EHang Holdings (EH) cuts 2025 revenue after ASC 606 review and loses WKSI status

Rhea-AI Filing Summary

EHang Holdings Limited is correcting previously reported unaudited 2025 interim and annual financial results after identifying revenue recognition errors. For the year ended December 31, 2025, total revenues were reduced from RMB 509,504 thousand to RMB 417,981 thousand, while net loss widened from RMB 230,973 thousand to RMB 276,411 thousand. Key balance sheet items were revised, including accounts receivable at December 31, 2025 decreasing from RMB 210,412 thousand to RMB 111,670 thousand and total assets falling from RMB 2,049,908 thousand to RMB 1,991,533 thousand. The company concluded that collection was not probable for certain customer orders under ASC 606, so related consideration is now classified as contract liabilities and associated costs and taxes were adjusted. EHang also determined it no longer qualifies as a well-known seasoned issuer and cannot use its Form F-3ASR registration statement for new offerings until a post-effective amendment is declared effective.

Positive

• None.

Negative

• Material downward revisions to 2025 results: Full-year 2025 revenue was reduced from RMB 509,504 thousand to RMB 417,981 thousand, while net loss widened from RMB 230,973 thousand to RMB 276,411 thousand after correcting revenue recognition and related items.
• Loss of well-known seasoned issuer status: EHang determined it no longer qualifies as a well-known seasoned issuer and cannot use its automatic shelf registration on Form F-3ASR for new offerings until a post-effective amendment is filed and declared effective.

Insights

Equity analyst

EHang cut 2025 revenue, raised losses, and lost WKSI status.

EHang revised its 2025 numbers after finding revenue recognition errors, lowering full-year revenue to RMB 417,981 thousand from RMB 509,504 thousand. Net loss increased to RMB 276,411 thousand, and accounts receivable were sharply reduced.

The company determined some customer consideration is not currently collectible under ASC 606, reclassifying it as contract liabilities and reversing related costs and taxes. This points to more conservative recognition of sales and credit risk for specific orders.

EHang also no longer qualifies as a well-known seasoned issuer, meaning it cannot use its automatic shelf registration on Form F-3ASR until a post-effective amendment is declared effective. That change may introduce more process and timing constraints around any future capital raises via that shelf.

Key Figures

2025 revenue (as corrected): RMB 417,981 thousand 2025 revenue reduction: RMB 91,523 thousand 2025 net loss (as corrected): RMB 276,411 thousand +3 more

6 metrics

2025 revenue (as corrected) RMB 417,981 thousand Year ended December 31, 2025 total revenues after corrections

2025 revenue reduction RMB 91,523 thousand Difference between previously reported and corrected 2025 revenues

2025 net loss (as corrected) RMB 276,411 thousand Year ended December 31, 2025 net loss after corrections

2025 net loss increase RMB 45,438 thousand Increase in 2025 net loss due to corrections

Accounts receivable Dec 31, 2025 RMB 111,670 thousand As corrected, down from RMB 210,412 thousand

Total assets Dec 31, 2025 RMB 1,991,533 thousand As corrected, down from RMB 2,049,908 thousand

Key Terms

ASC 606-10-25-7, well-known seasoned issuer, Form F-3ASR, contract liabilities, +1 more

5 terms

ASC 606-10-25-7 financial

"until the criterion set forth in ASC 606-10-25-7 is met"

well-known seasoned issuer regulatory

"it has determined that it no longer qualifies as a well-known seasoned issuer"

A well-known seasoned issuer (WKSI) is a large, established public company that meets regulatory size and reporting tests and is granted special, faster options to sell new securities to raise money. Think of it like a trusted borrower with a standing credit line: investors and markets see it as more familiar and the company can access capital quickly with less paperwork, which can affect share supply and investor returns.

Form F-3ASR regulatory

"Registration Statement on Form F-3ASR (the “Form F-3ASR”)"

Form F-3ASR is a U.S. Securities and Exchange Commission filing that lets an eligible foreign company pre-register securities for sale to U.S. investors using the SEC’s automatic shelf process. Think of it like a pre-approved credit line: it gives the company the flexibility to raise money quickly when needed, which matters to investors because it can speed new share or bond offerings, affect supply of securities, and therefore influence share price and dilution risk.

contract liabilities financial

"corrections of errors to ... contract liabilities, accrued expenses and other liabilities"

Contract liabilities are amounts a company has been paid in advance for goods or services it still owes to customers — think of them like gift cards or prepaid subscriptions the company must fulfill later. For investors, they show promised future work or deliveries that will turn into revenue over time, reveal cash already collected, and help assess whether a firm has a backlog of obligations that could affect future earnings and cash flow.

expected credit losses financial

"resulted in corresponding corrections to warranty costs, expected credit losses"

Expected credit losses are an accounting estimate of how much a lender or company expects to lose when borrowers or customers don’t fully pay what they owe, combining how likely nonpayment is with how big the loss would be. Investors care because these estimates determine how much a firm must set aside from earnings as a reserve, directly affecting reported profits, balance-sheet strength and perceptions of credit risk—like setting aside a rainy-day fund for unpaid bills.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K/A

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2026

Commission File Number 001-39151

EHANG HOLDINGS LIMITED

EHang Future City (Group Headquarters)

No. 118 Dongjiang Avenue, Huangpu District,

Guangzhou, 510730

People’s Republic of China

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐

Explanatory Note

This report on Form 6-K/A is being furnished by EHang Holdings Limited (the “Company”) to amend the reports on Form 6-Ks furnished with the Securities and Exchange Commission (the “Commission”) on August 26, 2025, November 26, 2025 and March 12, 2026 (collectively, the “Prior Form 6-Ks”), by providing corrected unaudited interim financial information for the second quarter, third quarter, and fourth quarter and full fiscal year ended December 31, 2025.

In connection with the preparation of the Company’s financial statements for the year ended December 31, 2025, the Company discovered errors in revenue recognition in previously announced unaudited financial information for the three and six months ended June 30, 2025, the three and nine months ended September 30, 2025 and the three months and year ended December 31, 2025. Corrections to the 2025 interim and annual periods have been made to the revenues and accounts receivable, net, and the corresponding financial statement line items, including contract liabilities, accrued expenses and other liabilities, cost of revenues and prepayments and other current assets, the expected credit losses on accounts receivable, warranty costs and related balance, and relevant accounts for value-added tax and income tax. The quarterly and full-year financial information set forth below has been corrected accordingly to reflect such adjustments. Investors should not rely on the information set forth in the Prior Form 6-Ks, including but not limited to the operational and financial highlights, unaudited financial results (including revenues, costs of revenues, gross profit and gross margin, operating expenses, operating loss, net loss, net loss per ordinary share and per ADS, and balance sheet data), non-GAAP financial measures and reconciliations, management remarks and recent developments, and all related unaudited condensed consolidated financial statements and accompanying notes.

Certain information in the Prior Form 6-Ks furnished to the Commission on August 26, 2025 and November 26, 2025 was incorporated by reference into the Company’s Registration Statement on Form F-3ASR (the “Form F-3ASR”), which was filed with the Commission and became automatically effective on April 19, 2024. This Form 6-K/A (excluding financial information as of December 31, 2025 and for the three months and for the year ended December 31, 2025) is hereby incorporated by reference into the Form F-3ASR to supersede the corresponding Prior Form 6-Ks in its entirety. The Company has not made any offers or sales of securities pursuant to the Form F-3ASR (including pursuant to any prospectus supplement thereto) on or after August 26, 2025. In connection with the filing of the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2025, the Company has determined that it no longer qualifies as a well-known seasoned issuer, and as a result, it is unable to use its registration statement on Form F-3ASR to offer and sell securities unless and until it files a post-effective amendment and such amendment is declared effective by the Commission.

EHANG HOLDINGS LIMITED

SELECTED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS DATA

(Amounts in thousands of Renminbi (“RMB”))

The following tables present the aggregated impact of the corrections of errors to the financial information for the presented periods.

		As of June 30, 2025												As of September 30, 2025												As of December 31, 2025												Correction #
		As Previously Reported				Corrections				As corrected				As Previously Reported				Corrections				As corrected				As Previously Reported				Corrections				As corrected
Accounts receivable, net			121,124				(36,600	)			84,524				164,344				(24,733	)			139,611				210,412				(98,742	)			111,670				1>, 3>
Prepayments and other current assets			68,974				14,471				83,445				144,375				11,239				155,614				104,219				36,703				140,922				2>, 4>
Total current assets			1,446,886				(22,129	)			1,424,757				1,543,125				(13,494	)			1,529,631				1,545,552				(62,039	)			1,483,513
Deferred tax assets			—				—				—				—				—				—				3,305				3,664				6,969				4>
Total non-current assets			328,688				—				328,688				384,375				—				384,375				504,356				3,664				508,020
Total assets			1,775,574				(22,129	)			1,753,445				1,927,500				(13,494	)			1,914,006				2,049,908				(58,375	)			1,991,533
Contract liabilities			61,952				—				61,952				72,017				—				72,017				66,607				(5,768	)			60,839				1>
Accrued expenses and other liabilities			176,769				217				176,986				189,367				747				190,114				268,353				(4,914	)			263,439				1>, 3>, 4>
Income taxes payable			106				—				106				10				—				10				3,100				(1,280	)			1,820				4>
Total current liabilities			578,032				217				578,249				662,692				747				663,439				727,759				(11,962	)			715,797
Other non-current liabilities			3,893				(400	)			3,493				3,509				(200	)			3,309				5,651				(975	)			4,676				3>
Total non-current liabilities			187,812				(400	)			187,412				212,659				(200	)			212,459				208,369				(975	)			207,394
Total liabilities			765,844				(183	)			765,661				875,351				547				875,898				936,128				(12,937	)			923,191
Accumulated deficit			(2,143,728	)			(21,946	)			(2,165,674	)			(2,225,884	)			(14,041	)			(2,239,925	)			(2,216,920	)			(45,438	)			(2,262,358	)			All
Total EHang Holdings Limited shareholders’ equity			1,010,015				(21,946	)			988,069				1,052,782				(14,041	)			1,038,741				1,114,365				(45,438	)			1,068,927
Total shareholders’ equity			1,009,730				(21,946	)			987,784				1,052,149				(14,041	)			1,038,108				1,113,780				(45,438	)			1,068,342
Total liabilities and shareholders’ equity			1,775,574				(22,129	)			1,753,445				1,927,500				(13,494	)			1,914,006				2,049,908				(58,375	)			1,991,533

EHANG HOLDINGS LIMITED

SELECTED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS DATA

(Amounts in thousands of Renminbi (“RMB”) except for number of shares and per share data)

		Three months ended June 30, 2025												Three months ended September 30, 2025												Three months ended December 31, 2025												Correction #
		As Previously Reported				Corrections				As corrected				As Previously Reported				Corrections				As corrected				As Previously Reported				Corrections				As corrected
Total revenues			147,162				(33,841	)			113,321				92,472				8,460				100,932				243,778				(66,142	)			177,636				1>
Costs of revenues			(55,090	)			11,450				(43,640	)			(36,263	)			(2,863	)			(39,126	)			(92,424	)			24,162				(68,262	)			2>, 3>
Gross profit			92,072				(22,391	)			69,681				56,209				5,597				61,806				151,354				(41,980	)			109,374
General and administrative expenses			(74,210	)			445				(73,765	)			(69,767	)			2,308				(67,459	)			(72,720	)			5,640				(67,080	)			3>
Total operating expenses			(172,921	)			445				(172,476	)			(150,789	)			2,308				(148,481	)			(160,075	)			5,640				(154,435	)
Operating loss			(78,115	)			(21,946	)			(100,061	)			(91,718	)			7,905				(83,813	)			(6,620	)			(36,340	)			(42,960	)
Loss before income tax and income (loss) from equity method investment			(79,412	)			(21,946	)			(101,358	)			(80,928	)			7,905				(73,023	)			11,808				(36,340	)			(24,532	)
Income tax (expenses) benefits			(114	)			—				(114	)			1				—				1				(420	)			4,943				4,523				4>
Loss before income (loss) from equity method investment			(79,526	)			(21,946	)			(101,472	)			(80,927	)			7,905				(73,022	)			11,388				(31,397	)			(20,009	)
Net loss			(81,013	)			(21,946	)			(102,959	)			(82,112	)			7,905				(74,207	)			10,542				(31,397	)			(20,855	)			All
Net loss attributable to ordinary shareholders			(80,793	)			(21,946	)			(102,739	)			(82,156	)			7,905				(74,251	)			10,494				(31,397	)			(20,903	)
Basic and diluted - ordinary share			(0.56	)			(0.15	)			(0.71	)			(0.55	)			0.05				(0.50	)			0.07				(0.21	)			(0.14	)
Basic and Diluted- ADS			(1.12	)			(0.30	)			(1.42	)			(1.10	)			0.10				(1.00	)			0.14				(0.42	)			(0.28	)
Comprehensive loss			(85,022	)			(21,946	)			(106,968	)			(89,218	)			7,905				(81,313	)			722				(31,397	)			(30,675	)
Comprehensive loss attributable to EHang Holdings Limited			(84,802	)			(21,946	)			(106,748	)			(89,262	)			7,905				(81,357	)			674				(31,397	)			(30,723	)

EHANG HOLDINGS LIMITED

SELECTED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS DATA

(Amounts in thousands of Renminbi (“RMB”) except for number of shares and per share data) (CONTINUED))

		Six months ended June 30, 2025												Nine months ended September 30, 2025												Year ended December 31, 2025												Correction #
		As Previously Reported				Corrections				As corrected				As Previously Reported				Corrections				As corrected				As Previously Reported				Corrections				As corrected
Total revenues			173,254				(33,841	)			139,413				265,726				(25,381	)			240,345				509,504				(91,523	)			417,981				1>
Costs of revenues			(64,889	)			11,450				(53,439	)			(101,152	)			8,587				(92,565	)			(193,576	)			32,749				(160,827	)			2>, 3>
Gross profit			108,365				(22,391	)			85,974				164,574				(16,794	)			147,780				315,928				(58,774	)			257,154
General and administrative expenses			(135,554	)			445				(135,109	)			(205,321	)			2,753				(202,568	)			(278,041	)			8,393				(269,648	)			3>
Total operating expenses			(283,778	)			445				(283,333	)			(434,567	)			2,753				(431,814	)			(594,642	)			8,393				(586,249	)
Operating loss			(167,993	)			(21,946	)			(189,939	)			(259,711	)			(14,041	)			(273,752	)			(266,331	)			(50,381	)			(316,712	)
Loss before income tax and income (loss) from equity method investment			(156,071	)			(21,946	)			(178,017	)			(236,999	)			(14,041	)			(251,040	)			(225,191	)			(50,381	)			(275,572	)
Income tax (expenses) benefits			(115	)			—				(115	)			(114	)			—				(114	)			(534	)			4,943				4,409				4>
Loss before income (loss) from equity method investment			(156,186	)			(21,946	)			(178,132	)			(237,113	)			(14,041	)			(251,154	)			(225,725	)			(45,438	)			(271,163	)
Net loss			(159,403	)			(21,946	)			(181,349	)			(241,515	)			(14,041	)			(255,556	)			(230,973	)			(45,438	)			(276,411	)			All
Net loss attributable to ordinary shareholders			(158,877	)			(21,946	)			(180,823	)			(241,033	)			(14,041	)			(255,074	)			(230,539	)			(45,438	)			(275,977	)
Basic and diluted - ordinary share			(1.10	)			(0.15	)			(1.25	)			(1.65	)			(0.10	)			(1.75	)			(1.57	)			(0.31	)			(1.88	)
Basic and Diluted- ADS			(2.20	)			(0.30	)			(2.50	)			(3.30	)			(0.20	)			(3.50	)			(3.14	)			(0.62	)			(3.76	)
Comprehensive loss			(165,411	)			(21,946	)			(187,357	)			(254,629	)			(14,041	)			(268,670	)			(253,907	)			(45,438	)			(299,345	)
Comprehensive loss attributable to EHang Holdings Limited			(164,885	)			(21,946	)			(186,831	)			(254,147	)			(14,041	)			(268,188	)			(253,473	)			(45,438	)			(298,911	)

Note:

1> Corrections of revenues and accounts receivable, net

The Company has concluded, based on its review of its revenue recognition, that it is not probable to collect substantially all of the consideration for certain orders from customers, and any consideration received from such customers will be recognized as a liability by the Company until the criterion set forth in ASC 606-10-25-7 is met. As a result, the Company has corrected the revenues and accounts receivable, net in presented periods, with corresponding adjustments to contract liabilities and accrued expenses and other liabilities.

2> Corrections of costs of revenues and prepayments and other current assets

Following the correction of revenues and accounts receivable, net as discussed above, the Company correspondingly reversed the related costs of revenues and recorded the right to recover the transferred inventories in prepayments and other current assets, as stipulated in the contracts or by relevant laws.

3> Corrections of warranty provisions and expected credit losses on accounts receivable

The corrections related to the aforementioned sales transactions resulted in corresponding corrections to warranty costs, expected credit losses, resulting in adjustments on costs of revenues, general and administrative expenses, accrued expenses and other liabilities, and accounts receivable, net.

4> Corrections of relevant accounts for value-added tax and income tax

The corrections related to the aforementioned sales transactions resulted in changes in timing and amount of the Company’s value-added tax and income tax liabilities. Consequently, relevant financial statement line items, including prepayments and other current assets, deferred tax assets, accrued expenses and other liabilities, income taxes payable and income tax expenses, have been correspondingly adjusted.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

EHang Holdings Limited
By:		/s/ Conor Chia-hung Yang
Name:		Conor Chia-hung Yang
Title:		Chief Financial Officer

Date: May 15, 2026

FAQ

What did EHang (EH) change in its 2025 financial results?

EHang revised its 2025 interim and annual figures after discovering revenue recognition errors. It reduced reported revenue and increased net losses for multiple 2025 periods, and restated related balance sheet items such as accounts receivable, contract liabilities, taxes, and warranty-related balances.

How much did EHang (EH) reduce its 2025 full-year revenue?

Full-year 2025 revenue was cut by RMB 91,523 thousand, falling from RMB 509,504 thousand to RMB 417,981 thousand. This change reflects the company’s conclusion that collection was not probable for certain customer orders under ASC 606, leading to reclassification and related adjustments.

How did the corrections affect EHang’s 2025 net loss?

EHang’s 2025 net loss increased after the corrections, rising from RMB 230,973 thousand to RMB 276,411 thousand. The wider loss stems from reversing previously recognized revenues, adjusting costs of revenues, warranty costs, expected credit losses, and tax-related items linked to those sales.

What happened to EHang’s accounts receivable balances for 2025?

Accounts receivable were significantly reduced, including a drop at December 31, 2025 from RMB 210,412 thousand to RMB 111,670 thousand. Amounts related to orders where collection is not probable are no longer recorded as receivables and are instead reflected in contract liabilities and other adjusted accounts.

Why did EHang change its revenue recognition for certain customers?

EHang determined collection was not probable for some orders, based on a review under ASC 606-10-25-7. As a result, consideration from those customers is recognized as a liability until collectability criteria are met, leading to lower revenues and revised associated costs and taxes.

What is the impact on EHang’s Form F-3ASR shelf registration?

EHang can no longer use its Form F-3ASR automatically because it no longer qualifies as a well-known seasoned issuer. The company must file a post-effective amendment, and sales under that shelf can proceed only after the amendment is declared effective by the SEC.