EHang (EH) Q4 2024 earnings summary

Executive summary

• Achieved record-high quarterly and annual revenues in 2024, up 190.2% and 288.5% year-over-year, with 216 EH216 units delivered and first-ever positive adjusted net income and operating cash flow.

• Marked first year and third consecutive quarter of non-GAAP profitability and fifth consecutive quarter of positive operating cash flow.

• Maintained high gross margins above 60% for both Q4 and FY2024.

• Expanded global presence with pilotless flights in 19 countries, strategic partnerships, and Europe’s first urban pilotless eVTOL flight.

• Became the first eVTOL company in the global urban air mobility sector to achieve non-GAAP profitability.

Financial highlights

• Q4 2024 revenue: RMB 164.3 million (+190.2% YoY); FY2024 revenue: RMB 456.2 million (+288.5% YoY).

• Q4 gross margin: 60.7% (down from 64.7% YoY); FY2024 gross margin: 61.4% (down from 64.1% YoY).

• Q4 adjusted operating income: RMB 27.9 million (vs. loss of RMB 24.9 million YoY); FY2024 adjusted operating income: RMB 19.7 million (vs. loss of RMB 144.8 million YoY).

• Q4 adjusted net income: RMB 36.4 million; FY2024 adjusted net income: RMB 43.1 million (first full year of non-GAAP profitability).

• Cash and equivalents at year-end: RMB 1,154.9 million; first-ever annual positive operating cash flow of RMB 160 million.

Outlook and guidance

• FY2025 revenue guidance: RMB 900 million (+97% YoY).

• Targeted gross margin remains around 60%, with expected fluctuations due to product diversification and distribution model.

• OpEx expected to grow ~40% YoY in 2025, outpaced by projected 97% revenue growth.

• Full-year GAAP profitability expected in 2026; quarterly GAAP profitability anticipated in 2H 2025.

• CapEx for 2025 projected at $14 million, focused on production expansion and new headquarters.