EHang Holdings Ltd (EH) stock plummeted 5.53% on Monday during the intraday trading session, despite the company reporting record-high quarterly revenues and achieving profitability in its third-quarter 2024 financial results.
The urban air mobility company's revenues soared 347.8% year-over-year to RMB128.1 million ($18.3 million) in Q3 2024, driven by strong sales and deliveries of its flagship EH216 eVTOL aircraft. EHang also achieved adjusted operating income of RMB9.0 million ($1.3 million) and adjusted net income of RMB15.7 million ($2.2 million), marking the second consecutive quarter of non-GAAP profitability.
Despite the impressive financial performance and operational progress, EHang's stock experienced a significant 5.53% plummet during Monday's intraday trading session. The reasons behind the stock's decline were not immediately clear from the available news reports.
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