On the evening of March 15, 2024, EHang Intelligent announced that the company achieved revenue of 56.6 million yuan in the fourth quarter of 2023, a year-on-year increase of 261%; net profit attributable to the parent company was -72.26 million yuan, a year-on-year loss reduction of 34.23%. In addition, the company achieved positive operating cash flow in a single quarter in the fourth quarter.
In the fourth quarter of 2023, EHang's total revenue was RMB 56.6 million (USD 8 million); total revenue in 2023 was RMB 117.4 million (USD 16.5 million); a significant increase of 165.0% from RMB 44.3 million in 2022, gross The interest rate is 64.1%. After the financial report was released, EHang Intelligent’s stock price rose sharply during the session. As of the close of trading on March 15, the stock price was US$15.37 per share, an increase of 12.93%. In terms of performance outlook, EHang Intelligent expects to achieve revenue of approximately 58 million yuan in the first quarter of 2024, a year-on-year increase of approximately 160%.
Hu Huazhi, founder, chairman and CEO of EHang Intelligent, said: “In the fourth quarter of fiscal year 2023, our independently developed EH216-S successfully obtained the model qualification of the world’s first unmanned manned eVTOL aircraft issued by the Civil Aviation Administration of China. certification and standard airworthiness certificate. This major milestone has had a positive impact on our business, with surging customer demand for the EH216-S and positive market response, driving strong revenue growth in the fourth quarter of fiscal 2023 and annual revenue."
In addition, EHang announced the domestic and global selling prices of the EH216-S in the fourth quarter of 2023 and began delivering certified aircraft to customers. The financial report shows that after EHang Intelligent EH216-S obtained the world’s first airworthiness certificate, its sales increased significantly. In the fourth quarter of 2023, EHang Intelligent delivered a total of 23 EH216 series products, while only 6 were delivered in the same period of 2022. Throughout 2023, EHang Intelligent delivered a total of 52 EH216 series products, a significant increase from 21 aircraft in 2022.
EHang Intelligent has also carried out public-private cooperation with Shenzhen, Guangzhou, Hefei, Wuxi and other cities in China to build UAM operation centers, carry out first flights or test flights on various routes, deliver EHang 216-S aircraft, and receive multiple expressions of interest Order. EHang Intelligent also conducts multiple businesses with the United Arab Emirates and Spain.
In February 2024, EHang reached a strategic cooperation agreement with GAC Group, the Guangzhou Airport Economic Zone Management Committee, and the Guangzhou Economic and Technological Development Zone Management Committee. GAC Group will make full use of its extensive expertise in intelligent manufacturing and its well-structured industrial chain to accelerate the future production, application and market expansion of EHang’s passenger drones.