RMB27.9 million (US$3.8 million), showing significant improvement from an adjusted operating loss
  ³ of RMB24.9 million in Q4 2023 and a remarkable 208.2% increase from RMB9.0 million in Q3 2024.
• Net Loss was reported at RMB46.9 million (US$6.4 million), representing a 35.3% improvement from RMB72.5 million in Q4 2023, and a slight 2.6% reduction from RMB48.1 million in Q3 2024.
• Adjusted Net Income
  ¹ (non-GAAP) reached RMB36.4 million (US$5.0 million), significantly improving from an adjusted net loss
  ¹ of RMB22.1 million in Q4 2023, and showing a 132.3% increase from RMB15.7 million in Q3 2024. This marks the third consecutive quarter of non-GAAP profitability
  ¹.
• Cash and Cash Equivalents, along with restricted short-term deposits and short-term investments, totaled RMB1,154.9 million (US$158.2 million) as of December 31, 2024.
• Positive Operating Cash Flow has continued for the fifth consecutive quarter.
• Strategic PIPE Investments exceeded US$22 million, involving Zhuhai Enpower Electric Co., Ltd. (“Enpower”) and a strategic institutional investor from the Middle East.

Operational and Financial Highlights for the Fiscal Year 2024

• Sales and Deliveries of EH216 series eVTOL were recorded at 216 units, a 315.4% increase from 52 units in 2023.
• Total Revenues reached a record-high of RMB456.2 million (US$62.5 million), up 288.5% from RMB117.4 million in 2023.
• Gross Margin was 61.4%, showing a slight decrease from 64.1% in 2023.
• Operating Loss was RMB253.4 million (US$34.7 million), an improvement of 14.5% compared to RMB296.3 million in 2023.
• Adjusted Operating Income
  ³ (non-GAAP) was RMB19.7 million (US$2.7 million), a notable improvement from an adjusted operating loss
  ³ of RMB144.8 million in 2023.
• Net Loss was RMB230.0 million (US$31.5 million), showing a 23.9% improvement from RMB302.3 million in 2023.
• Adjusted Net Income
  ¹ (non-GAAP) was RMB43.1 million (US$5.9 million), significantly improving from an adjusted net loss
  ¹ of RMB138.8 million in 2023, marking the Company’s first year of non-GAAP profitability
  ¹.
• Cash and Cash Equivalents, along with short-term deposits and investments, totaled RMB1,154.9 million (US$158.2 million) as of December 31, 2024, up 245.7% from RMB334.1 million as of December 31, 2023.
• Positive Operating Cash Flow for 2024 resulted in a net cash inflow from operating activities of approximately RMB160 million (US$21.9 million).

Business Highlights and Recent Developments for Q4 2024

eVTOL Sales and Market Developments

• China Market: EHang continued to harness the rising demand for eVTOLs, securing new orders from clients like Weihai High-Tech Zone and Sunriver, and successfully delivering eVTOL products to various cities, including Shanghai, Weihai, Wenzhou, Shaoguan, and Wuhan.
• Global Presence: The company expanded the flight operations of the EH216-S to 16 cities across Japan, Thailand, and Mexico. Moreover, it completed Europe’s first urban flight of a pilotless eVTOL aircraft in Spain.

Preparation for eVTOL Commercial Flight Operations

• Operator Certification (“OC”): The Civil Aviation Administration of China (CAAC) has conducted document evaluations and site inspections for EHang General Aviation and Heyi Aviation, which are awaiting final approvals for OC. Multiple clients are preparing for OC applications, demonstrating commitment to future operations with EHang eVTOLs in various Chinese cities including Shenzhen and Shanghai.
• Infrastructure: Collaborated with clients to establish new UAM operation centers and eVTOL flight services in Hefei, Shanghai, and Shenzhen. In December 2024, the company entered a strategic partnership with China Communications Information & Technology Group to co-develop digital UAM infrastructure and low-altitude flight hubs nationwide.
• Talent Training: Partnered with the Civil Aviation Flight University of China for training programs aimed at developing skilled professionals for eVTOL operations and maintenance, addressing the anticipated demand for personnel in the low-altitude economy sector.

Production Expansion Plan

• Yunfu Manufacturing Base in South China: Plans are underway for a phase II expansion covering 24,000 square meters, targeting an annual production capacity of 1,000 units by 2025. The company is working with Enpower to improve manufacturing processes through a joint venture.
• Hefei Manufacturing Base in East China: In partnership with JAC Motors and Guoxian Holdings, EHang aims to develop a cutting-edge eVTOL manufacturing facility.
• Weihai Manufacturing Base in East China: Collaborating with Weihai High-Tech Zone to establish an eVTOL manufacturing facility serving the Shandong province market.
• Beijing National Headquarters for Low-Altitude Emergency Rescue Equipment in North China: The plans are in motion to develop centralized operations for emergency services using eVTOL technology.

EHang Achieves Significant Growth and Partnerships in 2024

China: EHang has teamed up with the Beijing Fangshan District Government to create a comprehensive emergency firefighting industrial park in the Fangshan District of Beijing.

Technology Advancement and Product Development

• Solid-State Lithium Batteries: EHang has successfully conducted the world’s inaugural eVTOL solid-state lithium battery test flight in collaboration with Shenzhen Inx Energy Technology Co., Ltd. This partnership focuses on the development and production of high-energy density (480Wh/kg) and high-safety lithium metal solid-state batteries. The innovation increased EH216-S flight endurance by 90%, extending it to over 48 minutes.
• Electric Motor Drive Systems: The company has partnered with Enpower to co-develop next-generation electric motors and motor controllers specifically for EHang eVTOLs.
• Changan Automobile Partnership: EHang is working with Changan Automobile to develop flying car products that will broaden its product lineup and appeal to mass consumer markets.

Management Remarks

Mr. Huazhi Hu, Founder, Chairman and Chief Executive Officer of EHang: “We are excited to have wrapped up 2024 with several milestones that bring us closer to the widespread commercial adoption of eVTOLs. As a leader in the urban air mobility (UAM) sector, we recorded our highest quarterly and annual eVTOL deliveries, boosting revenues to all-time highs and realizing our first year of non-GAAP profitability. This highlights the swift acceptance of our pilotless eVTOL solutions. This year, we focused on expanding production capacity, enhancing ecosystem partnerships for infrastructure and talent, and extending our presence in Asia, Europe, and South America. As we approach 2025, our priorities include driving innovation, widening our operational network, and scaling production to meet rising demands, while unlocking the comprehensive potential of UAM. We are poised to be at the forefront of the aerial transportation transformation and to provide long-term value to our stakeholders.”

Mr. Conor Yang, Chief Financial Officer of EHang: “The year 2024 brought extraordinary momentum for EHang. Total revenues in the fourth quarter soared 190.2% year-over-year to RMB164.3 million (US$22.5 million), with full-year revenues growing 288.5% to an unprecedented RMB456.2 million. This remarkable growth stemmed from soaring demand for our flagship EH216-S and our strategic efforts in certifying eVTOLs, ramping up production, and preparing for commercial operations. Consequently, we marked significant progress towards non-GAAP profitability, achieving our third consecutive quarter and first full year with adjusted net income (non-GAAP), as well as maintaining positive operating cash flow for the fifth consecutive quarter and first year. This solid financial footing allows us to invest continuously in research and development, enhance production capabilities, and fast-track our business growth. With a strong competitive position, we are well-equipped to propel innovation and commercialization as we move into 2025.”

Unaudited Financial Results for the Fourth Quarter of 2024

Revenues

Total revenues reached RMB164.3 million (US$22.5 million), marking a substantial increase of 190.2% from RMB56.6 million in the fourth quarter of 2023. This figure also represented a 28.2% rise from RMB128.1 million in the third quarter of 2024, primarily fueled by enhanced sales volume of EH216 series products.

Costs of Revenues

Costs of revenues were RMB64.6 million (US$8.8 million), compared to RMB20.0 million in the fourth quarter of 2023 and RMB49.7 million in the third quarter of 2024. The increases reported year-over-year and quarter-over-quarter aligned with the rise in sales volume of EH216 series products.

Gross Profit and Gross Margin

Gross profit stood at RMB99.7 million (US$13.7 million), representing a 172.2% increase from RMB36.6 million in the fourth quarter of 2023, along with a 27.1% increase compared to RMB78.4 million in the third quarter of 2024. This positive shift was primarily driven by the increased sales volume of EH216 series products.

Gross margin was recorded at 60.7%, down 4.0 percentage points from 64.7% in the fourth quarter of 2023 and 0.5 percentage points lower than 61.2% in the third quarter of 2024. The decline in gross margin year-over-year and quarter-over-quarter was mainly due to variations in revenue mix.

Operating Expenses

Total operating expenses amounted to RMB161.4 million (US$22.1 million), an increase from RMB114.5 million in the fourth quarter of 2023 and RMB150.7 million in the third quarter of 2024.

• Sales and marketing expenses were RMB36.2 million (US$5.0 million), compared with RMB20.7 million in the fourth quarter of 2023, and RMB47.3 million in the third quarter of 2024. The year-over-year increase primarily resulted from higher sales-related compensation and associated share-based compensation expenses due to new share-based awards. The decrease from the previous quarter was due to lower share-based compensation expenses following modifications to outstanding awards in the third quarter of 2024.
• General and administrative expenses were RMB69.2 million (US$9.5 million), compared to RMB55.6 million in the fourth quarter of 2023, and RMB59.6 million in the third quarter of 2024. Both the year-over-year and quarter-over-quarter increases stemmed from heightened employee compensation and associated share-based compensation expenses tied to new awards.
• Research and development expenses were RMB56.0 million (US$7.7 million), compared to RMB38.1 million in the fourth quarter of 2023, and RMB43.9 million in the third quarter of 2024. The increases seen year-over-year and quarter-over-quarter resulted from higher expenditures related to the various eVTOL aircraft models, increased employee compensation, and elevated share-based compensation expenses from new awards.

Adjusted Operating Expenses
⁴

Adjusted operating expenses (non-GAAP) were RMB78.2 million (US$10.7 million), an increase of 21.8% from RMB64.2 million in the fourth quarter of 2023, yet a decrease of 10.1% from RMB86.9 million in the third quarter of 2024. Adjusted sales and marketing expenses, adjusted general and administrative expenses, and adjusted research and development expenses continue to be evaluated for future progress and impact.

EHang Reports Significant Financial Improvements for Q4 and Fiscal Year 2024

Financial Highlights for Q4 2024

EHang’s operating loss in the fourth quarter of 2024 was RMB55.4 million (US$7.6 million). This marks an improvement of 26.4% compared to the operating loss of RMB75.2 million reported in the same period of the previous year. However, it reflects a slight increase of 1.1% from the operating loss of RMB54.7 million in the third quarter of 2024.

Adjusted Operating Income Performance

The company reported adjusted operating income (non-GAAP) of RMB27.9 million (US$3.8 million) for Q4 2024. This contrasts sharply with an adjusted operating loss of RMB24.9 million in Q4 2023 and an adjusted operating income of RMB9.0 million in Q3 2024.

Net Loss Analysis

EHang’s net loss was reported at RMB46.9 million (US$6.4 million), demonstrating a significant 35.3% improvement over RMB72.5 million in net loss from the fourth quarter of 2023. Additionally, it reflects a minor improvement of 2.6% from RMB48.1 million in Q3 2024.

Adjusted Net Income Insights

For the fourth quarter of 2024, adjusted net income (non-GAAP) stood at RMB36.4 million (US$5.0 million). This is a notable turnaround from an adjusted net loss of RMB22.1 million in Q4 2023 and showcases a 132.3% increase from the RMB15.7 million reported in Q3 2024. Additionally, adjusted net income attributable to EHang’s ordinary shareholders was RMB36.4 million (US$5.0 million).

Earnings Per Share Overview

In terms of earnings per share, basic and diluted net loss per ordinary share were both RMB0.33 (US$0.05). Adjusted basic net earnings per ordinary share (non-GAAP) was recorded at RMB0.26 (US$0.035), while adjusted diluted net earnings per ordinary share (non-GAAP) was RMB0.25 (US$0.035). For American Depository Shares (ADS), basic and diluted net loss per ADS were both RMB0.66 (US$0.10).

Cash Position

As of December 31, 2024, EHang reported cash and cash equivalents, restricted short-term deposits, and short-term investments totaling RMB1,154.9 million (US$158.2 million).

Fiscal Year 2024 Financial Results Summary

Total Revenues

For the fiscal year 2024, EHang’s total revenues reached RMB456.2 million (US$62.5 million). This represents an impressive growth of 288.5% compared to RMB117.4 million in 2023. The increase is primarily driven by the rising sales volume of the EH216 series products.

Cost Analysis

In terms of costs, the cost of revenues for 2024 was RMB176.2 million (US$24.1 million), compared to RMB42.1 million in 2023, aligning with the increased sales volume of EH216 series products.

Gross Profit Metrics

EHang reported gross profit of RMB279.9 million (US$38.4 million) for 2024, marking a substantial increase of 271.7% from RMB75.3 million in 2023. Nevertheless, the gross margin decreased to 61.4% from 64.1% in 2023, attributed to shifts in revenue mix and higher per-unit costs of the EH216-S product.

Operating Expenses Breakdown

Total operating expenses for 2024 amounted to RMB563.2 million (US$77.2 million), an increase from RMB377.8 million in 2023. The individual components were as follows:

• 
  Sales and marketing expenses
  totaled RMB131.0 million (US$18.0 million), driven by increased sales-related compensation and expanded sales channels.
• 
  General and administrative expenses
  increased to RMB232.7 million (US$31.9 million) due to higher employee compensation and share-based expenses.
• 
  Research and development expenses
  rose to RMB199.5 million (US$27.3 million) largely due to elevated costs related to eVTOL aircraft development.

Adjusted Operating Expenses

Adjusted operating expenses (non-GAAP) reached RMB290.1 million (US$39.7 million), reflecting an increase of 28.2% from RMB226.3 million in 2023. Adjusted expenses for sales and marketing, general and administrative, and research and development were recorded at RMB65.4 million (US$9.0 million), RMB97.7 million (US$13.4 million), and RMB126.8 million (US$17.3 million) respectively for 2024.

Conclusion

In summary, EHang’s financial performance for Q4 2024 and the entire fiscal year indicates a strong recovery with impressive growth figures and improved losses, positioning the company favorably for future opportunities.

EHang Reports Significant Financial Improvement in Latest Earnings Release

The company announced a net loss of RMB230.0 million (US$31.5 million) for the latest fiscal period, showing a 23.9% improvement from a net loss of RMB302.3 million reported in 2023.

Adjusted Net Income Performance

Adjusted net income (loss)
¹
(non-GAAP) was RMB43.1 million (US$5.9 million), a notable change from the adjusted net loss of RMB138.8 million in 2023.

Furthermore, adjusted net income attributable to EHang’s ordinary shareholders
⁵
(non-GAAP) was RMB43.3 million (US$5.9 million). In contrast, the adjusted net loss for these shareholders in 2023 was RMB138.2 million.

Earnings per Share Metrics

Both basic and diluted net loss per ordinary share stood at RMB1.71 (US$0.23). The adjusted basic and diluted net earnings per ordinary share
⁶
(non-GAAP) were recorded at RMB0.32 (US$0.04).

For American Depositary Shares (ADS), the basic and diluted net loss per ADS was RMB3.42 (US$0.46). Adjusted basic and diluted net earnings per ADS
⁷
(non-GAAP) amounted to RMB0.64 (US$0.08).

Financial Position Overview

As of December 31, 2024, EHang reported cash and cash equivalents, along with restricted short-term deposits and short-term investments, totaling RMB1,154.9 million (US$158.2 million).

Business Outlook for FY 2025

Looking ahead to the fiscal year 2025, EHang anticipates total revenues to reach approximately RMB900 million, reflecting an increase of nearly 97% year-over-year.

This forecast is based on available information at the time of the press release and indicates the company’s preliminary assessments of its business situation and prevailing market conditions; these factors are subject to change.

Upcoming Conference Call Details

EHang’s management will host an earnings conference call on Wednesday, March 12, 2025, at 8:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong Time).

To participate in the conference call by phone, attendees must register online for access. Each participant will receive an email with instructions, including the dial-in number and a unique PIN.

Online Registration Links:

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 accessible on EHang’s Investor Relations website at http://ir.ehang.com/.

About EHang

EHang (Nasdaq: EH) is a leading urban air mobility (UAM) technology platform company committed to enabling safe, autonomous, and eco-friendly air travel for everyone. The company provides unmanned aerial vehicle (UAV) systems and solutions across various sectors, including passenger transport, logistics, smart city management, and aerial media solutions. EHang’s flagship product, the EH216-S, has uniquely acquired the world’s first type, production, and standard airworthiness certificates for pilotless eVTOL from the Civil Aviation Administration of China. EHang remains at the forefront of innovative UAV technologies and continues its efforts to integrate flying technologies into urban environments. For additional information, visit www.ehang.com.

Safe Harbor Statement

This press release may contain forward-looking statements under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such statements can be identified by terms like “will,” “expects,” “anticipates,” and similar phrases. Non-historical statements about management’s beliefs and expectations represent forward-looking statements, which carry inherent risks and uncertainties that could cause actual results to vary materially from these projections. Factors influencing actual results include certification processes, market acceptance of products, partnerships, and ongoing litigation. Management bases these projections on current expectations and assumptions, but these should be viewed as predictions subject to numerous risks and uncertainties beyond management’s control.

Use of Non-GAAP Financial Measures

EHang employs adjusted financial measures like operating expenses, net income (loss), and earnings per share to assess its operating performance and inform financial decisions. The Company uses these non-GAAP measures to offer insight into underlying trends by removing the effects of share-based compensation and specific non-operational costs that could distort GAAP results. This approach enhances understanding of historical performance and future prospects while providing clarity on key metrics used for decision-making by management.

Understanding Non-GAAP Financial Measures: Key Implications for Investors

Non-GAAP Financial Measures do not conform to U.S. Generally Accepted Accounting Principles (GAAP) and should be viewed with caution. These measures provide varying insights but have notable limitations as analytical tools. A major drawback is that they do not encompass all expense items that impact the Company’s operations. For instance, share-based compensation expenses have been, and will likely continue to be, incurred but are not included in the Non-GAAP Financial Measures. Additionally, these measures may differ from similar non-GAAP metrics used by other companies, including industry peers, impacting their comparability. To counteract these limitations, the Company reconciles Non-GAAP Financial Measures with the nearest GAAP measures, both of which should be factored into any evaluation of the Company’s performance.

It is critical that each Non-GAAP Financial Measure not be treated in isolation or perceived as a substitute for its corresponding GAAP measure. Investors are urged to consider the Company’s most comparable GAAP measures alongside the Non-GAAP figures. The Non-GAAP Financial Measures presented here may not align with similarly titled measures from other firms. Companies often calculate similarly branded measures differently, which can reduce their value as comparative tools. The Company recommends a thorough review of its complete financial information rather than relying on a single financial metric.

For additional details on the Non-GAAP Financial Measures, please refer to the table titled “Unaudited Reconciliations of GAAP and Non-GAAP Results” located at the end of this press release.

Exchange Rate

This press release includes translations of certain Renminbi (RMB) amounts into U.S. dollars (USD) at specified rates for reader convenience. Unless stated otherwise, all conversions from RMB to USD were conducted at the rate of RMB7.2993 to US$1.00, which was the noon buying rate on December 31, 2024, according to the H.10 statistical release of the Federal Reserve Board. The Company does not guarantee that the RMB or USD amounts mentioned in this press release could have been converted at any particular rate or at all.

Investor Contact:
[email protected]

Media Contact:
[email protected]

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 and Non-Current Assets Breakdown: Key Financial Insights

## Overview of Current 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

Continuing, we will detail the non-current assets to provide a comprehensive view of the company’s financial standing in the upcoming section.# Company Asset Overview Highlights Significant Financial Data

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 Releases Unaudited Balance Sheets for 2023 and 2024

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

# Financial Overview: An In-Depth Look at Contract Liabilities and Loans

Contract liabilities	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

This financial overview highlights key liabilities and obligations that organizations face, along with their implications for overall financial health. Understanding these components is crucial for stakeholders who analyze balance sheets for operational stability and performance.

The data encompasses several categories, starting with contract liabilities of 37,169, which reflects the amount owed to customers for goods and services that have yet to be delivered. It’s essential to note that this figure can directly influence a company’s cash flow and operational strategy.

Next, the current portion of long-term bank loans sits at 3,538, followed by bank loans of 10,500 and associated payable amounts of 1,438. This section illustrates a commitment to managing debt while being an indicator of liquidity.

The absence of mandatorily redeemable non-controlling interests signifies a stable management of ownership stakes, attributed to a value of 40,000. This figure is critical when evaluating potential dilution effects on earnings and control.

Accrued expenses and other liabilities lead with 94,149, demonstrating the need for businesses to monitor operational expenditures continuously. The associated risk rises further with deferred income at 1,549, hinting at potential future revenue recognition challenges.

On the subsidy front, a total of 3,147 in deferred government subsidies suggests reliance on external financial support, which can be pivotal during periods of market turbulence. Meanwhile, modest income taxes payable of 29 reflects the firm’s effectively managed tax position.

Through this detailed look at significant liabilities, stakeholders gain invaluable insights into an organization’s operational strength and market positioning.

Comprehensive Breakdown of Liabilities: Current and Non-Current

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

Financial Overview of Non-Current Liabilities and Shareholders’ Equity

	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

# EHang Holdings Limited’s Financial Highlights for Shareholders

		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

# EHang Holdings Reports Strong Financial Performance for 2023

### Overview of Non-Controlling Interests

In the financial report of EHang Holdings Limited, non-controlling interests were listed as follows:

– **Non-controlling interests**: 427 (in thousands of Renminbi)
– Alongside total amounts: 171 and 23 (in thousands of Renminbi)

### Total Shareholders’ Equity

The report also highlights total shareholders’ equity, showcasing significant figures:

– **Total shareholders’ equity**:
– 214,219 (in thousands of Renminbi)
– Additional total amounts include 955,814 (in thousands of Renminbi) and 130,946 (in thousands of Renminbi)

### Total Liabilities and Shareholders’ Equity

Moreover, the total liabilities and shareholders’ equity indicate the overall financial standing of the company:

– **Total liabilities and shareholders’ equity**:
– 598,645 (in thousands of Renminbi)
– Total of 1,584,498 (in thousands of Renminbi) and 217,075 (in thousands of Renminbi)

### EHang Holdings Limited Financial Summary

The table below provides a snapshot of the unaudited condensed consolidated statements of comprehensive loss for EHang Holdings Limited, measured in thousands of Renminbi (“RMB”) and US dollars (“US$”), except for share data.

The following segments outline performance over the three months and fiscal year ended on December 31, 2023, with projections extending into 2024. The outlined date ranges are crucial for understanding recent trends and making future projections:

– **For the three months ended December 31, 2023**
– **For the year ended September 30, 2024**
– **Year concluded December 31, 2024**

This financial summary allows stakeholders to evaluate EHang’s performance and prepares them for anticipated developments in the upcoming year.

Financial Snapshot: RMB and US$ Performance for Key Metrics

RMB						US$				RMB
(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	)

This structured representation provides a clear view of the financial snapshot, reflecting revenues and costs in both RMB and US dollar formats. The focus remains on factual data, ensuring the integrity of the financial information while presenting it in a professional layout.

Financial Report Highlights Gross Profit and Operating Expenses

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

# Detailed Breakdown of Operating Expenses in Recent Financial Report

### Overview of General and Administrative Expenses

Operating expenses play a crucial role in understanding a company’s financial health. In the recent report, the general and administrative expenses revealed a significant increase, highlighting operational costs that companies must manage effectively.

– **Q1 Expense:** ($55,626)
– **Q2 Expense:** ($59,559)
– **Q3 Expense:** ($69,246)
– **Q4 Expense:** ($9,487)

Total for the year: **($150,092)**

### Research and Development Expenditures

Investments in research and development (R&D) are vital for long-term growth, and the recent figures depict increases in spending as well.

– **Q1 R&D Expense:** ($38,140)
– **Q2 R&D Expense:** ($43,866)
– **Q3 R&D Expense:** ($55,963)
– **Q4 R&D Expense:** ($7,667)

Total for the year: **($167,315)**

### Summary of Total Operating Expenses

The summary section to highlight total operating expenses showcases the company’s committed resources towards both administrative functions and innovation.

– **Total Operating Expenses Breakdown:**
– **General and Administrative:** ($150,092)
– **Research and Development:** ($167,315)

Combining these figures gives a comprehensive view:

– **Total Operating Expenses for the Year:**
**($377,796)**

Managing such expenses effectively is essential to enhance profitability and ensure sustained growth in a competitive market environment. Businesses must closely monitor these figures, as they can significantly impact overall financial performance and future strategies.# Financial Metrics Highlight Ongoing Operating Losses

	(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	)

# Analysis of Other Income and Expenses Reveals Key Financial Insights

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		–			–

# Summary of Recent Financial Data: Other Income and Expenses

–		–			(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

**Financial Data Summary: Income Loss and Tax Expenses**

	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

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Financial Report Reveals Significant Losses for the Company

(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	)

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EHANG Holdings Limited Reports Financial Loss in Recent Period

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

)

“`# Financial Report Highlights Significant Losses for Shareholders

## Key Financial Metrics

The latest financial data reflects concerning net losses for the company. Detailed figures are broken down in the following table:

Net loss attributable to non-controlling interests

197

76

19

3

641

256

35

The data indicates that the net loss attributable to non-controlling interests totaled **641**, with previous losses recorded as **197**, **76**, **19**, **3**, and **256** at different intervals.

## Ordinary Shareholders Face Major Losses

Another significant area of concern is the net loss attributable to ordinary shareholders. The losses are summarized as follows:

Net loss attributable to ordinary shareholders

(72,264)

(48,056)

(46,858)

(6,419)

(301,700)

(229,776)

The net loss attributable to ordinary shareholders was reported at **(301,700)**, with significant numbers of **(72,264)**, **(48,056)**, **(46,858)**, and **(6,419)** showing the continuing downward trend.

## Conclusion

This financial report illustrates the ongoing challenges the company faces, particularly regarding losses attributed to both non-controlling interests and ordinary shareholders. As the financial landscape evolves, stakeholders must carefully consider the implications of these losses on future performance and strategies.# Company Reports Significant Net Loss and Shareholder Impacts

**Net Loss Per Ordinary Share Details**

In the latest financial reporting period, the company recorded a **net loss per ordinary share** of:

– Basic: (0.58)
– Diluted: (0.35)

For previous periods, the losses were as follows:

– Previous Basic: (0.33)
– Previous Diluted: (0.05)
– Historical Basic: (2.48)
– Historical Diluted: (1.71)

**Shares Used in Computation of Net Loss**

The shares used to calculate the net loss per ordinary share are detailed below:

– **Basic Shares Used**:
– 125,431 thousand shares
– 137,807 thousand shares
– 141,307 thousand shares
– Historical: 121,494 thousand shares
– Re-calculated: 134,367 thousand shares

**Observations and Market Context**

The reported net loss signals ongoing challenges for the company, which faces intense competition and fluctuating market conditions. Financial analysts are closely monitoring these metrics to assess the company’s resilience in navigating economic headwinds. Investors remain concerned about the implications of sustained losses, as well as the overarching impact on shareholder value.

Understanding these financial snapshots helps in evaluating the future direction of the company and its potential for recovery in a constantly evolving business landscape.# Comprehensive Financial Overview: Losses, Adjustments, and Adjusted Earnings Data

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	)

# Company Financials Show Comprehensive Losses Across Various Metrics

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

This financial summary highlights significant losses in comprehensive income across different dimensions. Investors and stakeholders may want to analyze these figures in the context of the company’s overall performance.# EHang Holdings Reports Comprehensive Loss for Ordinary Shareholders

### Financial Summary for EHang Holdings

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	)

### Company Overview

EHang Holdings continues to navigate through challenging market conditions. Their recent financial report highlights the comprehensive losses incurred, emphasizing the ongoing adjustments necessary for future strategies.

Financial Overview: Gaap vs. Non-GAAP Quarterly Results

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)

# Financial Overview: Key Metrics and Share-based Compensation Insights

The financial overview delineates a comprehensive picture of the company’s assets and liabilities, emphasizing the importance of share-based compensation in shaping overall financial health. Currently, total assets stand at $131,027 while total liabilities are reported at $17,951.

Highlighting the impact of strategic expenditures, share-based compensation contributes $4,585 to the financial framework. However, a notable adjustment reveals that sales and marketing expenses amounted to $(16,127), indicating a necessary evaluation of cost management within these departments.

Furthermore, the research and development costs were set at $(20,316), a key area for innovation investment. General and administrative expenditures also contributed to the financial metrics, leading to an overall total expenditure of $(41,431). When considering the total assets after liabilities, the comprehensive figure arrives at $(65,430).

This alignment of these figures provides stakeholders with vital insights into the company’s fiscal strategy, particularly regarding asset management and growth potential in a competitive market landscape.

# Breakdown of General and Administrative Expenses Revealed

## Overview of General and Administrative Expenses

The financial data for general and administrative (G&A) expenses presents a clear overview of the company’s expenditure in recent reporting periods. Understanding these figures is crucial as they impact overall company performance and operational efficiency.

### Detailed G&A Expenses

The reported G&A expenses for the periods are as follows:

– **Period 1**: $(55,626)
– **Period 2**: $(59,559)
– **Period 3**: $(69,246)
– **Period 4**: $(9,487)
– **Total G&A Expenses**: $(150,092)
– **Cumulative G&A expenses in previous periods**: $(232,716)
– **Period Over Period Variance**: $(31,882)

These numbers highlight fluctuations in spending, signaling potential areas for operational review.

## Share-Based Compensation Analysis

Additionally, the company reports share-based compensation as part of its G&A expenses:

– **Period 1**: $37,144
– **Period 2**: $28,281
– **Period 3**: $45,334
– **Period 4**: $6,211
– **Total Share-Based Compensation**: $79,327
– **Cumulative Compensation**: $134,984
– **Variance**: $18,493

This segment of expense illustrates the company’s approach to attracting and retaining talent through equity incentives.

## Adjusted General and Administrative Expenses

Finally, adjusted G&A expenses account for share-based compensation to provide a clearer picture of operational spending:

– **Adjusted Period 1**: $(18,482)
– **Adjusted Period 2**: $(31,278)
– **Adjusted Period 3**: $(23,912)

Using this adjusted view, stakeholders can assess the efficiency of the company’s core operations, separating it from the effects of share-based expense dynamics.

### Conclusion

The examination of general and administrative expenses, including share-based compensation, significant patterns emerge. Stakeholders should use this information to drive discussions around cost management and operational strategy as the company moves forward.# Financial Overview: Key Expenses Breakdown

## Significant Financial Data

)	(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

# Financial Overview Highlights Key Operating Expenses for Company

		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	)

# Financial Overview: Detailed Breakdown of Share-Based Compensation and Adjusted Operating Expenses

(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)	)

Company Reports Significant Operating Losses Despite Share-Based Compensation Gains

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	)

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EHANG Holdings Limited Reports Latest Financial Results

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)

Net loss

(72,461)

(48,132)

“`# Financial Overview: Insights from Recent Adjusted Earnings Data

	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

Financial Results Highlight Significant Losses and Share-Based Compensation

		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

# Financial Overview: Key Metrics Impacting Shareholder Income

		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)

# Financial Overview: Quarterly Earnings Report Highlights Performance Metrics

## Summary of Earnings Per Share

This section provides a breakdown of the basic and diluted earnings per share (EPS) figures, along with adjusted metrics for performance evaluation.

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

## Analysis of Performance Metrics

In this quarter, the basic EPS recorded was 125,431. Diluted EPS figures also reflect stability, with 125,431 marking a solid baseline. Both earnings metrics are crucial in analyzing the company’s profitability and investor returns.

Adjusted earnings show a loss of (0.17), reflecting the challenges faced in this period, while a slight recovery is seen in the adjusted figures with earnings of 0.11 and 0.26 in subsequent evaluations. Historical context illustrates that despite fluctuations in the earnings numbers, the overall performance has maintained consistency amid market pressures.

The trends indicated by these earnings per share figures will inform stakeholders’ decisions moving forward and are crucial for understanding the company’s financial health relative to previous periods.

Overall, this financial overview underscores the importance of continuous analysis in the face of dynamic market conditions.# Financial Review: Adjusted Income Insights for Q4 2024

Adjusted diluted net earnings per ordinary share		0.04			(0.17	)		0.11			0.25			0.035			(1.14	)		0.32		0.04
Adjusted basic net earnings per ADS		(0.34	)		0.22			0.52		0.070			(2.28	)		0.64		0.08
Adjusted diluted net earnings per ADS		(0.34	)		0.22			0.50		0.070			(2.28	)		0.64		0.08

^{________________________}

¹ Adjusted net income (loss) is a non-GAAP financial measure defined as net income (loss) excluding share-based compensation expenses and certain non-operational expenses. The company reported a net loss of RMB46.9 million ($6.4 million) for Q4 2024, and a total net loss of RMB230.0 million ($31.5 million) for fiscal year 2024. See “Non-GAAP Financial Measures” below.

² The EH216 series electric vertical take-off and landing (“eVTOL”) aircraft includes the EH216-S, which is the standard model designed for passenger transportation.

EHang Unveils New EH216 Models for Firefighting and Logistics

The EH216-F model is designed specifically for aerial firefighting, while the EH216-L model focuses on aerial logistics.

Understanding Non-GAAP Financial Measures

³

Adjusted operating income (loss) serves as a non-GAAP financial metric, defined as operating income (loss) excluding expenses related to share-based compensation. For further details, see the section on “Non-GAAP Financial Measures” below.

⁴

Adjusted operating expenses also represent a non-GAAP financial measure, defined as operating expenses minus share-based compensation expenses. Additionally, terms such as adjusted sales and marketing expenses, adjusted general and administrative expenses, and adjusted research and development expenses are non-GAAP measures—each calculated by excluding share-based compensation expenses from their respective totals. For more information, see “Non-GAAP Financial Measures” below.

⁵

Adjusted net income (loss) attributable to EHang’s ordinary shareholders is yet another non-GAAP measure, representing net income (loss) after excluding share-based compensation expenses and specific non-operational costs. For details, see “Non-GAAP Financial Measures” below.

⁶

Adjusted basic and diluted net earnings (loss) per ordinary share is defined as basic and diluted net earnings (loss) per ordinary share, excluding specified share-based compensation and non-operational expenses. For clarity, see “Non-GAAP Financial Measures” below.

⁷

Similarly, adjusted basic and diluted net earnings (loss) per ADS is calculated by excluding share-based compensation expenses and certain non-operational costs from the basic and diluted earnings (loss) per ADS. For additional details, see “Non-GAAP Financial Measures” below.

Financial Position as of Year-End

⁸

As of December 31, 2023, and December 31, 2024, amounts due from a related party amounted to RMB1,700 and RMB458 (approximately US$63), respectively, and were included in accounts receivable, net.

⁹

Additionally, as of December 31, 2023, and December 31, 2024, a total due to a related party of RMB2,000 for each year (around US$274) is included in contract liabilities.

This article was originally published on Quiver News. To read the complete story, visit their website.

The views and opinions expressed herein belong solely to the author and do not necessarily reflect those of Nasdaq, Inc.