EHang Reports 4th Quarter and Full Year 2020 Unaudited Financial Results
EHang Holdings Limited (“EHang” or the “Company”) (Nasdaq: EH), the world’s leading autonomous aerial vehicle (“AAV”) technology platform company, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2020.
Fourth Quarter 2020 Financial and Operational Highlights
- Total revenues were RMB54.6 million (US$8.4 million), on par with RMB54.7 million in the fourth quarter of 2019. Revenues from air mobility solutions were RMB33.4 million (US$5.1 million), reflecting a 10.1% decrease year over year mainly due to the resurgence of the COVID-19 pandemic in China in the fourth quarter and its impact on tourism industry customers.
- Gross margin was 59.4%, a decrease of 1.3 percentage points year over year. The decrease was mainly due to the increase in share-based compensation expenses charged to costs of revenues.
- Adjusted gross margin1(non-GAAP) was 63.8%, an increase of 3.1 percentage points year over year and a record quarterly adjusted gross margin in the Company’s history.
- Operating loss was RMB49.2 million (US$7.5 million), compared with operating profit of RMB2.1 million in the fourth quarter of 2019. The change in operating loss was mainly due to the increase in share-based compensation expenses charged to costs of revenues and operating expenses.
- Adjusted operating loss2 (non-GAAP) was RMB10.6 million (US$1.6 million), compared with adjusted operating profit of RMB3.8 million in the fourth quarter of 2019.
- Net loss was RMB50.8 million (US$7.8 million), compared with net loss of RMB0.2 million in the fourth quarter of 2019.
- Adjusted net loss3 (non-GAAP) was RMB12.3 million (US$1.9 million), compared with adjusted net income of RMB2.9 million in the fourth quarter of 2019.
- Sales of the EHang 216, our flagship passenger-grade AAV product, were 22 units, compared with 26 units in the fourth quarter of 2019.
Full Year 2020 Financial and Operational Highlights
- Total revenues were RMB180.1 million (US$27.6 million), an increase of 47.8% from RMB121.8 million in 2019. Revenues from air mobility solutions were RMB106.0 million (US$16.2 million), an increase of 23.3% from RMB85.9 million in 2019. Revenues from aerial media solutions were RMB65.7 million (US$10.1 million), increased by 113.5% from RMB30.7 million in 2019.
- Gross margin was 59.0%, an increase of 0.5 percentage points from 58.5% in 2019.
- Adjusted gross margin was 60.3%, an increase of 1.5 percentage points from 58.8% in 2019 and the highest annual adjusted gross margin in the Company’s history.
- Operating loss was RMB91.3 million (US$14.0 million), an increase of 97.0% from RMB46.3 million in 2019. The increase in operating loss was mainly due to the increase in share-based compensation expenses charged to costs of revenues and operating expenses.
- Adjusted operating loss (non-GAAP) was RMB36.4 million (US$5.6 million), an increase of 15.3% from RMB31.6 million in 2019.
- Net loss was RMB92.0 million (US$14.1 million), an increase of 91.8% from RMB48.0 million in 2019.
- Adjusted net loss (non-GAAP) was RMB37.2 million (US$5.7 million), an increase of 16.7% from RMB31.9 million in 2019.
- Sales of the passenger-grade AAVs reached 70 units in 2020, compared with 61 units in 2019.
Business Highlights for the Fourth Quarter and Full Year 2020
- Autonomous Trial Flights in Korea of EH216 with Special Certificate of Airworthiness
In November 2020, the Ministry of Land, Infrastructure and Transport (“MOLIT”) of Korea issued a Special Certificate of Airworthiness (“SAC”) for the EH216, the first SAC for passenger-grade AAVs in Korea. With the SAC, the EH216 completed autonomous trial flights in three Korean locations: Seoul, Daegu and Jeju Island. The flights demonstrated a variety of Urban Air Mobility (“UAM”) application scenarios including urban transportation, emergency medical services and aerial sightseeing.
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