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 five consecutive quarters 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, initial orders delivered to UAE, Japan, and Dominica, and strategic partnerships for future growth.

• Achieved world’s first eVTOL solid-state lithium battery test flight, improving EH216-S endurance by 90%.

Financial highlights

• Q4 2024 revenue reached RMB 164.3 million, up 190.2% year-over-year; FY2024 revenue was RMB 456.2 million, up 288.5%.

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

• Q4 adjusted net income was RMB 36.4 million (vs. loss of RMB 22.1 million YoY); FY2024 adjusted net income was RMB 43.1 million (vs. loss of RMB 230 million YoY).

• Cash and equivalents at year-end: RMB 1,154.9 million, up 245.7% from prior year.

• Maintained positive operating cash flow for five consecutive quarters.

Outlook and guidance

• FY2025 revenue expected to reach around RMB 900 million, a 97% year-over-year increase.

• Targeted gross margin remains around 60%, with some fluctuation expected due to product and channel mix.

• OpEx projected to grow 40% year-over-year in 2025.

• CapEx for 2025 guided at $14 million, focused on production expansion and new product development.

• Full-year GAAP profitability expected in 2026.