EHang (亿航, Nasdaq: EH), a domestic drone maker and pioneer of autonomous aerial vehicle, revealed the unaudited financial results for fiscal year 2022 yesterday, posting a net loss of 329.3 million (US$47.7 million) on revenue of 44.3 million yuan.
The firm’s FY 2022 revenue slid 28.22% from 56.8 million yuan in the previous year, when it recorded a net loss of 313.9 million yuan.
A breakdown shows that the Guangzhou-based company reported an income of 15.7 million yuan in Q4 last year, up 90.7% from 8.2 million yuan in Q3.
During the same reporting period, its net loss stood at 110.1 million yuan, up 43.92% quarter on quarter from 76.5 million yuan in Q3.
The firm’s adjusted non-GAPP net loss amounted to 206.2 million yuan in 2022, compared to 192.8 million yuan in 2021.
EHang’s losses are partly attributable to Covid-induced supply chain disruptions and market headwinds, among other reasons.
Despite dwindling revenue and widening losses, EHang pointed to a bright spot of its business.
In Q4 2022, China’s Civil Aviation Administration completed 90% of the type certificate (TC) work on EHang’s EH216-S model, a two-seater unmanned eVTOL (electric vertical take-off and landing) aircraft.
Held up by Covid flare-ups in December last year, TC validation has now accelerated and reached the final stage, said EHang.
The eVTOL startup also revealed that it sold and delivered 21 autonomous aerial vehicles belonging to the EH216 series last year, down from 30 in 2021.
Currently, EH216-S, an updated version of EH216, has snapped up over 100 orders, with demand continuing to grow for the aerial vehicle.
EHang said the backlog of orders are ready for delivery in the next one to three years, pending TC approval.
Ehang is among a dozen early movers in China’s fledgling freight and passenger-carrying eVTOL industry, alongside players like AutoFlight (峰飞科技), TCab Tech (时的科技) and AeroHT (小鹏汇天).