EHang Files Annual Report on Form 20-F for Fiscal Year 2024

GUANGZHOU, China – April 15, 2025 — EHang Holdings Limited (Nasdaq: EH), a global leader in urban air mobility (UAM), announced today that it has officially filed its annual report on Form 20-F for the fiscal year ending December 31, 2024, with the U.S. Securities and Exchange Commission (SEC). The report, which reflects a landmark year for the company, is accessible via both the EHang Investor Relations portal and the SEC’s EDGAR system.

Financial milestones: From concept to commercial reality

EHang’s 2024 financial performance illustrates the tangible transition from R&D to commercial deployment:

• Total Revenue surged to RMB456.2 million (~USD62.5 million), marking a +288.5% increase compared to 2023.

• The company delivered 216 units of its flagship EH216 series autonomous aerial vehicles, up from 52 units in 2023 — a 315.4% year-over-year growth.

• Gross Margin remained strong at 61.4%, showing efficient cost control despite the shift toward airworthiness-certified units.

• Operating losses narrowed by 14.5% to RMB253.4 million (USD34.7 million), thanks to scaled operations and improved margins.

• For the first time, non-GAAP net income turned positive, reaching RMB43.1 million (USD5.9 million), a major milestone in EHang’s financial maturity.

• The company’s cash position significantly improved, with RMB1.15 billion (USD158.2 million) in cash and short-term investments.

Regulatory breakthroughs: Certified to fly

2024 was a pivotal regulatory year for EHang. The EH216-S became the world’s first passenger-grade autonomous eVTOL (electric vertical takeoff and landing) aircraft to obtain:

• A Type Certificate (TC), affirming the aircraft’s compliance with safety and design standards.

• A Production Certificate (PC), authorizing mass production under regulated manufacturing systems.

• A Standard Airworthiness Certificate (AC), allowing legal passenger-carrying operation in China.

In early 2025, operators were granted the first Air Operator Certificates (AOC) for pilotless civil air transport — a global first. These approvals demonstrate China’s intent to take the lead in autonomous aviation, with EHang at the forefront.

Market expansion: A truly global flightpath

EHang’s expansion beyond China indicates growing global appetite for urban air mobility:

• Japan, Thailand, and South Korea witnessed multiple EH216-S demonstration flights across 16 cities.

• In Spain, EHang conducted the first ever public UAM demonstration of a fully autonomous eVTOL in Europe.

• Mexico became EHang’s testbed in Latin America, with initial routes explored in partnership with local regulators.

These deployments reflect growing international confidence in EHang’s autonomous technology and regulatory alignment across regions.

Strategic partnerships and capital infusion

In 2024, EHang secured over USD22 million in strategic investment, led by:

• Zhuhai Enpower Electric Co., Ltd.

• A major unnamed institutional investor from the Middle East.

These funds aim to scale production, enhance powertrain technology, and accelerate commercialization. EHang also deepened partnerships with local governments and aviation hubs to build the necessary UAM infrastructure.

2025 outlook: Scaling innovation and production

EHang anticipates RMB900 million in total revenue for FY2025, a near doubling over 2024. To support this, it aims to ramp up production at its Yunfu production facility, which has a designed capacity of 1,000 units per year.

Key strategic goals include:

• Accelerated international certification (EASA, FAA initiatives under way).

• Expansion of logistics-oriented cargo drones.

• Pilot urban air routes across Greater Bay Area cities.

What is urban air mobility?

Urban Air Mobility (UAM) refers to a new form of air transportation enabled by electric vertical takeoff and landing (eVTOL) vehicles that operate within urban and suburban environments. Its main goal is to reduce ground traffic congestion, lower emissions, and shorten travel time in metropolitan areas.

Learn more here: Urban air mobility – Wikipedia

Understanding eVTOL aircraft

eVTOLs are electric-powered aircraft capable of vertical takeoff, hovering, and landing — similar to helicopters, but quieter, cleaner, and more efficient. They are ideal for dense urban centers where space and noise constraints limit traditional air traffic.

Why non-GAAP profitability matters

Non-GAAP financial metrics exclude irregular items (like stock-based compensation or asset impairments) to show a clearer picture of a company’s core operational profitability. For EHang, reaching positive non-GAAP net income signifies its transition from experimental startup to a scalable business.

Closing remarks

EHang’s 2024 annual report is more than a regulatory requirement — it is a statement of progress and intent. With regulatory green lights, international recognition, and positive financial momentum, EHang is not just imagining the skies of the future — it is flying into them.

For access to the full report:

• EHang Investor Relations – 2024 Form 20-F

• SEC EDGAR Archive – Form 20-F 2024