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Shares in China’s EHang Holdings closed down -2.33% on August 18th, following the release of its unaudited Q2 2022 financial results.
Overall, the company says that revenue increased by 15.8% year-over-year to USD$2.2 million, with its gross margin increasing to 67.1% from 62.5% in the first quarter.
This is largely attributed to an increase in sales and deliveries, which jumped from three aircraft in Q1, to eight in Q2.
However, despite this, the company’s adjusted operating loss during the quarter increased to USD$7.6 million, an increase of exactly USD$1 million from the USD$6.6 million in Q1.
“During the past quarter, we achieved excellent results from our efforts in actively adapting to the macro environment and gradually recovering from the continuous impact of the COVID-19 resurgence in China.” said Huazhi Hu, Founder, Chairman and CEO, EHang. “Our unique and leading AAV products and solutions drove the increases in orders, pre-orders, deliveries, and customers especially in domestic and Southeast Asia markets, bringing total revenues to an increase of up to 152.5% quarter-over-quarter and high quarterly gross margin of 67.1%.”
During the quarter EHang formed a strategic cooperation with the Guangzhou branch of the Agricultural Bank of China, that will see the bank issue EHang indicative credit facilities of USD$147 million (1 billion yuan), which the company says will be used to fund ongoing R&D, manufacturing and sales.
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