Shares of EHang Holdings Ltd (NASDAQ: EH), a leading Urban Air Mobility technology platform company, surged over 7% in premarket trading on Tuesday, following the company's announcement of record revenue expectations for the fourth quarter and fiscal year 2024.

EHang revealed that its total revenues for the fourth quarter of 2024 are expected to reach RMB 162 million (approximately $22.2 million), representing a staggering 187% year-over-year increase and a 20% upside from its previous guidance. For the full year 2024, the company projects total revenues to reach RMB 454 million (approximately $62.2 million), marking a 287% year-over-year growth and a 6% increase from its earlier guidance.

The upbeat revenue guidance is attributed to stronger-than-expected market demand for EHang's flagship EH216-S pilotless passenger-carrying aerial vehicles, key operational milestones, and growing momentum in the company's business. The EH216-S has obtained the world's first type certificate, production certificate, and standard airworthiness certificate for pilotless eVTOL (electric Vertical Take-Off and Landing) aircraft from the Civil Aviation Administration of China.