On August 22, Yihang Intelligent, a leading enterprise in low altitude economy eVTOL, released its financial performance report for the second quarter of 2024. The company's revenue for the second quarter was 102 million yuan, a significant increase of 919% year-on-year and 65% month on month, reaching a historic high in quarterly revenue. The revenue growth is attributed to the first mover advantage of Yihang Intelligence in the sales of low altitude aircraft products after the completion of the three certificates. The flagship product EH216-S has seen a significant increase in sales, with a total of 49 EH216-S products delivered in the second quarter, a rapid increase compared to the 5 delivered in the same period last year and the 26 delivered in the first quarter. Yihang Intelligent turned loss into profit in the second quarter (after adjustment), and the net profit after adjustment was 1.15 million yuan.
Yihang Intelligent has strong orders in hand, with over 1000 EH216 series orders reserved in China since the third quarter of last year, providing sufficient foundation for future delivery and performance growth. In terms of performance outlook, Yihang Intelligence expects to generate revenue of approximately 123 million yuan in the third quarter of 2024, a year-on-year increase of approximately 330% and a month on month increase of 20.6%, maintaining a quarterly growth trend.
Regarding the strong growth in performance, Hu Huazhi, founder, chairman, and CEO of Yihang Intelligent, said, "The EH216-S has obtained three certifications, allowing us to accelerate production and delivery processes. Coupled with the support policies issued by the government to promote the development of the low altitude economy, the demand and orders from domestic and foreign customers, including the government and tourism operators, have increased significantly. We delivered 49 EH216-S aircraft this quarter, setting a historical high and driving significant revenue growth. We have also signed hundreds of purchase orders and intention orders for EH216-S aircraft with domestic customers
In July of this year, the Civil Aviation Administration of China officially accepted the application for Operation Certificate ("OC") submitted by Yihang Navigation, a wholly-owned subsidiary of Yihang Intelligence specializing in UAM operation services, and Hefei United Wings Airlines, a joint venture operating company in Hefei. At present, the review team of the Civil Aviation Administration of China has completed the document review work and will conduct on-site review in Hefei. The company expects the first OC to be approved within this year.