BRIEF: EHang revenue plunges in first quarter, explores second listing

EHang Holdings Ltd. (EH.US) on Monday reported its revenue plunged in the first quarter, as it sold just 11 of its autonomous aerial vehicles it is trying to commercialize after receiving a key approval from China’s aviation regulator last year.

The company reported 26.1 million yuan ($3.63 million) in revenue for the first quarter, down 58% from 61.7 million yuan a year earlier. The company’s net loss for the quarter widened to 78.4 million yuan from 63.4 million yuan a year earlier.

EHang blamed the sharp revenue decline on the timing of customer procurement plans, but added it was “encouraged by the rebound in the second quarter.” It added recent geopolitical tensions and global market volatility have prompted it to begin exploring a second listing to complement its existing listing on the Nasdaq. Chinese companies exploring such second listings have often selected Hong Kong.

U.S. markets were closed on Monday for a public holiday, with trading set to resume on Tuesday. EHang’s stock is up 8.3% so far this year.

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