EHang Holdings Ltd (EH) stock surged over 6% in pre-market trading on Monday, following the release of its third-quarter 2024 financial results. The urban air mobility company reported record-high quarterly revenues, driven by strong sales and deliveries of its flagship EH216 eVTOL aircraft, as well as significant operational progress across China and globally.

In Q3 2024, EHang's revenues soared 347.8% year-over-year to RMB128.1 million ($18.3 million), fueled by a 384.6% increase in EH216 series product sales to 63 units. The company 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.

On the operational front, EHang made significant strides in establishing urban air mobility hubs and demonstration projects in pioneering Chinese cities like Hefei, Guangzhou, Shenzhen, and Wencheng. The company secured new orders from partners in Hong Kong, Macau, and Hubei Province, as well as a purchase plan for 50 units from Chinese tourism company Sunriver. EHang also expanded its global footprint, conducting flights in Brazil, Thailand, Japan, and the UAE.

Additionally, EHang announced 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 unveiled an upgraded lift-and-cruise eVTOL model, the VT-35, targeting inter-city routes to complement its existing intra-city portfolio.

Looking ahead, EHang expects fourth-quarter 2024 revenues to reach around RMB135 million, representing a 138.5% year-over-year increase. The company's strong financial performance, operational progress, and technological advancements position it well to capitalize on the growing urban air mobility market.