Ehang Intelligence (EH.US) eVTOL quarterly deliveries reached a record high, and annual revenue surged 288.5%

The Zhitong Finance App learned that the US stock market on Wednesday announced financial results for the fourth quarter of 2024. The company's quarterly and annual revenue reached record highs, with year-on-year increases of 190.2% and 288.5%, respectively. Among them, the company delivered 216 eVTOLs per year and 78 eH216 series eVTOL (electric vertical take-off and landing aircraft) quarterly, setting a record for the highest single quarter in history. Furthermore, the company achieved profit under non-GAAP standards for three consecutive quarters, and achieved full-year non-GAAP profit for the first time, and positive operating cash flow for five consecutive quarters and the first year.

In terms of performance outlook, the company expects revenue of around 900 million yuan for fiscal year 2025, which means it is expected to achieve a 97% year-on-year increase. In terms of delivery data recently released by Ehang Intelligence, the company's eH216 series eVTOL deliveries reached a record high of 78 eH216 series eVTOLs in the fourth quarter, up 239.1% year-on-year from 23 in the fourth quarter of 2023, and 23.8% month-on-month over 63 in the third quarter of 2024.

The company's total revenue for the fourth quarter also reached a record high, reaching a record 164.3 million yuan (about US$22.5 million), which represents an increase of 190.2% over RMB 56.6 million in the fourth quarter of 2023, and an increase of 28.2% over RMB 128.1 million in the third quarter of 2024.

The company's adjusted operating profit for the fourth quarter (under non-GAAP guidelines) increased sharply. The adjusted operating profit was about RMB 27.9 million (approximately US$3.8 million), a significant improvement compared with the adjusted operating loss of RMB 24.9 million in the fourth quarter of 2023, and a sharp increase of 208.2% compared to RMB 9 million in the third quarter of 2024.

The annual delivery volume of the Ehang Smart EH216 series has also increased dramatically. In 2024, the total number of eH216 series eVTOLs delivered reached 216, an increase of 315.4% over the 52 in 2023. Total annual revenue in 2024 reached a record 456.2 million yuan (approximately US$62.5 million), an increase of 288.5% compared with RMB 117.4 million in 2023.

The company's adjusted operating profit for the full year (under non-GAAP guidelines) was approximately RMB 19.7 million (approximately US$2.7 million), a significant improvement over the adjusted operating loss of 144.8 million yuan in 2023. Adjusted net profit (under non-GAAP guidelines) was approximately RMB 43.1 million (approximately US$5.9 million), a significant improvement over the adjusted net loss of 138.8 million yuan in 2023, achieving the first full-year non-GAAP profit since the establishment of the company.

Goldman Sachs previously pointed out in a research report that EH216-S unmanned aerial vehicle, the flagship product of Ehang Intelligence, has obtained a type certificate (TC) and production license (PC) issued by the Civil Aviation Administration of China, and that the operating certification (OC) submitted by the company's subsidiary Guangdong Ehang General Aviation Co., Ltd. and Hefei Heyi Aviation Co., Ltd. in July last year may also be approved in 2025. Goldman Sachs said that this is an important milestone for the Ehang Smart EH216-S to achieve commercial operation in the tourism/transportation field, and can speed up delivery and orders to other customers.