The following is a summary of the EHang Holdings Limited (EH) Q1 2024 Earnings Call Transcript:

Financial Performance:

• EHang's Q1 2024 total revenue increased significantly by 178% YoY to RMB 61.7 million.

• The gross margin was 61.9%, indicating high profitability.

• Operating expenses showed a minor increase, up 8.7% YoY to RMB 54.5 million.

• Adjusted operating loss reduced by 63.4% YoY to RMB 12.6 million.

• Predictions for Q2 2024 revenues show a substantial increase, anticipated to reach around RMB 90 million, which would be an over 800% rise YoY.

Business Progress:

• EHang obtained the Production Certificate from the CAAC, allowing mass production of EH216-S, following its Type Certificate acquisition last year.

• The company achieved a record delivery of 26 EH216 series products in Q1 2024, more than double YoY.

• EHang has been involved in multiple low-altitude economy projects in China and overseas regions, including the UAE, Costa Rica, and Japan.

• Strategic partnerships have been established with Guangzhou Automobile Company and Greater Bay Technology for improvements in intelligent manufacturing, mobility products, and Ultra-Fast Charging battery solutions for eVTOL aircraft.

• The company has secured orders from the government, scenic areas, and foreign clientele with planned Q2 delivery volumes expected to markedly outpace Q1.

• The appointment of Mr. Zhao Wang as the Co-Chief Operating Officer is anticipated to fuel commercial operations.

• Progress is seen with stable deliveries from suppliers, localized components for EH216, and the development and testing of new battery variants in partnership with Greater Bay Technology.

• Research and airworthiness preparations for the VT-30 product are underway.

More details: EHang IR

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