EHang Holdings (EH) said Tuesday it expects Q4 revenue of 162 million Chinese renminbi ($22.2 million), reflecting a 187% year-over-year increase.

Two analysts surveyed by FactSet expect 136.7 million renminbi for the quarter.

The company said the expected Q4 figure also represents an increase of 20% from the guidance of 135 million renminbi.

For fiscal 2024, the company expects revenue to be 454 million renminbi, representing a 6% increase from the guidance of 427 million renminbi and a year-over-year increase of 287% from 117.4 million renminbi.

Analysts polled by FactSet expect 426.1 million renminbi for the year.

The company said the projected increase in revenue is driven by stronger-than-expected market demand for its flagship EH216-S pilotless passenger-carrying aerial vehicles, key operational milestones and growing business momentum.