Shares of EHang Holdings Ltd. (EH) slipped nearly 7% on Friday morning after the Chinese autonomous aerial vehicle technology company reported fourth-quarter results, with loss widening from a year ago.
EH is currently trading at $26.95, down $1.98 or 6.85%, on the Nasdaq.
Net loss for the quarter was RMB50.8 million, wider than last year’s loss of RMB0.2 million. Adjusted net loss was RMB12.3 million, compared with adjusted net income of RMB2.9 million a year ago.
Total revenues were RMB54.6 million, relatively flat with last year’s revenues of RMB54.7 million. Revenues from air mobility solutions dropped 10% largely due to the resurgence of the COVID-19 pandemic in China in the fourth quarter and its impact on tourism industry customers.
Looking forward, the company expects annual revenues in 2021 to range between RMB130 million and RMB180 million.
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