EHang Holdings Ltd (NASDAQ: EH), a leading global urban air mobility (UAM) technology platform company, saw its stock soar 8.52% in pre-market trading on Monday, driven by its record-breaking financial performance and significant operational milestones in the third quarter of 2024.

The company reported total revenues of RMB128.1 million ($18.3 million), representing a staggering 347.8% year-over-year increase, fueled by the highest quarterly delivery volume of 63 EH216 units. This strong revenue growth, coupled with robust gross margins of 61.2%, enabled EHang to achieve adjusted operating income and its second consecutive quarter of adjusted net income of RMB15.7 million ($2.2 million).

EHang's stellar financial results were underpinned by significant progress in expanding its UAM ecosystem across China. The company secured new orders from partners like KC Smart Mobility and Sunriver, bolstering its presence in Hong Kong, Macau, and key Chinese tourism markets. Additionally, EHang made steady advancements towards obtaining the Air Operator Certificate (OC) for commercial operations of its EH216-S passenger-carrying AAV, a global first.

Moreover, EHang achieved a 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%. The company also entered strategic partnerships to co-develop advanced eVTOL electric motor drive systems and upgraded its lift-and-cruise eVTOL model to VT-35, targeting inter-city routes.