Benzinga | Dec 2, 2021 07:02AM EST

EHang Clocks 6.6% Revenue Growth In Q3, Cuts FY21 Revenue Outlook

* EHang Holdings Ltd (NASDAQ:EH) reported a third-quarter revenue increase of 6.6% year-over-year to RMB13 million ($2 million).

* Adjusted loss per ADS was $(0.14) or RMB(0.86) compared to RMB0.12 a year ago.

* The gross margin expanded by 258 bps to 61.8% and contracted 620 bps compared to 68% in Q2.

* Operating loss expanded to RMB(73.33) million or $(11.38) million, compared to RMB(1.81) million in 3Q20.

* Adjusted operating loss was RMB(48.9) million versus profit of RMB4.53 million a year ago.

* Total operating expenses were RMB86.3 million ($13.4 million), compared with RMB85.3 million in Q2.

* It held cash and equivalents of RMB357 million ($55.4 million) as of September 30, 2021.

* EHang sold eight units of 216 series of passenger-grade AAVs during the quarter, compared with three in Q2.

* EHang achieved +20,000 autonomous trial flights of the EHang 216 AAVs across 11 countries by the end of November 2021.

* FY21 Outlook: EHang adjusted the annual revenue expectation FY21 to RMB50 million - RMB60 million (prior view RMB130 million - RMB180 million).

* Price Action: EH shares are trading higher by 0.57% at $19.55 during the pre-market session on Thursday.