Shares of autonomous aerial vehicle technology platform company, EHang Holdings Limited (EH) are climbing more than 11% Monday morning, continuing the momentum after reporting upbeat third quarter results on December 3.
The stock is currently trading at $15.01, nearing to its 52 week high of $16.24.
The company's net loss in the third quarter narrowed to RMB1.1 million or $0.2 million from net loss of RMB10.2 million in the same quarter a year ago.
Adjusted EPS of $0.02 beat the average estimate of analysts polled by Thomson Reuters for breakeven earnings.
Revenues for the quarter were RMB71.0 million or $10.5 million, up 104.3% year over year
"We are excited by the launch of two new products based on the cutting-edge EH216 passenger-grade AAV technology platform. Both are expected to drive revenue growth in the years to come. With increasing demand and stronger government emphasis on supporting the development of urban air mobility and unmanned civil aviation in China, we have started to ramp up our production capacity with the new facility in Yunfu," Mr. Huazhi Hu, EHang's Founder, Chairman and Chief Executive Officer, commented
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