EHang(NASDAQ:EH) 
EHang Holdings Limited operates as an autonomous aerial vehicle (AAV) technology platform company in the People's Republic of China, Europe, North America, West Asia, and internationally. It designs, develops, manufactures, sells, and operates AAVs, as well as their supporting systems and infrastruc...
Website: http://www.ehang.com
Founded: 2014
IPO Price: $12.5 (Dec 12, 2019)
Full Time Employees: 240
CEO / Founder: Hu Huazhi
Sector: Industrials
Industry: Aerospace & Defense
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At a glance:
- Core Focus: Autonomous Aerial Vehicles (AAVs) & Urban Air Mobility: EHang is primarily focused on developing and commercializing autonomous, passenger-grade eVTOL aircraft and related solutions aimed at urban air mobility use cases.
- Commercialization Depends on Regulatory Certification & Operating Approvals: A key driver for EHang is progress on certifications, airworthiness approvals, and permissions to conduct passenger operations, which can directly impact delivery timelines and revenue ramp.
- Revenue Mix Often Includes Pilot Projects, System Sales, and Solutions/Services: EHang’s reported results typically reflect a mix of aircraft/system deliveries and early-stage deployments with partners, alongside supporting services and ecosystem build-out rather than fully scaled mass-market operations.
- Scaling Manufacturing & Unit Economics Are Central Execution Risks: A major swing factor is EHang’s ability to scale production reliably and cost-effectively while maintaining safety, quality, and supply chain consistency to improve margins over time.
- Market Narrative Tied to UAM Adoption and Competitive Landscape: The investment thesis is closely linked to the pace of urban air mobility adoption, infrastructure readiness, and competition from other eVTOL and drone platform developers globally.
Bull Thesis:
- Pioneering Regulatory Achievements & First-Mover Advantage: EHang has secured critical certifications (Type Certificate, Production Certificate, Airworthiness Certificate for EH216-S) from Chinese aviation authorities, positioning it as a global leader in autonomous eVTOL commercialization. This significant regulatory hurdle overcome provides a substantial first-mover advantage in a nascent industry.
- Expanding Commercial Operations & Order Book: The company is transitioning from R&D to commercialization, evidenced by increasing pre-orders, deliveries, and the establishment of operational demonstration centers and routes in various Chinese cities. This indicates growing market acceptance and a clear path towards revenue generation from tourism, sightseeing, and potential logistics applications.
- Autonomous Technology & Scalability Potential: EHang's focus on fully autonomous (pilotless) eVTOL technology offers long-term advantages in scalability, operational cost reduction, and enhanced safety by eliminating human error. This approach differentiates it from many competitors and aligns with the future vision of urban air mobility.
- Strong Market Demand & Diverse Use Cases: The global market for urban air mobility, including air taxis, aerial tourism, emergency services, and logistics, is projected to be massive. EHang's versatile aircraft are well-suited to address multiple high-value use cases, tapping into significant unmet demand for efficient and novel transportation solutions.
Bear Thesis:
- High Capital Requirements & Unproven Path to Profitability: Developing, certifying, manufacturing, and operating eVTOL aircraft is extremely capital-intensive. EHang continues to report significant operating losses and negative free cash flow, raising concerns about its long-term financial sustainability and the timeline to achieve consistent profitability at scale.
- Intense Competition & Global Regulatory Hurdles: The eVTOL market is highly competitive, with numerous well-funded startups and aerospace giants vying for market share. While EHang has made progress in China, expanding globally requires navigating complex and varying international aviation regulations, which could be a slow and costly process.
- Public Acceptance & Safety Concerns: Widespread public acceptance of autonomous aerial vehicles, especially for passenger transport over urban areas, remains a significant challenge. Any high-profile safety incident, even minor, could severely erode public trust and set back the entire industry's adoption timeline, directly impacting EHang's growth prospects.
- Scalability of Manufacturing & Operations: Transitioning from small-batch production to mass manufacturing of complex aircraft presents significant operational and supply chain challenges. EHang's ability to scale production efficiently, maintain quality control, and build out the necessary infrastructure for widespread operations (vertiports, maintenance) is largely unproven.
Main Competitors:
- Joby Aviation ($JOBY) (S4 eVTOL aircraft), A leading US-based developer of electric vertical take-off and landing (eVTOL) aircraft, Joby directly competes with EHang in the urban air mobility (UAM) market, focusing on piloted passenger transport services with a strong emphasis on FAA certification and operational readiness in the US.
- Archer Aviation ($ACHR) (Midnight eVTOL aircraft), Another prominent US eVTOL manufacturer, Archer is developing aircraft for urban air taxi services. It competes with EHang by pursuing FAA certification for piloted operations and establishing strategic partnerships with airlines and automotive companies to build out its air mobility network.
- Lilium N.V. ($LILM) (Lilium Jet (eVTOL)), A European eVTOL company, Lilium focuses on regional air mobility with its unique ducted fan design, aiming for longer-range inter-city travel. It competes with EHang for market share in the broader advanced air mobility sector, particularly in Europe and other international markets, with a piloted approach.
- Volocopter GmbH (VoloCity, VoloConnect (eVTOLs)), A German pioneer in the eVTOL space, Volocopter develops multi-rotor and lift+cruise aircraft for urban air taxi and logistics services. It competes with EHang by aiming for early commercialization in various global cities, having conducted numerous public test flights and focusing on piloted operations initially.
Moat:
EHang's primary competitive advantage lies in its early mover status in China and its focus on fully autonomous operations from the outset, which could offer scalability and cost benefits by eliminating the need for onboard pilots. However, this also presents significant regulatory hurdles, particularly in Western markets where aviation authorities like the FAA and EASA are more accustomed to piloted aircraft. EHang's competitors, such as Joby, Archer, Lilium, and Volocopter, often have strong backing from established aerospace companies or automotive giants, deeper regulatory relationships in key markets, and are primarily pursuing piloted certification paths, which are currently perceived as less complex for initial commercialization. The advanced air mobility market is highly competitive and capital-intensive, with success hinging on certification, manufacturing scalability, and the ability to build out operational infrastructure.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-11-26 | 2025-03-12 | 2024-12-31 | 2024-05-20 | 2024-03-15 | 2023-12-31 | 2023-11-22 | 2023-08-17 | 2023-05-31 | 2022-12-31 | 2021-12-31 | 2021-12-02 | 2021-08-25 | 2021-04-19 | 2020-12-31 | 2020-12-03 | 2020-08-26 | 2020-05-29 | 2020-03-25 | 2019-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
total revenues | 61,727,000 | 28,615,000 | 15,205,500 | 10,006,000 | 22,201,000 | 3,041 | 180,057,300 | 18,818,000 | 18,818,000 | |||||||||||
yoy | 178.04% | 328936.50% | -100.00% | |||||||||||||||||
qoq | 115.72% | 88.19% | 51.96% | -54.93% | 0.00% | |||||||||||||||
costs of revenues | -23,536,000 | -10,136,000 | -5,532,250 | -3,986,000 | -8,007,000 | -974.25 | -3,786.75 | -7,664,000 | -7,664,000 | |||||||||||
gross profit | 38,191,000 | 18,479,000 | 9,673,250 | 6,020,000 | 14,194,000 | 2,066.75 | 106,158,447 | 11,154,000 | 11,154,000 | |||||||||||
yoy | 169.06% | 291178.58% | -100.00% | |||||||||||||||||
qoq | 106.67% | 91.03% | 60.69% | -57.59% | 0.00% | |||||||||||||||
gross margin % | NaN% | NaN% | NaN% | 61.87% | 64.58% | 63.62% | 60.16% | 63.93% | NaN% | 67.96% | NaN% | NaN% | NaN% | 58.96% | NaN% | 59.27% | 59.27% | NaN% | ||
operating expenses: | ||||||||||||||||||||
sales and marketing expenses | -20,224,000 | -13,677,000 | -9,919,250 | -13,526,000 | -12,474,000 | 18,337,762 | -37,176,782 | -5,776,000 | -5,776,000 | |||||||||||
general and administrative expenses | -49,676,000 | -38,409,000 | 89,220,000 | -31,061,000 | -24,996,000 | 71,189,809 | -61,596,652 | -10,608,000 | -10,608,000 | |||||||||||
research and development expenses | -37,836,000 | -37,686,000 | -32,293,750 | -37,414,000 | -54,075,000 | 31,688,769 | -105,234,130 | -16,660,000 | -16,660,000 | |||||||||||
total operating expenses | -107,736,000 | -89,772,000 | 258,072,000 | -82,001,000 | -91,545,000 | -21,335 | -204,007,564 | -33,044,000 | -33,044,000 | |||||||||||
other operating income | 3,707,000 | 1,284,000 | 891,250 | 676,000 | 1,605,000 | 540.75 | 6,572,276 | 769,000 | 769,000 | |||||||||||
operating income | -65,838,000 | -70,009,000 | 215,814,000 | -75,305,000 | -75,746,000 | -18,727.5 | -91,276,841 | -21,121,000 | ||||||||||||
yoy | -13.08% | 402009.20% | -99.98% | |||||||||||||||||
qoq | -5.96% | -132.44% | -386.59% | -0.58% | ||||||||||||||||
operating margin % | NaN% | NaN% | NaN% | -106.66% | -244.66% | 1419.32% | -752.60% | -341.18% | NaN% | -615.83% | NaN% | NaN% | NaN% | -50.69% | NaN% | -112.24% | 0% | NaN% | ||
other income: | ||||||||||||||||||||
interest and investment income | 2,864,000 | 2,196,000 | -3,985,000 | 966,000 | 983,000 | 140.25 | ||||||||||||||
interest expenses | -859,000 | -718,000 | -562,000 | -816,000 | -714,000 | -118.5 | -2,336,512 | -488,000 | -488,000 | |||||||||||
amortization of debt discounts | -3,005,750 | -12,023,000 | ||||||||||||||||||
foreign exchange gain | -245,000 | 821,000 | -75,750 | -1,028,000 | -271,000 | |||||||||||||||
other non-operating income (expenses) | 1,037,000 | 651,000 | ||||||||||||||||||
total other income | 2,797,000 | 3,273,000 | -1,682,250 | 1,197,000 | -11,199,000 | 734,000 | 734,000 | |||||||||||||
income before income tax and income from equity method investment | -63,041,000 | -66,736,000 | -73,911,000 | -74,108,000 | -86,945,000 | |||||||||||||||
income tax expenses | -1,000 | -118,000 | -33,000 | -13,000 | ||||||||||||||||
income before income from equity method investment | -63,042,000 | -66,854,000 | -73,779,000 | -74,121,000 | -86,946,000 | |||||||||||||||
income from equity method investment | -347,000 | -262,000 | -489,750 | -1,607,000 | -90,000 | |||||||||||||||
net income | -63,389,000 | -67,116,000 | -71,820,000 | -75,728,000 | -87,036,000 | -18,648.25 | -92,021,272 | -20,406,000 | -20,406,000 | |||||||||||
yoy | -27.17% | 405986.36% | -99.98% | |||||||||||||||||
qoq | -5.55% | -6.55% | -5.16% | -12.99% | 0.00% | |||||||||||||||
net income margin % | NaN% | NaN% | NaN% | -102.69% | -234.55% | -472.33% | -756.83% | -392.04% | NaN% | -613.23% | NaN% | NaN% | NaN% | -51.11% | NaN% | -108.44% | -108.44% | NaN% | ||
other non-operating (expenses) income | 974,000 | 925,000 | 2,075,000 | |||||||||||||||||
foreign exchange loss | -96,000 | -271,000 | ||||||||||||||||||
income tax (expenses) benefits | -1,000 | |||||||||||||||||||
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interest income | 243.5 | 1,412,000 | 1,412,000 | |||||||||||||||||
other income | 48 | 61 | 81,000 | 81,000 | ||||||||||||||||
other expense | ||||||||||||||||||||
loss before income tax and share of net loss from an equity investee | -20,387,000 | |||||||||||||||||||
income tax (expenses)/benefits | 36.25 | |||||||||||||||||||
loss before share of net loss from an equity investee | -20,387,000 | -20,387,000 | ||||||||||||||||||
share of net loss from an equity investee | -19,000 | -19,000 | ||||||||||||||||||
net loss attributable to non-controlling interests | 856,000 | 856,000 | ||||||||||||||||||
net loss attributable to ehang holdings limited | -19,550,000 | -19,550,000 | ||||||||||||||||||
accretion to redemption value of redeemable convertible preferred shares | ||||||||||||||||||||
net loss attributable to ordinary shareholders | -19,550,000 | -19,550,000 | ||||||||||||||||||
net loss per ordinary share: | ||||||||||||||||||||
basic and diluted | -180 | |||||||||||||||||||
net loss per class a and class b ordinary share: | ||||||||||||||||||||
basic and diluted | -180 | |||||||||||||||||||
shares used in net loss per share computation | ||||||||||||||||||||
basic and diluted | 109,066 | 109,066 | ||||||||||||||||||
shares used in net loss per class a and class b ordinary share computation | ||||||||||||||||||||
loss per ads (2 ordinary shares equal to 1 ads) basic and diluted | -0.36 | -0.36 | ||||||||||||||||||
operating profit | -21,121,000 | |||||||||||||||||||
income before income tax and share of net loss from an equity investee | -20,387,000 | |||||||||||||||||||
net loss per ordinary share/class a and class b ordinary share: | ||||||||||||||||||||
basic and diluted | -180 | |||||||||||||||||||
shares used in net loss per share/class a and class b ordinary share computation | ||||||||||||||||||||
basic and diluted | 109,066 | 109,066 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-11-26 | 2025-08-26 | 2025-05-27 | 2025-03-12 | 2024-12-31 | 2024-11-18 | 2024-08-22 | 2024-05-20 | 2024-03-15 | 2023-12-31 | 2023-11-22 | 2023-08-17 | 2023-05-31 | 2023-03-22 | 2022-12-31 | 2022-12-02 | 2022-09-30 | 2022-08-18 | 2022-06-30 | 2022-05-31 | 2022-03-31 | 2022-03-29 | 2021-12-31 | 2021-12-02 | 2021-09-30 | 2021-08-25 | 2021-04-19 | 2021-03-31 | 2020-12-31 | 2020-12-03 | 2020-09-30 | 2020-08-26 | 2020-06-30 | 2020-05-29 | 2020-03-31 | 2020-03-25 | 2019-12-31 | 2018-12-31 |
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assets | ||||||||||||||||||||||||||||||||||||||
current assets: | ||||||||||||||||||||||||||||||||||||||
cash and cash equivalents | 227,181,000 | 378,584,000 | 382,455,000 | 610,877,000 | 610,877,000 | 611,745,000 | 623,436,000 | 250,864,000 | 228,250,000 | 12,239 | 233,042,000 | 127,067,000 | 184,114,000 | 249,310,000 | 362 | 137,421,000 | 137,421,000 | 207,126,000 | 207,126,000 | 204,109,000 | 204,109,000 | 246,863,000 | 246,863,000 | 284,391,000 | 284,391,000 | 462,474,000 | 137,840,000 | 462,474,000 | 10,801 | 157,804,000 | 157,804,000 | 228,189,000 | 228,189,000 | 245,015,000 | 245,015,000 | 321,662,000 | 321,662,000 | 61,519,000 |
short-term investments | 869,659,000 | 741,298,000 | 700,213,000 | 513,683,000 | 513,683,000 | 309,915,000 | 203,584,000 | 58,323,000 | 57,494,000 | 57,494 | 28,748,000 | 71,360,000 | 71,360,000 | 33,557,000 | 33,557,000 | 32,813,000 | 32,813,000 | 65,108,000 | 65,108,000 | 72,634,000 | 72,634,000 | 18,000,000 | 49,271,000 | 18,000,000 | 84,696,000 | 84,696,000 | 29,542,000 | 29,542,000 | 11,994,000 | 11,994,000 | 7,674,000 | 7,674,000 | ||||||
restricted short-term deposits | 29,824,000 | 29,873,000 | 31,691,000 | 30,295,000 | 30,295,000 | 40,419,000 | 31,283,000 | 33,942,000 | 33,779,000 | 33,617,000 | 33,437,000 | |||||||||||||||||||||||||||
accounts receivable, net8 | 164,344,000 | 121,124,000 | 28,527,000 | 58,180,000 | ||||||||||||||||||||||||||||||||||
inventories | 107,742,000 | 107,033,000 | 109,033,000 | 75,687,000 | 75,687,000 | 67,879,000 | 71,175,000 | 62,365,000 | 59,488,000 | 65,223,000 | 70,528,000 | 66,197,000 | 72,364,000 | 79,463,000 | 79,463,000 | 79,229,000 | 79,229,000 | 85,778,000 | 85,778,000 | 78,075,000 | 78,075,000 | 66,064,000 | 66,064,000 | 43,399,000 | 47,094,000 | 43,399,000 | 56,690,000 | 56,690,000 | 47,846,000 | 47,846,000 | 28,978,000 | 28,978,000 | 18,490,000 | 18,490,000 | 3,917,000 | |||
prepayments and other current assets | 144,375,000 | 68,974,000 | 51,449,000 | 68,298,000 | 68,298,000 | 29,796,000 | 21,556,000 | 26,980,000 | 45,183,000 | 48,620,000 | 48,620,000 | 34,131,000 | 34,131,000 | 47,854,000 | 47,854,000 | 29,395,000 | 29,395,000 | 34,418,000 | 34,418,000 | 26,862,000 | 24,060,000 | 26,862,000 | 22,450,000 | 22,450,000 | 20,175,000 | 20,175,000 | 21,877,000 | 21,877,000 | 20,565,000 | 20,565,000 | 15,369,000 | |||||||
total current assets | 1,543,125,000 | 1,446,886,000 | 1,303,368,000 | 1,357,020,000 | 1,357,020,000 | 1,193,687,000 | 1,130,011,000 | 434,905,000 | 453,048,000 | 97,827 | 427,135,000 | 295,790,000 | 351,369,000 | 387,155,000 | 14,059 | 375,989,000 | 375,989,000 | 408,845,000 | 408,845,000 | 424,400,000 | 424,400,000 | 477,150,000 | 477,150,000 | 553,280,000 | 553,280,000 | 649,800,000 | 440,703,000 | 649,800,000 | 10,801 | 465,415,000 | 465,415,000 | 408,849,000 | 408,849,000 | 363,790,000 | 363,790,000 | 428,513,000 | 428,513,000 | |
non-current assets: | ||||||||||||||||||||||||||||||||||||||
property and equipment | 172,988,000 | 140,555,000 | 127,528,000 | 60,224,000 | 60,224,000 | 43,416,000 | 41,989,000 | 42,202,000 | 44,623,000 | 43,766,000 | 43,802,000 | 45,408,000 | 47,060,000 | 36,532,000 | 36,532,000 | 32,424,000 | 32,424,000 | 32,057,000 | 32,057,000 | 33,821,000 | 33,821,000 | 35,440,000 | 35,440,000 | 29,574,000 | 20,869,000 | 29,574,000 | 12,266,000 | 12,266,000 | 13,534,000 | 13,534,000 | 19,058,000 | |||||||
operating lease right-of-use assets | 118,119,000 | 120,232,000 | 122,728,000 | 128,433,000 | 124,255,000 | 120,783,000 | 93,851,000 | 74,528,000 | 78,561,000 | 73,525,000 | 71,121,000 | |||||||||||||||||||||||||||
intangible assets | 2,759,000 | 2,882,000 | 2,624,000 | 2,617,000 | 2,617,000 | 2,383,000 | 2,382,000 | 2,589,000 | 2,426,000 | 2,309,000 | 2,139,000 | 2,158,000 | 1,959,000 | 1,534,000 | 1,534,000 | 960,000 | 960,000 | 706,000 | 706,000 | 745,000 | 745,000 | 807,000 | 807,000 | 963,000 | 1,062,000 | 963,000 | 1,108,000 | 1,108,000 | 1,295,000 | 1,295,000 | 1,129,000 | 1,129,000 | 1,209,000 | 1,209,000 | ||||
long-term investments | 59,417,000 | 61,614,000 | 32,035,000 | 33,764,000 | 33,764,000 | 22,718,000 | 17,457,000 | 18,022,000 | 9,750,000 | 9,839,000 | 8,007,000 | 8,007,000 | 7,936,000 | 7,936,000 | 6,156,000 | 6,156,000 | 6,143,000 | 6,143,000 | 3,619,000 | 3,619,000 | 2,919,000 | 2,919,000 | 2,919,000 | 2,919,000 | 2,919,000 | 2,931,000 | 2,931,000 | 2,964,000 | 2,964,000 | 2,983,000 | 2,983,000 | |||||||
other non-current assets | 31,092,000 | 3,405,000 | 12,458,000 | 2,440,000 | 2,440,000 | 2,063,000 | 2,063,000 | 1,436,000 | 1,436,000 | 1,641,000 | 1,562,000 | 1,377,000 | 1,392,000 | 1,406,000 | 1,406,000 | 1,648,000 | 1,648,000 | 2,352,000 | 2,352,000 | 2,367,000 | 2,367,000 | 2,381,000 | 2,381,000 | 21,762,000 | 4,062,000 | 21,762,000 | 187,000 | 187,000 | 209,000 | 209,000 | 230,000 | 230,000 | 252,000 | 252,000 | 272,000 | |||
total non-current assets | 384,375,000 | 328,688,000 | 297,373,000 | 227,478,000 | 227,478,000 | 194,835,000 | 184,674,000 | 158,100,000 | 145,597,000 | 207,846 | 149,726,000 | 143,170,000 | 137,814,000 | 143,712,000 | 213,579 | 128,566,000 | 128,566,000 | 62,677,000 | 62,677,000 | 63,805,000 | 63,805,000 | 58,284,000 | 58,284,000 | 55,500,000 | 55,500,000 | 68,290,000 | 43,846,000 | 68,290,000 | 268,331 | 31,499,000 | 31,499,000 | 62,769,000 | 62,769,000 | 63,355,000 | 63,355,000 | 20,900,000 | 20,900,000 | |
total assets | 1,927,500,000 | 1,775,574,000 | 1,600,741,000 | 1,584,498,000 | 1,584,498,000 | 1,388,522,000 | 1,314,685,000 | 593,005,000 | 598,645,000 | 305,673 | 576,861,000 | 438,960,000 | 489,183,000 | 530,867,000 | 227,638 | 504,555,000 | 504,555,000 | 471,522,000 | 471,522,000 | 488,205,000 | 488,205,000 | 535,434,000 | 535,434,000 | 608,780,000 | 608,780,000 | 718,090,000 | 484,549,000 | 718,090,000 | 279,132 | 496,914,000 | 496,914,000 | 471,618,000 | 471,618,000 | 427,145,000 | 427,145,000 | 449,413,000 | 449,413,000 | 124,671,000 |
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liabilities and shareholders’ equity | ||||||||||||||||||||||||||||||||||||||
current liabilities: | ||||||||||||||||||||||||||||||||||||||
short-term bank loans | 239,581,000 | 159,283,000 | 94,560,000 | 64,250,000 | 64,250,000 | 69,592,000 | 69,435,000 | 39,990,000 | 69,798,000 | 39,568,000 | 59,338,000 | 69,113,000 | 49,794,000 | 39,794,000 | 39,794,000 | 19,794,000 | 19,794,000 | 9,794,000 | 9,794,000 | 10,000,000 | 1,569,000 | 10,000,000 | 10,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | 10,000,000 | 10,000,000 | 5,000,000 | |||||||
accounts payable | 133,225,000 | 147,456,000 | 142,174,000 | 127,446,000 | 127,446,000 | 100,514,000 | 73,965,000 | 42,083,000 | 35,101,000 | 33,688,000 | 33,613,000 | 31,998,000 | 35,456,000 | 34,665,000 | 34,665,000 | 40,223,000 | 40,223,000 | 40,194,000 | 40,194,000 | 45,560,000 | 7,149,000 | 44,637,000 | 44,637,000 | 35,358,000 | 53,147,000 | 35,358,000 | 52,487,000 | 52,487,000 | 40,678,000 | 40,678,000 | 29,232,000 | 29,232,000 | 27,285,000 | 27,285,000 | 14,659,000 | |||
contract liabilities9 | 72,017,000 | 61,952,000 | 54,438,000 | 62,561,000 | ||||||||||||||||||||||||||||||||||
current portion of long-term bank loans | 8,300,000 | 12,500,000 | 13,500,000 | 10,500,000 | 10,500,000 | 10,000,000 | 4,000,000 | 3,500,000 | 3,538,000 | 3,538,000 | 1,538,000 | 1,538,000 | 13,154,000 | 14,269,000 | 14,269,000 | 13,885,000 | 13,885,000 | 15,000,000 | 15,000,000 | 3,000,000 | 470,000 | |||||||||||||||||
mandatorily redeemable non-controlling interests | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | 6,277,000 | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | ||||||||||
accrued expenses and other liabilities | 189,367,000 | 176,769,000 | 124,166,000 | 150,196,000 | 150,196,000 | 118,178,000 | 103,246,000 | 80,413,000 | 94,149,000 | 82,062,000 | 93,931,000 | 99,987,000 | 97,763,000 | 69,788,000 | 69,788,000 | 71,270,000 | 71,270,000 | 58,219,000 | 58,219,000 | 61,851,000 | 9,706,000 | 52,201,000 | 52,201,000 | 51,092,000 | 81,578,000 | 51,092,000 | 2,814 | 77,516,000 | 77,516,000 | 41,675,000 | 41,675,000 | 43,721,000 | 43,721,000 | 53,310,000 | 53,310,000 | 31,197,000 | ||
current portion of lease liabilities | 17,137,000 | 16,812,000 | 15,318,000 | 12,527,000 | 12,527,000 | 10,958,000 | 10,265,000 | 7,342,000 | 5,595,000 | 7,534,000 | 6,596,000 | 4,650,000 | ||||||||||||||||||||||||||
deferred income | 1,187,000 | 1,591,000 | 1,114,000 | 1,504,000 | 1,504,000 | 1,533,000 | 1,559,000 | 1,552,000 | 1,549,000 | 1,571,000 | 1,551,000 | 1,475,000 | 1,495,000 | 816,000 | 816,000 | 772,000 | 772,000 | 730,000 | 730,000 | 733,000 | 115,000 | 746,000 | 746,000 | 756,000 | 750,000 | 756,000 | 783,000 | 783,000 | ||||||||||
deferred government subsidies | 1,868,000 | 1,563,000 | 1,451,000 | 1,209,000 | 1,209,000 | 822,000 | 805,000 | 806,000 | 3,147,000 | 3,036,000 | 2,270,000 | 2,160,000 | 1,993,000 | 1,612,000 | 1,612,000 | 441,000 | 441,000 | 286,000 | 286,000 | 468,000 | 73,000 | 1,132,000 | 1,132,000 | 1,969,000 | 80,000 | 1,969,000 | 80,000 | 80,000 | 80,000 | 80,000 | 80,000 | 80,000 | 80,000 | 80,000 | ||||
income taxes payable | 10,000 | 106,000 | 9,000 | 150,000 | 150,000 | 128,000 | 1,000 | 5,000 | 29,000 | 3,000 | 2,000 | 1,000 | 7,000 | 5,000 | 5,000 | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | 1,000 | 5,000 | 5,000 | |||||||||||||||
total current liabilities | 662,692,000 | 578,032,000 | 486,730,000 | 470,343,000 | 470,343,000 | 500,295,000 | 531,829,000 | 220,899,000 | 250,075,000 | 12,378 | 198,795,000 | 221,090,000 | 297,787,000 | 282,341,000 | 38,662 | 189,630,000 | 189,630,000 | 173,116,000 | 173,116,000 | 149,798,000 | 149,798,000 | 136,447,000 | 21,410,000 | 118,575,000 | 118,575,000 | 125,880,000 | 158,047,000 | 125,880,000 | 2,814 | 152,372,000 | 152,372,000 | 98,838,000 | 98,838,000 | 84,608,000 | 84,608,000 | 95,598,000 | 95,598,000 | |
non-current liabilities: | ||||||||||||||||||||||||||||||||||||||
long-term bank loans | 87,600,000 | 59,900,000 | 62,000,000 | 20,500,000 | 20,500,000 | 7,500,000 | 14,000,000 | 15,500,000 | 9,308,000 | 10,692,000 | 3,077,000 | 3,462,000 | 3,846,000 | 4,231,000 | 4,231,000 | 4,615,000 | 4,615,000 | 5,000,000 | 5,000,000 | 17,000,000 | 2,668,000 | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | |||||||||||||
deferred tax liabilities | 292,000 | 292,000 | 292,000 | 292,000 | 292,000 | 292,000 | 292,000 | 292,000 | 292,000 | 292,000 | 292,000 | 292,000 | 292,000 | 292,000 | 292,000 | 292,000 | 292,000 | 292,000 | 292,000 | 292,000 | 46,000 | 292,000 | 292,000 | 292,000 | 292,000 | 292,000 | 292,000 | 292,000 | 292,000 | 292,000 | 292,000 | 292,000 | 292,000 | 292,000 | ||||
unrecognized tax benefit | 5,480,000 | 5,480,000 | 5,480,000 | 5,480,000 | 5,480,000 | 5,480,000 | 5,480,000 | 5,480,000 | 5,480,000 | 5,480,000 | 5,480,000 | 5,480,000 | 5,480,000 | 5,480,000 | 5,480,000 | 5,480,000 | 5,480,000 | 5,480,000 | 5,480,000 | 5,480,000 | 860,000 | 5,480,000 | 5,480,000 | 5,480,000 | 5,480,000 | 5,480,000 | 5,314,000 | 5,314,000 | 5,314,000 | 5,314,000 | 5,465,000 | 5,465,000 | 5,494,000 | 5,494,000 | ||||
lease liabilities | 115,598,000 | 117,846,000 | 120,219,000 | 125,719,000 | 125,719,000 | 123,138,000 | 119,094,000 | 93,562,000 | 75,308,000 | 76,161,000 | 70,864,000 | 69,688,000 | ||||||||||||||||||||||||||
other non-current liabilities | 3,509,000 | 3,893,000 | 3,540,000 | 6,350,000 | 6,350,000 | 4,701,000 | 3,910,000 | 2,808,000 | 2,477,000 | 2,272,000 | 1,973,000 | 1,486,000 | 1,389,000 | 1,428,000 | 1,428,000 | 1,347,000 | 1,347,000 | |||||||||||||||||||||
total non-current liabilities | 212,659,000 | 187,812,000 | 191,531,000 | 158,341,000 | 158,341,000 | 141,430,000 | 143,494,000 | 158,743,000 | 134,351,000 | 79,503 | 136,799,000 | 123,955,000 | 122,933,000 | 123,848,000 | 64,718 | 123,419,000 | 123,419,000 | 61,929,000 | 61,929,000 | 63,377,000 | 63,377,000 | 64,941,000 | 10,191,000 | 68,166,000 | 68,166,000 | 68,617,000 | 48,802,000 | 68,617,000 | 48,983,000 | 48,983,000 | 76,784,000 | 76,784,000 | 36,600,000 | 36,600,000 | 38,460,000 | 38,460,000 | ||
total liabilities | 875,351,000 | 765,844,000 | 678,261,000 | 628,684,000 | 628,684,000 | 641,725,000 | 675,323,000 | 379,642,000 | 384,426,000 | 91,881 | 335,594,000 | 345,045,000 | 420,720,000 | 406,189,000 | 103,380 | 313,049,000 | 313,049,000 | 235,045,000 | 235,045,000 | 213,175,000 | 213,175,000 | 201,388,000 | 31,601,000 | 186,741,000 | 186,741,000 | 194,497,000 | 206,849,000 | 194,497,000 | 2,814 | 201,355,000 | 201,355,000 | 175,622,000 | 175,622,000 | 121,208,000 | 121,208,000 | 134,058,000 | 134,058,000 | 62,247,000 |
shareholders’ equity: | ||||||||||||||||||||||||||||||||||||||
ordinary shares | 92,000 | 91,000 | 90,000 | 90,000 | 87,000 | 85,000 | 81,000 | 80,000 | 80,000 | 77,000 | 75,000 | 75,000 | ||||||||||||||||||||||||||
additional paid-in capital | 3,274,462,000 | 3,142,434,000 | 2,970,233,000 | 2,923,178,000 | 2,677,148,000 | 2,508,530,000 | 2,013,717,000 | 1,951,936 | 1,558,356,000 | 1,558,356 | 1,081,299 | 1,020,691,000 | 1,020,691,000 | |||||||||||||||||||||||||
treasury shares | -10,085,000 | -10,085,000 | -10,085,000 | -10,085,000 | ||||||||||||||||||||||||||||||||||
statutory reserves | 1,772,000 | 1,772,000 | 1,772,000 | 1,772,000 | 1,239,000 | 1,239,000 | 1,239,000 | 1,239,000 | 1,239 | 1,191,000 | 1,191,000 | 1,191,000 | 1,191,000 | 1,191 | 1,035 | 1,035,000 | 1,035,000 | |||||||||||||||||||||
accumulated deficit | -2,225,884,000 | -2,143,728,000 | -2,062,935,000 | -1,984,851,000 | -1,937,460,000 | -1,889,404,000 | -1,817,867,000 | -1,754,542 | -1,450,374,000 | -1,450,374 | -808,038 | -720,419,000 | -720,419,000 | |||||||||||||||||||||||||
accumulated other comprehensive income | 12,425,000 | 19,531,000 | 23,540,000 | 25,539,000 | 5,593,000 | 18,646,000 | 15,830,000 | 15,079,000 | 15,079 | 19,604,000 | 19,256,000 | 14,288,000 | 15,010,000 | 15,010 | 1,950 | 10,195,000 | 10,195,000 | |||||||||||||||||||||
total ehang holdings limited shareholders’ equity | 1,052,782,000 | 1,010,015,000 | 922,615,000 | 955,643,000 | 746,607,000 | 639,096,000 | 213,000,000 | 213,792,000 | 240,642,000 | 93,222,000 | 67,605,000 | 124,258,000 | ||||||||||||||||||||||||||
non-controlling interests | -633,000 | -285,000 | -135,000 | 171,000 | 190,000 | 266,000 | 363,000 | 427,000 | 625,000 | 693,000 | 858,000 | 420,000 | 3,781,000 | 3,781,000 | ||||||||||||||||||||||||
total shareholders’ equity | 1,052,149,000 | 1,009,730,000 | 922,480,000 | 955,814,000 | 746,797,000 | 639,362,000 | 213,363,000 | 214,219,000 | 213,792 | 241,267,000 | 93,915,000 | 68,463,000 | 124,678,000 | 124,258 | 276,318 | |||||||||||||||||||||||
total liabilities and shareholders’ equity | 1,927,500,000 | 1,775,574,000 | 1,600,741,000 | 1,584,498,000 | 1,388,522,000 | 1,314,685,000 | 593,005,000 | 598,645,000 | 305,673 | 576,861,000 | 438,960,000 | 489,183,000 | 530,867,000 | 227,638 | ||||||||||||||||||||||||
short-term deposits | 115,534,000 | 129,911,000 | 14,643,000 | 14,397,000 | 14,397 | |||||||||||||||||||||||||||||||||
long-term loans receivable | 4,215,000 | 7,569,000 | 8,000,000 | 8,000,000 | 9,980,000 | 1,850,000 | 1,850,000 | 1,840,000 | 1,840,000 | 15,208,000 | 14,835,000 | 14,835,000 | ||||||||||||||||||||||||||
current assets | ||||||||||||||||||||||||||||||||||||||
accounts receivable | 58,180,000 | 20,298,000 | 39,125,000 | 39,125,000 | 54,802,000 | 54,802,000 | 53,846,000 | 53,846,000 | 56,189,000 | 56,189,000 | 95,056,000 | 95,056,000 | 95,709,000 | 179,388,000 | 95,709,000 | 137,253,000 | 137,253,000 | 76,575,000 | 76,575,000 | 49,404,000 | 49,404,000 | 41,103,000 | 41,103,000 | |||||||||||||||
non-current assets | ||||||||||||||||||||||||||||||||||||||
right-of-use assets | 128,433,000 | |||||||||||||||||||||||||||||||||||||
current liabilities | ||||||||||||||||||||||||||||||||||||||
contract liabilities | 62,561,000 | 27,795,000 | 22,251,000 | 17,004,000 | 19,321,000 | 17,569,000 | 17,569,000 | 15,605,000 | 15,605,000 | 14,145,000 | 14,145,000 | 14,831,000 | 2,327,000 | 9,859,000 | 9,859,000 | 21,705,000 | 7,492,000 | 21,705,000 | 6,506,000 | 6,506,000 | 6,405,000 | 6,405,000 | 6,575,000 | 6,575,000 | 9,918,000 | 9,918,000 | ||||||||||||
non-current liabilities | ||||||||||||||||||||||||||||||||||||||
commitments and contingencies | ||||||||||||||||||||||||||||||||||||||
accounts receivable, net7 | 18,399,000 | |||||||||||||||||||||||||||||||||||||
7 | ||||||||||||||||||||||||||||||||||||||
short-term debt | 90,000,000 | 90,000,000 | ||||||||||||||||||||||||||||||||||||
notes payables | 3,977,000 | |||||||||||||||||||||||||||||||||||||
contract liabilities8 | 54,593,000 | |||||||||||||||||||||||||||||||||||||
notes receivable | 33,900,000 | |||||||||||||||||||||||||||||||||||||
accounts receivable, net10 | 15,166,000 | |||||||||||||||||||||||||||||||||||||
10 | ||||||||||||||||||||||||||||||||||||||
contract liabilities11 | 138,553,000 | |||||||||||||||||||||||||||||||||||||
accounts receivable, net9 | 21,730,000 | 16,645,000 | 16,403,000 | 24,822,000 | ||||||||||||||||||||||||||||||||||
9 | ||||||||||||||||||||||||||||||||||||||
contract liabilities10 | 45,208,000 | |||||||||||||||||||||||||||||||||||||
accounts receivable, net11 | 34,786,000 | |||||||||||||||||||||||||||||||||||||
prepayments and other current assets11 | 24,691,000 | |||||||||||||||||||||||||||||||||||||
long-term investments12 | 18,369,000 | |||||||||||||||||||||||||||||||||||||
11 | ||||||||||||||||||||||||||||||||||||||
short-term debt13 | ||||||||||||||||||||||||||||||||||||||
contract liabilities14 | 37,169,000 | |||||||||||||||||||||||||||||||||||||
additional paid-in capital15 | 1,951,936,000 | |||||||||||||||||||||||||||||||||||||
accumulated deficit11, 16 | -1,754,542,000 | |||||||||||||||||||||||||||||||||||||
amounts due from a subsidiary | 13,697 | 13,697 | ||||||||||||||||||||||||||||||||||||
investments in subsidiaries | 207,846 | 213,579 | ||||||||||||||||||||||||||||||||||||
liabilities | ||||||||||||||||||||||||||||||||||||||
accruals and other liabilities | 8,943 | 27,432 | ||||||||||||||||||||||||||||||||||||
amounts due to the subsidiaries the vies | 3,435 | 11,230 | ||||||||||||||||||||||||||||||||||||
net interests of the vies | 79,503 | 64,718 | ||||||||||||||||||||||||||||||||||||
class a ordinary shares | 56 | 51 | 44 | 44,000 | 44,000 | |||||||||||||||||||||||||||||||||
class b ordinary shares | 24 | 24 | 28 | 28,000 | 28,000 | |||||||||||||||||||||||||||||||||
prepayments and other current assets9 | 47,998,000 | 48,175,000 | 42,799,000 | |||||||||||||||||||||||||||||||||||
amount due from a related party | 1,700,000 | 1,360,000 | 1,360,000 | 2,639,000 | 2,639,000 | |||||||||||||||||||||||||||||||||
long-term investments10 | 15,880,000 | 14,142,000 | ||||||||||||||||||||||||||||||||||||
short-term debt11 | ||||||||||||||||||||||||||||||||||||||
additional paid-in capital12 | 1,901,997,000 | 1,687,880,000 | ||||||||||||||||||||||||||||||||||||
accumulated deficit9, 13 | -1,682,230,000 | |||||||||||||||||||||||||||||||||||||
accumulated deficit9 13 | -1,615,182,000 | |||||||||||||||||||||||||||||||||||||
short-term debt10 | 69,861,000 | 57,838,000 | ||||||||||||||||||||||||||||||||||||
additional paid-in capital11 | 1,591,670,000 | |||||||||||||||||||||||||||||||||||||
accumulated deficit9 12 | -1,539,619,000 | |||||||||||||||||||||||||||||||||||||
restricted cash | 160,000 | 160,000 | 2,333,000 | |||||||||||||||||||||||||||||||||||
operating lease right-of-use assets, net9 | 73,482,000 | 20,689,000 | 20,689,000 | |||||||||||||||||||||||||||||||||||
current portion of lease liabilities9 | 5,520,000 | 11,426,000 | 11,426,000 | |||||||||||||||||||||||||||||||||||
lease liabilities9 | 69,913,000 | 10,625,000 | 10,625,000 | |||||||||||||||||||||||||||||||||||
operating lease right-of-use assets, net8 | 79,237,000 | 79,237,000 | 17,869,000 | 17,869,000 | ||||||||||||||||||||||||||||||||||
current portion of lease liabilities8 | 11,112,000 | 11,112,000 | 11,122,000 | 11,122,000 | ||||||||||||||||||||||||||||||||||
lease liabilities8 | 70,183,000 | 70,183,000 | 8,294,000 | 8,294,000 | ||||||||||||||||||||||||||||||||||
long term loans receivable | 1,845,000 | 1,845,000 | 15,208,000 | 13,253,000 | 13,253,000 | 13,072,000 | 14,934,000 | 13,072,000 | 44,616,000 | 44,616,000 | 44,265,000 | 44,265,000 | ||||||||||||||||||||||||||
cost and estimated earnings in excess of billings | 717,000 | 717,000 | 717,000 | 717,000 | 717,000 | 3,722,000 | 3,722,000 | 3,722,000 | 3,722,000 | 3,722,000 | 3,722,000 | 14,212,000 | 14,212,000 | 18,411,000 | ||||||||||||||||||||||||
unbilled revenue | 2,800,000 | 2,800,000 | 2,800,000 | 2,800,000 | 2,800,000 | 2,800,000 | 4,807,000 | 4,807,000 | ||||||||||||||||||||||||||||||
deferred tax assets | 184,000 | 184,000 | 184,000 | 184,000 | 184,000 | 184,000 | 184,000 | 184,000 | ||||||||||||||||||||||||||||||
long-term loans | 31,078,000 | 31,078,000 | 30,723,000 | 30,723,000 | 32,534,000 | 32,534,000 | ||||||||||||||||||||||||||||||||
investments in subsidiaries, the vie and subsidiaries of the vie | 268,331 | |||||||||||||||||||||||||||||||||||||
shareholders’ equity | ||||||||||||||||||||||||||||||||||||||
property, plant and equipment | 14,583,000 | 14,583,000 | 16,272,000 | 16,272,000 | ||||||||||||||||||||||||||||||||||
short-term bank loan | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | ||||||||||||||||||||||||||||||||||
liabilities, mezzanine equity and shareholders’ (deficit)/equity | ||||||||||||||||||||||||||||||||||||||
mezzanine equity: | ||||||||||||||||||||||||||||||||||||||
series seed 1 convertible preferred shares | ||||||||||||||||||||||||||||||||||||||
series seed 2 convertible preferred shares | ||||||||||||||||||||||||||||||||||||||
series seed 3 convertible preferred shares | ||||||||||||||||||||||||||||||||||||||
series a redeemable convertible preferred shares | ||||||||||||||||||||||||||||||||||||||
series b redeemable convertible preferred shares | ||||||||||||||||||||||||||||||||||||||
series c redeemable convertible preferred shares | ||||||||||||||||||||||||||||||||||||||
total mezzanine equity | 604,741,000 | |||||||||||||||||||||||||||||||||||||
shareholders’ (deficit)/equity: | ||||||||||||||||||||||||||||||||||||||
total ehang holdings limited shareholders’ (deficit)/equity | 311,574,000 | 311,574,000 | ||||||||||||||||||||||||||||||||||||
total shareholders’ (deficit)/equity | 315,355,000 | 315,355,000 | -542,317,000 | |||||||||||||||||||||||||||||||||||
total liabilities, mezzanine equity and shareholders’ equity | 449,413,000 | 449,413,000 | ||||||||||||||||||||||||||||||||||||
accounts receivable, net: | 2,538,000 | |||||||||||||||||||||||||||||||||||||
net cash from operating activities | -42,985,000 | |||||||||||||||||||||||||||||||||||||
net cash (used in)/provided by investing activities | 25,326,000 | |||||||||||||||||||||||||||||||||||||
net cash from financing activities | 16,000,000 | |||||||||||||||||||||||||||||||||||||
effect of exchange rate changes on cash, cash equivalents and restricted cash | 1,723,000 | |||||||||||||||||||||||||||||||||||||
net (decrease)/increase in cash, cash equivalents and restricted cash | 64,000 | |||||||||||||||||||||||||||||||||||||
cash, cash equivalents and restricted cash at the beginning of the year | 61,455,000 | |||||||||||||||||||||||||||||||||||||
cash, cash equivalents and restricted cash at the end of the year | 61,519,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2021-08-25 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-05-29 | 2020-03-25 |
|---|---|---|---|---|---|---|
cash flows from operating activities | ||||||
net loss | -62,525,000 | -20,406,000 | -156,000 | |||
adjustments to reconcile net loss to net cash (used in) generated from operating activities | ||||||
depreciation of property and equipment | ||||||
amortization of intangible assets | ||||||
amortization of right-of-use assets | ||||||
share-based compensation | 48,871,000 | 46,845,000 | 6,076,000 | 0 | 1,936,000 | 1,632,000 |
clawback of shares under share incentive plan | ||||||
losses on disposal of property and equipment | ||||||
amortization of debt discounts | ||||||
interest expenses | ||||||
interest and investment income | ||||||
losses from equity method investment | ||||||
allowance for doubtful accounts/current expected credit losses | ||||||
write-downs of inventories | ||||||
foreign currency exchange losses | ||||||
changes in operating assets and liabilities | ||||||
accounts receivable | 54,542,000 | -103,778,000 | -21,809,000 | 0 | -9,091,000 | -4,869,000 |
inventories | 318,000 | -10,401,000 | -7,715,000 | 0 | -11,153,000 | -559,000 |
prepayments and other assets | ||||||
amounts due from a related party | ||||||
accounts payable | -17,789,000 | 15,165,000 | 8,750,000 | 0 | 2,696,000 | 3,163,000 |
contract liabilities | 1,613,000 | -2,256,000 | 3,173,000 | 0 | -3,343,000 | 7,685,000 |
accrued expenses and other liabilities | -3,534,000 | 9,054,000 | 216,000 | 0 | -1,603,000 | 8,010,000 |
lease liabilities | ||||||
deferred income | 1,730,000 | |||||
deferred government subsidies | -20,000 | -60,000 | 0 | 0 | -20,000 | -20,000 |
income taxes payable | 0 | -5,000 | -44,000 | |||
net cash flow (used in) generated from operating activities | ||||||
cash flows from investing activities | ||||||
acquisition of non-controlling interests | ||||||
purchase of short-term investments | -18,000,000 | -95,465,000 | -2,699,000 | 0 | -17,200,000 | -55,774,000 |
redemption of short-term investments | ||||||
payments for short-term deposits | ||||||
proceeds received from maturity of short-term deposits | ||||||
payments for restricted short-term deposits | ||||||
proceeds received from maturity of restricted short-term deposits | ||||||
purchase of property and equipment | -8,322,000 | -7,876,000 | -574,000 | 0 | -292,000 | -1,731,000 |
proceeds from disposal of property and equipment | ||||||
acquisition of intangible assets | -9,000 | -68,000 | -260,000 | 0 | -9,000 | -819,000 |
cash paid for long-term investments | ||||||
receipt of loans receivable | ||||||
net cash flow from investing activities | 22,940,000 | -48,455,000 | 7,876,000 | |||
cash flows from financing activities | ||||||
proceeds from short-term bank loans | ||||||
repayment of short-term bank loans | ||||||
proceeds from long-term bank loans | 20,000,000 | |||||
repayment of a long-term bank loan | ||||||
proceeds from short-term debts | ||||||
repayment of short-term debts | ||||||
proceeds from issuance of a subsidiary’s equity to a non-controlling interest holder | ||||||
payment of share repurchase | ||||||
proceeds from issuance of class a ordinary shares, net of issuance costs | 6,797,000 | |||||
net cash from financing activities | 278,836,000 | 252,863,000 | ||||
effect of exchange rate changes on cash, cash equivalents and restricted cash | 4,351,000 | |||||
net increase in cash, cash equivalents and restricted cash | 322,301,000 | |||||
cash, cash equivalents and restricted cash at the beginning of the year | ||||||
cash and cash equivalents at the end of the year | ||||||
adjustments to reconcile net loss to net cash from operating activities | ||||||
loss from equity method investments | ||||||
impairment of long-lived assets | ||||||
unbilled revenue | 0 | 1,481,000 | -4,807,000 | |||
prepayments and other current assets | -7,127,000 | -6,389,000 | 3,149,000 | 0 | -1,761,000 | 1,283,000 |
net cash flow used in operating activities | ||||||
proceeds from maturities of short-term investments | ||||||
cash paid for long-term investment | ||||||
repayment of loans from third parties | ||||||
proceeds from the private placement | ||||||
repayment of short-term debt | ||||||
shares issued upon vesting of restricted share units | 2,000 | |||||
cash, cash equivalents and restricted cash at the end of the year | ||||||
adjustments to reconcile net loss to net cash from operating activities: | ||||||
deferred income tax expense | ||||||
loss on disposal of intangible assets | ||||||
loss (gains) on disposal of property and equipment | ||||||
gain on disposal of long-term investment | ||||||
loss (income) from an equity method investment | ||||||
allowance for doubtful accounts | 505,000 | 142,000 | 836,000 | |||
foreign exchange loss | ||||||
changes in operating assets and liabilities: | ||||||
cost and estimated earnings in excess of billings | 0 | 10,490,000 | 952,000 | |||
other non-current assets | -16,176,000 | -1,000 | 0 | 22,000 | -24,000 | |
unrecognized tax benefits | 137,000 | -122,000 | 0 | -29,000 | 602,000 | |
deconsolidation of a subsidiary | -54,000 | |||||
loans to third parties | 0 | -53,900,000 | ||||
repayment of loan to a third party | ||||||
proceeds from mandatorily redeemable non-controlling interests of a subsidiary | ||||||
payment of underwriters’ exercise of over-allotment option’s issuance costs | ||||||
payment of issuance costs for ipo | ||||||
supplemental disclosures of cash flow information: | ||||||
interest paid | ||||||
income taxes paid | ||||||
depreciation and amortization | 1,211,000 | 4,572,000 | 50,000 | 0 | 1,570,000 | 1,488,000 |
loss on disposal of property and equipment | 228,000 | |||||
loss from an equity method investment | ||||||
loan to a related party | ||||||
repayment of loan to a related party | ||||||
net cash flow used in investing activities | ||||||
proceeds from loans from third parties | ||||||
proceeds from issuance of a subsidiary’s equity to non-controlling interest holders | ||||||
proceeds from ipo, net of issuance costs | ||||||
proceeds from issuance of series c redeemable convertible preferred shares | ||||||
deferred income tax expenses | 108,000 | |||||
gain on disposal of intangible assets | ||||||
share of net loss from an equity investee | 19,000 | 5,000 | ||||
investment income from short-term investments | -1,729,000 | |||||
amount due from a related party | ||||||
net cash from operating activities | 16,174,000 | -15,694,000 | 0 | -29,055,000 | 15,156,000 | |
capital expenditures | -8,322,000 | -574,000 | 0 | -292,000 | -1,731,000 | |
free cash flows | 7,852,000 | -16,268,000 | 0 | -29,347,000 | 13,425,000 | |
proceeds from maturity of short-term investments | 49,271,000 | -10,500,000 | 0 | 13,000,000 | 66,200,000 | |
repayment of loan from a third party | 10,000,000 | |||||
others | ||||||
proceeds from a short-term bank loan | 5,000,000 | 5,000,000 | ||||
repayment of a short-term bank loan | -5,000,000 | -5,000,000 | ||||
repayment of loans from a third party | ||||||
proceeds from issuance of class a ordinary shares pursuant to underwriters’ exercise of over-allotment option | ||||||
proceeds from issuance of class a ordinary shares pursuant to a private placement | 258,836,000 | |||||
payment of issuance of class a ordinary shares pursuant to underwriters’ exercise of over-allotment option’s issuance costs | ||||||
payment of issuance costs for initial public offering | -9,119,000 | |||||
cash, cash equivalents and restricted cash at the beginning of the period/year | 140,173,000 | |||||
cash, cash equivalents and restricted cash at the end of the period/year | 462,474,000 | |||||
adjustments to reconcile net loss to net cash used in operating activities: | ||||||
impairment of film investment as passive investor | ||||||
purchase of long-term investment | ||||||
film investment as passive investor | ||||||
proceeds from initial public offering, net of issuance costs | 252,861,000 | |||||
proceeds from issuance of class a ordinary shares | ||||||
cash, cash equivalents and restricted cash at beginning of year | ||||||
cash, cash equivalents and restricted cash at end of year | ||||||
interest received | ||||||
cash received for income tax refund | ||||||
net income | 678,000 | |||||
adjustments to reconcile net income to net cash from operating activities: | ||||||
share of net income from an equity investee | 14,000 | |||||
(reversal) allowance for doubtful accounts | 3,585,000 | |||||
disposal of property and equipment | ||||||
repayment of loan from a related party | ||||||
repayment of loan receivable from a third party | ||||||
net cash flow provided by/(used in) investing activities | ||||||
deferred income tax benefit | -49,000 | |||||
loss on disposal of property, plant and equipment | 28,000 | |||||
net cash from by financing activities | -2,322,000 | |||||
effect of exchange rate changes on cash and cash equivalents | 3,185,000 | -605,000 | ||||
net increase in cash and cash equivalents | -76,647,000 | 275,290,000 | ||||
cash and cash equivalents at the beginning of the period | 321,662,000 | |||||
cash and cash equivalents at the end of the period | 245,015,000 | |||||
non-cash financing activities: | ||||||
issuance costs for series c redeemable convertible preferred shares included in accrued expenses and other liabilities | 743,000 | |||||
issuance costs for initial public offering included in accrued expenses and other liabilities | 5,608,000 | |||||
issuance costs for class a ordinary shares included in accrued expenses and other liabilities | 1,046,000 | |||||
adjustments to reconcile net loss to net cash (used in)/ provided by operating activities: | ||||||
proceeds from loans from a third party | ||||||
repayment of loans to third parties | ||||||
cash and cash equivalents at the beginning of the period/year | 46,372,000 | |||||
cash and cash equivalents at the end of the period/year | 321,662,000 | |||||
non-cash consideration for services provided | ||||||
loss on deconsolidation of subsidiaries | ||||||
deconsolidation of subsidiaries | ||||||
cash and cash equivalents at the beginning of year | ||||||
cash and cash equivalents at the end of year | ||||||
non-cash investing activities: | ||||||
acquisition of a long-term investment | ||||||
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