EHang Holdings (EH) Company Report

Analyst Coverage

Research analysts who have asked questions during EHang Holdings earnings calls.

Chen Yu

Guangdong Securities

3 questions for EH

Cindy Huang

Morgan Stanley

3 questions for EH

Also covers: HSAI

James Zhu

UBS Group AG

2 questions for EH

Joey

Morgan Stanley

2 questions for EH

Laura Lee

Deutsche Bank

2 questions for EH

Also covers: BLDE, LOT, VTOL

Laura Li

Deutsche Bank

2 questions for EH

Also covers: BLDE, LOT

Yiming Wang

China Renaissance

2 questions for EH

Yu Chen

Haitong Securities

2 questions for EH

Alan Lau

Jefferies LLC

1 question for EH

Also covers: CSIQ, DQ, JKS

Fiona Lang

Bank of America

1 question for EH

Gareth Zhao

Tianfeng Securities

1 question for EH

[Indiscernible Analyst]

Citic Securities

1 question for EH

Ling Liu

Guosen Securities

1 question for EH

Ling Liu

Gauchang Securities

1 question for EH

Ling Lu

Guosen Securities

1 question for EH

Rongyuan Zhu

Citic

1 question for EH

Rong Zhao

CITIC Securities

1 question for EH

Ronnen Zhou

Citigroup

1 question for EH

Ron Yang Zhu

Cytex

1 question for EH

Shen Wei

UBS

1 question for EH

Also covers: VIPS

Tim Yao

Morgan Stanley

1 question for EH

Ting Song

Goldman Sachs

1 question for EH

Also covers: NAAS, PONY

Wade Woo

Jefferies

1 question for EH

Wei Shen

UBS Group

1 question for EH

Also covers: CYD

Xinran Li

Not Disclosed in Transcript

1 question for EH

Also covers: ACHR, LOT

Xuxia Tang

Guosen Securities

1 question for EH

Yining Wang

China Renaissance

1 question for EH

Yong Lin

Bank of America

1 question for EH

Latest news

Recent press releases and 8-K filings for EH.

EHang Reports Q3 2025 Results, Launches VT35, and Updates on Commercial Operations

Earnings

Product Launch

Guidance Update

EHang reported RMB 92.5 million in total revenues for Q3 2025, delivering 42 units (41 EH216 series and 1 VT35). The company recorded an adjusted net loss of RMB 20.3 million.
The gross margin for Q3 2025 was 60.8%, a slight decrease attributed to repeat customer purchases and distributor discounts, as well as the higher unit cost of the trial production VT35.
The company maintained its full-year 2025 revenue guidance of approximately RMB 500 million.
EHang launched the VT35 long-range pilotless human-carrying eVTOL in October, with its Type Certificate application accepted by the CAAC in March. Commercial operations for the EH216S in Hefei are planned to open to the public starting in December.
Ms. Hai Ying Li was appointed to the company's board of directors.

Nov 26, 2025, 1:00 PM

Transcript

EHang Announces Q3 2025 Financial Results and VT35 Launch

Earnings

Product Launch

Guidance Update

EHang reported total revenues of RMB 92.5 million for Q3 2025, delivering 42 units (41 EH216 series and the first VT35).
The company maintained its full-year 2025 revenue guidance of RMB 500 million, with 30 units of Q3 orders, previously deferred due to delayed payments, now paid and expected to be recognized in Q4.
For Q3 2025, gross profit was RMB 56.2 million with a 60.8% gross margin, and the adjusted net loss was RMB 20.3 million.
EHang launched the VT35, a new long-range pilotless human-carrying eVTOL with a pre-sale price of CNY 6.5 million, and secured RMB 500 million in support from the Hefei government for its product hub.
Ms. Hai Ying Li was appointed to the company's board of directors.

Nov 26, 2025, 1:00 PM

Transcript

EHang Holdings Limited Announces Q3 2025 Operational & Financial Results

Earnings

Guidance Update

Product Launch

EHang Holdings Limited reported total revenues of RMB92.5 million and a net loss of RMB82.1 million for Q3 2025.
The company sold and delivered 42 eVTOL aircraft units in Q3 2025, including 41 EH216 series and one VT35, and maintained its Full-Year Revenue Guidance of RMB500 Million.
EHang unveiled the VT35 for Intercity Advanced Air Mobility with initial delivery and expanded its global footprint to Qatar, Japan, Kazakhstan, and Rwanda.
Ms. Haiyan Li was appointed as a new Director of the Board.

Nov 26, 2025, 1:00 PM

Presentation

EHang Holdings Limited Reports Q3 2025 Results and Strategic Developments

Earnings

Product Launch

New Projects/Investments

EHang Holdings Limited reported RMB 92.5 million in total revenues for Q3 2025, delivering 42 units, and an adjusted net loss of RMB 20.3 million. The company reaffirmed its full-year 2025 revenue guidance of RMB 500 million.
The company launched the VT35 long-range eVTOL, priced at CNY 6.5 million, with initial deliveries and test flights starting in Q3. Additionally, the GD4.0 formation drone began mass production, securing 3,000 firm orders and over 10,000 units in customer purchase intentions.
Deliveries in Q3 experienced a temporary slowdown due to a strategic shift towards supporting existing customers and delayed payments, with 30 units deferred for Q4 revenue recognition. The Hefei government committed RMB 500 million in support for a VT35 product hub.
International expansion advanced with ongoing trial operations in Thailand, the first intra-city pilotless human-carrying eVTOL flight in Qatar, and an MOU for 50 EH216 series units in Kazakhstan. Thailand's sandbox initiative targets commercial operations within three months and 100 EH216 unit deliveries by the end of 2026.

Nov 26, 2025, 1:00 PM

Transcript

EHang Holdings Limited Announces Q3 2025 Financial Results and Business Updates

Earnings

Guidance Update

New Projects/Investments

EHang Holdings Limited reported total revenues of RMB92.5 million (US$13.0 million) for the third quarter ended September 30, 2025, a decrease compared to RMB128.1 million in Q3 2024 and RMB147.2 million in Q2 2025.
The company recorded a net loss of RMB82.1 million (US$11.5 million) in Q3 2025, compared to a net loss of RMB48.1 million in Q3 2024 and RMB81.0 million in Q2 2025.
EHang maintained its full-year revenue guidance of RMB500 million for 2025, with a significant portion of deliveries anticipated in the fourth quarter.
Sales and deliveries of electric vertical take-off and landing (eVTOL) aircraft totaled 42 units in Q3 2025, comprising 41 EH216 series units and one VT35 unit, which is a decline from 63 units in Q3 2024 and 68 units in Q2 2025.
The company unveiled and initiated initial delivery of its VT35 for intercity Advanced Air Mobility, and reported steady progress towards commercial operations in China, alongside global expansion efforts in regions like Thailand, Qatar, Japan, Kazakhstan, and Rwanda.

Nov 26, 2025, 11:02 AM

6-K

EHang conducts first urban human-carrying pilotless eVTOL flights in the Middle East

New Projects/Investments

Product Launch

EHang (Nasdaq: EH), in partnership with Qatar’s Ministry of Transport, successfully completed trial air taxi flights with its EH216-S pilotless electric vertical takeoff and landing (eVTOL) aircraft in Doha, Qatar, on November 17, 2025.
These flights represent the first urban flights of a pilotless eVTOL aircraft in the Middle East, showcasing the EH216-S's technical maturity and operational readiness for real-world deployment.
The trial included point-to-point flights between the Port of Doha and the Katara Cultural Village, demonstrating the ability to transform a 30-minute car journey into an 8-minute flight.
This initiative is intended to pave the way for a strategic alliance between EHang and Qatar's Ministry of Transport for the joint development and deployment of Advanced Air Mobility (AAM) solutions in the region.

Nov 17, 2025, 4:35 PM

Press Release

EHang Holdings Limited Reports Record Q4 and Full-Year 2024 Results, Provides 2025 Guidance

Earnings

Guidance Update

New Projects/Investments

EHang Holdings Limited reported record-breaking financial results for Q4 and full year 2024, with Q4 revenue of RMB 164.3 million and full-year revenue of RMB 456.2 million, representing significant year-over-year increases.
The company achieved positive adjusted net income of RMB 43.1 million and positive operating cash flow of RMB 160 million for the full year 2024, marking its first-ever annual non-GAAP profitability.
For 2025, EHang projects total revenue of approximately RMB 900 million, a 97% year-over-year increase, and expects to achieve quarterly GAAP profitability in the second half of 2024 (with full-year GAAP profitability in 2026).
Operational milestones include the delivery of 78 EH216-S units in Q4 2024 and 216 units for the full year. The company is also expanding its Yunfu production capacity to 1,000 units annually by the end of 2025.
EHang is awaiting final approval for the first two Operator Certificates (OEC) for its wholly-owned subsidiary and joint venture, following completed inspections by the Civil Aviation Administration of China.