EHang achieves first-ever adjusted annual net profit in 2024

Shanghai (Gasgoo)- On March 12, EHang, a leading Chinese autonomous aerial vehicle technology company, released its financial results for the fourth quarter (Q4) and full year of 2024. The company posted record annual revenue of RMB456.2 million, marking a 288.5% year-over-year spike. In the fourth quarter alone, its revenue reached RMB164.3 million, zooming up 190.2% from the same period in 2023.

Photo credit: EHang

In terms of profitability, EHang narrowed its net loss to RMB230 million in 2024, a 23.9% improvement from the loss of RMB302.3 million recorded in 2023. Notably, under non-GAAP measures, the company reported an adjusted net profit of RMB43.1 million—its first-ever full-year adjusted profit—compared to an adjusted net loss of RMB138.8 million in 2023.

EHang's founder, chairman, and CEO, Mr. Hu Huazhi, emphasized the company's commitment to expanding production capacity, strengthening ecosystem partnerships in infrastructure and talent development, and accelerating its global footprint across Asia, Europe, and South America. "Looking ahead to 2025, we remain focused on driving innovation, expanding our operational network, and scaling up production to meet rising demand while unlocking the full potential of urban air mobility," Mr. Hu stated.

The company's flagship eVTOL aircraft, the EH216-S, has secured three key certifications from China's Civil Aviation Administration—the Type Certificate (TC), Production Certificate (PC), and Standard Airworthiness Certificate (AC).

EHang also saw a significant surge in deliveries. In 2024, it delivered 216 EH216-series aircraft, a 315.4% hike from 52 units in 2023. The Q4 alone accounted for 78-unit deliveries, up 239.1% year-over-year and 23.8% quarter-over-quarter, marking a new company record for single-quarter deliveries.

To support growing demand, EHang is advancing the second-phase expansion of its Yunfu production facility, adding 24,000 square meters with the goal of reaching an annual production capacity of 1,000 units by 2025.

The company projects total revenue of approximately RMB900 million for the 2025 fiscal year, representing a 97% year-over-year surge.

Despite strong revenue growth, EHang's gross margin declined slightly to 61.4% in 2024 from 64.1% in 2023.