EHang Holdings Ltd (NASDAQ: EH), a leading global urban air mobility (UAM) technology platform company, saw its stock soar 5.14% in pre-market trading on Monday after reporting record quarterly revenues and achieving profitability in its third quarter 2024 financial results.

The company's stellar financial performance was driven by strong demand for its flagship EH216 series of autonomous aerial vehicles (AAVs) across multiple Chinese cities. As per the earnings release:

• Total revenues surged 347.8% year-over-year to a record RMB128.1 million ($18.3 million), fueled by the highest quarterly delivery volume of 63 EH216 units.
• Gross profit jumped 324.3% from the prior-year quarter, with gross margin remaining robust at 61.2%.
• EHang achieved its second consecutive quarter of non-GAAP adjusted net income of RMB15.7 million ($2.2 million), compared to an adjusted net loss a year ago.

The strong financial results reflect EHang's pioneering role in China's rapidly growing low-altitude economy. The company highlighted significant operational progress, including:

• Expanding its UAM ecosystem with new orders from partners like KC Smart Mobility and Sunriver, bolstering its presence in Hong Kong, Macau, and key Chinese tourism markets.
• Steady advancement towards obtaining the Air Operator Certificate (OC) for commercial operations of its EH216-S passenger-carrying AAV, a global first.
• Breakthrough in solid-state battery technology, with the EH216-S completing the first eVTOL solid-state battery flight test, improving flight endurance by 60-90%.

With a robust financial position backed by nearly $100 million in year-to-date financing, EHang appears well-positioned to capitalize on the substantial growth opportunities in the UAM industry and meet increasing demand for its innovative eVTOL solutions.