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 first quarter ended March 31, 2023.
Financial and Operational Highlights for the First
Quarter 2023
- Total revenues were RMB22.2 million (US$3.2
million), representing a growth of 41.6% compared to RMB15.7
million in the fourth quarter of 2022.
- Gross margin was 63.9%, representing a
continued high gross margin level with a slight decrease of 2.2
percentage points compared to 66.1% in the fourth quarter of
2022.
- Operating loss was RMB75.7 million (US$11.0
million), representing an improvement of 17.8% from RMB92.2 million
in the fourth quarter of 2022.
- Adjusted operating loss1
(non-GAAP) was RMB34.3 million (US$5.0 million),
representing an improvement of 44.1% from RMB61.3 million in the
fourth quarter of 2022.
- Net loss was RMB87.0 million (US$12.7
million), representing an improvement of 21.0% from RMB110.1
million in the fourth quarter of 2022.
- Adjusted net loss2
(non-GAAP) was RMB33.6 million (US$4.9 million),
representing an improvement of 43.5% from RMB59.4 million in the
fourth quarter of 2022.
- Cash, cash equivalents, restricted cash, restricted
short-term deposits and short-term investments balances
were RMB217.6 million (US$31.7 million) as of March 31, 2023.
- Sales and deliveries of EH216 series
AAVs3 were 11 units, compared with 6
units in the fourth quarter of 2022.
Business Highlights for the First
Quarter 2023 and Recent Developments
- EH216-S Type Certification’s Compliance Tests in Final
Phase Completed More Than 90%
In the first quarter of 2023, the EH216-S type certification
process with the Civil Aviation Administration of China (the
“CAAC”) has achieved significant progress in the final phase of
Demonstration and Verification of Compliance. As of today, more
than 90% of the compliance tests in the final phase have been
completed step by step. During the process, EHang conducted a great
number of laboratory tests, ground tests and flight tests at
multiple professional aeronautical laboratories and test sites
across China under the CAAC’s inspections. The completed tests,
including but not limited to battery, environmental, material,
strength, software, data link, ground control station tests,
demonstrated and verified the safety and airworthiness of the
EH216-S AAV. The Company is making all efforts to conclude the
remaining tests in the final sprint.
- Continued Trial Operations of AAVs in
China
Under the CAAC’s guidance and the Company’s 100 Air Mobility
Route Initiative, EHang, along with its customers and partners,
have developed a total of 19 trial operation spots across 17 cities
in China during the past two years. As of today, approximate 8,800
safe operational trial flights have been completed by EH216-S AAVs
for aerial sightseeing at these spots, which paves the way for
commercial operations following the certification.
- Deliveries of Six Units of EH216-S to Fengshan for
Aerial Sightseeing at Low-Altitude Flying Camp in
Guangxi
EHang received a purchase order for six units of EH216-S from
the Fengshan Tourism Investment Development Co., a typical local
tourism operator which aims to boost its post-pandemic tourism
business with new solutions, and delivered them in the first
quarter. The customer plans to establish a low-altitude flying camp
for aerial sightseeing in Fengshan’s Sanmenhai national 4A-class
scenic area, a UNESCO Global Geopark and a famous karst landform
tourist resort in Guangxi, China.
- Cooperation with Xiyu Tourism to Jointly Develop Aerial
Sightseeing in Xinjiang
In March 2023, EHang signed a cooperation framework agreement
with Xiyu Tourism Development Co., Ltd. (300859.SZ) (“Xiyu
Tourism”), a leading tourism company in Xinjiang, China listed on
the Shenzhen Stock Exchange. Both parties plan to set up a joint
venture for developing low-altitude tourism and sightseeing
projects with EHang AAVs in the Heavenly Lake of Tianshan, a
national 5A-class tourist attraction, and other scenic areas in
Xinjiang. The cooperation plans to operate a minimum of 120 units
of EH216-S or EHang’s comparable passenger-carrying AAVs within the
next five years.
- Strategic Partnership with XAIC and Indicative Purchase
Order for 20 Units of EH216-S
In March 2023, EHang reached a strategic partnership agreement
on urban air mobility (“UAM”) and smart city management with Xi’an
Aerospace Investment Technology Innovation Development Holding
Group Co., Ltd., a wholly-owned subsidiary of Xi’an Aerospace
Investment Co., Ltd. (“XAIC”) which is sponsored by the Xi’an
municipal government. Under this partnership, EHang received an
indicative purchase order for 20 units of EH216-S, the fulfillment
of which is expected to be completed by 2025.
- Completion of Japan’s First Passenger-Carrying
Autonomous eVTOL Flight Demonstration by EH216-S and Induction into
Japan’s Public-Private Committee for Advanced Air
Mobility
In February 2023, EH216-S completed Japan’s first
passenger-carrying autonomous electric vertical takeoff and landing
(“eVTOL”) flight demonstration in Oita, Japan under the approval of
the Ministry of Land, Infrastructure, Transport and Tourism of
Japan (“MLIT”). In April 2023, EHang was inducted as a member of
Japan’s Public-Private Committee for Advanced Air Mobility (“AAM”),
a platform jointly established by Japan’s Ministry of Economy,
Trade and Industry (“METI”) and MLIT for worldwide industry leaders
in the public and private sectors on adopting flying vehicles in
Japan.
CEO Remarks
Mr. Huazhi Hu, EHang’s Founder, Chairman and Chief Executive
Officer, said, “As anticipated, we witnessed increasing demands for
our AAVs upon the post pandemic recovery of the tourism industry in
China. In the first quarter, we achieved more customer orders and
deliveries, leading to remarkable revenue growth of 42% quarter
over quarter and 283% year over year. Meanwhile, we maintained a
high quarterly gross margin of 63.9%, a testament to our
competitive strengths and first mover advantages in the global UAM
and eVTOL industry. Moreover, the US$10 million strategic
investment from the Qingdao West Coast New Area was closed in the
first quarter, which enhanced our cash position to support our
operations and growth.”
“Currently our top priority is to obtain the EH216-S type
certificate as soon as possible in the near term. With continued
tailwinds from tourism recovery and favorable domestic policies, as
well as our leading position in advanced AAVs and related systems,
we feel very confident in our vast potential to thrive in the UAM
sector and are very optimistic for what’s ahead.”
Financial Results for the First Quarter
2023
Revenues
Total revenues were RMB22.2million (US$3.2 million),
representing a growth of 41.6% quarter on quarter from RMB15.7
million in the fourth quarter of 2022, primarily due to the
increase in the sales volume of EH216 series AAV products.
Costs of revenues
Costs of revenues were RMB8.0 million (US$1.2 million), compared
with RMB5.3 million in the fourth quarter of 2022, primarily in
line with the increase in the sales volume of EH216 series AAV
products.
Gross profit and gross margin
Gross profit was RMB14.2 million (US$2.1 million), representing
an increase of 36.9% quarter on quarter from RMB10.4 million in the
fourth quarter of 2022, primarily due to the increase in the sales
volume of EH216 series AAV products.
Gross margin was 63.9%, down 2.2 percentage points from 66.1% in
the fourth quarter of 2022. The decrease in gross margin was mainly
due to changes in revenue mix.
Operating expenses
Total operating expenses were RMB91.5 million
(US$13.3 million), representing a decrease of 12.0% compared with
RMB104.0 million in the fourth quarter of 2022.
- Sales and marketing expenses were RMB12.4 million (US$1.8
million), compared with RMB15.5 million in the fourth quarter of
2022. The decrease was mainly due to lower share-based compensation
expenses for a certain portion of share-based awards vested in the
fourth quarter of 2022.
- General and administrative expenses were RMB25.0 million
(US$3.6 million), compared with RMB51.4 million in the fourth
quarter of 2022. The decrease was mainly attributed to additional
provisions for several long-aging accounts receivable on certain
customers in the fourth quarter of 2022.
- Research and development expenses were RMB54.1 million (US$7.9
million), compared with RMB37.1 million in the fourth quarter of
2022. The increase was mainly due to higher share-based
compensation expenses for new grant of share-based awards and
continued focus on EH216-S type certification and increased
expenditures on the conforming aircraft and compliance tests in the
final demonstration and verification phase.
Adjusted operating expenses4
(non-GAAP)
Adjusted operating expenses were RMB50.1 million (US$7.3
million), compared with RMB73.2 million in the fourth quarter of
2022. Adjusted sales and marketing expenses, adjusted general and
administration expenses, and adjusted research and development
expenses were RMB7.5 million (US$1.1 million), RMB15.8 million
(US$2.3 million) and RMB26.8 million (US$3.9 million) in the first
quarter of 2023, respectively. The decrease in adjusted operating
expenses was primarily due to the same reasons under “Operating
expenses”.
Operating loss
Operating loss was RMB75.7 million (US$11.0 million),
representing an improvement of 17.8% from RMB92.2 million in the
fourth quarter of 2022.
Adjusted operating loss
(non-GAAP)5
Adjusted operating loss was RMB34.3 million (US$5.0 million),
representing an improvement of 44.1% from RMB61.3 million in the
fourth quarter of 2022.
Other expenses
Other expenses were RMB11.2 million (US$1.6 million), compared
with RMB18.0 million in the fourth quarter of 2022, primarily due
to the non-cash expenses of amortization of debt discounts,
relating to the interim funding recognized as short-term debt
provided by an investor in the private placement entered in
December 2022. The Company accounted for a significant portion of
the funds as short-term debt and the remaining portion as warrants
under additional paid-in capital. The Company has repaid the
interim funding of short-term debt in full and concurrently
received US$10 million as purchase price of Class A ordinary
shares.
Net loss
Net loss was RMB87.0 million (US$12.7 million), representing an
improvement of 21.0% from RMB110.1 million in the fourth quarter of
2022.
Adjusted net loss
(non-GAAP)6
Adjusted net loss was RMB33.6 million (US$4.9 million),
representing an improvement of 43.5% from RMB59.4 million in the
fourth quarter of 2022.
Adjusted net loss attributable to EHang’s ordinary shareholders
was RMB33.4 million (US$4.9 million), representing an improvement
of 43.7% from RMB59.2 million in the fourth quarter of 2022.
Loss per share and per ADS
Basic and diluted net loss per ordinary share were both RMB0.74
(US$0.11). Adjusted basic and diluted net loss per ordinary share7
(non-GAAP) were both RMB0.28 (US$0.04).
Basic and diluted net loss per ADS were both RMB1.48 (US$0.22).
Adjusted basic and diluted net loss per ADS8 (non-GAAP) were both
RMB0.56 (US$0.08).
Balance Sheets
- Cash, cash equivalents, restricted short-term deposits and
short-term investments balances were RMB217.6 million (US$31.7
million) as of March 31, 2023.
Going Concern
The Company’s ability to continue as a going concern is
currently largely dependent on when we will obtain the type
certificate of our EH216-S in the near term to launch fully
commercial sales of our EH216-S AAVs, and our capability to raise
additional funds through debt financings or equity offerings. We
expect to obtain the type certificate in the near future as we are
already in the final phase of Demonstration and Verification of
Compliance for the EH216-S type certification and more than 90% of
the compliance tests in the final phase have been completed, as of
the date of this earnings release.
Business Outlook
The Company continues to receive increasing inquiries, demands
and orders from customers for AAV uses in aerial tourism, urban
transportation, emergency rescue, and smart city management, which
are driven by its first-mover advantages, the post-epidemic
recovery in travel and tourism, policy tailwinds on the UAM sector,
and the expected upcoming commercialization. The Company’s EH216-S
order pipeline in China has reached more than 100 units and
continues growing. Most of these orders are conditional upon the
Company’s completion of the type certification and expected to be
fulfilled within one to three years following that.
The above outlook is based on information available as of the
date of this press release and reflects the Company’s current and
preliminary expectations regarding its business situation and
market conditions. The outlook is subject to changes, especially
uncertainties and situations related to the EH216-S certification
process, epidemics, political and economic landscape, etc.
Conference Call
EHang’s management team will host an earnings conference call at
8:00 AM on Wednesday, May 31, 2023, U.S. Eastern Time (8:00 PM on
May 31, 2023, Beijing/Hong Kong Time).
To join the conference call via telephone, participants must use
the following link to complete an online registration process. Upon
registering, each participant will receive email instructions to
access the conference call, including dial-in information and a PIN
number allowing access to the conference call.
Participant Online Registration:
https://register.vevent.com/register/BI70109896396a416a8b4c198b73ca650c
A live and archived webcast of the conference call will be
available on the Company’s investors relations website at
http://ir.ehang.com/.
About EHang
EHang (Nasdaq: EH) is the world’s leading autonomous aerial
vehicle (“AAV”) technology platform company. EHang’s mission is to
make safe, autonomous, and eco-friendly air mobility accessible to
everyone. EHang provides customers in various industries with AAV
products and commercial solutions: urban air mobility (including
passenger transportation and logistics), smart city management, and
aerial media solutions. As the forerunner of cutting-edge AAV
technologies and commercial solutions in the global Urban Air
Mobility (“UAM”) industry, EHang continues to explore the
boundaries of the sky to make flying technologies benefit our life
in smart cities. For more information, please visit
www.ehang.com.
Safe Harbor Statement
This press release contains statements that may constitute
“forward-looking” statements pursuant to the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as “will,” “expects,” “anticipates,” “aims,”
“future,” “intends,” “plans,” “believes,” “estimates,” “likely to”
and similar statements. Statements that are not historical facts,
including statements about management’s beliefs and expectations,
are forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to those
relating to EH216-S type certification, our expectations regarding
demand for, and market acceptance of, our AAV products and
solutions and the commercialization of UAM services, our
relationships with strategic partners, and current litigation and
potential litigation involving us. Management has based these
forward-looking statements on its current expectations,
assumptions, estimates and projections. While they believe these
expectations, assumptions, estimates and projections are
reasonable, such forward-looking statements are only predictions
and involve known and unknown risks and uncertainties, many of
which are beyond management’s control. These statements involve
risks and uncertainties that may cause EHang’s actual results,
performance or achievements to differ materially from any future
results, performance or achievements expressed or implied by these
forward-looking statements.
Non-GAAP Financial
Measures
The Company uses adjusted gross profit, adjusted operating
expenses, adjusted sales and marketing expenses, adjusted general
and administration expenses, adjusted research and development
expenses, adjusted operating loss, adjusted net loss, adjusted net
loss attributable to ordinary shareholders, adjusted basic and
diluted loss per ordinary share and adjusted basic and diluted loss
per ADS (collectively, the “Non-GAAP Financial Measures”) in
evaluating its operating results and for financial and operational
decision-making purposes. There was no income tax impact on the
Company’s non-GAAP adjustments because the non-GAAP adjustments are
usually recorded in entities located in tax-free jurisdictions,
such as the Cayman Islands.
The Company believes that the Non-GAAP Financial Measures help
identify underlying trends in its business that could otherwise be
distorted by the effects of items of (i) share-based compensation
expenses and (ii) certain non-operational expenses, such as
provisions for legal proceedings and amortization of debt
discounts, which are included in their comparable GAAP measures.
The Company believes that the Non-GAAP Financial Measures provide
useful information about its operating results, enhance the overall
understanding of its past performance and future prospects and
allow for greater visibility with respect to key metrics used by
its management members in their financial and operational
decision-making.
The Non-GAAP Financial Measures are not defined under U.S. GAAP
and are not presented in accordance with U.S. GAAP. The Non-GAAP
Financial Measures have limitations as analytical tools. One of the
key limitations of using the Non-GAAP Financial Measures is that
they do not reflect all items of expense that affect the Company’s
operations. Share-based compensation expenses have been and may
continue to be incurred in the business and are not reflected in
the presentation of the Non-GAAP Financial Measures. Further, the
Non-GAAP Financial Measures may differ from the non-GAAP
information used by other companies, including peer companies, and
therefore their comparability may be limited. The Company
compensates for these limitations by reconciling the Non-GAAP
Financial Measures to the nearest U.S. GAAP measures, all of which
should be considered when evaluating the Company’s performance.
Each of the Non-GAAP Financial Measures should not be considered
in isolation or construed as an alternative to its comparable GAAP
measure or any other measure of performance or as an indicator of
the Company’s operating performance or financial results. Investors
are encouraged to review the Company’s most directly comparable
GAAP measures in conjunction with the Non-GAAP Financial Measures.
The Non-GAAP Financial Measures presented here may not be
comparable to similarly titled measures presented by other
companies. Other companies may calculate similarly titled measures
differently, limiting their usefulness as comparative measures to
the Company’s data. The Company encourages investors and others to
review its financial information in its entirety and not rely on a
single financial measure.
For more information on the Non-GAAP Financial Measures, please
see the table captioned “Unaudited Reconciliations of GAAP and
Non-GAAP Results” set forth at the end of this press release.
Exchange Rate
This press release contains translations of certain RMB amounts
into U.S. dollars (“USD”) at specified rates solely for the
convenience of the reader. Unless otherwise stated, all
translations from RMB to USD were made at the rate of RMB6.8676 to
US$1.00, the noon buying rate in effect on March 31, 2023 in the
H.10 statistical release of the Federal Reserve Board. The Company
makes no representation that the RMB or USD amounts referred to in
this press release could have been converted into USD or RMB, as
the case may be, at any particular rate or at all.
Investor Contact: ir@ehang.com
Media Contact: pr@ehang.com
________________________
1 Adjusted operating loss is a non-GAAP financial measure, which
is defined as operating loss excluding share-based compensation
expenses. See “Non-GAAP Financial Measures” below.2 Adjusted net
loss is a non-GAAP financial measure, which is defined as net loss
excluding share-based compensation expenses and certain
non-operational expenses. See “Non-GAAP Financial Measures” below.3
The EH216 series AAVs include EH216-S, the standard model for
passenger transportation, EH216-F model for aerial firefighting,
and EH216-L model for aerial logistics.4 Adjusted operating
expenses is a non-GAAP financial measure, which is defined as
operating expenses excluding share-based compensation expenses. See
“Non-GAAP Financial Measures” below.5 Adjusted operating loss is a
non-GAAP financial measure, which is defined as operating loss
excluding share-based compensation expenses. See “Non-GAAP
Financial Measures” below.6 Adjusted net loss is a non-GAAP
financial measure, which is defined as net loss excluding
share-based compensation expenses and certain non-operational
expenses, which include amortization of debt discounts. See
“Non-GAAP Financial Measures” below.7 Adjusted basic and diluted
net loss per ordinary share is a non-GAAP financial measure, which
is defined as basic and diluted loss per ordinary share excluding
share-based compensation expenses and certain non-operational
expenses, which include amortization of debt discounts. See
“Non-GAAP Financial Measures” below.8 Adjusted basic and diluted
net loss per ADS is a non-GAAP financial measure, which is defined
as basic and diluted loss per ADS excluding share-based
compensation expenses and certain non-operational expenses, which
include amortization of debt discounts. See “Non-GAAP Financial
Measures” below.
|
EHANG HOLDINGS LIMITED |
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
(Amounts in thousands of Renminbi (“RMB”) and US dollars
(“US$”)) |
|
|
As of |
|
As of |
|
December 31, 2022 |
|
March 31, 2023 |
|
RMB |
|
RMB |
|
US$ |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
249,310 |
|
184,114 |
|
26,809 |
|
Restricted short-term deposits |
- |
|
33,437 |
|
4,869 |
|
Accounts receivable, net9 |
20,298 |
|
24,822 |
|
3,614 |
|
Inventories |
72,364 |
|
66,197 |
|
9,639 |
|
Prepayments and other current
assets9 |
45,183 |
|
42,799 |
|
6,231 |
|
Total current assets |
387,155 |
|
351,369 |
|
51,162 |
|
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
|
Property and equipment,
net |
47,060 |
|
45,408 |
|
6,612 |
|
Operating lease right‑of‑use
assets, net |
73,482 |
|
71,121 |
|
10,356 |
|
Intangible assets, net |
1,959 |
|
2,158 |
|
314 |
|
Long-term loans receivable |
9,980 |
|
8,000 |
|
1,165 |
|
Long-term investments |
9,839 |
|
9,750 |
|
1,420 |
|
Other non-current assets |
1,392 |
|
1,377 |
|
201 |
|
Total non-current assets |
143,712 |
|
137,814 |
|
20,068 |
|
|
|
|
|
|
|
|
Total assets |
530,867 |
|
489,183 |
|
71,230 |
|
|
|
|
|
|
|
|
________________________
9 On January 1, 2023, the Company adopted ASU 2016-13,
Financial Instruments — Credit Losses (Topic 326), using the
modified retrospective method and have no material impact on the
consolidated financial statements.
|
EHANG HOLDINGS LIMITED |
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(CONT’D) |
(Amounts in thousands of Renminbi (“RMB”) and US dollars
(“US$”)) |
|
|
As of |
|
As of |
|
December 31, 2022 |
|
March 31, 2023 |
|
RMB |
|
RMB |
|
US$ |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
Short-term bank loans |
49,794 |
|
|
69,113 |
|
|
10,064 |
|
Short-term debt10 |
57,838 |
|
|
69,861 |
|
|
10,173 |
|
Accounts payable |
35,456 |
|
|
31,998 |
|
|
4,659 |
|
Contract liabilities |
19,321 |
|
|
17,004 |
|
|
2,476 |
|
Current portion of long-term
bank loans |
13,154 |
|
|
1,538 |
|
|
224 |
|
Accrued expenses and other
liabilities |
97,763 |
|
|
99,987 |
|
|
14,559 |
|
Current portion of lease
liabilities |
5,520 |
|
|
4,650 |
|
|
677 |
|
Deferred income |
1,495 |
|
|
1,475 |
|
|
215 |
|
Deferred government
subsidies |
1,993 |
|
|
2,160 |
|
|
315 |
|
Income taxes payable |
7 |
|
|
1 |
|
|
- |
|
Total current
liabilities |
282,341 |
|
|
297,787 |
|
|
43,362 |
|
|
|
|
|
|
|
Non-current
liabilities: |
|
|
|
|
|
Long-term bank loans |
3,846 |
|
|
3,462 |
|
|
504 |
|
Mandatorily redeemable
non-controlling interests |
40,000 |
|
|
40,000 |
|
|
5,824 |
|
Deferred tax liabilities |
292 |
|
|
292 |
|
|
43 |
|
Unrecognized tax benefit |
5,480 |
|
|
5,480 |
|
|
798 |
|
Lease liabilities |
69,913 |
|
|
69,688 |
|
|
10,147 |
|
Deferred income |
2,928 |
|
|
2,525 |
|
|
368 |
|
Other non-current
liabilities |
1,389 |
|
|
1,486 |
|
|
216 |
|
Total non-current liabilities |
123,848 |
|
|
122,933 |
|
|
17,900 |
|
|
|
|
|
|
|
Total liabilities |
406,189 |
|
|
420,720 |
|
|
61,262 |
|
|
|
|
|
|
|
Shareholders’
equity: |
|
|
|
|
|
Ordinary shares |
75 |
|
|
75 |
|
|
11 |
|
Additional paid-in
capital11 |
1,558,356 |
|
|
1,591,670 |
|
|
231,765 |
|
Statutory reserves |
1,191 |
|
|
1,191 |
|
|
173 |
|
Accumulated deficit9 12 |
(1,450,374 |
) |
|
(1,539,619 |
) |
|
(224,186 |
) |
Accumulated other
comprehensive income |
15,010 |
|
|
14,288 |
|
|
2,080 |
|
Total EHang Holdings
Limited shareholders’ equity |
124,258 |
|
|
67,605 |
|
|
9,843 |
|
Non-controlling interests |
420 |
|
|
858 |
|
|
125 |
|
Total shareholders’
equity |
124,678 |
|
|
68,463 |
|
|
9,968 |
|
Total liabilities and shareholders’ equity |
530,867 |
|
|
489,183 |
|
|
71,230 |
|
|
|
|
|
|
|
|
|
|
_________________________
10 In December 2022, the Company received interim funding
from an investor who has subscribed for certain number of Class A
ordinary shares of the Company in a private placement. The funds
amounted to US$10 million in total and were made available for use
by the Company pending the closing of the private placement. We
accounted for a significant portion of the funds as short-term debt
and the remaining portion as additional paid-in capital. The
closing of the private placement has occurred by the end of first
quarter of 2023. The Company has repaid the interim funding in full
and concurrently received US$10 million as purchase price of
3,466,204 Class A ordinary shares.
11 Additional paid-in capital reflected the impacts from
transactions with non-controlling shareholder. Please refer to the
annual report for more details.
12 Accumulated deficit reflected the impacts from adoption
of ASU 2016-13, Financial Instruments — Credit Losses (Topic 326)
since January 1, 2023 and transactions with non-controlling
shareholder. Please refer to the annual report for more
details.
|
EHANG HOLDINGS LIMITED |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS |
(Amounts in thousands of Renminbi (“RMB”) and US dollars
(“US$”) except for per share data and per ADS data) |
|
|
Three Months Ended |
|
March 31, 2022 |
|
December 31,2022 |
March 31, 2023 |
|
RMB |
|
RMB |
|
RMB |
US$ |
|
(Unaudited) |
|
(Unaudited) |
(Unaudited) |
Total revenues |
5,790 |
|
|
15,683 |
|
|
22,201 |
|
3,233 |
|
Costs of revenues |
(2,174 |
) |
|
(5,318 |
) |
|
(8,007 |
) |
(1,166 |
) |
Gross
profit |
3,616 |
|
|
10,365 |
|
|
14,194 |
|
2,067 |
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
Sales and marketing expenses |
(12,697 |
) |
|
(15,507 |
) |
|
(12,474 |
) |
(1,816 |
) |
General and administrative
expenses |
(23,510 |
) |
|
(51,437 |
) |
|
(24,996 |
) |
(3,640 |
) |
Research and development
expenses |
(32,001 |
) |
|
(37,097 |
) |
|
(54,075 |
) |
(7,874 |
) |
Total operating
expenses |
(68,208 |
) |
|
(104,041 |
) |
|
(91,545 |
) |
(13,330 |
) |
|
|
|
|
|
|
|
Other operating income |
778 |
|
|
1,499 |
|
|
1,605 |
|
234 |
|
Operating
loss |
(63,814 |
) |
|
(92,177 |
) |
|
(75,746 |
) |
(11,029 |
) |
|
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
|
|
Interest and investment
income |
1,370 |
|
|
1,176 |
|
|
983 |
|
143 |
|
Interest expenses |
(475 |
) |
|
(687 |
) |
|
(714 |
) |
(104 |
) |
Amortization of debt
discounts |
- |
|
|
(1,674 |
) |
|
(12,023 |
) |
(1,751 |
) |
Foreign exchange (loss)
gain |
(423 |
) |
|
754 |
|
|
(96 |
) |
(14 |
) |
Other non-operating (expenses)
income, net |
(5,489 |
) |
|
(17,570 |
) |
|
651 |
|
95 |
|
Total other income
(expense) |
(5,017 |
) |
|
(18,001 |
) |
|
(11,199 |
) |
(1,631 |
) |
|
|
|
|
|
|
|
Loss before income tax
and income (loss) from equity method investment |
(68,831 |
) |
|
(110,178 |
) |
|
(86,945 |
) |
(12,660 |
) |
Income tax benefits
(expenses) |
2 |
|
|
(7 |
) |
|
(1 |
) |
- |
|
Loss before income
(loss) from equity method investment |
(68,829 |
) |
|
(110,185 |
) |
|
(86,946 |
) |
(12,660 |
) |
Income (loss) from equity
method investment |
13 |
|
|
82 |
|
|
(90 |
) |
(13 |
) |
Net loss |
(68,816 |
) |
|
(110,103 |
) |
|
(87,036 |
) |
(12,673 |
) |
|
|
EHANG HOLDINGS LIMITED |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS (CONT’D) |
(Amounts in thousands of Renminbi (“RMB”) and US dollars
(“US$”) except for per share data and per ADS data) |
|
|
Three Months Ended |
|
March 31, 2022 |
|
December 31,2022 |
March 31, 2023 |
|
RMB |
|
RMB |
|
RMB |
US$ |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Net loss |
(68,816 |
) |
|
(110,103 |
) |
|
(87,036 |
) |
(12,673 |
) |
Net loss attributable to
non-controlling interests |
155 |
|
|
221 |
|
|
211 |
|
31 |
|
Net loss attributable
to ordinary shareholders |
(68,661 |
) |
|
(109,882 |
) |
|
(86,825 |
) |
(12,642 |
) |
Net loss per ordinary
share: |
|
|
|
|
|
|
Basic and diluted |
(0.60 |
) |
|
(0.95 |
) |
|
(0.74 |
) |
(0.11 |
) |
Shares used in net
loss per ordinary share computation (in thousands of
shares): |
|
|
|
|
|
|
Basic and diluted |
114,353 |
|
|
115,266 |
|
|
117,549 |
|
117,549 |
|
Loss per ADS (2 ordinary
shares equal to 1 ADS)Basic and diluted |
(1.20 |
) |
|
(1.90 |
) |
|
(1.48 |
) |
(0.22 |
) |
|
|
|
|
|
|
|
Other comprehensive
income (loss) |
|
|
|
|
|
|
Foreign currency translation
adjustments net of nil tax |
(1,114 |
) |
|
(1,246 |
) |
|
(722 |
) |
(105 |
) |
Total other
comprehensive income (loss), net of tax |
(1,114 |
) |
|
(1,246 |
) |
|
(722 |
) |
(105 |
) |
Comprehensive
loss |
(69,930 |
) |
|
(111,349 |
) |
|
(87,758 |
) |
(12,778 |
) |
Comprehensive loss
attributable to non-controlling interests |
155 |
|
|
221 |
|
|
211 |
|
31 |
|
Comprehensive loss
attributable to ordinary shareholders |
(69,775 |
) |
|
(111,128 |
) |
|
(87,547 |
) |
(12,747 |
) |
|
|
EHANG HOLDINGS LIMITED |
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP
RESULTS |
(Amounts in thousands of Renminbi (“RMB”) and US dollars
(“US$”) except for per share data and per ADS data) |
|
|
Three Months Ended |
|
March 31, 2022 |
|
December 31,2022 |
March 31, 2023 |
|
RMB |
|
RMB |
|
RMB |
US$ |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Gross profit |
3,616 |
|
|
10,365 |
|
|
14,194 |
|
2,067 |
|
Plus: Share-based compensation
expenses |
- |
|
|
- |
|
|
- |
|
- |
|
Adjusted gross profit |
3,616 |
|
|
10,365 |
|
|
14,194 |
|
2,067 |
|
|
|
|
|
|
|
|
Sales and marketing
expenses |
(12,697 |
) |
|
(15,507 |
) |
|
(12,474 |
) |
(1,816 |
) |
Plus: Share-based compensation
expenses |
4,352 |
|
|
8,431 |
|
|
4,951 |
|
721 |
|
Adjusted sales and marketing
expenses |
(8,345 |
) |
|
(7,076 |
) |
|
(7,523 |
) |
(1,095 |
) |
|
|
|
|
|
|
|
General and
administrative expenses |
(23,510 |
) |
|
(51,437 |
) |
|
(24,996 |
) |
(3,640 |
) |
Plus: Share-based compensation
expenses |
10,253 |
|
|
9,695 |
|
|
9,163 |
|
1,334 |
|
Adjusted general and
administrative expenses |
(13,257 |
) |
|
(41,742 |
) |
|
(15,833 |
) |
(2,306 |
) |
|
|
|
|
|
|
|
Research and
development expenses |
(32,001 |
) |
|
(37,097 |
) |
|
(54,075 |
) |
(7,874 |
) |
Plus: Share-based compensation
expenses |
7,539 |
|
|
12,712 |
|
|
27,325 |
|
3,979 |
|
Adjusted research and
development expenses |
(24,462 |
) |
|
(24,385 |
) |
|
(26,750 |
) |
(3,895 |
) |
|
|
|
|
|
|
|
Operating
expenses |
(68,208 |
) |
|
(104,041 |
) |
|
(91,545 |
) |
(13,330 |
) |
Plus: Share-based compensation
expenses |
22,144 |
|
|
30,838 |
|
|
41,439 |
|
6,034 |
|
Adjusted operating
expenses |
(46,064 |
) |
|
(73,203 |
) |
|
(50,106 |
) |
(7,296 |
) |
|
|
|
|
|
|
|
Operating
loss |
(63,814 |
) |
|
(92,177 |
) |
|
(75,746 |
) |
(11,029 |
) |
Plus: Share-based compensation
expenses |
22,144 |
|
|
30,838 |
|
|
41,439 |
|
6,034 |
|
Adjusted operating loss |
(41,670 |
) |
|
(61,339 |
) |
|
(34,307 |
) |
(4,995 |
) |
|
|
EHANG HOLDINGS LIMITED |
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(CONT’D) |
(Amounts in thousands of Renminbi (“RMB”) and US dollars
(“US$”) except for per share data and per ADS data) |
|
|
Three Months Ended |
|
March 31, 2022 |
|
December 31,2022 |
March 31, 2023 |
|
RMB |
|
RMB |
|
RMB |
US$ |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Net loss |
(68,816 |
) |
|
(110,103 |
) |
|
(87,036 |
) |
(12,673 |
) |
Plus: Share-based compensation
expenses |
22,144 |
|
|
30,838 |
|
|
41,439 |
|
6,034 |
|
Plus: Amortization of debt
discounts |
- |
|
|
1,674 |
|
|
12,023 |
|
1,751 |
|
Plus: Other non-operational
expenses |
5,803 |
|
|
18,146 |
|
|
- |
|
- |
|
Adjusted net loss |
(40,869 |
) |
|
(59,445 |
) |
|
(33,574 |
) |
(4,888 |
) |
|
|
|
|
|
|
Net loss attributable
to ordinary shareholders |
(68,661 |
) |
|
(109,882 |
) |
|
(86,825 |
) |
(12,642 |
) |
Plus: Share-based compensation
expenses |
22,144 |
|
|
30,838 |
|
|
41,439 |
|
6,034 |
|
Plus: Amortization of debt
discounts |
- |
|
|
1,674 |
|
|
12,023 |
|
1,751 |
|
Plus: Other non-operational
expenses |
5,803 |
|
|
18,146 |
|
|
- |
|
- |
|
Adjusted net loss attributable
to ordinary shareholders |
(40,714 |
) |
|
(59,224 |
) |
|
(33,363 |
) |
(4,857 |
) |
|
|
|
|
|
|
|
Adjusted basic and diluted net
loss per ordinary share |
(0.36 |
) |
|
(0.51 |
) |
|
(0.28 |
) |
(0.04 |
) |
Adjusted basic and diluted net
loss per ADS |
(0.72 |
) |
|
(1.02 |
) |
|
(0.56 |
) |
(0.08 |
) |
|
|
|
|
|
|
|
|
|
|
|
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