EHang (EH) withdraws 2026 target amid China low altitude uncertainty

Rhea-AI Filing Summary

EHang Holdings Ltd (EH) reported unaudited results for the quarter ended June 30, 2026, highlighting a transition from certification toward operational readiness and global deployment of its pilotless eVTOL aircraft. Total revenues were RMB77.9 million, down from RMB113.3 million a year earlier but up sharply from RMB25.7 million in the first quarter, mainly driven by higher EH216 and VT35 sales.

Gross profit reached RMB47.7 million with a strong 61.2% gross margin, while total operating expenses rose to RMB182.3 million, leading to an operating loss of RMB131.7 million and a net loss of RMB128.3 million. On a non-GAAP basis, adjusted net loss was RMB58.5 million, improved from RMB75.6 million in the first quarter but worse than RMB12.5 million a year ago. Cash, cash equivalents, short-term investments and treasury investments totaled RMB929.4 million as of June 30, 2026.

Management cited a more cautious low‑altitude regulatory environment in China, which is slowing passenger commercial approvals, and therefore withdrew the prior 2026 revenue guidance of RMB600 million with no replacement yet. EHang is prioritizing domestic operational readiness, overseas expansion via its Global Fast Track Program and sandbox projects, and diversification into logistics, firefighting and aerial media to broaden future revenue sources.

Positive

• Quarterly revenue rebounded 203.5% QoQ to RMB77.9 million, driven by increased EH216 and VT35 eVTOL sales after a weak first quarter.
• Gross margin remained high at 61.2%, roughly in line with 61.5% a year ago, indicating strong unit economics despite revenue volatility.
• Adjusted net loss improved QoQ to RMB58.5 million from RMB75.6 million, showing some progress on underlying profitability versus the prior quarter.
• Liquidity is sizable at RMB929.4 million in cash, short‑term investments and treasury investments, providing funding for product development and commercialization.

Negative

• Revenue declined about 31% YoY, from RMB113.3 million to RMB77.9 million, reflecting slower growth versus the prior-year quarter.
• Net loss widened YoY to RMB128.3 million from RMB103.0 million, and six‑month net loss rose to RMB254.6 million from RMB181.3 million.
• Operating expenses increased to RMB182.3 million from RMB172.5 million a year earlier, adding pressure to profitability despite lower revenue.
• Management withdrew full-year 2026 revenue guidance of RMB600 million due to regulatory uncertainty in China around passenger commercial service approvals.

Filing Explained

New details show route testing and overseas validation remain the disclosed operating stages, with Sri Lanka conditional on regulatory and safety assessments.

EHang reports that routine trial operations at its Guangzhou and Hefei sites have remained safe and stable for 17 months, while its domestic operating systems continue to be standardized. The added detail places route-level deployment in a readiness and testing phase rather than a completed scale-up.

The first Guangzhou point-to-point EH216-S route has entered internal trial operation, covering route planning, ground support, multi-aircraft dispatching, and contingency response. That is an operating capability milestone, not a disclosure that the route has entered full commercial service.

The EH216 series has flown in 23 countries with nearly 100,000 safe flight missions completed. Thailand remains in flight validation and commercial-operation preparation with a goal of obtaining a certificate within 2026, while Sri Lanka's sandbox commercialization remains subject to regulatory, technical, operational, and safety assessments.

As of June 30, 2026, the balance sheet reported cash and investments of RMB929.4 million, total liabilities of RMB941.7 million, and total shareholders' equity of RMB904.9 million. Reported bank-loan line items included RMB292.5 million of short-term loans, RMB18.0 million of current long-term loans, and RMB121.0 million of long-term loans.

Key Figures

Q2 2026 Revenue: RMB77.9 million Q2 2026 Gross Margin: 61.2% Q2 2026 Net Loss: RMB128.3 million +5 more

8 metrics

Q2 2026 Revenue RMB77.9 million Quarter ended June 30, 2026; compared with RMB113.3 million in Q2 2025 and RMB25.7 million in Q1 2026

Q2 2026 Gross Margin 61.2% Quarter ended June 30, 2026; versus 61.5% in Q2 2025 and 62.5% in Q1 2026

Q2 2026 Net Loss RMB128.3 million Quarter ended June 30, 2026; compared with RMB103.0 million in Q2 2025 and RMB126.4 million in Q1 2026

Adjusted Net Loss Q2 2026 (non-GAAP) RMB58.5 million Quarter ended June 30, 2026; versus RMB12.5 million in Q2 2025 and RMB75.6 million in Q1 2026

Cash and Investments RMB929.4 million Cash and cash equivalents, short-term investments and treasury investments as of June 30, 2026

Total Assets RMB1,846.6 million As of June 30, 2026; down from RMB1,991.5 million as of December 31, 2025

Total Liabilities RMB941.7 million As of June 30, 2026; compared with RMB923.2 million as of December 31, 2025

Withdrawn 2026 Revenue Guidance RMB600 million Previously issued full-year 2026 revenue guidance that has been withdrawn

Key Terms

advanced air mobility, pilotless eVTOL, Air Operator Certificate, Global Fast Track Program, +2 more

6 terms

advanced air mobility technical

"EHang is the world’s leading advanced air mobility (“AAM”) technology platform company"

Advanced air mobility involves the development and use of new types of aircraft, such as electric or hybrid vehicles, to transport people and goods through the air more efficiently and safely. It aims to improve urban transportation, reduce traffic congestion, and open up new markets for aerial services. For investors, it represents a growing industry with potential for technological innovation and future economic impact.

pilotless eVTOL technical

"the EH216 series has flown in 23 countries worldwide, with nearly 100,000 safe flight missions completed"

Air Operator Certificate regulatory

"at the Guangzhou and Hefei sites of two Air Operator Certificate (“OC”) holders"

An air operator certificate is an official government license that allows a company to fly aircraft commercially — carrying passengers, cargo, or operating charter services. Think of it like a business permit plus a driver’s license for an airline: it proves the company meets safety, maintenance, and operational rules. Investors care because without it a carrier cannot legally earn flight revenue, and restrictions, suspensions or loss of the certificate can sharply reduce cash flow and company value.

Global Fast Track Program other

"EHang further advanced its Global Fast Track Program, providing a structured and accelerated pathway"

regulatory sandbox regulatory

"local flight validation and commercial operation preparations under the regulatory sandbox framework"

A regulatory sandbox is a limited trial space set up by government agencies that oversee industries where companies can test new products, services or business models under relaxed rules and close supervision. For investors it matters because sandboxes can speed a company’s path to market or reveal problems early—like a rehearsal that shows whether an idea can work in the real world without full legal exposure, affecting growth prospects and valuation.

Non-GAAP Financial Measures financial

"The Company uses adjusted gross profit, adjusted operating expenses ... (collectively, the “Non-GAAP Financial Measures”)"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

Earnings Snapshot

Revenue Q2 2026: RMB77.9 million · Guidance included

Quarter and six months ended June 30, 2026

Revenue Q2 2026 RMB77.9 million down from RMB113.3 million in Q2 2025; up from RMB25.7 million in Q1 2026

Net loss Q2 2026 RMB128.3 million worse than RMB103.0 million in Q2 2025; slightly higher than RMB126.4 million in Q1 2026

Adjusted net loss Q2 2026 (non-GAAP) RMB58.5 million worse than RMB12.5 million in Q2 2025; improved from RMB75.6 million in Q1 2026

Cash and investments RMB929.4 million as of June 30, 2026

Guidance

Previously issued 2026 revenue guidance of RMB600 million has been withdrawn with no replacement due to regulatory uncertainty in China.

FAQ

How did EHang (EH) perform financially in Q2 2026?

EHang reported Q2 2026 revenue of RMB77.9 million, down from RMB113.3 million a year ago but up from RMB25.7 million in Q1. It generated gross profit of RMB47.7 million with a 61.2% gross margin and recorded a net loss of RMB128.3 million.

What were EHang (EH)'s losses and margins in Q2 2026?

In Q2 2026, EHang posted an operating loss of RMB131.7 million and a net loss of RMB128.3 million. Gross margin was 61.2%, similar to 61.5% in Q2 2025 and 62.5% in Q1 2026, indicating stable profitability on sold units.

How strong is EHang (EH)'s cash position as of June 30, 2026?

As of June 30, 2026, EHang held RMB929.4 million (US$137.0 million) in cash, cash equivalents, short‑term investments and treasury investments, supporting its commercialization, product development and global expansion plans.

Did EHang (EH) change its 2026 revenue guidance?

Yes. EHang withdrew its previously issued 2026 revenue guidance of RMB600 million and is not providing new guidance, citing a more cautious regulatory environment in China and uncertainty around timing of passenger commercial service approvals.

What are EHang (EH)'s main strategic priorities in 2026?

EHang is focusing on domestic operational readiness, expanding overseas markets via its Global Fast Track Program and regulatory sandboxes, and diversifying revenue into logistics, firefighting and aerial media while keeping passenger air mobility as its long-term core.

How do EHang (EH)'s non-GAAP results compare in Q2 2026?

In Q2 2026, EHang reported an adjusted operating loss of RMB62.0 million and an adjusted net loss of RMB58.5 million, versus an adjusted net loss of RMB12.5 million in Q2 2025 and RMB75.6 million in Q1 2026.

What were EHang (EH)'s six-month 2026 results versus 2025?

For the six months ended June 30, 2026, EHang generated revenue of RMB103.5 million versus RMB139.4 million a year earlier and recorded a net loss of RMB254.6 million compared with RMB181.3 million for the same period in 2025.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 6-K: How Foreign Companies Report to the SEC →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Available on EDGAR 08/25/2026 - 07:39 AM Accepted by SEC EDGAR 08/25/2026 - 07:39 AM Learn about SEC filing dates

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 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  ☐

Exhibit Index

Exhibit		Description
99.1		Press Release: EHang Reports Second Quarter 2026 Unaudited Financial Results

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/ConorChia-hungYang
Name:		Conor Chia-hung Yang
Title:		Chief Financial Officer

Date: August 25, 2026

Exhibit 99.1

EHang Reports Second Quarter 2026 Unaudited Financial Results

• Quarterly Revenues Increased by 203.5% QoQ

• Broadened Revenue Sources beyond Passenger Mobility

• Advanced Regulatory Sandbox Programs in Thailand and Hong Kong

• Launched Global Fast Track Program to Accelerate Overseas Market Entry and Commercialization

Guangzhou, China, August 25, 2026 — 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 second quarter ended June 30, 2026.

Operational and Financial Highlights for the Second Quarter of 2026

• Sales and deliveries of products included 36 units of electric vertical take-off and landing (“eVTOL”) aircraft, comprising 35 units of the EH216 series¹ and one unit of VT35, compared with 52 units of the EH216 series in the second quarter of 2025 and increasing notably from 4 units in the first quarter of 2026; 520 units of GD4.0 formation drones, compared with 1,000 units in the first quarter of 2026.

• Total revenues were RMB77.9 million (US$11.5 million), representing a significant increase of 203.5% from RMB25.7 million in the first quarter of 2026, and a decrease of 31.3% from RMB113.3 million in the second quarter of 2025.

• Gross margin was 61.2%, on par with 61.5% in the second quarter of 2025 and 62.5% in the first quarter of 2026.

• Operating loss was RMB131.7 million (US$19.4 million), compared with RMB100.1 million in the second quarter of 2025 and RMB127.9 million in the first quarter of 2026.

• Net loss was RMB128.3 million (US$18.9 million), compared with RMB103.0 million in the second quarter of 2025 and RMB126.4 million in the first quarter of 2026.

• Adjusted operating loss² (non-GAAP) was RMB62.0 million (US$9.1 million), compared with RMB23.9 million in the second quarter of 2025 and RMB77.1 million in the first quarter of 2026.

• Adjusted net loss³ (non-GAAP) was RMB58.5 million (US$8.6 million), compared with RMB12.5 million in the second quarter of 2025 and RMB75.6 million in the first quarter of 2026.

• Cash and cash equivalents, short-term investments and treasury investment balances were RMB929.4 million (US$137.0 million) as of June 30, 2026.

Business Highlights for the Second Quarter of 2026 and Recent Developments

Since the second quarter of 2026, amid a more cautious regulatory environment in China, EHang has focused on three strategic priorities—strengthening domestic operational capabilities, upgrading its global market entry strategies, and broadening its revenue source—while advancing from certification toward operational readiness and capability deployment.

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”.

1

Deepening Domestic Operational Readiness and Standardizing Operational Capabilities

EHang continued to strengthen the end-to-end operational systems at the Guangzhou and Hefei sites of two Air Operator Certificate (“OC”) holders, covering personnel training, operational support, insurance services, airspace coordination and emergency response. Routine trial operations at the two sites have remained safe and stable for 17 months, providing real-world operating data and experience to support regulatory engagement and future commercial operations.

The Company also advanced the EH216-S from single-site operations toward A-to-B route operations. At its Guangzhou headquarters, the first point-to-point test route has entered internal trial operation, further validating route planning, ground support, multi-aircraft dispatching and contingency response capabilities.

EHang continued to expand practical transportation applications, including low-altitude routes across Erhai Lake in Dali, Yunnan and a cross-sea low-altitude corridor project in Lingao, Hainan, in cooperation with China Construction Sixth Engineering Bureau. In Hong Kong, the Company was selected into the “Low-Altitude Economy Regulatory Sandbox X” Trial Projects and has commenced flight validation, with a public flight event planned in the near term.

Building on its operating experience, EHang is standardizing its certifications, operating data, know-how and safety management capabilities into replicable solutions for customers and partners. The Company is also enhancing EH216-S operational support, with its battery cooling vehicle increasing daily utilization to 12–15 flights per aircraft and independent air-conditioning systems reducing cabin temperature by 10–15°C, supporting greater efficiency, passenger comfort and future scaled operations.

Expanding Overseas Markets and Building a Standardized, Replicable Global Market Entry Model

Through collaboration with local civil aviation authorities and partners, EHang continued to accelerate the deployment of its pilotless eVTOL technologies and operational systems overseas. Since the second quarter, the EH216-S has expanded its flight footprint to Mexico, Switzerland and Kazakhstan. To date, the EH216 series has flown in 23 countries worldwide, with nearly 100,000 safe flight missions completed.

In Thailand, the Company continued local flight validation and commercial operation preparations under the regulatory sandbox framework. A clear regulatory pathway has been established with the Civil Aviation Authority of Thailand, with the goal of obtaining a commercial operation certificate within 2026.

Building on nearly a decade of experience in airworthiness certification, operations and regulatory engagement, EHang further advanced its Global Fast Track Program, providing a structured and accelerated pathway for introducing pilotless eVTOL operations in international markets. The program covers regulatory coordination, validation flights, operational readiness and commercialization. Sri Lanka is the inaugural market under the initiative and is advancing toward sandbox commercialization subject to applicable regulatory, technical, operational and safety assessments. EHang is also exploring similar collaboration pathways in other international markets.

By moving from product delivery toward the export of experience, capabilities and standards, EHang is building a more efficient and replicable global commercialization model.

2

Expanding the Product Portfolio and Application Scenarios to Diversify Growth Drivers

EHang remains focused on passenger air mobility as its long-term strategic priority, while leveraging its aviation-grade technologies and safety capabilities to expand into non-passenger applications such as logistics, firefighting and aerial media.

Aerial media remains an important part of this diversification. The Company continued to expand GD-series formation drone sales and drone show services, while further developing recurring venue-based performances alongside one-off large-scale events. EHang has also been expanding the business into Japan, Thailand and Europe, enhancing its sustainability and replicability.

In aerial logistics and firefighting, the Company is advancing product development and testing based on real customer demand, with trial applications in port logistics and forest firefighting.

Meanwhile, EHang continued to advance the development and airworthiness certification of the VT35 long-range lift-and-cruise eVTOL through ongoing testing and trial flights. The Company also enhanced its urban low-altitude flight management platform and further integrated it with Hefei government’s city-level flight service system to support future large-scale, high-density urban low-altitude operations.

Management Remarks

Mr. Huazhi Hu, Founder, Chairman and Chief Executive Officer of EHang: “Since the second quarter, EHang has entered an important strategic transition, moving from obtaining certifications toward operational readiness, scenario validation, capability deployment and global expansion. Certification is only the starting point. Scalable commercialization ultimately depends on safe and reliable products, strong operational capabilities, replicable scenario solutions and the ability to deploy them across global markets.

In late June, a major accident involving a piloted light-sport aircraft in China prompted greater caution around low-altitude aviation safety regulation and affected the pace of passenger commercial operation approvals in certain regions. We fully understand this regulatory approach. For pilotless passenger aviation, safety, regulation and traceability have always been the foundation for commercial operations. We see this as a temporary adjustment in industry pace, not a change in market demand, our technology foundation or long-term direction.

We are therefore focused on three priorities: refining replicable flight operational models in China while accelerating capability deployment overseas; diversifying revenue through logistics, firefighting and aerial media while keeping passenger transportation at the core; and improving efficiency by focusing resources on core R&D, airworthiness, operations and businesses with clear revenue potential. We are also improving organizational efficiency and revitalizing structure, controlling capital expenditures and expanding the use of AI in R&D design, knowledge reuse and cross-functional processes.

We firmly believe advanced air mobility will continue toward greater automation, intelligence and pilotless operations. Our goal is to keep strengthening our safety record and standardized operational capabilities, so that EHang is ready to scale as the regulatory and commercial environment matures.”

Mr. Conor Yang, Chief Financial Officer of EHang: “We are pleased with the continued progress across our global and regional markets, highlighted by the rollout of our Global Fast Track Program and the advancement of regulatory sandbox initiatives in Thailand and Hong Kong. These milestones reflect growing regulatory collaboration and open up additional commercialization pathways for our pilotless eVTOL solutions.

At the same time, we recognize that the recent industry air incidents have prompted a more cautious regulatory stance in China, creating near-term uncertainty around the timing of passenger commercial service approvals in China. In light of this evolving environment, we have decided to withdraw our previously issued 2026 revenue guidance of RMB600 million and are not providing a replacement at this time. We will revisit our outlook and provide updated guidance once regulatory visibility improves.

3

As of June 30, cash and investment balances totaled RMB929.4 million, supporting our commercialization, product development and global expansion. We will continue to improve operating efficiency and create sustainable long-term value for shareholders.”

Unaudited Financial Results for the Second Quarter of 2026

Revenues

Total revenues were RMB77.9 million (US$11.5 million), compared with RMB113.3 million in the second quarter of 2025, and RMB25.7 million in the first quarter of 2026. The quarter-over-quarter 203.5% increase was primarily driven by increased sales volume of eVTOL aircraft, including EH216 series and VT35.

Costs of revenues

Costs of revenues were RMB30.2 million (US$4.4 million), compared with RMB43.6 million in the second quarter of 2025 and RMB9.6 million in the first quarter of 2026. The quarter-over-quarter increase was in line with the increase in the sales volume of eVTOL aircraft.

Gross profit and gross margin

Gross profit was RMB47.7 million (US$7.0 million), compared with RMB69.7 million in the second quarter of 2025, and RMB16.0 million in the first quarter of 2026. The quarter-over-quarter increase was primarily due to the increase in the sales volume of eVTOL aircraft.

Gross margin was 61.2%, on par with 61.5% in the second quarter of 2025 and 62.5% in the first quarter of 2026.

Operating expenses

Total operating expenses were RMB182.3 million (US$26.9 million), compared with RMB172.5 million in the second quarter of 2025, and RMB151.7 million in the first quarter of 2026.

• Sales and marketing expenses were RMB34.4 million (US$5.1 million), compared with RMB41.1 million in the second quarter of 2025, and RMB23.9 million in the first quarter of 2026. The year-over-year decrease was primarily attributable to decreases in sales-related compensation. The quarter-over-quarter increase was primarily attributable to higher share-based compensation expenses due to new grant of share-based awards in the end of first quarter of 2026.

• General and administrative expenses were RMB84.1 million (US$12.4 million), compared with RMB73.8 million in the second quarter of 2025, and RMB67.7 million in the first quarter of 2026. The year-over-year and the quarter-over-quarter increases were primarily attributable to higher share-based compensation expenses due to new grant of share-based awards in the end of first quarter of 2026, and increases in current expected credit loss of accounts receivable.

• Research and development expenses were RMB63.8 million (US$9.4 million), compared with RMB57.6 million in the second quarter of 2025, and RMB60.1 million in the first quarter of 2026. The year-over-year increase was mainly attributable to increased employee compensation. The quarter-over-quarter increase was mainly attributable to higher share-based compensation expenses due to new grant of share-based awards in the end of first quarter of 2026.

4

Operating loss

Operating loss was RMB 131.7 million (US$19.4 million), compared with RMB100.1 million in the second quarter of 2025 and RMB127.9 million in the first quarter of 2026.

Net loss

Net loss was RMB 128.3 million (US$18.9 million), compared with RMB103.0 million in the second quarter of 2025 and RMB126.4 million in the first quarter of 2026.

Net loss per ordinary share and per ADS

Basic and diluted net loss per ordinary share were both RMB0.84 (US$0.12).

Basic and diluted net loss per American depositary share (“ADS”) were both RMB1.68 (US$0.24). Each ADS represents two of our Class A ordinary shares.

Balance sheets

Cash and cash equivalents, short-term investments and treasury investment balances were RMB929.4 million (US$137.0 million) as of June 30, 2026.

Non-GAAP Financial Measures

The Company uses adjusted gross profit, 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.

5

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 RMB112.7 million (US$16.6 million), compared to RMB96.4 million in the second quarter of 2025 and RMB101.1 million in the first quarter of 2026. In the second quarter of 2026, adjusted sales and marketing expenses⁴, adjusted general and administrative expenses⁴, and adjusted research and development expenses⁴ were RMB20.0 million (US$2.9 million), RMB45.4 million (US$6.7 million), and RMB47.3 million (US$7.0 million), respectively.

Adjusted operating loss² (non-GAAP)

Adjusted operating loss² was RMB62.0 million (US$9.1 million), compared with RMB23.9 million in the second quarter of 2025 and RMB77.1 million in the first quarter of 2026.

Adjusted net loss³ (non-GAAP)

Adjusted net loss³ was RMB58.5 million (US$8.6 million), compared with RMB12.5 million in the second quarter of 2025 and adjusted net loss³ of RMB75.6 million in the first quarter of 2026.

Adjusted net loss attributable to EHang’s ordinary shareholders⁵ (non-GAAP)

Adjusted net loss attributable to EHang’s ordinary shareholders⁵ was RMB57.9 million (US$8.5 million), compared with RMB12.3 million in the second quarter of 2025 and RMB75.2 million in the first quarter of 2026.

Adjusted net loss per ordinary share⁶ and per ADS⁷ (non-GAAP)

Adjusted basic and diluted net loss per ordinary share⁶ was RMB0.38 (US$0.06).

Adjusted basic and diluted net loss per ADS⁷ was RMB0.76 (US$0.12).

Business Outlook

In light of recent industry safety incidents and the resulting more cautious regulatory approach, which has increased uncertainty around the timing of passenger commercial service approvals in China, the Company has decided to withdraw its previously issued full-year revenue guidance for 2026 and is not providing replacement guidance at this time.

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.

6

This decision reflects a prudent approach to managing business visibility against the backdrop of domestic regulatory environment at this stage and does not represent a change in the Company’s long-term outlook for the low-altitude economy or EHang’s strategic positioning.

The Company will continue to expand global markets, strengthen its operational capabilities, diversify its revenue mix, and closely monitor developments in the regulatory and operating environment. EHang expects to provide an updated business outlook when greater regulatory visibility is established.

Conference Call

EHang’s management team will host an earnings conference call at 8:00 AM on Tuesday, August 25, 2026, U.S. Eastern Time (8:00 PM on Tuesday, August 25, 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/10056824-n27awx.html

Chinese line: https://s1.c-conf.com/diamondpass/10056826-dodgtb.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.

7

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 RMB6.7851 to US$1.00, the noon buying rate in effect on June 30, 2026, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to in this press release could have been converted into USD or RMB, as the case may be, at any particular rate or at all.

Investor Contact: ir@ehang.com

Media Contact: pr@ehang.com

8

EHANG HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))

		As of December 31, 2025				As of June 30, 2026
		RMB				RMB				US$
ASSETS
Current assets:
Cash and cash equivalents			256,400				209,198				30,832
Short-term investments			843,232				692,744				102,098
Restricted short-term deposits			29,655				—				—
Accounts receivable, net8			111,670				86,765				12,787
Inventories			101,634				132,230				19,488
Prepayments and other current assets9			140,922				152,897				22,536
Total current assets			1,483,513				1,273,834				187,741
Non-current assets:
Property and equipment, net			258,050				271,202				39,970
Treasury investment			—				27,466				4,048
Operating lease right-of-use assets, net			116,468				127,404				18,777
Land use rights, net			11,347				11,223				1,654
Intangible assets, net			2,713				2,599				383
Investments accounted for using equity method			28,849				45,080				6,644
Other investments			45,330				45,330				6,681
Deferred tax assets			6,969				6,969				1,027
Other non-current assets			38,294				35,510				5,234
Total non-current assets			508,020				572,783				84,418
Total assets			1,991,533				1,846,617				272,159

⁸  As of December 31, 2025 and June 30, 2026, amounts due from a related party of RMB5,256 and RMB1,268 (US$187) were included in accounts receivable, net, respectively.

⁹  As of December 31, 2025 and June 30, 2026, amounts due from a related party of RMB2,070 and nil were included in prepayments and other current assets, respectively.

9

EHANG HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONT’D)

(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))

		As of December 31, 2025				As of June 30, 2026
		RMB				RMB				US$
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term bank loans			229,611				292,523				43,113
Accounts payable			132,509				124,237				18,310
Contract liabilities10			60,839				59,473				8,765
Current portion of long-term bank loans			9,800				18,000				2,653
Accrued expenses and other liabilities11			263,439				169,888				25,038
Current portion of lease liabilities			16,278				26,794				3,949
Deferred income			817				381				56
Deferred government subsidies			684				153				23
Income taxes payable			1,820				221				33
Total current liabilities			715,797				691,670				101,940
Non-current liabilities:
Long-term bank loans			82,700				121,000				17,833
Deferred tax liabilities			292				292				43
Unrecognized tax benefit			5,480				5,480				808
Lease liabilities			114,246				119,751				17,649
Other non-current liabilities			4,676				3,534				521
Total non-current liabilities			207,394				250,057				36,854
Total liabilities			923,191				941,727				138,794
Shareholders’ equity:
Treasury stock			(10,085	)			(13,743	)			(2,025	)
Ordinary shares			92				93				14
Additional paid-in capital			3,335,371				3,455,915				509,339
Statutory reserves			3,302				3,302				487
Accumulated deficit			(2,262,358	)			(2,516,017	)			(370,815	)
Accumulated other comprehensive income (loss)			2,605				(23,121	)			(3,408	)
Total EHang Holdings Limited shareholders’ equity			1,068,927				906,429				133,592
Non-controlling interests			(585	)			(1,539	)			(227	)
Total shareholders’ equity			1,068,342				904,890				133,365
Total liabilities and shareholders’ equity			1,991,533				1,846,617				272,159

¹⁰  As of December 31, 2025 and June 30, 2026, amounts due to a related party of nil and RMB341(US$50) were included in accrued expenses and other liabilities, respectively.

¹¹  As of December 31, 2025 and June 30, 2026, amounts due to a related party of nil and RMB341(US$50) were included in accrued expenses and other liabilities, respectively.

10

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																Six Months Ended
		June 30, 2025				March 31, 2026				June 30, 2026								June 30, 2025				June 30, 2026
		RMB				RMB				RMB				US$				RMB				RMB				US$
Total revenues			113,321				25,660				77,887				11,479				139,413				103,547				15,261
Costs of revenues			(43,640	)			(9,621	)			(30,187	)			(4,449	)			(53,439	)			(39,808	)			(5,867	)
Gross profit			69,681				16,039				47,700				7,030				85,974				63,739				9,394
Operating expenses:
Sales and marketing expenses			(41,132	)			(23,916	)			(34,427	)			(5,074	)			(53,360	)			(58,343	)			(8,599	)
General and administrative expenses			(73,765	)			(67,749	)			(84,108	)			(12,396	)			(135,109	)			(151,857	)			(22,381	)
Research and development expenses			(57,579	)			(60,080	)			(63,798	)			(9,403	)			(94,864	)			(123,878	)			(18,257	)
Total operating expenses			(172,476	)			(151,745	)			(182,333	)			(26,873	)			(283,333	)			(334,078	)			(49,237	)
Other operating income			2,734				7,798				2,894				427				7,420				10,692				1,576
Operating loss			(100,061	)			(127,908	)			(131,739	)			(19,416	)			(189,939	)			(259,647	)			(38,267	)
Other income (expenses):
Interest income			11,673				10,396				8,989				1,325				23,722				19,385				2,857
Interest expenses			(997	)			(2,324	)			(2,267	)			(334	)			(2,150	)			(4,591	)			(677	)
Foreign exchange gain (loss)			1,774				(3,475	)			(348	)			(51	)			3,346				(3,823	)			(563	)
Other non-operating (expenses) income, net			(13,747	)			492				287				43				(12,996	)			779				115
Total other (expense) income			(1,297	)			5,089				6,661				983				11,922				11,750				1,732
Loss before income tax and loss from equity method investments			(101,358	)			(122,819	)			(125,078	)			(18,433	)			(178,017	)			(247,897	)			(36,535	)
Income tax (expenses) benefits			(114	)			(117	)			770				113				(115	)			653				96
Loss before loss from equity method investments			(101,472	)			(122,936	)			(124,308	)			(18,320	)			(178,132	)			(247,244	)			(36,439	)
Loss from equity method investments			(1,487	)			(3,426	)			(3,943	)			(581	)			(3,217	)			(7,369	)			(1,086	)
Net loss			(102,959	)			(126,362	)			(128,251	)			(18,901	)			(181,349	)			(254,613	)			(37,525	)

11

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																Six Months Ended
		June 30, 2025				March 31, 2026				June 30, 2026								June 30, 2025				June 30, 2026
		RMB				RMB				RMB				US$				RMB				RMB				US$
Net loss			(102,959	)			(126,362	)			(128,251	)			(18,901	)			(181,349	)			(254,613	)			(37,525	)
Net loss attributable to non-controlling interests			220				401				553				82				526				954				141
Net loss attributable to ordinary shareholders			(102,739	)			(125,961	)			(127,698	)			(18,819	)			(180,823	)			(253,659	)			(37,384	)
Shares used in net loss per ordinary share computation (in thousands of shares):
Basic			144,741				150,994				151,900				151,900				144,316				151,450				151,450
Diluted			144,741				150,994				151,900				151,900				144,316				151,450				151,450
Net loss per ordinary share Basic and diluted			(0.71	)			(0.83	)			(0.84	)			(0.12	)			(1.25	)			(1.67	)			(0.25	)
Net loss per ADS (2 ordinary shares equal to 1 ADS) Basic and diluted			(1.42	)			(1.66	)			(1.68	)			(0.24	)			(2.50	)			(3.34	)			(0.50	)
Other comprehensive loss
Foreign currency translation adjustments net of nil tax			(4,009	)			(13,276	)			(12,450	)			(1,835	)			(6,008	)			(25,726	)			(3,792	)
Total other comprehensive loss, net of tax			(4,009	)			(13,276	)			(12,450	)			(1,835	)			(6,008	)			(25,726	)			(3,792	)
Comprehensive loss			(106,968	)			(139,638	)			(140,701	)			(20,736	)			(187,357	)			(280,339	)			(41,317	)
Comprehensive loss attributable to non-controlling interests			220				401				553				82				526				954				141
Comprehensive loss attributable to ordinary shareholders			(106,748	)			(139,237	)			(140,148	)			(20,654	)			(186,831	)			(279,385	)			(41,176	)

12

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																Six Months Ended
		June 30, 2025				March 31, 2026				June 30, 2026								June 30, 2025				June 30, 2026
		RMB				RMB				RMB				US$				RMB				RMB				US$
Gross profit			69,681				16,039				47,700				7,030				85,974				63,739				9,394
Plus: Share-based compensation expenses			117				123				112				16				117				235				35
Adjusted gross profit			69,798				16,162				47,812				7,046				86,091				63,974				9,429
Sales and marketing expenses			(41,132	)			(23,916	)			(34,427	)			(5,074	)			(53,360	)			(58,343	)			(8,599	)
Plus: Share-based compensation expenses			18,651				5,294				14,380				2,119				20,612				19,674				2,900
Adjusted sales and marketing expenses			(22,481	)			(18,622	)			(20,047	)			(2,955	)			(32,748	)			(38,669	)			(5,699	)
General and administrative expenses			(73,765	)			(67,749	)			(84,108	)			(12,396	)			(135,109	)			(151,857	)			(22,381	)
Plus: Share-based compensation expenses			37,934				36,397				38,783				5,717				77,107				75,180				11,080
Adjusted general and administrative expenses			(35,831	)			(31,352	)			(45,325	)			(6,679	)			(58,002	)			(76,677	)			(11,301	)
Research and development expenses			(57,579	)			(60,080	)			(63,798	)			(9,403	)			(94,864	)			(123,878	)			(18,257	)
Plus: Share-based compensation expenses			19,486				8,960				16,495				2,431				25,614				25,455				3,752
Adjusted research and development expenses			(38,093	)			(51,120	)			(47,303	)			(6,972	)			(69,250	)			(98,423	)			(14,505	)
Operating expenses			(172,476	)			(151,745	)			(182,333	)			(26,873	)			(283,333	)			(334,078	)			(49,237	)
Plus: Share-based compensation expenses			76,071				50,651				69,658				10,267				123,333				120,309				17,732
Adjusted operating expenses			(96,405	)			(101,094	)			(112,675	)			(16,606	)			(160,000	)			(213,769	)			(31,505	)
Operating loss			(100,061	)			(127,908	)			(131,739	)			(19,416	)			(189,939	)			(259,647	)			(38,267	)
Plus: Share-based compensation expenses			76,188				50,774				69,770				10,283				123,449				120,544				17,767
Adjusted operating loss			(23,873	)			(77,134	)			(61,969	)			(9,133	)			(66,490	)			(139,103	)			(20,500	)

13

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																Six Months Ended
		June 30, 2025				March 31, 2026				June 30, 2026								June 30, 2025				June 30, 2026
		RMB				RMB				RMB				US$				RMB				RMB				US$
Net loss			(102,959	)			(126,362	)			(128,251	)			(18,901	)			(181,349	)			(254,613	)			(37,525	)
Plus: Share-based compensation expenses			76,188				50,774				69,770				10,283				123,450				120,544				17,767
Plus: Certain non-operational expenses			14,254				—				—				—				14,254				—				—
Adjusted net loss			(12,517	)			(75,588	)			(58,481	)			(8,618	)			(43,645	)			(134,069	)			(19,758	)
Net loss attributable to ordinary shareholders			(102,739	)			(125,961	)			(127,698	)			(18,819	)			(180,823	)			(253,659	)			(37,384	)
Plus: Share-based compensation expenses			76,188				50,774				69,770				10,283				123,450				120,544				17,767
Plus: Certain non-operational expenses			14,254				—				—				—				14,254				—				—
Adjusted net loss attributable to ordinary shareholders			(12,297	)			(75,187	)			(57,928	)			(8,536	)			(43,119	)			(133,115	)			(19,617	)
Shares used in net loss per ordinary share computation (in thousands of shares):
Basic			144,741				150,994				151,900				151,900				144,316				151,450				151,450
Diluted			144,741				150,994				151,900				151,900				144,316				151,450				151,450
Adjusted basic net loss per ordinary share			(0.08	)			(0.50	)			(0.38	)			(0.06	)			(0.30	)			(0.88	)			(0.13	)
Adjusted diluted net loss per ordinary share			(0.08	)			(0.50	)			(0.38	)			(0.06	)			(0.30	)			(0.88	)			(0.13	)
Adjusted basic net loss per ADS			(0.16	)			(1.00	)			(0.76	)			(0.12	)			(0.60	)			(1.76	)			(0.26	)
Adjusted diluted net loss per ADS			(0.16	)			(1.00	)			(0.76	)			(0.12	)			(0.60	)			(1.76	)			(0.26	)

14

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 EX-99.1 283.1 KB