On November 18th, the US listed company Yihang Intelligent announced its third quarter performance. The company's revenue in the third quarter reached 128 million yuan (RMB), a year-on-year increase of 347.8%, setting a new historical high.
In the third quarter, the sales and delivery volume of EH216 series unmanned aerial vehicles reached 63 units, setting a new record for single quarter delivery volume in the company's history. The delivery volume of EH216 series in the third quarter of 2023 is 13 aircraft, and in the second quarter of 2024 it is 49 aircraft.
Under non US GAAP, Yihang Intelligent's adjusted net profit for the third quarter was 15.7 million yuan, an increase of 1262% compared to the previous quarter, achieving adjusted quarterly profits for two consecutive quarters.
Hu Huazhi, founder, chairman, and CEO of Yihang Intelligent, stated that the company will continue to drive technological advancements, including continuous research and development of solid-state batteries to enhance endurance, as well as long-range eVTOL models to expand business operations, support intercity and intercity UAM application scenarios, and meet the growing demands of the industry and stakeholders.
Yang Jiahong, Chief Financial Officer of Yihang Intelligent, stated that the company has achieved four consecutive quarters of positive operating cash flow, with a total financing of nearly $100 million during the year, strengthening cash reserves and supporting the next stage of growth. The total financing amount of the company within the year includes a recent PIPE strategic investment of over 22 million US dollars obtained from an institutional investor in InBev and the Middle East.
In the fourth quarter of 2024, the company expects total revenue to be approximately 135 million yuan, a year-on-year increase of 138.5%. Therefore, the total revenue for 2024 is expected to reach 427 million yuan, a year-on-year increase of 263.5%.