(Yicai) March 13 -- Shares of EHang Holdings initially surged but later fell back after the Chinese firm became the world’s first manufacturer of electric vertical takeoff and landing aircraft to report an annual profit, driven by the accelerated commercialization of its flagship EH216 series.

EHang [NASDAQ: EH] closed 3.7 percent lower at USD21.63 in New York yesterday after jumping 11.6 percent intraday. Year-to-date, the stock has gained 38 percent.

The developer of air taxis posted an adjusted net profit of CNY43.1 million (USD5.9 million) for 2024, reversing a CNY138.8 million (USD19.2 million) adjusted net loss in 2023, marking its first non-GAAP annual profit since its 2014 founding, according to the Guangzhou-based company's earnings report released yesterday.

This year, EHang predicts its revenue will nearly double year-over-year to about CNY900 million, according to its financial outlook.

"We are thrilled to have concluded 2024 with a series of achievements that have brought us closer to the widespread commercial adoption of eVTOLs," said Hu Huazhi, founder and chairman. "As a pioneer in the urban air mobility industry, we achieved our highest-ever quarterly and annual eVTOL deliveries, driving revenues to record-high levels and delivering our first year of non-GAAP profitability."

Under generally accepted accounting principles, EHang still reported a net loss of CNY230 million for 2024, narrowing by 24 percent year-over-year. Its revenue jumped almost four times to CNY456.2 million (USD62.5 million), fueled by deliveries of the EH216 passenger drone, which surged to 216 units from 52 units.

EHang’s EH216-S, the world’s first unmanned eVTOL aircraft to receive airworthiness and production certificates, can carry two passengers with a top speed of 130 kilometers per hour and a range of 35 km. It has completed maiden flights in 19 countries, including China, Japan, Thailand, and Mexico.

In the fourth quarter of last year, EHang delivered 78 EH216s, more than tripled from a year earlier, boosting its quarterly revenue by nearly three times to CNY164.3 million. Its net loss stood at CNY46.9 million, narrowing by 35 percent.

Editor: Emmi Laine