$EHang (EH.US)$ fell more than 10% Monday even though the Chinese autonomous-aerial-vehicle maker reported a narrower-than-expected Q1 loss.
EH sank as much as 13.1% to a $16.65 intraday low after initially rising 6% on Q1 results.
The company -- which is developing self-driving aerial vehicles for urban transportation and other uses -- reported a Q1 adjusted net loss per share of $0.02, beating analysts' $(0.09) consensus estimate.
Revenue increased 178% year over year to 61.7 million RMB. In U.S. dollar terms, revenue came in at $8.5 million, beating analysts' $6.9 million forecast. Revenue benefitted from demand for the proprietary EH216 pilotless eVTOL vehicles.
Adjusted operating loss came in at $1.7 million, a 63.4% improvement year over year. The company also achieved positive operating cash flow in the quarter.
Additionally, EHang reported sales and deliveries of 26 EH216 series products during Q1, which more than doubled the 11 units seen in the same period last year.
The company also said its balance of cash and cash equivalents, short-term deposits and short-term investments stood at $44.9 million as of March 31.
For Q2, the company projected revenues to be around 90 million RMB, an increase of around 804% year over year.
Last month, the Civil Aviation Administration of China granted EHang a production certificate for the EH216-S, a passenger-carrying pilotless electric vertical takeoff and landing aircraft (or "eVTOL").