EHang reports second quarter 2025 unaudited financial results

EHang Holdings Limited, the world’s leading Urban Air Mobility (UAM) technology platform company, announced its unaudited financial results for the second quarter ended June 30, 2025. The company reported significant revenue growth, maintained high gross margins, and strengthened its liquidity position while advancing commercial operations and strategic partnerships.

Key Financial Highlights

• Revenues: RMB147.2 million (US$20.5 million), up 44.2% year-over-year (YoY) from RMB102.0 million in Q2 2024 and 464.0% quarter-over-quarter (QoQ) from RMB26.1 million in Q1 2025.
• Gross Margin: Stable at 62.6%, compared to 62.4% in both Q2 2024 and Q1 2025.
• Operating Loss: RMB78.1 million (US$10.9 million), consistent with RMB77.4 million in Q2 2024 and down 13.1% from RMB89.9 million in Q1 2025.
• Net Loss: RMB81.0 million (US$11.3 million), up 13.1% from RMB71.6 million in Q2 2024 and 3.3% from RMB78.4 million in Q1 2025.
• Adjusted Operating Loss (Non-GAAP): RMB1.9 million (US$0.3 million), down 58.6% from RMB4.7 million in Q2 2024 and 95.5% from RMB42.6 million in Q1 2025.
• Adjusted Net Income (Non-GAAP): RMB9.4 million (US$1.3 million), compared to RMB1.2 million in Q2 2024 and an adjusted net loss of RMB31.1 million in Q1 2025.
• Cash and Equivalents: RMB1.15 billion (US$160.5 million) as of June 30, 2025.
• ATM Equity Offering: Raised RMB170.2 million (US$23.8 million) since Q2 2025, completing the offering and bolstering liquidity for R&D, production, and commercial operations.

Operational Highlights

Sales and Deliveries

• Delivered 68 units of EH216 series electric vertical take-off and landing (eVTOL) aircraft to 13 enterprise clients across multiple Chinese provinces and Japan, compared to 49 units in Q2 2024 and 11 units in Q1 2025.
• Secured new orders for over 150 EH216 series units in Q2 2025, with phased deliveries planned for upcoming quarters.

Safe Operational Record

• Operated over 40 EH216-S sites in China and overseas, completing more than 10,000 safe flights in the first half of 2025 with zero accidents or violations.
• Launched trial commercial operations in Guangzhou and Hefei, with over 700 safe flights completed since Q2 2025 by certified operators Guangdong EHang General Aviation Co., Ltd. and Hefei Heyi Aviation Co., Ltd.

Strategic Partnerships

• Gotion High-Tech: Partnered in June 2025 to develop high-energy-density cylindrical battery systems for enhanced eVTOL performance and safety.
• Minth Group: Formed a strategic partnership in July 2025 to co-design lightweight airframe structures and smart cockpit solutions.
• Tsinghua University: Established the Tsinghua University-EHang Joint Institute for Low Altitude Aviation Technology in July 2025 to drive R&D and talent development.

Next-Generation Product Development

• Advanced the VT35, a long-range lift-and-cruise pilotless passenger eVTOL, with internal testing underway and an official unveiling planned for September 2025.
• Collaborated with the Hefei government to establish a VT35 series product hub, supported by approximately RMB500 million in government backing for R&D, manufacturing, certification, and operations.

Industry Leadership

• Contributed to industry standards for airworthiness certification, vertiport specifications, and UAV operator training.
• Expanded the VT20 series logistics eVTOL network, including a long-distance intercity route (83 km) in the Greater Bay Area and one-year safe operations in the Wanshan Archipelago.
• Extended global reach with successful eVTOL flights in Mexico, Indonesia, and the Dominican Republic, covering 20 countries.

Management Commentary

Huazhi Hu, Founder, Chairman, and CEO:

“In Q2, we delivered 68 EH216 series units, reflecting a strong sales rebound post-OC issuance. New orders for over 150 units highlight robust demand. Our certified operators have completed over 700 safe flights in Guangzhou and Hefei, setting the stage for public commercial services in 2025. With over 10,000 safe flights across 40+ sites, we are prioritizing operational expansion and innovation through partnerships with Gotion High-Tech, Minth Group, Tsinghua University, and the Hefei government.”

Conor Yang, CFO:

“We achieved RMB147.2 million in revenue, up 44.2% YoY and 464.0% QoQ, while maintaining a 62.6% gross margin. Our adjusted net income of RMB9.4 million marks a 719.9% YoY improvement. The US$23.8 million raised through ATM financing strengthens our liquidity. We are revising our 2025 revenue guidance to RMB500 million, focusing on scalable commercial operations to drive long-term growth.”

Detailed Financial Results

Revenues

• Total Revenues: RMB147.2 million (US$20.5 million), driven by increased EH216 series sales.
• YoY Growth: 44.2% from RMB102.0 million in Q2 2024.
• QoQ Growth: 464.0% from RMB26.1 million in Q1 2025.

Costs of Revenues

• Total Costs: RMB55.1 million (US$7.7 million), up from RMB38.4 million in Q2 2024 and RMB9.8 million in Q1 2025, aligned with higher sales volume.

Gross Profit and Margin

• Gross Profit: RMB92.1 million (US$12.8 million), up from RMB63.7 million in Q2 2024 and RMB16.3 million in Q1 2025.
• Gross Margin: 62.6%, slightly up from 62.4% in Q2 2024 and Q1 2025.

Operating Expenses

• Total Operating Expenses: RMB172.9 million (US$24.1 million), compared to RMB143.4 million in Q2 2024 and RMB110.9 million in Q1 2025.
  • Sales and Marketing: RMB41.1 million (US$5.7 million), up from RMB27.3 million in Q2 2024 and RMB12.2 million in Q1 2025 due to increased compensation and share-based awards.
  • General and Administrative: RMB74.2 million (US$10.4 million), up from RMB54.2 million in Q2 2024 and RMB61.3 million in Q1 2025, driven by employee compensation and legal fees.
  • Research and Development: RMB57.6 million (US$8.0 million), down from RMB61.8 million in Q2 2024 but up from RMB37.3 million in Q1 2025 due to varying share-based compensation expenses.

Non-Operating Income (Expense)

• Net Expense: RMB13.7 million (US$1.9 million), compared to a net income of RMB0.8 million in Q1 2025, primarily due to provisions for U.S. securities class action litigation from 2023.

Net Loss

• Net Loss: RMB81.0 million (US$11.3 million), up 13.1% from RMB71.6 million in Q2 2024 and 3.3% from RMB78.4 million in Q1 2025.
• Net Loss per Share: RMB0.56 (US$0.08) per ordinary share; RMB1.12 (US$0.16) per ADS.

Non-GAAP Financial Measures

• Adjusted Operating Expenses: RMB96.9 million (US$13.5 million), compared to RMB70.6 million in Q2 2024 and RMB63.6 million in Q1 2025.
• Adjusted Operating Loss: RMB1.9 million (US$0.3 million), significantly reduced from RMB4.7 million in Q2 2024 and RMB42.6 million in Q1 2025.
• Adjusted Net Income: RMB9.4 million (US$1.3 million), compared to RMB1.2 million in Q2 2024 and a loss of RMB31.1 million in Q1 2025.
• Adjusted Net Earnings per Share: RMB0.07 (US$0.01) per ordinary share; RMB0.14 (US$0.02) per ADS.

Business Outlook

EHang has revised its 2025 revenue guidance to approximately RMB500 million, reflecting a strategic focus on expanding commercial eVTOL operations and establishing scalable operational models. This outlook is based on current market conditions and is subject to change.

Conference Call

EHang’s management will host an earnings conference call at:

• Time: 8:00 AM, Tuesday, August 26, 2025 (U.S. Eastern Time) / 8:00 PM, Tuesday, August 26, 2025 (Beijing/Hong Kong Time).
• Registration:
  • English: https://registrations.events/direct/NTM69265959
  • Chinese: https://registrations.events/direct/NTM943227