EHang Reports First Quarter 2026 Unaudited Financial Results
Rhea-AI Summary
EHang (Nasdaq: EH) reported unaudited Q1 2026 results with revenues of RMB25.7 million and gross margin of 62.5%. Operating loss reached RMB127.9 million and net loss RMB126.4 million. Cash, deposits and investments totaled RMB1.03 billion.
The company delivered four EH216-series eVTOLs, maintained 2026 revenue guidance of RMB600 million, and highlighted aerial media, which contributed about 40% of quarterly revenue. It advanced VT35 certification, expanded globally in Thailand and Mexico, and announced a US$30 million share repurchase program over 12 months.
AI-generated analysis. Not financial advice.
Positive
- Gross margin at 62.5%, slightly above prior-year and prior-quarter levels
- Cash, deposits and investments of RMB1.03 billion as of March 31, 2026
- Aerial media solutions contributed about 40% of total Q1 2026 revenue
- 2026 full-year revenue guidance of RMB600 million reiterated
- Board approved up to US$30 million share repurchase over 12 months
Negative
- Q1 2026 revenues RMB25.7 million vs RMB177.6 million in Q4 2025
- Aircraft deliveries fell to four EH216 units vs 61 EH216 and five VT35 in Q4 2025
- Operating loss widened to RMB127.9 million from RMB43.0 million in Q4 2025
- Net loss increased to RMB126.4 million from RMB20.9 million in Q4 2025
- Total operating expenses RMB151.7 million, up from RMB110.9 million in Q1 2025
Key Figures
Market Reality Check
Peers on Argus
EH gained 10.32% while key aerospace/defense peers like EVEX, RDW, LUNR and RCAT fell between roughly 3–6%, indicating a stock-specific reaction rather than a sector-wide move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 12 | Q4/FY25 earnings | Positive | -1.3% | Record Q4/FY2025 revenues, first GAAP-profitable quarter, strong cash balance. |
| Nov 26 | Q3 2025 earnings | Neutral | +1.5% | Q3 2025 results with continued losses but maintained full-year revenue guidance. |
| Aug 26 | Q2 2025 earnings | Positive | -7.5% | Strong Q2 revenue growth, high gross margin and expanding EH216-S operations. |
| May 26 | Q1 2025 earnings | Negative | -7.0% | Revenue decline, wider net loss and modest deliveries despite strategic progress. |
| Apr 15 | FY24 annual report | Neutral | -2.9% | Filing of Form 20-F annual report with audited financial statements. |
Earnings releases have often seen negative or muted next-day moves, even on strong operational updates, with occasional positive reactions when guidance or growth narratives are emphasized.
Over the last several earnings cycles, EHang has reported rapid revenue and delivery growth, highlighted by record Q4 and FY2025 results and its first GAAP-profitable quarter on Mar 12, 2026. Earlier quarters in 2025 showed expanding eVTOL deliveries, strong gross margins above 60%, and a solid cash position near RMB1.13 billion, but also recurring net losses. Today’s Q1 2026 release, with lower deliveries and wider losses yet maintained revenue guidance and continued commercialization progress, follows this pattern of balancing growth milestones with profitability headwinds.
Historical Comparison
In the past year, EH’s earnings headlines averaged a -3.44% next-day move. Today’s +10.32% reaction to Q1 2026 results and a reiteration of guidance stands out as a strong upside outlier.
Earnings history shows a shift from consistent losses toward Q4 2025 profitability and ramping EH216-S commercialization, followed by Q1 2026’s return to losses amid ongoing certification and deployment efforts.
Market Pulse Summary
This announcement details Q1 2026 performance with revenues of RMB25.7 million, strong gross margin of 62.5%, but a widened net loss of RMB126.4 million and reduced eVTOL deliveries at 4 units. Management maintained full-year revenue guidance and highlighted progress toward commercial EH216-S operations and VT35 certification, supported by cash and investments of RMB1.03 billion. Investors may watch upcoming quarters for delivery re-acceleration, loss trends, execution on international projects, and deployment of the US$30 million repurchase program.
Key Terms
eVTOL technical
air operator certificate regulatory
non-GAAP financial
rule 10b5-1 regulatory
rule 10b-18 regulatory
unmanned aircraft system technical
AI-generated analysis. Not financial advice.
GUANGZHOU, China, June 09, 2026 (GLOBE NEWSWIRE) -- EHang Holdings Limited (Nasdaq: EH) (“EHang” or the “Company”), the world’s leading advanced air mobility (“AAM”) technology platform company, today announced its unaudited financial results for the first quarter ended March 31, 2026.
Operational and Financial Highlights for the First Quarter of 2026
- Sales and deliveries of electric vertical take-off and landing (“eVTOL”) aircraft were four units of EH216 series1, compared with 11 units of EH216 series in the first quarter of 2025, and 61 units of EH216 series and five units of VT35 in the fourth quarter of 2025.
- Total revenues were RMB25.7 million (US
$3.7 million ), compared with RMB26.1 million in the first quarter of 2025, and RMB177.6 million in the fourth quarter of 2025. - Gross margin was
62.5% , a slight increase from62.4% in the first quarter of 2025 and61.6% in the fourth quarter of 2025. - Operating loss was RMB127.9 million (US
$18.5 million ), compared with RMB89.9 million in the first quarter of 2025 and RMB43.0 million in the fourth quarter of 2025. - Net loss was RMB126.4 million (US
$18.3 million ), compared with RMB78.4 million in the first quarter of 2025 and RMB20.9 million in the fourth quarter of 2025. - Adjusted operating loss2 (non-GAAP) was RMB77.1 million (US
$11.2 million ), compared with RMB42.6 million in the first quarter of 2025, and adjusted operating income2 of RMB17.9 million in the fourth quarter of 2025. - Adjusted net loss3 (non-GAAP) was RMB75.6 million (US
$11.0 million ), compared with RMB31.1 million in the first quarter of 2025, and adjusted net income3 of RMB40.1 million in the fourth quarter of 2025. - Cash and cash equivalents, restricted short-term deposits, short-term investments and treasury investment balances were RMB1.03 billion (US
$148.9 million ) as of March 31, 2026.
Business Highlights for the First Quarter of 2026 and Recent Developments
Progress Toward EH216-S Commercial Operations in China
As China advances toward public eVTOL commercial operations, EHang and its operating partners have been working closely with the CAAC to meet additional operational and safety requirements ahead of the launch of public ticketed flight services. The two Air Operator Certificate (“OC”) holders, EHang General Aviation and Heyi Aviation, have continued refining operational procedures, ground support systems, personnel training programs and emergency response capabilities while conducting routine internal trial commercial operations. Since obtaining their OCs in March 2025, both operators have maintained a flawless safety record with zero accidents and zero violations, completing more than 3,000 safe flight missions. Meanwhile, EHang has established a comprehensive commercial operation framework covering ticket pricing, online and offline ticketing channels, customer service, public feedback management and standardized operating procedures. With over 40 eVTOL operation sites already established by customers and partners across China, some of which are in routine flights, the Company is continuing to expand operational capacity and further refine its scalable operating model for future commercial deployment.
In preparation for the EH216-S crew training program, EHang assembled an experienced instructor team and secured all necessary resources, including training aircraft, facilities, and practice sites. In May 2026, the CAAC issued the Training Requirements for Remote Pilot of Large Civil Unmanned Aircraft System, providing a regulatory framework for standardized training of EH216-S ground operating crew. EHang’s early preparation efforts have also contributed practical insights to the development of this industry standard. The training program is ready for implementation and will be launched promptly upon receiving CAAC approval, laying a core talent foundation for future scaled commercial operations.
EH216-S Upgrades to Enhance Operational Efficiency and Passenger Experience
EHang continued to optimize the EH216-S platform with a focus on improving operational efficiency and passenger comfort, particularly in high-temperature operating environments.
To enhance aircraft utilization, the Company developed a dedicated battery cooling vehicle that significantly shortens battery cooling time between flights, supporting higher operational frequency. In addition, EHang introduced an independent air-conditioning system for the EH216-S cabin. The upgraded system effectively reduces cabin temperature and improves passenger comfort without compromising flight safety and performance.
Progress on VT35 Certification Process
EHang continued advancing the research, development, and airworthiness certification for the VT35 long-range lift-and-cruise eVTOL aircraft. The certification process is currently in the Certification Basis definition phase, with in-depth discussions with the CAAC regarding Special Conditions, safety objectives, and performance requirements. The Company also continued critical test flights to validate system functionality and performance, while detailed avionics design progressed in preparation for certification prototype manufacturing.
Aerial Media Business Continues to Gain Traction
Building on the successful performance of 16 EH216-S aircraft and 22,580 GD4.0 formation drones at the CMG 2026 China Spring Festival Gala in Hefei, which set a new Guinness World Records™ title, EHang experienced increased market interest in its aerial media solutions.
During the first quarter of 2026, EHang delivered 22 aerial media shows and 1,000 units of GD 4.0 formation drones. Revenue contribution from aerial media solutions represented approximately
Global Expansion
Thailand:
Thailand remains EHang’s strategic benchmark market overseas. Under the AAM Sandbox framework, the Company has continued advancing regulatory engagement, operational preparation and local capability building. Five vertiport locations have been identified and the survey of the first operational route has been completed. To support operations in Thailand’s hot and humid island environment, EHang has completed localized upgrades to key systems, including battery cooling and cabin air-conditioning solutions. The Company is now actively working with the Civil Aviation Authority of Thailand (“CAAT”) to advance the approval process for commercial operations, while leveraging the Thailand program as a model for future international market expansion.
Mexico: In May 2026, EHang's flagship EH216-S successfully completed the first human-carrying pilotless eVTOL flights in Mexico and Latin America during the FAMEX Tulum Air Show 2026. Executed in coordination with our local operator under the local regulatory framework, the milestone demonstrated the operational capability of the EH216-S in airport environments and marked an important step toward future deployment of pilotless eVTOL operations in the region.
Share Repurchase Program
On June 8, 2026, the Company's Board of Directors has approved a Share Repurchase Program, pursuant to which the Company may repurchase up to US
The Company's proposed repurchases may be made from time to time through open market transactions at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on the market conditions and in accordance with applicable federal securities laws, including Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The timing and amount of any share repurchases under the Share Repurchase Program will be determined by the Company’s management at its discretion based on ongoing assessments of price, trading volume and general market conditions, along with the Company's working capital requirements, general business conditions and other factors. The Company expects to fund repurchases made under this program mainly from its existing cash balance.
Management Remarks
Mr. Huazhi Hu, Founder, Chairman and Chief Executive Officer of EHang: “The first quarter of 2026 marked an important transition period as we continued advancing from airworthiness certification achievements toward commercial deployment. We remained focused on the four strategic priorities we outlined at the beginning of the year: advancing commercial operation readiness, expanding our global footprint, progressing the VT35 certification, and strengthening our integrated industrial capabilities. This quarter, we continued refining operational systems and procedures with regulators and partners, upgraded EH216-S for hot-weather conditions, advanced VT35 key certification activities and Thailand’s AAM sandbox program.
At the industry level, China’s low-altitude economy is entering a new stage of development, supported by an increasingly comprehensive legal, regulatory, and standards framework that provides a solid foundation for sustainable growth. As the world’s first company to obtain the full suite of airworthiness and operational certifications for a pilotless human-carrying eVTOL aircraft, we believe our competitive advantage extends beyond certification and manufacturing. It lies in our ability to establish safe, scalable, and sustainable operational models. Looking ahead, we will continue to prioritize safety, compliance, and operational excellence while steadily advancing the commercialization of advanced air mobility.”
Mr. Conor Yang, Chief Financial Officer of EHang: “Our first quarter financial performance reflected normal seasonal dynamics and aircraft delivery schedules, while our business fundamentals remain stable. We are maintaining our annual revenue guidance of RMB600 million, supported by the market demand, ongoing progress toward public commercial operations, expanding international opportunities and diversified revenue sources. Notably, the aerial media business gained solid traction and contributed approximately
Additionally, the Board has approved a 12-month share repurchase program, authorizing the repurchase of up to US
Unaudited Financial Results for the First Quarter of 2026
Revenues
Total revenues were RMB25.7 million (US
Costs of revenues
Costs of revenues were RMB9.6 million (US
Gross profit and gross margin
Gross profit was RMB16.0 million (US
Gross margin was
Operating expenses
Total operating expenses were RMB151.7 million (US
- Sales and marketing expenses were RMB23.9 million (US
$3.5 million ), compared with RMB12.2 million in the first quarter of 2025, and RMB38.3 million in the fourth quarter of 2025. The year-over-year increase was attributed to higher share-based compensation expenses due to new grant of share-based awards in second quarter of 2025, primarily subject to four-year vesting schedule, increased employee compensation driven by workforce expansion and increased marketing and promotional fees. The quarter-over-quarter decrease was attributed to lower share-based compensation expenses due to a certain portion of share-based awards fully vested in 2025 and decreased sales-related compensation driven by lower sales volume. - General and administrative expenses were RMB67.7 million (US
$9.8 million ), compared with RMB61.3 million in the first quarter of 2025, and on par with RMB67.1 million in the fourth quarter of 2025. The year-over-year increase was mainly attributed to increased employee compensation driven by workforce expansion and increased depreciation and amortization of property and equipment as our new headquarter buildings were placed in service due to workforce expansion, partly offset by lower share-based compensation expenses. - Research and development expenses were RMB60.1 million (US
$8.7 million ), compared with RMB37.3 million in the first quarter of 2025, and RMB49.1 million in the fourth quarter of 2025. The year-over-year increase was mainly attributed to increased employee compensation driven by workforce expansion and incremental expenditures on different models of eVTOL aircraft, including VT35 development and certification. The quarter-over-quarter increase was mainly attributable to continuous expenditures on development of the eVTOL aircraft.
Operating loss
Operating loss was RMB127.9 million (US
Net loss
Net loss was RMB126.4 million (US
Net loss per ordinary share and per ADS
Basic and diluted net loss per ordinary share were both RMB0.83 (US
Basic and diluted net loss per American depositary share (“ADS”) were both RMB1.66 (US
Balance sheets
Cash and cash equivalents, restricted short-term deposits, short-term investments and treasury investment balances were RMB1.03 billion (US
Non-GAAP Financial Measures
The Company uses adjusted operating expenses, adjusted sales and marketing expenses, adjusted general and administrative expenses, adjusted research and development expenses, adjusted operating income (loss), adjusted net income (loss), adjusted net income (loss) attributable to ordinary shareholders, adjusted basic and diluted net earnings (loss) per ordinary share and adjusted basic and diluted net earnings (loss) per ADS (collectively, the “Non-GAAP Financial Measures”) in evaluating its operating results and for financial and operational decision-making purposes. There was no income tax impact on the Company’s non-GAAP adjustments because the non-GAAP adjustments are usually recorded in entities located in tax-free jurisdictions, such as the Cayman Islands, or such expenses were not deductible.
The Company believes that the Non-GAAP Financial Measures help identify underlying trends in its business that could otherwise be distorted by the effects of item of (i) share-based compensation expenses and (ii) certain non-operational expenses, such as provisions for legal proceedings, which are included in their comparable GAAP measures. The Company believes that the Non-GAAP Financial Measures provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects, and allow for greater visibility with respect to key metrics used by its management in their financial and operational decision-making.
The Non-GAAP Financial Measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The Non-GAAP Financial Measures have limitations as analytical tools. One of the key limitations of using the Non-GAAP Financial Measures is that they do not reflect all items of expense that affect the Company’s operations. Share-based compensation expenses have been and may continue to be incurred in the business and are not reflected in the presentation of the Non-GAAP Financial Measures. Further, the Non-GAAP Financial Measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the Non-GAAP Financial Measures to the nearest U.S. GAAP measures, all of which should be considered when evaluating the Company’s performance.
Each of the Non-GAAP Financial Measures should not be considered in isolation or construed as an alternative to its comparable GAAP measure or any other measure of performance or as an indicator of the Company’s operating performance or financial results. Investors are encouraged to review the Company’s most directly comparable GAAP measures in conjunction with the Non-GAAP Financial Measures. The Non-GAAP Financial Measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.
For more information on the Non-GAAP Financial Measures, please see the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.
Adjusted operating expenses4 (non-GAAP)
Adjusted operating expenses4 were RMB101.1 million (US
Adjusted operating income (loss)2 (non-GAAP)
Adjusted operating loss2 was RMB77.1 million (US
Adjusted net income (loss)3 (non-GAAP)
Adjusted net loss3 was RMB75.6 million (US
Adjusted net income (loss) attributable to EHang’s ordinary shareholders5 (non-GAAP)
Adjusted net loss attributable to EHang’s ordinary shareholders5 was RMB75.2 million (US
Adjusted net loss per ordinary share6 and per ADS7 (non-GAAP)
Adjusted basic and diluted net loss per ordinary share6 were RMB0.50 (US
Adjusted basic and diluted net loss per ADS7 were RMB1.00 (US
Business Outlook
For the fiscal year 2026, the Company currently maintains the annual revenue guidance of around RMB600 million.
The above outlook is based on information available as of the date of this press release and reflects the Company’s current and preliminary views regarding its business situation and market conditions, which are subject to change.
Conference Call
EHang’s management team will host an earnings conference call at 8:00 AM on Tuesday, June 9, 2026, U.S. Eastern Time (8:00 PM on Tuesday, June 9, 2026, Beijing/Hong Kong Time).
To join the conference call via telephone, participants must use the following link to complete an online registration process. Upon registering, each participant will receive email instructions to access the conference call, including dial-in information and a PIN number allowing access to the conference call.
Participant Online Registration:
English line: https://s1.c-conf.com/diamondpass/10055177-wdgnt0.html
Chinese line: https://s1.c-conf.com/diamondpass/10055179-jzwcug.html
A live and archived webcast of the conference call will be available on the Company’s Investors Relations website at http://ir.ehang.com/.
About EHang
EHang (Nasdaq: EH) is the world’s leading advanced air mobility (“AAM”) technology platform company, committed to making safe, autonomous, and eco-friendly air mobility accessible to everyone. The company develops and manufactures a diversified portfolio of pilotless electric vertical take-off and landing (“eVTOL”) aircraft for a wide range of use cases, including aerial tourism, intra-city transport, intercity travel, logistics and emergency firefighting. Its flagship model, EH216-S, has obtained the world’s first type certificate, production certificate and standard airworthiness certificate for pilotless eVTOL issued by the Civil Aviation Administration of China, and is now commercially operated under the country’s first Air Operator Certificates for human-carrying eVTOL services. Complementing this, EHang’s VT35 expands its reach into long-range and intercity scenarios, supporting the development of a multi-tiered low-altitude mobility network. By integrating advanced autonomous technologies with scalable operational infrastructure, EHang is redefining how people and goods move—across cities, regions, and natural barriers—shaping the future of air mobility. For more information, please visit www.ehang.com.
Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Statements that are not historical facts, including statements about management’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to those relating to certifications, our expectations regarding demand for, and market acceptance of, our products and solutions and the commercialization of AAM services, our relationships with strategic partners, and current litigation and potential litigation involving us. Management has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While they believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond management’s control. These statements involve risks and uncertainties that may cause EHang’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.
Exchange Rate
This press release contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.8980 to US
Investor Contact: ir@ehang.com
Media Contact: pr@ehang.com
| EHANG HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”)) | ||||||
| As of | As of | |||||
| December 31, 2025 | March 31, 2026 | |||||
| RMB | RMB | US$ | ||||
| (Unaudited) | (Unaudited) | (Unaudited) | ||||
| ASSETS | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | 256,400 | 160,204 | 23,225 | |||
| Short-term investments | 843,232 | 809,934 | 117,415 | |||
| Restricted short-term deposits | 29,655 | 28,733 | 4,165 | |||
| Accounts receivable, net8 | 111,670 | 86,101 | 12,481 | |||
| Inventories | 101,634 | 120,769 | 17,508 | |||
| Prepayments and other current assets9 | 140,922 | 143,342 | 20,780 | |||
| Total current assets | 1,483,513 | 1,349,083 | 195,574 | |||
| Non-current assets: | ||||||
| Treasury investment | - | 27,899 | 4,045 | |||
| Property and equipment, net | 258,050 | 276,719 | 40,116 | |||
| Operating lease right-of-use assets, net | 116,468 | 131,238 | 19,026 | |||
| Land use rights, net | 11,347 | 11,285 | 1,636 | |||
| Intangible assets, net | 2,713 | 2,757 | 400 | |||
| Investments accounted for using equity method | 28,849 | 40,523 | 5,875 | |||
| Other investments | 45,330 | 45,330 | 6,571 | |||
| Deferred tax assets | 6,969 | 6,969 | 1,010 | |||
| Other non-current assets | 38,294 | 38,562 | 5,590 | |||
| Total non-current assets | 508,020 | 581,282 | 84,269 | |||
| Total assets | 1,991,533 | 1,930,365 | 279,843 | |||
| EHANG HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONT’D) (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”)) | |||||||||||
| As of | As of | ||||||||||
| December 31, 2025 | March 31, 2026 | ||||||||||
| RMB | RMB | US$ | |||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | |||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Short-term bank loans | 229,611 | 300,993 | 43,635 | ||||||||
| Accounts payable | 132,509 | 118,576 | 17,190 | ||||||||
| Contract liabilities10 | 60,839 | 59,336 | 8,602 | ||||||||
| Current portion of long-term bank loans | 9,800 | 15,500 | 2,247 | ||||||||
| Accrued expenses and other liabilities | 263,439 | 202,659 | 29,379 | ||||||||
| Current portion of lease liabilities | 16,278 | 24,574 | 3,562 | ||||||||
| Deferred income | 817 | 597 | 87 | ||||||||
| Deferred government subsidies | 684 | 156 | 23 | ||||||||
| Income taxes payable | 1,820 | 277 | 40 | ||||||||
| Total current liabilities | 715,797 | 722,668 | 104,765 | ||||||||
| Non-current liabilities: | |||||||||||
| Long-term bank loans | 82,700 | 95,600 | 13,859 | ||||||||
| Deferred tax liabilities | 292 | 292 | 42 | ||||||||
| Unrecognized tax benefit | 5,480 | 5,480 | 794 | ||||||||
| Lease liabilities | 114,246 | 123,286 | 17,873 | ||||||||
| Other non-current liabilities | 4,676 | 3,561 | 516 | ||||||||
| Total non-current liabilities | 207,394 | 228,219 | 33,084 | ||||||||
| Total liabilities | 923,191 | 950,887 | 137,849 | ||||||||
| Shareholders’ equity: | |||||||||||
| Ordinary shares | 92 | 92 | 13 | ||||||||
| Additional paid-in capital | 3,335,371 | 3,386,145 | 490,888 | ||||||||
| Treasury shares | (10,085 | ) | (10,085 | ) | (1,462 | ) | |||||
| Statutory reserves | 3,302 | 3,302 | 479 | ||||||||
| Accumulated deficit | (2,262,358 | ) | (2,388,319 | ) | (346,234 | ) | |||||
| Accumulated other comprehensive income (loss) | 2,605 | (10,671 | ) | (1,547 | ) | ||||||
| Total EHang Holdings Limited shareholders’ equity | 1,068,927 | 980,464 | 142,137 | ||||||||
| Non-controlling interests | (585 | ) | (986 | ) | (143 | ) | |||||
| Total shareholders’ equity | 1,068,342 | 979,478 | 141,994 | ||||||||
| Total liabilities and shareholders’ equity | 1,991,533 | 1,930,365 | 279,843 | ||||||||
| EHANG HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data) | |||||||||||
| Three Months Ended | |||||||||||
| March 31, 2025 | December 31, 2025 | March 31, 2026 | |||||||||
| RMB | RMB | RMB | US$ | ||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | |||||||||
| Total revenues | 26,092 | 177,636 | 25,660 | 3,720 | |||||||
| Costs of revenues | (9,799 | ) | (68,262 | ) | (9,621 | ) | (1,395 | ) | |||
| Gross profit | 16,293 | 109,374 | 16,039 | 2,325 | |||||||
| Operating expenses: | |||||||||||
| Sales and marketing expenses | (12,228 | ) | (38,263 | ) | (23,916 | ) | (3,467 | ) | |||
| General and administrative expenses | (61,344 | ) | (67,080 | ) | (67,749 | ) | (9,822 | ) | |||
| Research and development expenses | (37,285 | ) | (49,092 | ) | (60,080 | ) | (8,710 | ) | |||
| Total operating expenses | (110,857 | ) | (154,435 | ) | (151,745 | ) | (21,999 | ) | |||
| Other operating income | 4,686 | 2,101 | 7,798 | 1,130 | |||||||
| Operating loss | (89,878 | ) | (42,960 | ) | (127,908 | ) | (18,544 | ) | |||
| Other income (expense): | |||||||||||
| Interest and investment income | 12,049 | 21,127 | 10,396 | 1,507 | |||||||
| Interest expenses | (1,153 | ) | (2,086 | ) | (2,324 | ) | (337 | ) | |||
| Foreign exchange gain (loss) | 1,572 | (1,401 | ) | (3,475 | ) | (504 | ) | ||||
| Other non-operating income, net | 751 | 788 | 492 | 71 | |||||||
| Total other income | 13,219 | 18,428 | 5,089 | 737 | |||||||
| Loss before income tax and loss from equity method investment | (76,659 | ) | (24,532 | ) | (122,819 | ) | (17,807 | ) | |||
| Income tax (expenses) benefits | (1 | ) | 4,523 | (117 | ) | (17 | ) | ||||
| Loss before loss from equity method investment | (76,660 | ) | (20,009 | ) | (122,936 | ) | (17,824 | ) | |||
| Loss from equity method investment | (1,730 | ) | (846 | ) | (3,426 | ) | (497 | ) | |||
| Net loss | (78,390 | ) | (20,855 | ) | (126,362 | ) | (18,321 | ) | |||
| EHANG HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (CONT’D) (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data) | |||||||||||
| Three Months Ended | |||||||||||
| March 31, 2025 | December 31, 2025 | March 31, 2026 | |||||||||
| RMB | RMB | RMB | US$ | ||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | |||||||||
| Net loss | (78,390 | ) | (20,855 | ) | (126,362 | ) | (18,321 | ) | |||
| Net loss (income) attributable to non-controlling interests | 306 | (48 | ) | 401 | 58 | ||||||
| Net loss attributable to ordinary shareholders | (78,084 | ) | (20,903 | ) | (125,961 | ) | (18,263 | ) | |||
| Net loss per ordinary share: | |||||||||||
| Basic and diluted | (0.54 | ) | (0.14 | ) | (0.83 | ) | (0.12 | ) | |||
| Shares used in net loss per ordinary share computation (in thousands of shares): | |||||||||||
| Basic | 143,886 | 149,338 | 150,994 | 150,994 | |||||||
| Diluted | 143,886 | 149,338 | 150,994 | 150,994 | |||||||
| Loss per ADS (2 ordinary shares equal to 1 ADS) Basic and diluted | (1.08 | ) | (0.28 | ) | (1.66 | ) | (0.24 | ) | |||
| Other comprehensive loss | |||||||||||
| Foreign currency translation adjustments net of nil tax | (1,999 | ) | (9,820 | ) | (13,276 | ) | (1,925 | ) | |||
| Total other comprehensive loss, net of tax | (1,999 | ) | (9,820 | ) | (13,276 | ) | (1,925 | ) | |||
| Comprehensive loss | (80,389 | ) | (30,675 | ) | (139,638 | ) | (20,246 | ) | |||
| Comprehensive loss (gain) attributable to non-controlling interests | 306 | (48 | ) | 401 | 58 | ||||||
| Comprehensive loss attributable to ordinary shareholders | (80,083 | ) | (30,723 | ) | (139,237 | ) | (20,188 | ) | |||
| EHANG HOLDINGS LIMITED UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data) | |||||||||||
| Three Months Ended | |||||||||||
| March 31, 2025 | December 31, 2025 | March 31, 2026 | |||||||||
| RMB | RMB | RMB | US$ | ||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | |||||||||
| Sales and marketing expenses | (12,228 | ) | (38,263 | ) | (23,916 | ) | (3,467 | ) | |||
| Plus: Share-based compensation | 1,961 | 12,336 | 5,294 | 767 | |||||||
| Adjusted sales and marketing expenses | (10,267 | ) | (25,927 | ) | (18,622 | ) | (2,700 | ) | |||
| General and administrative expenses | (61,344 | ) | (67,080 | ) | (67,749 | ) | (9,822 | ) | |||
| Plus: Share-based compensation | 39,173 | 38,480 | 36,397 | 5,277 | |||||||
| Adjusted general and administrative expenses | (22,171 | ) | (28,600 | ) | (31,352 | ) | (4,545 | ) | |||
| Research and development expenses | (37,285 | ) | (49,092 | ) | (60,080 | ) | (8,710 | ) | |||
| Plus: Share-based compensation | 6,128 | 9,944 | 8,960 | 1,299 | |||||||
| Adjusted research and development expenses | (31,157 | ) | (39,148 | ) | (51,120 | ) | (7,411 | ) | |||
| Operating expenses | (110,857 | ) | (154,435 | ) | (151,745 | ) | (21,999 | ) | |||
| Plus: Share-based compensation | 47,262 | 60,760 | 50,651 | 7,343 | |||||||
| Adjusted operating expenses | (63,595 | ) | (93,675 | ) | (101,094 | ) | (14,656 | ) | |||
| Operating loss | (89,878 | ) | (42,960 | ) | (127,908 | ) | (18,544 | ) | |||
| Plus: Share-based compensation | 47,262 | 60,909 | 50,774 | 7,361 | |||||||
| Adjusted operating (loss) income | (42,616 | ) | 17,949 | (77,134 | ) | (11,183 | ) | ||||
| EHANG HOLDINGS LIMITED UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data) | |||||||||||
| Three Months Ended | |||||||||||
| March 31, 2025 | December 31, 2025 | March 31, 2026 | |||||||||
| RMB | RMB | RMB | US$ | ||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | |||||||||
| Net loss | (78,390 | ) | (20,855 | ) | (126,362 | ) | (18,321 | ) | |||
| Plus: Share-based compensation | 47,262 | 60,909 | 50,774 | 7,361 | |||||||
| Adjusted net (loss) income | (31,128 | ) | 40,054 | (75,588 | ) | (10,960 | ) | ||||
| Net loss attributable to ordinary shareholders | (78,084 | ) | (20,903 | ) | (125,961 | ) | (18,263 | ) | |||
| Plus: Share-based compensation | 47,262 | 60,909 | 50,774 | 7,361 | |||||||
| Adjusted net (loss) income attributable to ordinary shareholders | (30,822 | ) | 40,006 | (75,187 | ) | (10,902 | ) | ||||
| Shares used in net (loss) earnings per ordinary share computation (in thousands of shares): | |||||||||||
| Basic | 143,886 | 149,338 | 150,994 | 150,994 | |||||||
| Diluted | 143,886 | 151,600 | 150,994 | 150,994 | |||||||
| Adjusted basic net (loss) earnings per ordinary share | (0.21 | ) | 0.27 | (0.50 | ) | (0.07 | ) | ||||
| Adjusted diluted net (loss) earnings per ordinary share | (0.21 | ) | 0.26 | (0.50 | ) | (0.07 | ) | ||||
| Adjusted basic net (loss) earnings per ADS | (0.42 | ) | 0.54 | (1.00 | ) | (0.14 | ) | ||||
| Adjusted diluted net (loss) earnings per ADS | (0.42 | ) | 0.52 | (1.00 | ) | (0.14 | ) | ||||
_____________________
1 The EH216 series include the EH216-S (standard model for passenger transportation), the EH216-F (specialized model for aerial firefighting), and the EH216-L (specialized model for aerial logistics).
2 Adjusted operating income (loss) is a non-GAAP financial measure, which is defined as operating income (loss) excluding share-based compensation expenses. See “Non-GAAP Financial Measures”.
3 Adjusted net income (loss) is a non-GAAP financial measure, which is defined as net income (loss) excluding share-based compensation expenses and certain non-operational expenses. See “Non-GAAP Financial Measures”.
4 Adjusted operating expenses is a non-GAAP financial measure, which is defined as operating expenses excluding share-based compensation expenses. Adjusted sales and marketing expenses, adjusted general and administrative expenses, and adjusted research and development expenses are non-GAAP financial measures. Each is defined as the respective expense—sales and marketing expenses, general and administrative expenses, and research and development expenses—excluding share-based compensation expenses.
5 Adjusted net income (loss) attributable to EHang’s ordinary shareholders is a non-GAAP financial measure, which is defined as net income (loss) attributable to EHang’s ordinary shareholders excluding share-based compensation expenses and certain non-operational expenses.
6 Adjusted basic and diluted net earnings (loss) per ordinary share is a non-GAAP financial measure, which is defined as basic and diluted net earnings (loss) per ordinary share excluding share-based compensation expenses and certain non-operational expenses.
7 Adjusted basic and diluted net earnings (loss) per ADS is a non-GAAP financial measure, which is defined as basic and diluted earnings (loss) per ADS excluding share-based compensation expenses and certain non-operational expenses.
8 As of December 31, 2025 and March 31, 2026, amount due from related parties of RMB5,256 and RMB671 (US
9 As of December 31, 2025 and March 31, 2026, amount due from a related party of RMB2,070 and nil was included in prepayments and other current assets, respectively.
10 As of December 31, 2025 and March 31, 2026, amount due to related parties of RMB2,307 and RMB2,305 (US
