China-based EHang, the passenger drone company that went public last year, has announced first quarter results. Despite the global pandemic, EHang showed year over year revenue growth. The company is also broadening it’s applications: in addition to emergency response operations revealed in the current crisis, EHang recently received certification from the Chinese government for cargo delivery trials.
EHang (NASDAQ:EH) Passenger Drone Company First Quarter 2020 ResultsEHang announced that total revenues in Q1 2020 were RMB18.8 million (US$2.7 million), an increase of 80.3% year over year. Revenues from air mobility solutions were RMB15.1 million (US$2.1 million), 80.4% of the total revenues and up 256.0% year over year. Perhaps most importantly, the company announced that sales of the EHang 216, the world’s first commercially-delivered passenger-grade AAV, reached 9 units, an increase of 200% from 3 units in the first quarter of 2019. While 9 units doesn’t yet represent a huge market, it does indicate that EHang has moved well beyond concept to performing trials around the world, an indication that passenger drones are on the cusp of wider adoption.
Among the business highlights listed in the report were several important benchmarks for EHang’s passenger drones:
In January 2020, EHang achieved a new landmark, conducting the first-ever flight in the United States of a passenger-grade AAV. The EHang 216 flight was performed in the state of North Carolina, which is known in aviation history for the Wright Brothers initial flight there a century ago. EHang’s AAV flight was underpinned by permit and other support from the North Carolina Department of Transportation (NCDOT) and the U.S. Federal Aviation Administration (FAA). In February 2020, EHang 216 obtained the first operational permit in Europe for flight testing of an AAV from the Civil Aviation Authority of Norway, laying a solid foundation for future UAM operations in other European countries. Furthering its penetration in Europe, in March 2020 EHang established partnerships for UAM with the city governments of Seville and Llíria in Spain. Both cities are members of the “UAM Initiative Cities Community”, one of the European Union’s EIP-SCC (European Innovation Partnership on Smart Cities and Communities) projects, which was established to promote the transformation of urban three-dimensional transportation. During the outbreak of COVID-19, EHang pursued opportunities in medical emergency response. Both the EHang 216 passenger-grade AAVs and the Falcon B non-passenger-grade AAVs demonstrated a number of valuable applications, such as transport
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