At DGCA/61, Malaysia's Ministry of Transport and the Civil Aviation Authority of Malaysia called on regulators to actively embrace the low-altitude economy and Advanced Air Mobility, advocating the regulatory sandbox as a safe pathway to bring innovative technologies to marketInvited to present the Global Fast Track Program to civil aviation authorities across the Asia Pacific, EHang is advancing sandbox projects in Thailand, Sri Lanka, and Hong Kong SAR of China, receiving positive responses from regulators, with multiple civil aviation authorities expressing interest in joining the Program KUALA LUMPUR, Malaysia, Sept. 10, 2026 (GLOBE NEWSWIRE) -- EHang Holdings Limited ("EHang" or the "Company") (Nasdaq: EH), the world's leading Advanced Air Mobility (AAM) technology platform company, announced that it was invited to attend the 61st Conference of Directors General of Civil Aviation, Asia and Pacific Region (DGCA/61), held in Kuala Lumpur, Malaysia, from September 7 to 11. Hosted by the Civil Aviation Authority of Malaysia (CAAM) under the theme "Smart Skies: Emerging Technologies for Safe, Secure, Sustainable and Efficient Aviation," the conference brought together more than 500 representatives — civil aviation authorities, international organizations and industry leaders — from 35 countries.
（Image: The 61st Conference of Directors General of Civil Aviation, Asia and Pacific Region (DGCA/61)）
CAAM Backs Low-Altitude Economy and Regulatory Sandbox to Facilitate New Technology Adoption
(Image: Malaysia's Minister of Transport Anthony Loke delivering remarks)
During the conference opening, Malaysia's Minister of Transport Anthony Loke emphasized that artificial intelligence, unmanned aircraft and AAM have the potential to transform logistics, public services and connectivity. As these technologies develop, he noted, governments and regulators must provide clarity and confidence, ensuring that innovation proceeds responsibly and continues to serve the public interest.
(Image: Dato' Captain Norazman Mahmud, Chief Executive Officer of CAAM, delivering the opening address)
Dato' Captain Norazman Mahmud, Chief Executive Officer of CAAM, stated in his opening address, "We must also prepare for the next frontier, the low-altitude economy. Unmanned aircraft system, and AAM offer enormous potential, but they also raise new questions involving airspace, certification, traffic management, infrastructure, and accountability. Technology is moving faster than traditional regulatory cycles. Our challenge is to ensure that regulation enables responsible innovation while remaining firm in its most fundamental purpose — protecting safety, security, and public confidence. This requires regulatory approaches that are adaptive, risk-proportionate, and performance-based."
This regulatory direction is closely aligned with EHang’s sandbox validation initiatives in multiple markets, providing a strong regulatory foundation for translating policy initiatives into real-world pilotless passenger-carrying eVTOL operations across the Asia Pacific.
(Image: EHang presenting the Global Fast Track Program at its exhibition booth)
EHang Outlines the Global Fast Track Program: From Product Export to Empowering Global Markets with Chinese Standards
Conor Yang, Board Director and Chief Financial Officer at EHang, was invited to deliver a keynote speech titled "From Certification to Operations: A Practical, Replicable Pathway for eVTOL AAM in the Asia Pacific".
In his speech, Mr. Yang noted that AAM holds immense potential across the Asia Pacific. Regulators across the region are exploring a common question: how to make this new mode of mobility safe, accessible and truly practical. Airworthiness certification is only the first step — building local regulatory frameworks, cultivating local operations and maintenance capabilities, and ensuring safe public flights day after day are the real challenges.
(Image: Conor Yang, Board Director and Chief Financial Officer at EHang, delivering the keynote speech)
Drawing on the EH216-S pilotless eVTOL aircraft’s complete set of certifications, along with nearly 100,000 autonomous safe flights across 23 countries, and operational experience from more than 40 sites in China, Mr. Yang introduced EHang Global Fast Track Program: "The Program is expected to compress a market-entry cycle that traditionally takes years into a matter of months, without compromising safety. We deliver capabilities step by step, leverage existing certification achievements and avoid unnecessary duplication of validation, with the civil aviation authority retaining full regulatory oversight at every stage. EHang brings aircraft, operational platforms and operational support, working with regulators to jointly build the pathway to market entry."
Sandbox Projects Advance Across Overseas Markets and Multiple Civil Aviation Authorities Signal Deeper Cooperation
In his speech, Mr. Yang shared EHang’s successful implementation of regulatory sandbox projects across international markets, which have attracted widespread attention and positive feedback. Directors General of multiple civil aviation authorities expressed strong interest in the Global Fast Track Program and further explored opportunities for cooperation.
THAILAND
EHang is working closely with the Civil Aviation Authority of Thailand (CAAT) to advance sandbox validation. In November 2025, Manat Chavanaprayoon, Director General of CAAT, personally boarded the EH216-S and experienced a pilotless urban flight in Bangkok. EHang and CAAT are now accelerating preparations for commercialization, aiming to conduct the first commercial flight by the Second International Civil Aviation Organization (ICAO) Advanced Air Mobility Symposium (AAM 2026) in Bangkok this December.
SRI LANKA
In August 2026, Sri Lanka became the first country to adopt the EHang Global Fast Track Program. The parties plan to establish the first sandbox zone centered on Port City in Colombo, targeting validation and the transition to commercial operations within four months, subject to the successful completion of comprehensive regulatory, technical, operational, and safety assessments. EHang and the Sri Lankan authorities are progressing regulatory framework alignment and other related work as planned.
HONG KONG, CHINA
EHang was selected as one of the first batch of trial projects under the Hong Kong Low-Altitude Economy Regulatory Sandbox X initiative. The EH216-S recently successfully completed its first phase of validation flights and public demonstration. EHang is also actively assisting the HKSAR Government in advancing legislative research on this new type of aircraft.
Throughout the conference, EHang’s exhibition booth attracted significant attention from delegates. Senior representatives of CAAM, along with directors-general and delegates from the civil aviation authorities of Laos, Fiji, Cambodia, the Philippines, Tonga, Vietnam, the Maldives, Bhutan, Nepal, and other countries, visited the booth, holding detailed discussions on the feasibility of introducing regulatory sandbox mechanisms and implementing the Fast Track Program in their respective countries. The visiting regulators agreed that EHang's mature airworthiness system and standardized operational support provide a practical turnkey solution for countries without ready-made AAM regulatory frameworks.
(Image: The Directors General of Civil Aviation of Sri Lanka, Nepal and Bhutan visiting EHang's exhibition booth)
From Product Deployment to System-Level Cooperation: Building a Global Low-Altitude Ecosystem
From EHang's debut at the 40th ICAO Assembly in 2019, to the Civil Aviation Administration of China (CAAC) sharing the Special Conditions for the EH216-S unmanned aircraft system with the world at the 41st ICAO Assembly, and now to presenting the Global Fast Track Program as a systematic offering to the Asia Pacific's top aviation officials at DGCA/61, EHang has evolved from showcasing an aircraft to sharing airworthiness standards, and now to providing a structured pathway for implementation.
EHang will continue to embrace openness and cooperation, working closely with aviation regulators and industry partners worldwide. Building on the regulatory sandbox, the Company will steadily expand its international routes and commercial networks, bringing safe, intelligent, and green air mobility within reach of people around the world.
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 passenger-carrying 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.
, /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of EHang Holdings Limited ("EHang" or the "Company") (NASDAQ: EH). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether EHang and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On August 25, 2026, EHang issued a press release "announc[ing] its unaudited financial results for the second quarter of 2026. Among other items, EHang disclosed revenue of only $11.48 million, representing a 31.3% year-over-year decline and missing the $16.62 million consensus estimate. EHang's management advised investors that "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."
On this news, EHang's American Depositary Share ("ADS") price fell $0.37, or 7.12%, to close at $4.83 per ADS on August 25, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
NEW YORK, Sept. 08, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of EHang Holdings Limited (“EHang” or the “Company”) (NASDAQ: EH). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether EHang and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On August 25, 2026, EHang issued a press release “announc[ing] its unaudited financial results for the second quarter of 2026. Among other items, EHang disclosed revenue of only $11.48 million, representing a 31.3% year-over-year decline and missing the $16.62 million consensus estimate. EHang’s management advised investors that “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.”
On this news, EHang’s American Depositary Share (“ADS”) price fell $0.37, or 7.12%, to close at $4.83 per ADS on August 25, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
, /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of EHang Holdings Limited ("EHang" or the "Company") (NASDAQ: EH). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether EHang and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On August 25, 2026, EHang issued a press release "announc[ing] its unaudited financial results for the second quarter of 2026. Among other items, EHang disclosed revenue of only $11.48 million, representing a 31.3% year-over-year decline and missing the $16.62 million consensus estimate. EHang's management advised investors that "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."
On this news, EHang's American Depositary Share ("ADS") price fell $0.37, or 7.12%, to close at $4.83 per ADS on August 25, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
NEW YORK, Sept. 01, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of EHang Holdings Limited (“EHang” or the “Company”) (NASDAQ: EH). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether EHang and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On August 25, 2026, EHang issued a press release “announc[ing] its unaudited financial results for the second quarter of 2026. Among other items, EHang disclosed revenue of only $11.48 million, representing a 31.3% year-over-year decline and missing the $16.62 million consensus estimate. EHang’s management advised investors that “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.”
On this news, EHang’s American Depositary Share (“ADS”) price fell $0.37, or 7.12%, to close at $4.83 per ADS on August 25, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
The electric vertical take-off and landing (eVTOL) sector has long promised a futuristic utopia of flying taxis. For several years, the industry delivered little more than heavily funded vaporware. That narrative, however, is rapidly fracturing. While many Western developers continue to burn cash during prolonged testing phases, one aerospace sector pioneer is actively putting certified, autonomous aircraft in the sky over dense urban centers.
EHang Today
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EHang Holdings Limited NASDAQ: EH recently executed a successful pilotless flight in Hong Kong, moving the sector one step closer to verifiable commercial reality.
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Despite a recent share price markdown tied to temporary regulatory bottlenecks in its domestic market, the underlying mechanics of EHang tell a vastly different story than the headlines are currently suggesting.
With heavy institutional accumulation, aggressive international expansion, and a highly shorted float, EHang offers a uniquely coiled, asymmetric opportunity for investors willing to look past near-term noise.
Leaving the Tarmac: Bridging Theory and RealityAerospace certification is notoriously unforgiving. Building a flying prototype is an engineering challenge, but achieving commercial certification is a grueling bureaucratic marathon that breaks many early-stage aviation startups. EHang has actively separated itself from its peers by clearing this latest regulatory hurdle.
In late August, EHang flew its proprietary EH216-S in a public demonstration at Hong Kong Cyberport. Executed under the government's Low-Altitude Economy Regulatory Sandbox X Trial Project, this was not a quiet test over an empty desert. It was a highly visible validation of autonomous hover-and-cruise capabilities in a stringent, high-density regulatory environment.
This milestone matters deeply for fundamental investors. EHang has already secured Type, Production, and Standard Airworthiness Certificates from the Civil Aviation Administration of China. By demonstrating functional, pilotless hardware in complex airspace, EHang is proving its technology works safely in real-world conditions.
While competitors like Joby Aviation NYSE: JOBY and Archer Aviation NYSE: ACHR wrestle with cash burn as they pursue future approvals, EHang holds a verifiable first-mover advantage with certified hardware ready for deployment.
Radar Check: EHang Balances Margins With Global ExpansionTo understand the current valuation, investors might want to consider the dichotomy between EHang's financial realities and its market narrative. Second-quarter revenue came in at around $11.5 million, paired with an adjusted earnings-per-share loss of 12 cents. Net margins hover near -75%, a standard for early-stage aerospace manufacturers pivoting from research to initial commercialization. The business is spending capital to build out manufacturing and global sales channels to set the stage for future cash flow generation.
The primary catalyst for EHang's recent drawdown occurred during the second-quarter earnings call. Management withdrew its prior 2026 revenue guidance of approximately $84 million, prompting a violent market reaction that punished the stock. However, savvy investors might prefer to read between the lines. The withdrawal was not tied to technological failure, supply chain collapse, or a lack of demand. It was explicitly attributed to regulatory delays hindering the monetization of existing certifications.
Bureaucratic pacing in China is slowing fleet monetization, but management is aggressively counteracting this single-market risk. EHang recently launched a Global Fast Track Program for Pilotless eVTOL Commercialization. Rather than waiting on domestic regulators to finalize urban flight corridors, the company is exporting its certified platform globally. EHang is securing adoptions in Sri Lanka, executing pilotless flights in Kazakhstan, and advancing experimental permits in Thailand. By utilizing foreign regulatory sandboxes, EHang is bypassing local bottlenecks and accelerating its global monetization timeline.
Cabin Pressure: Institutional Conviction Meets Bearish OverextensionThe current technical and fundamental setup presents a fascinating supply shock scenario. Market sentiment has heavily punished EHang over the delayed revenue guidance, pushing the stock price down near its 52-week low of $4.42. Consequently, bearish positioning is highly elevated. Short interest currently represents roughly 18% of the public float.
Retail panic and short selling have collided with a robust wall of institutional conviction. Institutions hold an outsized 94% of outstanding shares. Institutional inflows over the past 12 months totaled around $45 million, compared with $4.2 million in outflows. Smart money is quietly accumulating shares at the depressed multiple, recognizing the foundational value of the hardware and regulatory certifications EHang possesses.
This creates a highly combustible environment for short sellers. With an average trading volume of around 816,000 shares, the days-to-cover ratio is an extreme 16.3 days. If EHang announces a major international fleet purchase or a sudden regulatory clearance, bearish funds will be forced to scramble for scarce shares tightly held by deep-pocketed institutions.
Further amplifying this pressure, management authorized a share buyback program in June 2026, establishing a firm counter to selling pressure and signaling strong internal conviction in the company's value.
Final Approach: Securing a First-Mover AdvantageUrban air mobility is largely viewed as a winner-take-all market. The organizations that establish the first functional flight corridors will set the global standards for safety, infrastructure, and air traffic management. EHang is rapidly capturing that territory.
The geopolitical weight of this technology is also coming into focus. A recent site visit to EHang's Guangzhou headquarters by U.S. Senator Steve Daines and officials from the Chinese People's Institute of Foreign Affairs underscores the global strategic importance of autonomous aviation. World leaders are recognizing that eVOTLs could define the next decade of urban infrastructure.
EHang has largely de-risked the engineering and base certification phases of its business model. The timeline for converting those milestones into robust cash flow remains the primary headwind, but the accumulation of real-world operational flight data is deepening the economic moat. When you compare EHang's current market capitalization of roughly $337 million against the vast total addressable market of global urban air mobility, the risk-to-reward profile begins to look favorable for patient capital.
Investors looking to capitalize on the physical integration of the low-altitude economy might want to monitor EHang's international regulatory approvals and sandbox completions as a primary signal for near-term multiple expansion. Those with a higher risk tolerance might consider adding the firm to their portfolios as global momentum builds.
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GUANGZHOU, China, Aug. 31, 2026 (GLOBE NEWSWIRE) -- EHang Holdings Limited ("EHang" or the "Company") (Nasdaq: EH), the world's leading Advanced Air Mobility ("AAM") technology platform company, announced that its CEO Mr. Huazhi Hu welcomed a delegation led by U.S. Senator Steve Daines to its headquarters in Guangzhou on August 29, 2026. The visiting delegation also included Geng Shuang, Vice President of the Chinese People's Institute of Foreign Affairs; Pauline Kao, U.S. Consul General in Guangzhou; as well as officials from the Guangdong Provincial Foreign Affairs Office, Guangzhou Municipal Foreign Affairs Office, and Guangzhou Development District.
(The delegation tours EHang’s exhibition hall)
Mr. Huazhi Hu, Founder, Chairman and CEO of EHang, said: "It is our great privilege to host Senator Daines, Mr. Geng Shuang, Consul General Pauline Kao, and all distinguished guests at EHang headquarters. We look forward to deepening exchanges with global partners to jointly usher in a new era of three-dimensional transportation and smart mobility."
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.
OSAKA, Japan, Aug. 25, 2026 (GLOBE NEWSWIRE) -- TryHard Holdings Limited (“TryHard” or the “Company”) (Nasdaq: THH), a lifestyle entertainment platform in Japan, today announced a strategic collaboration bringing together SBI MUSIC CIRCUS, EHang’s advanced drone technology and SKYTEK’s local expertise to develop and expand next-generation drone light show entertainment across Japan. The collaboration brings together TryHard’s large-scale entertainment capabilities, EHang’s advanced drone technology and SKYTEK’s local expertise to present a successful record-setting 4,000-drone light show at the 10th anniversary SBI Fireworks Festival, which unlock new aerial entertainment opportunities across Japan.
The collaboration combines the complementary strengths of three established players across entertainment, technology and local execution. SBI MUSIC CIRCUS Inc. (“SBI MUSIC CIRCUS”) brings extensive experience in large-scale music events, audience engagement, regional partnerships and promotion; Guangzhou EHang Egret Media Technology Co., Ltd. (“EHang Egret”), a subsidiary of EHang Holdings Limited (Nasdaq: EH) (“EHang”), contributes advanced drone formation and aerial media technology; and SKYTEK Co., Ltd. (“SKYTEK”) provides local expertise in drone show planning, coordination and implementation in Japan.
Together, the parties aim to create large-scale aerial entertainment experiences and develop new commercial applications for drone light shows across music and live events, tourism, regional revitalization initiatives and brand promotions throughout Japan.
The collaboration has been formalized through a memorandum of understanding (“MOU”) among SBI MUSIC CIRCUS, EHang Egret and SKYTEK.
The synchronized drone formation successfully completed its 1st 4,000-drone light show at the 10th anniversary SBI Fireworks Festival held on August 22, 2026, at SENNAN LONG PARK in Sennan, Osaka, and set a new Japanese record for the scale of a drone formation show. Presented alongside the festival’s signature fireworks and live music, the performance created a large-scale audiovisual experience combining technology, traditional summer entertainment and live performance.
The MOU brings together TryHard, EHang Egret and SKYTEK to advance drone light show entertainment in Japan, combining event expertise, drone technology and local implementation capabilities.
Full-Scale Production and Execution Meets Advanced Drone Technology
For TryHard, the collaboration represents an opportunity to add a new technology-driven dimension to its established entertainment platform. TryHard Japan Co., Ltd. (“TryHard Japan”), the Company’s wholly owned operating subsidiary, brings extensive experience in the full-scale production and execution of major entertainment events. Through SBI MUSIC CIRCUS, TryHard has built a strong track record in delivering destination-scale experiences that combine music, live entertainment and audience engagement.
Rakuyo Otsuki, Chief Executive Officer of TryHard, commented: “We see tremendous potential in combining world-class aerial technology with our experience in creating and delivering large-scale entertainment. This collaboration gives us an opportunity to take SBI MUSIC CIRCUS into a new dimension and create experiences that extend beyond traditional live events. We look forward to developing new entertainment formats that can engage audiences, support regional initiatives and create new opportunities across Japan.”
EHang brings a proven track record in large-scale aerial media and drone formation technology. Its subsidiary EHang Egret recently conducted a record-setting aerial performance involving 22,580 drones, demonstrating the scale and technological capabilities that can be applied to immersive entertainment experiences.
A representative from EHang Egret said, “We look forward to bringing our drone formation technology and large-scale aerial performance experience to this collaboration and creating innovative new entertainment experiences for audiences in Japan. We believe Japan presents significant opportunities for expanding the application of drone technology in entertainment and other experiential settings.”
SKYTEK adds the local operating capabilities needed to support drone light shows in Japan, including planning, coordination and implementation.
A representative from SKYTEK said, “We are pleased to contribute our local expertise to the collaboration and support the development of high-quality drone entertainment experiences across Japan. By facilitating local planning and implementation, we look forward to helping turn new creative concepts into compelling aerial experiences.”
By bringing these capabilities together, TryHard aims to integrate advanced aerial entertainment into MUSIC CIRCUS and develop adaptable formats that extend beyond individual festival performances. Potential applications include tourism attractions, regional initiatives, corporate brand experiences and other large-scale entertainment projects across Japan, broadening the experiences TryHard can offer audiences and partners while supporting the continued development of its lifestyle entertainment business.
The collaboration strengthens TryHard’s entertainment platform by integrating advanced drone technology with TryHard Japan’s event production capabilities, opening new opportunities for immersive entertainment experiences across Japan.
About TryHard Holdings Limited
TryHard Holdings Limited is a lifestyle entertainment company in Japan with operations spanning nightclub management, event production and consulting, subleasing and entertainment venue management.
Through its wholly owned subsidiary, TryHard Japan Co., Ltd., the Company plans, produces and operates large-scale music festivals, live entertainment events and cultural programs across Japan. The Company continues to expand its entertainment platform through differentiated content, strategic collaborations and technology-driven audience experiences.
About EHang Holdings Limited
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 aircraft for a wide range of use cases, including aerial tourism, intra-city transport, intercity travel, logistics and emergency firefighting. For more information, please visit www.ehang.com.
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Don’t Miss These 3 Hidden Aerospace Gems Before They Take OffEHang NASDAQ: EH reported second-quarter revenue of RMB 77.9 million, down from RMB 113.3 million a year earlier but up 203% from RMB 25.7 million in the first quarter, as higher EH216-series sales volume and an additional VT-35 aircraft contribution supported sequential growth.
Management said the company is shifting its emphasis from aircraft certification toward operational readiness, scenario validation, product development and overseas deployment. Founder, Chairman and CEO Hu Huazhi said certification is only the starting point for commercialization, and that scalable urban air mobility will depend on end-to-end operating capabilities, standardized solutions and regulatory support.
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Top 3 Aerospace and Defense Stocks Flying Under the RadarThe company delivered 35 EH216-S aircraft and one VT-35 during the quarter. It also completed 22 aerial-media shows and delivered 520 GD4 drones, according to management.
Domestic commercialization timing remains uncertain EHang said a late-June accident involving a piloted light sport aircraft in China prompted regulators to take a more cautious approach to low-altitude aviation oversight. Hu said the incident was unrelated to EHang’s pilotless aircraft and did not reflect an issue with the company’s technology or safety record, but it has delayed the approval process for passenger-carrying commercial operations in Hefei.
Joby Aviation Stock: Your Next High-Growth Opportunity“The commercial operation approval process for the Hefei project has been delayed, and the timing of regulatory clearance remains uncertain,” Hu said during the question-and-answer session.
He added that the more stringent regulatory environment is not a rejection of EHang’s pilotless eVTOL approach. The company maintains that its pre-programmed, fixed-route and fleet-coordinated model has inherent safety advantages, and Hu said stricter safety regulation should benefit EHang over the long term.
EHang said its EH216-S aircraft and operating system have received the key certificates under China’s civil aviation framework, including type, production, airworthiness and air operator certificates. Its Guangzhou and Hefei operating systems have been in internal trial operations for about 1.5 years, management said, with a passenger satisfaction score of 4.94 out of 5. The EH216 series has accumulated nearly 100,000 safe flights, according to the company.
Management said it is continuing to prepare for eventual public ticket sales by developing route operations, personnel training, maintenance, insurance, airspace coordination, emergency response and other operating functions. EHang has also begun point-to-point trial operations in Guangzhou.
Thailand and overseas programs advance Outside China, EHang said its footprint expanded to 23 countries after adding Mexico and Switzerland during the quarter. In Thailand, the company expects to obtain an experimental flight permit in the third quarter and is targeting a formal commercial operations certificate by the end of 2026, subject to the Civil Aviation Authority of Thailand’s review process.
COO Wang Zhao said EHang is working with Thai authorities to plan more than 10 passenger-carrying commercial routes covering Bangkok, Phuket, Koh Samui and Pattaya. He said formal EH216 deliveries for those operations are expected to begin next year, with each location anticipated to require at least five aircraft.
The company has also shipped more than 1,000 GD4 formation drones to Thailand and plans regular drone-light-show operations in Bangkok and Pattaya, according to management.
EHang said it has begun flight validation in Hong Kong through the Low-altitude Economy Regulatory Sandbox X trial project, with Sunny Port selected as its first sandbox site. It also introduced its Global Fast Track Program, a four-stage framework covering regulatory alignment, sandbox construction, validation flights and commercial launch. Sri Lanka is the first country to formally adopt the program, EHang said.
Diversification efforts include aerial media, logistics and firefighting While passenger mobility remains its strategic focus, EHang is pursuing non-passenger applications including logistics, firefighting and aerial media. Management said non-passenger business represented about 8% of second-quarter revenue, primarily from GD4 formation-drone performances, while air mobility represented about 92%.
The company expects non-passenger revenue and its proportion of total revenue to increase in the second half, driven by formation-drone deliveries and a small number of firefighting product deliveries. Hu also said the company sees opportunities in short-range emergency logistics, longer-range logistics and firefighting applications.
CTO Feng Choi said EHang is developing a cargo version based on the EH216-S platform, an approach intended to shorten development and certification timelines. The company is also testing an air-burst delivery system for early-stage forest-fire response and is advancing VT-30 firefighting-drone prototypes and logistics aircraft with customers.
In aerial media, management said the business is moving from one-time events toward recurring on-site shows, which it believes can improve equipment utilization, customer retention and revenue predictability. EHang said aerial-media revenue increased more than 270% year over year in the second quarter and is expanding into Europe, Japan and Thailand.
Margins stable as company withdraws annual guidance EHang reported a gross margin of 61.2%, compared with 61.5% a year earlier and 62.5% in the first quarter. CFO Conor Yang said the relatively stable margin reflected product competitiveness, manufacturing efficiency and supply-chain management despite quarterly changes in revenue and product mix.
Adjusted operating expenses, excluding share-based compensation, rose 16.9% year over year and 11.5% sequentially to RMB 112.7 million. Yang attributed the increase to strategic investments and costs associated with organizational optimization. Adjusted operating loss narrowed to RMB 62 million from RMB 77.1 million in the first quarter, while adjusted net loss narrowed to RMB 58.5 million from RMB 75.6 million.
As of June 30, EHang had RMB 929.4 million in combined cash, cash equivalents, short-term investments and treasury investments.
Given uncertainty surrounding domestic passenger-carrying commercial approvals, EHang withdrew its previous 2026 revenue guidance of RMB 600 million and did not issue replacement guidance. Management said it will continue to provide updates on domestic approvals, international progress, non-passenger product deliveries, operating efficiency and cash position as conditions become clearer.
About EHang (NASDAQ:EH)EHang Holdings Limited is a China-based technology company specializing in the development and manufacturing of autonomous aerial vehicles (AAVs) for passenger transportation, logistics, and other commercial applications. Established in 2014 and listed on NASDAQ under the ticker EH in 2019, EHang focuses on delivering turnkey solutions that integrate hardware, flight control systems and a cloud-based operating platform. Its flagship products include the EH216 series passenger AAV and the Falcon series unmanned aerial vehicles, designed to support urban air mobility, aerial filming, emergency response and short-range cargo delivery.
The company's business model encompasses research and development, manufacturing, certification support, and operations services.
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EHang Holdings Limited (EH) Q2 2026 Earnings Call August 25, 2026 8:00 AM EDT
Company Participants
Anne Ji - Senior Director of Investor Relations
Huazhi Hu - Founder, Chairman & CEO
Shuai Feng - CTO & Compliance Officer
Zhao Wang - Chief Operating Officer
Chia-Hung Yang - CFO & Director
Conference Call Participants
Tim Hsiao - Morgan Stanley, Research Division
Xinran Li - Deutsche Bank AG, Research Division
Presentation
Operator
Good day, ladies and gentlemen. Thank you for standing by, and welcome to the EHang Second Quarter 2026 Earnings Conference Call.
Please note that management's prepared remarks and the subsequent Q&A session will be primarily conducted in Chinese and the corresponding simultaneous or consecutive interpretation can be accessed on the English line.
As a reminder, all translations are for convenience purposes only. In case of any discrepancy, the management's statement in the original language will prevail. To listen to the original remarks by management, please join the Chinese line.
Additionally, both the Chinese and English lines are open for questions, and today's call is being recorded.
Now I will turn the call over to Anne Ji, EHang's Senior Director of Investor Relations. Ms. Anne, please proceed.
Anne Ji
Senior Director of Investor Relations
[Interpreted] Hello, everyone. Thank you all for joining us on today's conference call to discuss the company's financial results for the second quarter of 2026. The earnings release is available on the company's IR website. Please note the conference call is being recorded, and the audio replay will be posted on the company's IR website.
On the call today, we have Mr. Hu Huazhi, our Founder, Chairman, CEO; Mr. Feng Shuai, CTO; Mr. Wang Zhao, COO; and Conor Yang, CFO.
Before we continue, please note that today's discussion may contain forward-looking statements made pursuant to the safe harbor provisions of the
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, /PRNewswire/ --Pomerantz LLP is investigating claims on behalf of investors of EHang Holdings Limited ("EHang" or the "Company") (NASDAQ: EH). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether EHang and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On August 25, 2026, EHang issued a press release "announc[ing] its unaudited financial results for the second quarter of 2026. Among other items, EHang disclosed revenue of only $11.48 million, representing a 31.3% year-over-year decline and missing the $16.62 million consensus estimate. EHang's management advised investors that "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."
On this news, EHang's American Depositary Share ("ADS") price fell $0.37, or 7.12%, to close at $4.83 per ADS on August 25, 2026.
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HONG KONG, Aug. 28, 2026 (GLOBE NEWSWIRE) -- EHang Holdings Limited ("EHang" or the "Company") (Nasdaq: EH), the world’s leading advanced air mobility (“AAM”) technology platform company, today announced that its proprietary EH216-S, a pilotless human-carrying electric vertical take-off and landing (eVTOL) aircraft, has successfully completed its first public flight at Hong Kong Cyberport. The flight marked the first public demonstration since the first phase of validation flights began in mid-August under the HKSAR Government’s Low-Altitude Economy “Regulatory Sandbox X” Trial Project (the “Project”). It also represents a significant milestone in the development of a three-dimensional low-altitude transportation network and the validation of regular operations across the Guangdong-Hong Kong-Macao Greater Bay Area.
(Image: EH216-S completes its first public flight in Hong Kong)
The landmark flight was witnessed by distinguished government officials and industry leaders, including The Hon Michael Wong, Deputy Financial Secretary and Head of the Working Group on Developing Low Altitude Economy; Ms. Mable Chan, Secretary for Transport and Logistics; Ms. Clara Wong, Director-General of Civil Aviation; Mr. Wong Leung Pak, Matthew, Chairman of Kwoon Chung Bus Holdings Limited; Mr. Simon Chan, Chairman of Hong Kong Cyberport; Dr Rocky Cheng, Chief Executive Officer of Hong Kong Cyberport; as well as Mr. Zhao Wang, Chief Operating Officer of EHang; Mr. Conor Yang, Chief Financial Officer of EHang; and Ms. Xiaona Lee, China General Manager of EHang.
(Image: Government officials and industry leaders witness the EH216-S’s first public flight in Hong Kong)
At the event, Mr. Simon Chan, Chairman of Hong Kong Cyberport, and The Hon Michael Wong delivered remarks, congratulating the successful completion of the first public flight and highlighting the strategic significance of pilotless human-carrying aviation technology to Hong Kong’s development of new quality productive forces and smart city initiatives.
(Image: EH216-S completes a smooth flight)
During the demonstration, the EH216-S took off smoothly from the Cyberport waterfront vertiport, performing vertical take-off and landing, low-altitude cruise, and hover maneuvers along pre-programmed routes, demonstrating stable flight performance and autonomous flight control capabilities. From August 28 to 30, the EH216-S will continue to conduct multiple public flight sessions at Cyberport to further validate and demonstrate system reliability and safety performance of pilotless eVTOL aircraft under regular, high-frequency operational scenarios. EHang is working closely with Kwoon Chung Smart Mobility Company Limited and Hong Kong Cyberport Management Company Limited to advance commercialization preparations under the Project in a rigorous and orderly manner.
(Image: The first phase of validation flights of EH216-S start in August)
As the world's first pilotless human-carrying eVTOL aircraft to receive the Type Certificate (TC), Production Certificate (PC), and Standard Airworthiness Certificate (AC) from CAAC, EHang is leveraging Hong Kong as a key gateway to accelerate the global expansion of its commercial deployment. In the next phase, the Project will leverage the safe and controlled testing environment of Regulatory Sandbox X to conduct systematic validation flights and accumulate substantial real-world operational data and experience. These insights will help inform the development and refinement of forward-looking regulatory frameworks and operational standards for pilotless eVTOL operations in Hong Kong and other markets, with the goal of making safe, efficient, and green air mobility accessible to people around the world.
Michael Wong, Deputy Financial Secretary and Head of the Working Group on Developing Low Altitude Economy, shared in his remarks at the ceremony: “Today’s inaugural trial flight of unconventional aircraft marks an important milestone in the development of Hong Kong’s low-altitude economy. We are grateful to Kwoon Chung, EHang and Cyberport teams for bringing this aircraft to Hong Kong. Building on the successful experience of the Low-altitude Economy Regulatory Sandbox launched in March last year, the Government has subsequently introduced ‘Regulatory Sandbox X’ to test more complex applications. The first batch of 33 pilot projects has been undergoing tests in phases since the first half of this year, including four non-conventional aircraft projects. The Government is also studying dedicated legislation for non-conventional aircraft, with drafting work targeted for completion in 2027. The National 15th Five-Year Plan clearly sets out the goal of promoting the healthy and orderly development of the low-altitude economy. The HKSAR Government is taking proactive steps to support this national development, positioning Hong Kong as a hub for innovative low-altitude applications in the Asia-Pacific region, and continuing to leverage Hong Kong’s strengths to contribute to our country’s needs.”
Simon Chan, Chairman of Cyberport, stated in his opening remarks, “The National 15th Five-Year Plan highlights the need to foster emerging industries such as the LAE, leveraging the LAE to lead the development of a more diversified digital and intelligent economy. Under the guidance of the HKSAR Government’s focus on developing the LAE, Cyberport actively supports the initiative as the venue partner for the Regulatory Sandbox, continuously enhancing low‑altitude flight support facilities and environments, supporting diversified application testing, and accumulating substantial operational data to accelerate technology translation and regularised applications. We look forward to joining hands with the Government and industry partners, connecting over 20 Cyberport companies focused on drone applications and LAE development, to foster a vibrant ecosystem of R&D and applications, attract innovation forces from Hong Kong and abroad, and help build Hong Kong into an international hub for innovative low-altitude applications.”
Timothy Wong, Executive Director of Kwoon Chung Bus, said: “Kwoon Chung Bus is honoured to join hands with Cyberport and EHang to advance the commercialisation of LAE in Hong Kong. As a pioneer in local public transport operations, KC Smart Mobility is not only a promoter of eVTOL operations, but also a builder of the ‘Smart Land‑Air Intermodal’ ecosystem. We are actively advancing multiple autonomous driving projects in Hong Kong by integrating ground autonomous fleets with low-altitude aerial routes, we aspire to create a one‑stop 3D travel experience of ‘ground connection and direct air access’ for Hong Kong citizens and visitors, fully supporting Hong Kong’s development into an international smart mobility model city.”
Mr. Zhao Wang, Chief Operating Officer of EHang, commented, "The first public flight of the EH216-S under the Project marks an important validation under the sandbox approach and further demonstrates the maturity of our technology standards and safety systems. The sandbox approach provides a practical pathway for validating emerging aircraft and establishing regulatory frameworks—providing real-world flight data generated in a safe and controlled environment to support regulatory assessment. EHang provides not only safe and reliable aircraft, but also integrated set of capabilities spanning technology standards, safety systems, and operational expertise. Our team’s experience in flight planning, regulatory compliance, and safety assurance has been instrumental in supporting the efficient implementation of this Project. For markets that have yet to establish regulatory frameworks for pilotless aircraft, the sandbox approach offers a replicable model for introducing pilotless aviation. Building on this sandbox model and our Global Fast Track Program, EHang will continue to expand across Asia and other global markets and steadily advance the commercialization and deployment of pilotless human-carrying eVTOL operations."
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.
Quarterly Revenues Increased by 203.5% QoQBroadened Revenue Sources beyond Passenger MobilityAdvanced Regulatory Sandbox Programs in Thailand and Hong KongLaunched Global Fast Track Program to Accelerate Overseas Market Entry and Commercialization GUANGZHOU, China, Aug. 25, 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 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.
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.
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.
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.
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.
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.
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.
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$1.00, the noon buying rate in effect on June 30, 2026, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to in this press release could have been converted into USD or RMB, as the case may be, at any particular rate or at all.
EHANG HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”)) As of
December 31, 2025 As of
June 30, 2026 RMB RMB US$ ASSETS Current assets: Cash and cash equivalents256,400 209,198 30,832Short-term investments843,232 692,744 102,098Restricted short-term deposits29,655 - -Accounts receivable, net8111,670 86,765 12,787Inventories101,634 132,230 19,488Prepayments and other current assets9140,922 152,897 22,536Total current assets1,483,513 1,273,834 187,741 Non-current assets: Property and equipment, net258,050 271,202 39,970Treasury investment- 27,466 4,048Operating lease right-of-use assets, net116,468 127,404 18,777Land use rights, net11,347 11,223 1,654Intangible assets, net2,713 2,599 383Investments accounted for using equity method28,849 45,080 6,644Other investments45,330 45,330 6,681Deferred tax assets6,969 6,969 1,027Other non-current assets38,294 35,510 5,234Total non-current assets508,020 572,783 84,418 Total assets1,991,533 1,846,617 272,159 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 loans229,611 292,523 43,113 Accounts payable132,509 124,237 18,310 Contract liabilities1060,839 59,473 8,765 Current portion of long-term bank loans9,800 18,000 2,653 Accrued expenses and other liabilities11263,439 169,888 25,038 Current portion of lease liabilities16,278 26,794 3,949 Deferred income817 381 56 Deferred government subsidies684 153 23 Income taxes payable1,820 221 33 Total current liabilities715,797 691,670 101,940 Non-current liabilities: Long-term bank loans82,700 121,000 17,833 Deferred tax liabilities292 292 43 Unrecognized tax benefit5,480 5,480 808 Lease liabilities114,246 119,751 17,649 Other non-current liabilities4,676 3,534 521 Total non-current liabilities207,394 250,057 36,854 Total liabilities923,191 941,727 138,794 Shareholders’ equity: Treasury stock(10,085) (13,743) (2,025)Ordinary shares92 93 14 Additional paid-in capital3,335,371 3,455,915 509,339 Statutory reserves3,302 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’ equity1,068,927 906,429 133,592 Non-controlling interests(585) (1,539) (227)Total shareholders’ equity1,068,342 904,890 133,365 Total liabilities and shareholders’ equity1,991,533 1,846,617 272,159 EHANG HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data) Three Months Ended Six Months Ended June 30,
2025 March 31,
2026 June 30,
2026 June 30,
2025 June 30,
2026 RMB RMB RMBUS$ RMB RMBUS$ Total revenues113,321 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 profit69,681 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 income2,734 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 income11,673 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) EHANG HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (CONT’D)
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data) Three Months Ended Six Months Ended June 30,
2025 March 31,
2026 June 30,
2026 June 30,
2025 June 30,
2026 RMB RMB RMBUS$ RMB RMBUS$ Net loss(102,959) (126,362) (128,251)(18,901) (181,349) (254,613)(37,525)Net loss attributable to non-controlling interests220 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): Basic144,741 150,994 151,900 151,900 144,316 151,450 151,450 Diluted144,741 150,994 151,900 151,900 144,316 151,450 151,450 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 interests220 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) EHANG HOLDINGS LIMITED
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data) Three Months Ended Six Months Ended June 30,
2025 March 31,
2026 June 30,
2026 June 30,
2025 June 30,
2026 RMB RMB RMBUS$ RMB RMBUS$ Gross profit69,681 16,039 47,700 7,030 85,974 63,739 9,394 Plus: Share-based compensation expenses117 123 112 16 117 235 35 Adjusted gross profit69,798 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 expenses18,651 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 expenses37,934 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 expenses19,486 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 expenses76,071 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 expenses76,188 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) EHANG HOLDINGS LIMITED
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data) Three Months Ended Six Months Ended June 30,
2025 March 31,
2026 June 30,
2026 June 30,
2025 June 30,
2026 RMB RMB RMBUS$ RMB RMBUS$ Net loss(102,959) (126,362) (128,251)(18,901) (181,349) (254,613)(37,525)Plus: Share-based compensation expenses76,188 50,774 69,770 10,283 123,450 120,544 17,767 Plus: Certain non-operational expenses14,254 - - - 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 expenses76,188 50,774 69,770 10,283 123,450 120,544 17,767 Plus: Certain non-operational expenses14,254 - - - 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): Basic144,741 150,994 151,900 151,900 144,316 151,450 151,450 Diluted144,741 150,994 151,900 151,900 144,316 151,450 151,450 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) ___________________________
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 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.
10 As of December 31, 2025 and June 30, 2026, amounts due to a related party of RMB2,307 and RMB2,305 (US$340) were included in contract 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.
OSAKA, Japan, Aug. 24, 2026 (GLOBE NEWSWIRE) -- TryHard Holdings Limited (“TryHard” or the “Company”) (Nasdaq: THH), a lifestyle entertainment platform in Japan, today announced the successful presentation of a record-setting 4,000-drone light show at the 10th anniversary SBI Fireworks Festival held on August 22, 2026, at SENNAN LONG PARK in Sennan, Osaka.
The synchronized drone formation successfully completed its performance and set a new Japanese record for the scale of a drone formation show. Presented alongside the festival’s signature fireworks and live music, the performance created a large-scale audiovisual experience combining technology, traditional summer entertainment and live performance.
A 4,000-drone formation illuminates the night sky over Sennan, Osaka, in celebration of the 10th anniversary of the SBI Fireworks Festival.
The event marked the first implementation of the strategic collaboration among SBI MUSIC CIRCUS Inc. (“SBI MUSIC CIRCUS”), Guangzhou EHang Egret Media Technology Co., Ltd. (“EHang Egret”), a subsidiary of EHang Holdings Limited (Nasdaq: EH) (“EHang”), and SKYTEK Co., Ltd. (“SKYTEK”), following the parties’ memorandum of understanding (“MOU”) to jointly develop drone light show entertainment opportunities in Japan.
A New Dimension for a 10-Year Entertainment Platform
The SBI Fireworks Festival traces its origins to the finale fireworks presented at MUSIC CIRCUS in 2016. Over the past decade, the event and its predecessor formats have attracted more than 665,000 attendees and featured over 1,000 artists.
For its 10th anniversary, the 4,000-drone performance introduced a new technology-driven dimension to the event. Centered on the theme of “biological evolution,” synchronized drones created moving imagery depicting a journey from the deep sea, across land and ultimately toward the moon.
Thousands of synchronized drones form large-scale aerial imagery during the record-setting 4,000-drone light show at the SBI Fireworks Festival in Sennan, Osaka.
Rakuyo Otsuki, Chief Executive Officer of TryHard, commented: “The 10th anniversary of the SBI Fireworks Festival was an important opportunity for us to take an established entertainment experience in a new direction. By combining our event production capabilities with EHang’s technology and SKYTEK’s local expertise, we were able to deliver a new dimension of large-scale entertainment in Sennan.”
Full-Scale Production and Execution
TryHard Japan Co., Ltd. (“TryHard Japan”), the Company’s wholly owned operating subsidiary, was responsible for the planning, production and operation of the SBI Fireworks Festival. Drawing on its experience in the full-scale production and execution of major entertainment events, TryHard Japan integrated the aerial performance into the broader festival program and coordinated its presentation alongside the event’s fireworks, music and live entertainment.
The 10th anniversary SBI Fireworks Festival combines large-scale fireworks, live entertainment and technology-driven experiences at SENNAN LONG PARK in Sennan, Osaka.
Bringing Together Technology and Local Expertise
EHang Egret provided the drone formation technology and aerial performance expertise for the record-setting show, while SKYTEK supported local planning and coordination, regulatory compliance and on-the-ground implementation.
For TryHard, the successful performance demonstrates how technology-driven content can add a new dimension to established entertainment IP. Building on this format, TryHard sees opportunities to integrate similar experiences into future live events and other entertainment applications in Japan, expanding the range of experiences it can offer audiences and commercial partners.
About TryHard Holdings Limited
TryHard Holdings Limited is a lifestyle entertainment company in Japan with operations spanning nightclub management, event production and consulting, subleasing and entertainment venue management.
Through its wholly owned subsidiary, TryHard Japan Co., Ltd., the Company plans, produces and operates large-scale music festivals, live entertainment events and cultural programs across Japan. The Company continues to expand its entertainment platform through differentiated content, strategic collaborations and technology-driven audience experiences.
About EHang Holdings Limited
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 aircraft for a wide range of use cases, including aerial tourism, intra-city transport, intercity travel, logistics and emergency firefighting. For more information, please visit www.ehang.com.
This press release contains forward-looking statements. These statements are made under 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,” “confident,” “potential,” “continue,” or other similar expressions. Among other things, business outlook discussed in this press release, as well as TryHard’s strategic and operational plans, future event pipeline, and expectations regarding its business expansion and venue operations, contain forward-looking statements. TryHard may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its interim and annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about TryHard’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 the following: TryHard’s goals and strategies; TryHard’s future business development, financial conditions, and results of operations; the expected outlook of the lifestyle entertainment business in Japan; TryHard’s expectations regarding demand for and market acceptance of its entertainment offerings and services; TryHard’s expectations regarding its relationships with its customers and other stakeholders; competition in TryHard’s industry; and relevant government policies and regulations relating to TryHard’s industry, and general economic and business conditions in Japan and assumptions underlying or related to any of the foregoing. All information provided in this announcement and in the attachments is as of the date of the announcement, and the Company undertakes no duty to update such information, except as required under applicable law.
Investors are advised to refer to the Company’s filings made with the U.S. Securities and Exchange Commission when making investment decisions, which are available for review at www.sec.gov.
This release does not constitute an offer to sell or solicit an offer to buy any securities, nor does it represent a public offering under Financial Instruments and Exchange Act of Japan.
Photos accompanying this announcement are available at:
GUANGZHOU, China, Aug. 21, 2026 (GLOBE NEWSWIRE) -- EHang Holdings Limited (“EHang” or the “Company”) (Nasdaq: EH), the world’s leading advanced air mobility (“AAM”) technology platform company, today announced the dismissal of PricewaterhouseCoopers Zhong Tian LLP (“PwC”) and the engagement of KPMG Huazhen LLP (“KPMG”) as the Company's independent registered public accounting firm to audit the consolidated financial statements of the Company for the fiscal year ending December 31, 2026 and the effectiveness of the Company’s internal control over financial reporting as of December 31, 2026, effective August 19, 2026.
The report of PwC on the Company’s consolidated financial statements for the years ended December 31, 2024 and 2025 did not contain an adverse opinion or a disclaimer of opinion and was not qualified or modified as to uncertainty, audit scope or accounting principles. During the fiscal years ended December 31, 2024 and 2025, and the subsequent period through July 13, 2026, the date on which the Company informed PwC of its intent to dismiss PwC, there were (i) no disagreements (as that term is defined in Item 16F(a)(1)(iv) of Form 20-F) between the Company and PwC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of PwC, would have caused PwC to make reference to the subject matter of disagreements in PwC’s report on the Company’s consolidated financial statements for such years, and (ii) no reportable events (as that term is defined in Item 16F(a)(1)(v) of Form 20-F), other than the material weakness as disclosed in Item 15 of the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2025, as filed on May 15, 2026.
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.
GUANGZHOU, China, Aug. 20, 2026 (GLOBE NEWSWIRE) -- EHang Holdings Limited (Nasdaq: EH) (“EHang” or the “Company”), a world-leading advanced air mobility (“AAM”) technology platform company, today announced a strategic cooperation framework agreement of intent with China Construction Sixth Engineering Bureau Corp., Ltd. (“CSCEC Sixth Engineering Bureau”), a top-tier state-owned infrastructure giant in China. The partnership intends to focus on low-altitude infrastructure development and operational scenario planning. The Cross-Sea Low-Altitude Corridor Project in Lingao, Hainan (the “Project”) marks the first project to break ground under the partnership, aiming to establish a closed-loop low altitude economy ecosystem that integrates infrastructure and commercial operations.
Under the framework agreement, China Construction Sixth Engineering Bureau will draw on its industrial chain strengths and state-owned enterprise resources to jointly develop low‑altitude infrastructure such as general aviation airports, eVTOL vertiports and hangars tailored for low‑altitude flight operations and project planning and implementation. EHang, in turn, will deploy its core expertise in R&D, airworthiness certification and operations of pilotless passenger‑grade eVTOLs, providing aircraft alongside supporting operational and technical solutions.
The Project, as the first implementation of the partnership, has officially commenced construction, with Hainan Fuma General Aviation, a client and partner of EHang, as the project owner, CSCEC Sixth Engineering Bureau as the main constructor and EHang providing joint planning of infrastructure and operational sites, aircraft, operational services and technical support.
Centered around the Maniao General Aviation Airport, the Project will develop multiple eVTOL operational sites and vertiports along Lingao’s coastline, with plans to implement point-to-point passenger eVTOL routes and cross-sea shuttle services. The first key flight station, the WingHub South Sea, is taking shape and will include an operations and exhibition center, vertiports compatible with EHang’s pilotless eVTOL aircraft, and testing zones. The center’s application rollout will be implemented in phases: starting from offering aerial sightseeing, low-altitude logistics, training, and testing, followed by expansion to cross-sea passenger transport.
In December 2025, EH216-S completed a 22-kilometer cross-sea flight across the Qiongzhou Strait in 18 minutes, from Haikou in Hainan to Xuwen Port in Guangdong, validating the technical capabilities and efficiency of pilotless eVTOLs in cross-sea applications.
Hainan's 15th Five-Year Comprehensive Transportation Plan calls for the development of island-wide and cross-sea low-altitude route networks, as well as upgrades of general aviation airports and construction of low-altitude vertical takeoff and landing infrastructure. The Maniao General Aviation Airport in Lingao has been included among 36 major low-altitude infrastructure projects of Hainan's 15th Five-Year plan. Upon completion, the airport is expected to support point-to-point eVTOL flights between Lingao in Hainan and Xuwen in Guangdong, serving as the key base of an “aerial express corridor” across the inter-provincial Qiongzhou Strait.
A representative of CSCEC Sixth Engineering Bureau, stated, “As a strategic emerging industry and an important area of future development, the low-altitude economy is becoming an important driver of new quality productive forces and urban development. We will leverage its strengths in engineering construction, infrastructure investment and urban development to work with EHang, a leading eVTOL enterprise, on low-altitude infrastructure and application scenarios, supporting the standardized and high-quality development of the low-altitude economy in China.”
Zhao Wang, Chief Operating Officer of EHang, said, “With our pilotless human-carrying eVTOL aircraft that have met the technical and airworthiness requirements for commercial operations, infrastructure remains a critical enabler for scaling real-world applications. Our strategic partnership with CSCEC Sixth Engineering Bureau will bring together infrastructure development capabilities and EHang’s pilotless eVTOL technology to accelerate the build-out of AAM operational infrastructure and flight route network. Starting with the Project in Lingao, Hainan, EHang will work with CSCEC Sixth Engineering Bureau from infrastructure planning through operation launch. We look forward to applying this integrated approach to more cities and regions.”
(Image: EHang and CSCEC Sixth Engineering Bureau Sign Strategic Cooperation Framework Agreement)
(Image: Conceptual Planning Rendering of the WingHub South Sea)
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.
About CSCEC Sixth Engineering Bureau
China Construction Sixth Engineering Bureau Corp., Ltd. (“CSCEC Sixth Engineering Bureau”) is a core member of China State Construction Engineering Corporation, a Fortune Global 500 company. With registered capital of RMB6.278 billion, the company holds top-tier qualifications in building construction, municipal engineering and highway construction, and first-class qualifications in water conservancy, river and lake management and real estate development. Its core businesses include infrastructure, high-end building construction and real estate. The company provides integrated services covering planning, investment, design, construction, operations and technical consulting, with a focus on developing capabilities across the full project lifecycle.
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 UAM 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.
COLOMBO, Sri Lanka, Aug. 19, 2026 (GLOBE NEWSWIRE) -- EHang Holdings Limited (Nasdaq: EH) (“EHang” or the “Company”), a world-leading advanced air mobility (“AAM”) technology platform company, today announced the launch of its Global Fast Track Program — a structured and accelerated pathway for the assessment and introduction of pilotless eVTOL operations in international markets. Sri Lanka is the inaugural market under the initiative, with Sri Lanka's Ministry of Ports and Civil Aviation, and the Civil Aviation Authority of Sri Lanka (“CAASL”) adopting the Fast Track Program, targeting sandbox commercialization within four months, subject to the successful completion of mandatory regulatory, technical, operational and safety assessments.
(Image: CAASL officially adopts EHang Global Fast Track Program, targeting sandbox commercialization within four months)
EHang Global Fast Track Program
Driven by EHang's global expansion strategy, the launch of its Global Fast Track Program is expected to expedite the deployment of EHang's pilotless eVTOL aircraft from initial regulatory engagement to commercial operations in new international markets.
Built upon EHang’s complete certifications for pilotless passenger eVTOL aircraft, its commercial operating experience in China, and proven safe flight records across 23 countries, this structured framework delivers a validation‑driven pathway. It is expected to enable international civil‑aviation authorities and partners to streamline certification and commercial roll‑out for pilotless eVTOL operations, aiming to compress timelines from years to months.
Rather than being built in isolation, this framework distills the practical experience EHang has accumulated through years of engagement from scratch with multiple civil aviation authorities, including operational learnings from early sandbox projects, as well as EHang talent teams covering the full end‑to‑end workflow spanning technology, airworthiness and flight operations to address regulatory requirements.
Drawing on that experience, Fast Track packages it into a replicable, four-phase roadmap, aiming to enable authorities to move from validation to commercialization more efficiently based on an already-certified aircraft:
1. Framework alignment — regulatory workflow established, and validation pathway defined.
2. Sandbox build-out — site designation, infrastructure and ground operations systems deployed.
3. Validation flights — sandbox flights conducted in accordance with established safety standards.
4. Commercial launch — operational approval and commercial service.
Sri Lanka — The Inaugural Market of EHang Global Fast Track Program
Sri Lanka was the first country to join the Fast Track Program, targeting initial sandbox commercialization within four months, subject to the successful completion of mandatory regulatory, technical, operational and safety assessments. Both parties reached a consensus to conduct continued technical work with CAASL inspectors and technical teams, and to jointly plan sandbox flight sites and practical operation scenarios.
Recently, EHang has held in‑depth multi‑round discussions with Sri Lanka’s Ministry of Ports and Civil Aviation and the CAASL, alongside cross‑government stakeholders from defense, tourism, investment and aviation services. The high‑level engagements were chaired by Hon. Anura Karunathilaka, Minister of Ports and Civil Aviation and Minister of Energy, together with Hon. Janitha Ruwan Kodithuwakku, Deputy Minister, and Mr. W.W.S. Mangala, Ministry Secretary, while Capt. Daminda Rambukwella, Director‑General & CEO of CAASL, led the technical deliberations on behalf of the civil aviation regulators.
(Image: EHang delegation holds technical discussions with Sri Lanka's civil aviation authorities’ officials on the Fast Track Program)
During the meetings, both sides exchanged in‑depth views on core topics covering eVTOL regulatory sandbox establishment, implementation pathway, regulatory requirements, operational framework, aircraft and technical requirements, infrastructure, airspace considerations, maintenance arrangements, personnel requirements, and multi‑sector stakeholder coordination.
Initial operations will focus on a designated sandbox zone centered on Port City in Colombo, where eVTOL operational services will be established. Potential routes under consideration include scenic flights over the “Eighth Wonder of the World” — the historic rock fortresses of Sigiriya, as well as the Pidurangala, also shuttle services connecting Katunayake Airport to hotels in central Colombo and catering to tourist mobility needs within Port City and the greater Colombo area. In addition to passenger services, unmanned maritime cargo logistics applications are also being explored. EHang will act as the provider of eVTOL aircraft, operation systems, technical services and personnel training, advancing the safe and structured roll‑out of eVTOL demonstration and trial operations in Sri Lanka in alignment with international aviation safety standards.
Hon. Anura Karunathilaka, Minister of Ports and Civil Aviation and Minister of Energy, commented, “Sri Lanka is actively embracing emerging aviation technologies to transform our tourism industry, strengthen emergency response capabilities, and meet maritime logistics and coastal service needs. EHang brings a compelling track record, and the Fast Track Program offers a structured approach that aligns well with our development priorities. The Government of Sri Lanka is committed to coordinating across ministries and agencies to create an enabling environment for eVTOL commercialization, and we look forward to working with EHang to bring this vision to life.”
Capt. Daminda Rambukwella, Director General of Civil Aviation and Chief Executive Officer of CAASL, commented, “CAASL has adopted the proposals presented by EHang under its Global Fast Track Program, aimed at establishing the first eVTOL sandbox in Sri Lanka, with a target of achieving initial sandbox commercialization within four months. The adoption of this fast-track approach marks an important milestone in Sri Lanka's efforts to embrace Advanced Air Mobility and emerging aviation technologies. The four-month target reflects the proposed implementation timeline and remains subject to the successful completion of the required regulatory, technical, operational, and safety assessments and approvals. This initiative represents a significant step towards positioning Sri Lanka as a regional destination for Advanced Air Mobility and eVTOL innovation, while maintaining a strong focus on regulatory compliance, operational integrity and the highest applicable standards of aviation safety.”
Mr. Hu Huazhi, Founder, Chairman and CEO of EHang, stated, “We believe the Global Fast Track Program can serve as a genuine breakthrough for unlocking international eVTOL markets. By enabling civil aviation authorities to validate an already-certified aircraft rather than start from scratch, the Fast Track Program is expected to turn regulatory exploration into actionable progress effectively. We are thrilled to see Sri Lanka has the vision to be the first to adopt this framework. We are in active dialogue with civil aviation authorities in several other markets. We welcome regulators and partners worldwide who share this vision to join us in making pilotless eVTOL operations a reality.”
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.
GUANGZHOU, China, Aug. 19, 2026 (GLOBE NEWSWIRE) -- EHang Holdings Limited (Nasdaq: EH) (“EHang” or the “Company”), a world-leading advanced air mobility (“AAM”) technology platform company, today announced that it will release its unaudited financial results for the second quarter ended June 30, 2026 on Tuesday, August 25, 2026, before the U.S. market opens.
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 UAM 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.
ASTANA, Kazakhstan, Aug. 10, 2026 (GLOBE NEWSWIRE) -- EHang Holdings Limited (Nasdaq: EH) (“EHang” or the “Company”), a world-leading advanced air mobility (“AAM”) technology platform company, today announced that its flagship EH216-S successfully completed Central Asia’s first pilotless human-carrying flight of an electric vertical takeoff and landing (“eVTOL”) aircraft in Astana, Kazakhstan.
EH216-S Completes Central Asia’s First Human-Carrying eVTOL Flight in Kazakhstan
During the Games of the Future 2026 (“GOTF2026”), the EH216-S conducted multiple route flights over the event venue in Astana, carrying Nurlan Sauranbayev, Minister of Transport of Kazakhstan, and other distinguished guests.
As the capital of Kazakhstan, Astana serves as an important hub connecting Europe and Asia. Its distinctive temperate continental climate and open airspace environment provide favorable conditions for AAM applications and flight operations.
The President Assistant of the Republic of Kazakhstan Yesekeyev Kuanyshbek, Vice-Minister of Transport Kazakhstan Lastayev Talgat Tleubekovich, and CEO of the Aviation Administration of Kazakhstan Michael E. Daniel attended the event and witnessed the flights.
Kazakhstan’s Minister of Transport Nurlan Sauranbayev Takes a Flight on the EH216-S
In June 2026, Kazakhstan proactively established a national initial regulatory framework for eVTOL aircraft, vertiports, and unmanned aircraft traffic management systems (“UTM”).
Two months later, the EH216-S completed its first pilotless human-carrying flight under this regulatory framework, demonstrating EHang’s technical capabilities in rapidly supporting safe and compliant human-carrying flights across diverse regulatory environments worldwide.
In 2025, EHang signed a Memorandum of Understanding with Allur Group, one of Kazakhstan’s largest automotive manufacturers, to jointly develop emerging markets for AAM solutions in Central Asia.
According to the Ministry of Transport of Kazakhstan, the first phase of the project will focus on demonstration and tourist flights lasting between five and 30 minutes, showcasing the country’s natural, cultural, and historical landmarks. In the future, the autonomous aircraft could become part of the urban transportation network, complementing existing modes of transportation.
EH216-S Completes a Human-Carrying Flight in Kazakhstan
To date, EHang’s EH216-S has expanded its flight footprint to 23 countries across five continents, marking Kazakhstan as the latest addition and demonstrating its adaptability to diverse climates, geographic environments, and airspace conditions.
EHang is transforming pilotless human-carrying flight from a technological vision into an increasingly accessible reality around the world, helping bring China’s low-altitude economy standards to global markets and reshaping the future of urban and intercity mobility.
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 UAM 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.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/fb07ef91-fb91-4d1b-a6e1-1f65543f0a9e
https://www.globenewswire.com/NewsRoom/AttachmentNg/180eb3d7-b263-4800-ab98-5b494175727a
https://www.globenewswire.com/NewsRoom/AttachmentNg/593fc6d1-be65-4f5f-8736-592e3f242e91
Joby Aviation (NYSE:JOBY | JOBY Price Prediction) stock is rallying Thursday, with shares up 9% to $8.47 by midday after the electric air taxi maker raised its full-year 2026 revenue outlook alongside Joby’s Q2 FY2026 report released after Wednesday’s close. The move puts JOBY stock at its highest level in about a month following a bruising stretch. Shares were still down 41% year to date (YTD) through Wednesday’s close.
The rally stands out because the broader tape is soft. Invesco QQQ Trust (NASDAQ:QQQ), which tracks the NASDAQ 100, is down 0.4% to $714.46. It appears, then, that today’s move is a stock-specific story rather than a sector or benchmark tailwind.
Guidance Raise Fuels the Move Joby Aviation lifted its full-year 2026 revenue outlook to a range of $115 million to $125 million, up from the prior $105 million to $115 million range. The upgrade was powered by Joby’s Blade passenger business, which contributed about $36.2 million in Q2 revenue with seats flown up more than 50% year over year (YoY).
Furthermore, Joby Aviation’s Q2 revenue landed at $38.6 million versus the $30.4 million consensus, a 27.2% beat. On the bottom line, GAAP EPS came in at -$0.25 against a -$0.2345 estimate. Joby’s management pointed to about $2.3 billion in cash and short-term investments as of June 30.
CEO JoeBen Bevirt provided confident commentary:
With meaningful progress on certification, partnerships, infrastructure and commercial readiness, we are unlocking the third dimension of mobility and turning electric vertical flight from an extraordinary technology into an everyday reality, giving people their time back and fundamentally changing the way we move.
Joby Aviation reported its strongest quarterly progress yet in the fifth and final stage of FAA type certification, with five aircraft flying and 12 more in production. The company’s manufacturing joint venture with Toyota Motor (NYSE:TM) remains central to scale plans.
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Peers Sit Out the eVTOL Rally Archer Aviation (NYSE:ACHR) stock is roughly flat at $5.21, refusing to piggyback on Joby’s guidance raise. Archer has its own news flow this week, including a new aviation-AI model called ZEE that predicts aircraft movements across airport surfaces, and a piloted round-trip Midnight flight between Salinas and Monterey. However, with no customer, contract value, or commercialization timeline disclosed for ZEE, and its own Q2 earnings due August 10 after the close, Archer shares are on hold ahead of the report. ACHR stock is down 31% YTD.
EHang Holdings (NASDAQ:EH) stock is drifting lower, down 1% to $5.30, with no fresh company-specific catalyst. EHang shares have been the group’s worst performer, down 61% YTD, after a Q1/Q2 2026 revenue miss earlier this summer.
What to Watch Separately Thursday, Joby Aviation announced a new 45,000-square-foot Texas hub at Perot Field Fort Worth Alliance Airport, its first significant eVTOL presence in Texas. The facility supports first eIPP flights expected in September in Texas, with the company still targeting first passengers in 2026. Joby’s partnership with Atoms, the industrial-AI and infrastructure company founded by Travis Kalanick, on multimodal transportation hubs adds another data point on commercial readiness.
Investors can watch for whether JOBY stock holds above the $8 level into Friday’s close and how Archer Aviation’s August 10 earnings reshape the sector narrative. Any color from management on FAA Stage 4 progress or Toyota production ramp could set the next leg for the group. Stay tuned, as momentum traders may keep Joby Aviation stock active through the afternoon.
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Air taxi stocks are in the clouds at midday Monday, led by EHang (NASDAQ:EH) stock, which is up 18% to around $7.84. Archer Aviation (NYSE:ACHR | ACHR Price Prediction) shares are rallying 10%, while Joby Aviation (NYSE:JOBY) stock is climbing 7%.
The moves are unfolding against a strong broad-market backdrop. The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is up 1.9% on the session, and the NASDAQ 100 tracking Invesco QQQ Trust (NASDAQ:QQQ) is gaining 3%, with the major indexes pushing near highs.
Here’s the catch for traders following EHang, Archer Aviation, and Joby Aviation: a news scan turned up no fresh company-specific or sector-specific catalyst for the electric vertical takeoff and landing (eVTOL) group today. This appears to be a risk-on bounce in beaten-down, high-beta speculative names amid broad market strength, with the underlying air taxi story unchanged.
Risk-On Bounce, Not a Sector Catalyst Despite the impressive share-price moves today, there’s no identified company-specific or sector-specific catalyst behind today’s eVTOL rally. The apparent driver is a broad risk-on move in equities, with the U.S.-Iran peace deal announced Sunday lifting sentiment across the board.
That setup tends to favor the most speculative names. EHang, Archer Aviation, and Joby Aviation are all pre-commercial or early-revenue businesses, which makes their stocks unusually sensitive to shifts in investor risk appetite.
EHang Leads the Reversal EHang stock is the standout mover, but the bounce comes off a brutal stretch. Shares are down 42% year to date (YTD), and the company carries a market cap near $596 million.
China-based EHang recently reaffirmed FY2026 revenue guidance of about RMB 600 million, and the board approved a $30 million share buyback on June 8. With EHang stock so deeply oversold heading into today, a risk-on session can produce outsized percentage moves on relatively modest flow.
Archer Aviation Bounces Off Lows Archer Aviation stock is rebounding from a difficult stretch as well. ACHR shares are down 26% YTD, even as the company holds roughly $1.8 billion in liquidity and a market cap near $4.28 billion.
Archer Aviation remains a high-profile name in the space, with status as the Official Air Taxi Provider of the LA28 Olympic Games and progress through Phase 3 of FAA Type Certification. None of that is fresh news today, however, which reinforces the read that the move in Archer Aviation stock is market-driven rather than catalyst-driven.
Joby Aviation Posts a More Measured Gain Joby Aviation stock is up a smaller 7% today, which lines up with its more developed financial profile. JOBY shares are down 26% YTD, but the company carries a market cap near $9.66 billion and a stronger revenue base than its eVTOL peers.
Joby Aviation’s most recent quarter, disclosed in SEC filings, showed revenue of $30.84 million against estimates of $16.88 million, and management has guided full-year 2026 revenue to $105 million to $115 million. The company also raised $1.2 billion in February via equity and convertible debt, leaving the balance sheet in a relatively strong spot.
What to Watch Now A key question for EHang, Archer Aviation, and Joby Aviation is whether today’s gains hold into the close. Risk-on bounces in deeply beaten-down names can extend when broad indexes keep grinding higher, but they often fade quickly when the macro tone shifts.
Investors weighing exposure to EHang, Archer Aviation, or Joby Aviation should remember that these are speculative, pre-commercial or early-revenue businesses where share prices can swing sharply in either direction. Sizing one’s positions modestly is one way to participate in the theme without taking on outsized single-name risk.
From here, the next real catalysts are likely to be FAA certification milestones for Archer Aviation, first commercial passenger flights in Dubai for Joby Aviation, and delivery cadence updates from EHang. Until then, sessions like today’s may say more about market mood than about the state of the air taxi business.
Record Quarterly and Annual Revenues, Up 48.4% and 11.7% Year-Over-Year, RespectivelyFirst GAAP Profitable Quarter; Adjusted Net Income1 (Non-GAAP) Up 96.4% Year-Over-YearNon-GAAP Profitability1 Achieved for Second Consecutive YearEH216-S Commercial Operations in China Expected to Launch in March 2026VT35 Unveiled with First Public Demonstration Flight; Initial Deliveries CompletedThailand AAM Sandbox Trials and Commercial Operation License in Progress GUANGZHOU, China, March 12, 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 fourth quarter and fiscal year ended December 31, 2025.
Operational and Financial Highlights for the Fourth Quarter of 2025
Sales and deliveries of electric vertical take-off and landing (“eVTOL”) aircraft achieved a record-high of 100 units, including 95 units of EH216 series2 and five units of VT35, compared with 78 units of EH216 series in the fourth quarter of 2024, and 41 units of EH216 series and one unit of VT35 in the third quarter of 2025. Total revenues were RMB243.8 million (US$34.9 million), up 48.4% YoY from RMB164.3 million in the fourth quarter of 2024, and up 163.6% QoQ from RMB92.5 million in the third quarter of 2025.Gross margin was 62.1%, a slight increase from 60.7% in the fourth quarter of 2024 and 60.8% in the third quarter of 2025.Operating loss was RMB6.6 million (US$0.9 million), a significant improvement from RMB56.0 million in the fourth quarter of 2024 and RMB91.7 million in the third quarter of 2025.Net income was RMB10.5 million (US$1.5 million), a significant turnaround from a net loss of RMB46.9 million in the fourth quarter of 2024 and RMB82.1 million in the third quarter of 2025, achieving the first quarter of GAAP profitability.Adjusted operating income3 (non-GAAP) was RMB54.3 million (US$7.8 million), up 99.5% from RMB27.2 million in the fourth quarter of 2024, and turnaround from adjusted operating loss3 of RMB29.9 million in the third quarter of 2025. Adjusted net income1 (non-GAAP) was RMB71.5 million (US$10.2 million), representing a substantial increase of 96.4% from RMB36.4 million in the fourth quarter of 2024, and a significant turnaround from adjusted net loss1 of RMB20.3 million in the third quarter of 2025. Cash and cash equivalents, restricted short-term deposits and short-term investments balances were RMB1.13 billion (US$161.5 million) as of December 31, 2025. Operational and Financial Highlights for the Fiscal Year 2025
Sales and deliveries of electric vertical take-off and landing (“eVTOL”) aircraft achieved a record-high of 221 units, including 215 units of EH216 series and six units of VT35, compared with 216 units of EH216 series in 2024. Total revenues reached a record-high of RMB509.5 million (US$72.9 million), up 11.7% from RMB456.2 million in 2024. Gross margin was 62.0%, a slight increase from 61.4% in 2024. Operating loss was RMB266.3 million (US$38.1 million), compared with RMB254.1 million in 2024. Net loss was RMB231.0 million (US$33.0 million), compared with RMB230.0 million in 2024. Adjusted operating loss3 (non-GAAP) was RMB20.2 million (US$2.9 million), compared with adjusted operating income3 (non-GAAP) of RMB19.0 million in 2024. Adjusted net income1 (non-GAAP) was RMB29.4 million (US$4.2 million), compared with RMB43.1 million in 2024, achieving non-GAAP profitability1 for the second consecutive year.Cash and cash equivalents, restricted short-term deposits and short-term investments balances were RMB1.13 billion (US$161.5 million) as of December 31, 2025. Business Highlights for the Fourth Quarter of 2025 and Recent Developments
Progress on EH216-S Commercial Operations in China
EHang expects to officially commence EH216-S commercial operations in China in March 2026. The first two operators with Air Operator Certificate (“OC”) -- EHang General Aviation and Heyi Aviation -- are expected to launch ticketed aerial sightseeing services for the public at EHang Future City, its headquarters in Guangzhou and Luogang Park in Hefei, marking the transition from internal trial run to commercial operations.
Over recent months of internal trial operations, EHang has refined standard operational procedures, maintenance systems, and fleet management processes to support safe and reliable operations as well as smooth user experience. The Civil Aviation Administration of China (“CAAC”) has recognized the safe operational records and continued to support the certified eVTOL operators to initiate public commercial operations by expanding the pool of specially authorized ground operating crew for EHang recently. In parallel, EHang is advancing with the CAAC to establish the ground crew training standard and system for EH216-S. As a trial program, this initiative represents the first-ever training framework for pilotless human-carrying eVTOL aircraft in China, laying a solid foundation for regulatory compliance and talent development ahead of large-scale commercial operations.
EH216-S Completes First Cross-Province Flight Crossing Qiongzhou Strait
In December 2025, the EH216-series pilotless eVTOL successfully completed a 22-kilometer flight across the Qiongzhou Strait from Hainan Province to Guangdong Province. This 18-minute flight route shows a significant efficiency in air mobility, in contrast to a ferry ride which typically takes 60–90 minutes. Powered by the high-energy solid-state lithium battery co-developed with Inx Energy, it showcased point-to-point flight operational capabilities in the complex sea environment and practical applications such as inter-provincial transport, island logistics, and maritime emergency response.
VT35 Launch and Public Demo Flight
In October 2025, EHang unveiled the VT35, a next-generation long-range lift-and-cruise pilotless eVTOL upgraded from the VT30, with a design range of approximately 200 kilometers. The VT35 expands EHang’s product portfolio into intercity mobility scenarios and its compact design is to be compatible with EH216-S vertiports in urban environment.
The VT35 completed its first public demonstration flights in Hefei in December 2025, marking an important milestone in validating its operational capabilities. The aircraft is currently progressing through type certification with the CAAC. To date, it has completed transition flight tests and fixed-wing flight tests and entered the flight envelope performance testing phase to validate overall aircraft performance and system-level capabilities.
EH216-S and GD4.0 Formation Flights Shined at China Spring Festival Gala
EHang performed splendid flight shows with 16 units of EH216-S pilotless eVTOL aircraft and 22,580 units of GD4.0 formation drones at the CMG 2026 China Spring Festival Gala Hefei venue in February 2026. It refreshed the Guinness World Records™ title for "the most multirotor/drones airborne simultaneously from a single computer", demonstrating EHang’s intelligent command-and-control technologies and centralized air management capabilities for large-scale fleet operations.
Global Expansion
Thailand: Building on the AAM Sandbox Initiative launched in October 2025, EHang has conducted a series of EH216-S validation test flights and continuous trial operations within the Thailand AAM Sandbox areas in Bangkok, in coordination with the Civil Aviation Authority of Thailand (“CAAT”) and local partners.
With five-month preparation and operational readiness, EHang is expected to obtain the first overseas commercial operation license for EH216-S pilotless eVTOL aircraft after the CAAT’s final approval. It will truly achieve normalized urban air mobility services. Several commercial operation sites are being planned, including the one near IMPACT Challenger in Bangkok, where the ICAO Advanced Air Mobility Symposium will be held in December 2026.
The Sandbox Initiative follows a “prove safety, then scale” approach with the expectation to expand to more locations including Chiang Mai, Phuket and Pattaya with strong demand for airport shuttle service, aerial sightseeing and cross-island travel. It will provide a scalable pathway for scalable eVTOL operations and potential broader adoption across Southeast Asia.
Qatar: In November 2025, the EH216-S conducted multiple trial air taxi flights, including point-to-point and human-carrying flights, in central Doha with operational authorization from the Qatar Civil Aviation Authority and support from the Ministry of Transport of Qatar. The flights connected designated urban locations with notable time saving compared to ground transportation and demonstrated pilotless eVTOL operations in a dense city environment. Japan: In October 2025, the EH216-S completed human-carrying pilotless flights at the Gotemba Premium Outlets near Mount Fuji in collaboration with local partners - Mitsubishi Estate, Mitsubishi Estate-Simon, and AirX. EHang’s eVTOL flight footprint further extended to 18 cities in Japan. Manufacturing
Yunfu Production Facility: Following the completion of the Phase II plant, EHang's Yunfu Production Facility is expanded to 48,000 square meters with the total annual production capability increase to 1,000 eVTOL units and components. The Phase II plant has entered trial operations and is engineered to enhance production quality and efficiency by smart manufacturing, featuring a full-process Manufacturing Execution System, paperless operations, Automated Guided Vehicles for automated material calling and delivery, and visual error-proofing systems.Beijing Production Facility: In December, the first EH216-F firefighting eVTOL aircraft rolled off the assembly line at its Low-Altitude Emergency Rescue Equipment Headquarters in Fangshan District, Beijing. This milestone marked the initial operational readiness of the facility for emergency rescue aircraft assembly, following a year of strategic cooperation with the local government. Management Remarks
Mr. Huazhi Hu, Founder, Chairman and Chief Executive Officer of EHang: “2025 was a pivotal year for EHang as we solidified our commercial foundation and achieved critical breakthroughs. We achieved 100 units in quarterly eVTOL deliveries in Q4 and hit a record-high annual deliveries of 221 units. These accomplishments are the result of our years of sustained dedication to innovation, certifications, industrial layout and market expansion. This month, we will launch commercial flight services for EH216-S pilotless human-carrying eVTOL in Guangzhou and Hefei. EHang is evolving from an aircraft manufacturer into a one-stop provider of integrated advanced air mobility solutions.
As we stand at the starting point of China’s 15th Five-Year Plan, with the low-altitude economy elevated to a national strategic emerging pillar industry and embracing unprecedented strategic opportunities, EHang’s core strategies for 2026 will focus on disciplined execution. We will advance the routine commercial operation of human-carrying eVTOL, accelerate the airworthiness certification and commercialization of the VT35, deepen the layout of overseas markets such as Thailand and build benchmark operational models, while continuously strengthening our end-to-end industrial chain integration capabilities. Adhering to the principles of ‘safety first, innovation-driven growth, and collaborative development’, we will leverage our comprehensive development model integrating technology R&D, intelligent manufacturing, and commercial operational services to drive the low-altitude economy’s evolution from demonstration programs to scaled commercial operations and accessible public services, fully translating industrial value into economic and social benefits and contributing EHang’s strength to the global development of advanced air mobility.”
Mr. Conor Yang, Chief Financial Officer of EHang: “We delivered our strongest quarterly financial performance to date in the fourth quarter of 2025. Total revenues reached RMB243.8 million, up 48.4% year-over-year and 163.6% sequentially, driven by record deliveries. Gross margin remained strong at 62.1%, while operating leverage improved significantly as we achieved our first-ever GAAP profitable quarter and generated substantial growth in adjusted operating income and adjusted net income.
For the full year 2025, we generated record revenues of RMB509.5 million, while maintaining non-GAAP profitability1 for the second consecutive year. As commercialization advances in China and overseas markets, we believe EHang is well positioned to further scale production, expand operations, and strengthen the financial profile of the business over time.”
Unaudited Financial Results for the Fourth Quarter of 2025
Revenues
Total revenues were RMB243.8 million (US$34.9 million), up 48.4% YoY from RMB164.3 million in the fourth quarter of 2024, and up 163.6% QoQ from RMB92.5 million in the third quarter of 2025, primarily driven by increased sales volume of eVTOL aircraft, including EH216 series and VT35.
Costs of revenues
Costs of revenues were RMB92.4 million (US$13.2 million), compared with RMB64.6 million in the fourth quarter of 2024 and RMB36.3 million in the third quarter of 2025. The year-over-year and quarter-over-quarter increases were in line with the increase in the sales volume of eVTOL aircraft, including EH216 series and VT35.
Gross profit and gross margin
Gross profit was RMB151.4 million (US$21.6 million), compared with RMB99.7 million in the fourth quarter of 2024, and RMB56.2 million in the third quarter of 2025. The year-over-year and quarter-over-quarter increases were primarily due to the increase in the sales volume of eVTOL aircraft, including EH216 series and VT35.
Gross margin was 62.1%, a slight increase from 60.7% in the fourth quarter of 2024 and 60.8% in the third quarter of 2025.
Operating expenses
Total operating expenses were RMB160.1 million (US$22.9 million), compared with RMB162.1 million in the fourth quarter of 2024, and RMB150.8 million in the third quarter of 2025.
Sales and marketing expenses were RMB38.3 million (US$5.5 million), compared with RMB36.2 million in the fourth quarter of 2024, and RMB30.4 million in the third quarter of 2025. The year-over-year and quarter-over-quarter increases were attributed to increased sales-related compensation driven by higher sales volume and increased marketing and promotional activities to expand brand awareness associated with new product launch.General and administrative expenses were RMB72.7 million (US$10.4 million), compared with RMB69.9 million in the fourth quarter of 2024, and RMB69.8 million in the third quarter of 2025. The year-over-year increase was mainly attributed to increased employee compensation driven by workforce expansion. The quarter-over-quarter increase was mainly attributable to increased professional service fees for general corporate functions.Research and development expenses were RMB49.1 million (US$7.0 million), compared with RMB56.0 million in the fourth quarter of 2024, and on par with RMB50.6 million in the third quarter of 2025. The year-over-year decrease was mainly attributed to lower share-based compensation expenses due to accelerated vesting of outstanding share-based awards in the fourth quarter of 2024. Operating loss
Operating loss was RMB6.6 million (US$0.9 million), a significant improvement from RMB56.0 million in the fourth quarter of 2024 and RMB91.7 million in the third quarter of 2025.
Net income
Net income was RMB10.5 million (US$1.5 million), a significant turnaround from a net loss of RMB46.9 million in the fourth quarter of 2024 and RMB82.1 million in the third quarter of 2025, achieving the first quarter of GAAP profitability.
Net income per ordinary share and per ADS
Basic and diluted net income per ordinary share were both RMB0.07 (US$0.01).
Basic and diluted net income per American depositary share (“ADS”) were both RMB0.14 (US$0.02). Each ADS represents two of our Class A ordinary shares.
Balance sheets
Cash and cash equivalents, restricted short-term deposits and short-term investments balances were RMB1.13 billion (US$161.5 million) as of December 31, 2025.
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 RMB99.3 million (US$14.2 million), compared to RMB78.8 million in the fourth quarter of 2024 and RMB89.1 million in the third quarter of 2025. In the fourth quarter of 2025, adjusted sales and marketing expenses4, adjusted general and administrative expenses4, and adjusted research and development expenses4 were RMB25.9 million (US$3.7 million), RMB34.2 million (US$4.9 million), and RMB39.2 million (US$5.6 million), respectively.
Adjusted operating income (loss)3 (non-GAAP)
Adjusted operating income3 was RMB54.3 million (US$7.8 million), up 99.5% from RMB27.2 million in the fourth quarter of 2024 and compared with adjusted operating loss3 of RMB29.9 million in the third quarter of 2025.
Adjusted net income (loss)1 (non-GAAP)
Adjusted net income1 was RMB71.5 million (US$10.2 million), up 96.4% from RMB36.4 million in the fourth quarter of 2024 and a significant turnaround from adjusted net loss1 of RMB20.3 million in the third quarter of 2025.
Adjusted net income (loss) attributable to EHang’s ordinary shareholders5 (non-GAAP)
Adjusted net income attributable to EHang’s ordinary shareholders5 was RMB71.4 million (US$10.2 million), up 96.2% from RMB36.4 million in the fourth quarter of 2024 and a significant turnaround from adjusted net loss attributable to EHang’s ordinary shareholders5 of RMB20.4 million in the third quarter of 2025.
Adjusted net income per ordinary share6 and per ADS7 (non-GAAP)
Adjusted basic net income per ordinary share6 was RMB0.48 (US$0.07), and adjusted diluted net income per ordinary share6 was RMB0.47 (US$0.07).
Adjusted basic net income per ADS7 was RMB0.96 (US$0.14), and adjusted diluted net income per ADS7 was RMB0.94 (US$0.14).
Unaudited Financial Results for the Fiscal Year 2025
Revenues
Total revenues were RMB509.5 million (US$72.9 million), up 11.7% from RMB456.2 million in 2024, primarily due to the increase in the sales volume of eVTOL aircraft, including EH216 series and VT35.
Costs of revenues
Costs of revenues were RMB193.6 million (US$27.7 million), compared with RMB176.2 million in 2024. The increase was in line with the increase in the sales volume of eVTOL aircraft, including EH216 series and VT35.
Gross profit and gross margin
Gross profit was RMB315.9 million (US$45.2 million), up 12.9% from RMB279.9 million in 2024.
Gross margin was 62.0%, representing a 0.6 percentage points increase from 61.4% in 2024. The increase was mainly due to changes in revenue mix and decreased cost per unit of the eVTOL products.
Operating expenses
Total operating expenses were RMB594.6 million (US$85.0 million), compared with RMB563.9 million in 2024.
Sales and marketing expenses were RMB122.0 million (US$17.4 million), compared with RMB131.0 million in 2024. The decrease was mainly attributed to lower share-based compensation expenses due to modification and accelerated vesting of outstanding share-based awards in 2024, partially offset by increased sales-related compensation driven by workforce expansion for sales and service network. General and administrative expenses were RMB278.0 million (US$39.8 million), compared with RMB233.4 million in 2024. The increase was mainly attributed to increased employee compensation driven by workforce expansion and higher share-based compensation expenses due to new grant of share-based awards in second quarter of 2025.Research and development expenses were RMB194.6 million (US$27.8 million), compared with RMB199.5 million in 2024. The decrease was mainly attributed to lower share-based compensation expenses due to accelerated vesting of outstanding share-based awards in 2024, partially offset by increased employee compensation driven by workforce expansion to further accelerate the research and development progress of different models of eVTOL aircraft in support of the Company’s future growth. Operating loss
Operating loss was RMB266.3 million (US$38.1 million), compared with RMB254.1 million in 2024.
Other non-operating income (expenses), net
Other non-operating expenses, net was RMB12.6 million (US$1.8 million), compared with other non-operating income, net RMB2.7 million in 2024. The decrease was primarily due to one-time provisions made for legal proceedings in 2025 which was related to the securities class action in the United States in 2023.
Net loss
Net loss was RMB231.0 million (US$33.0 million), compared with RMB230.0 million in 2024.
Net loss per ordinary share and per ADS
Basic and diluted net loss per ordinary share were both RMB1.57 (US$0.22).
Basic and diluted net loss per American depositary share (“ADS”) were both RMB3.14 (US$0.44). Each ADS represents two of our Class A ordinary shares.
Balance sheets
Cash and cash equivalents, restricted short-term deposits and short-term investments balances were RMB1.13 billion (US$161.5 million) as of December 31, 2025.
Adjusted operating expenses4 (non-GAAP)
Adjusted operating expenses4 (non-GAAP) were RMB348.9 million (US$49.9 million), representing an increase of 20.0% from RMB290.8 million in 2024. Adjusted sales and marketing expenses4 (non-GAAP), adjusted general and administrative expenses4 (non-GAAP), and adjusted research and development expenses4 (non-GAAP) were RMB76.5 million (US$10.9 million), RMB123.2 million (US$17.6 million) and RMB149.2 million (US$21.3 million) in 2025, respectively.
Adjusted operating income (loss)2 (non-GAAP)
Adjusted operating loss2 (non-GAAP) was RMB20.2 million (US$2.9 million), compared with adjusted operating income2 (non-GAAP) of RMB19.0 million in 2024.
Adjusted net income1 (non-GAAP)
Adjusted net income1 (non-GAAP) was RMB29.4 million (US$4.2 million), compared with RMB43.1 million in 2024.
Adjusted net income attributable to EHang’s ordinary shareholders5 (non-GAAP)
Adjusted net income attributable to EHang’s ordinary shareholders5 (non-GAAP) was RMB29.9 million (US$4.3 million), compared with RMB43.3 million in 2024.
Adjusted net income per ordinary share6 and per ADS7 (non-GAAP)
Adjusted basic and diluted net income per ordinary share6 were both RMB0.20 (US$0.03).
Adjusted basic and diluted net income per ADS7 were both RMB0.40 (US$0.06).
Business Outlook
For the fiscal year 2026, the Company expects the total revenues to be around RMB600 million, representing an increase of approximately 18% year-over-year.
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 Thursday, March 12, 2026, U.S. Eastern Time (8:00 PM on Thursday, March 12, 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/10053557-yg7lo1.html
Chinese line: https://s1.c-conf.com/diamondpass/10053559-m7iylq.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 UAM 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 RMB6.9931 to US$1.00, the noon buying rate in effect on December 31, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to in this press release could have been converted into USD or RMB, as the case may be, at any particular rate or at all.
EHANG HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”)) As of As of December 31, 2024 December 31, 2025 RMB RMB US$ (Unaudited) (Unaudited) (Unaudited)ASSETS Current assets: Cash and cash equivalents 610,877 256,400 36,665Short-term investments 513,683 843,232 120,581Restricted short-term deposits 30,295 29,655 4,241Accounts receivable, net8 58,180 210,412 30,089Inventories 75,687 101,634 14,533Prepayments and other current assets9 68,298 104,219 14,903Total current assets 1,357,020 1,545,552 221,012 Non-current assets: Property and equipment, net 60,224 258,050 36,901Operating lease right-of-use assets, net 128,433 116,468 16,655Land Use Rights, net - 11,347 1,623Intangible assets, net 2,617 2,713 388Investments accounted for using equity method 23,897 28,849 4,125Other investments 9,867 45,330 6,482Deferred tax assets - 3,305 473Other non-current assets 2,440 38,294 5,476Total non-current assets 227,478 504,356 72,123 Total assets 1,584,498 2,049,908 293,135 EHANG HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONT’D)
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”)) As of As of December 31, 2024 December 31, 2025 RMB RMB US$ (Unaudited) (Unaudited) (Unaudited)LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Short-term bank loans 64,250 229,611 32,834Accounts payable 127,446 132,509 18,949Contract liabilities10 62,561 66,607 9,525Current portion of long-term bank loans 10,500 9,800 1,401Mandatorily redeemable non-controlling interests 40,000 - - Accrued expenses and other liabilities 150,196 268,353 38,374Current portion of lease liabilities 12,527 16,278 2,328Deferred income 1,504 817 117Deferred government subsidies 1,209 684 98Income taxes payable 150 3,100 443Total current liabilities 470,343 727,759 104,069 Non-current liabilities: Long-term bank loans 20,500 82,700 11,826Deferred tax liabilities 292 292 42Unrecognized tax benefit 5,480 5,480 784Lease liabilities 125,719 114,246 16,337Other non-current liabilities 6,350 5,651 808Total non-current liabilities 158,341 208,369 29,797 Total liabilities 628,684 936,128 133,866 Shareholders’ equity: Ordinary shares 90 92 13Additional paid-in capital 2,923,178 3,335,371 476,952Treasury shares (10,085) (10,085) (1,442)Statutory reserves 1,772 3,302 472Accumulated deficit (1,984,851) (2,216,920) (317,015)Accumulated other comprehensive income 25,539 2,605 373Total EHang Holdings Limited shareholders’ equity 955,643 1,114,365 159,353Non-controlling interests 171 (585) (84)Total shareholders’ equity 955,814 1,113,780 159,269Total liabilities and shareholders’ equity 1,584,498 2,049,908 293,135 EHANG HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data) Three Months Ended For the Year Ended December 31,
2024 September 30,
2025 December 31,
2025 December 31,
2024 December 31,
2025 RMB RMB RMBUS$ RMB RMBUS$ (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)Total revenues 164,278 92,472 243,778 34,860 456,152 509,504 72,858 Costs of revenues (64,590) (36,263) (92,424)(13,216) (176,206) (193,576)(27,681)Gross profit 99,688 56,209 151,354 21,644 279,946 315,928 45,177 Operating expenses: Sales and marketing expenses (36,203) (30,397) (38,263)(5,472) (131,027) (122,020)(17,449)General and administrative expenses (69,926) (69,767) (72,720)(10,399) (233,398) (278,041)(39,759)Research and development expenses (55,963) (50,625) (49,092)(7,020) (199,465) (194,581)(27,825)Total operating expenses (162,092) (150,789) (160,075)(22,891) (563,890) (594,642)(85,033) Other operating income 6,358 2,862 2,101300 29,869 12,3831,771Operating loss (56,046) (91,718) (6,620)(947) (254,075) (266,331)(38,085) Other income (expenses): Interest and investment income 12,028 13,739 21,1273,021 30,599 58,5888,378Interest expenses (870) (1,740) (2,086)(298) (3,375) (5,976)(855)Foreign exchange gain (loss) gain (813) (771) (1,401)(200) (1,188) 1,174168Other non-operating income (expenses), net 753 (438) 788113 2,746 (12,646)(1,808)Total other income 11,098 10,790 18,428 2,636 28,782 41,140 5,883 (Loss) income before income tax and loss from equity method investments (44,948) (80,928) 11,8081,689 (225,293) (225,191)(32,202)Income tax (expenses) credits (177) 1 (420)(60) (386) (534)(76)(Loss) income before loss from equity method investments (45,125) (80,927) 11,388 1,629 (225,679) (225,725)(32,278)Loss from equity method investments (1,752) (1,185) (846)(121) (4,353) (5,248)(750)Net (loss) income (46,877) (82,112) 10,5421,508 (230,032) (230,973)(33,028) EHANG HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (CONT’D)
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data) Three Months Ended For the Year Ended December 31,
2024 September 30,
2025 December 31,
2025 December 31,
2024 December 31,
2025 RMB RMB RMBUS$ RMB RMBUS$ (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)Net (loss) income (46,877) (82,112) 10,542)1,508 (230,032) (230,973)(33,028)Net loss (income) attributable to non-controlling interests 19 (44) (48)(7) 256 43462Net (loss) income attributable to ordinary shareholders (46,858) (82,156) 10,494 1,501 (229,776) (230,539)(32,966)Shares used in net loss per ordinary share computation (in thousands of shares): Basic 141,307 148,614 149,338149,338 134,367 146,665146,665Diluted 141,307 148,614 151,600151,600 134,367 146,665146,665Net (loss) income per ordinary share
Basic and diluted (0.33) (0.55) 0.070.01 (1.71) (1.57)(0.22)Net (loss) income per ADS (2 ordinary shares equal to 1 ADS)
Basic and diluted (0.66) (1.10) 0.140.02 (3.42) (3.14)(0.44) Other comprehensive income (loss) Foreign currency translation adjustments net of nil tax 19,946 (7,106) (9,820)(1,404) 10,460 (22,934)(3,280)Total other comprehensive income (loss), net of tax 19,946 (7,106) (9,820)(1,404) 10,460 (22,934)(3,280)Comprehensive (loss) income (26,931) (89,218) 722104 (219,572) (253,907)(36,308)Comprehensive loss (income) attributable to non-controlling interests 19 (44) (48)(7) 256 43462Comprehensive (loss) income attributable to ordinary shareholders (26,912) (89,262) 67497 (219,316) (253,473)(36,246) EHANG HOLDINGS LIMITED
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data) Three Months Ended For the Year Ended December 31,
2024 September 30,
2025 December 31,
2025 December 31,
2024 December 31,
2025 RMB RMB RMBUS$ RMB RMBUS$ (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)Gross profit 99,688 56,209 151,354 21,644 279,946 315,928 45,177 Plus: Share-based compensation expenses - 150 14921 - 41659Adjusted gross profit 99,688 56,359 151,50321,665 279,946 316,34445,236 Sales and marketing expenses (36,203) (30,397) (38,263)(5,472) (131,027) (122,020)(17,449)Plus: Share-based compensation expenses 18,092 12,589 12,3361,764 65,597 45,5376,512Adjusted sales and marketing expenses (18,111) (17,808) (25,927)(3,708) (65,430) (76,483)(10,937) General and administrative expenses (69,926) (69,767) (72,720)(10,399) (233,398) (278,041)(39,759)Plus: Share-based compensation expenses 45,334 39,251 38,4805,503 134,984 154,83822,142Adjusted general and administrative expenses (24,592) (30,516) (34,240)(4,896) (98,414) (123,203)(17,617) Research and development expenses (55,963) (50,625) (49,092)(7,020) (199,465) (194,581)(27,825)Plus: Share-based compensation expenses 19,833 9,809 9,9441,422 72,543 45,3676,487Adjusted research and development expenses (36,130) (40,816) (39,148)(5,598) (126,922) (149,214)(21,338) Operating expenses (162,092) (150,789) (160,075)(22,891) (563,890) (594,642)(85,033)Plus: Share-based compensation expenses 83,259 61,649 60,7608,689 273,124 245,74235,141Adjusted operating expenses (78,833) (89,140) (99,315)(14,202) (290,766) (348,900)(49,892) Operating loss (56,046) (91,718) (6,620)(947) (254,075) (266,331)(38,085)Plus: Share-based compensation expenses 83,259 61,799 60,9098,710 273,124 246,15835,200Adjusted operating income (loss) 27,213 (29,919) 54,2897,763 19,049 (20,173)(2,885) EHANG HOLDINGS LIMITED
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data) Three Months Ended For the Year Ended December 31,
2024 September 30,
2025 December 31,
2025 December 31,
2024 December 31,
2025 RMB RMB RMBUS$ RMB RMBUS$ (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)Net (loss) income (46,877) (82,112) 10,5421,508 (230,032) (230,973)(33,028)Plus: Share-based compensation expenses 83,259 61,799 60,9098,710 273,124 246,15835,200Plus: Certain non-operational expenses - - -- - 14,2542,038Adjusted net income (loss) 36,382 (20,313) 71,45110,218 43,092 29,4394,210 Net (loss) income attributable to ordinary shareholders (46,858) (82,156) 10,4941,501 (229,776) (230,539)(32,966)Plus: Share-based compensation expenses 83,259 61,799 60,9098,710 273,124 246,15835,200Plus: Certain non-operational expenses - - -- - 14,2542,038Adjusted net income (loss) attributable to ordinary shareholders 36,401 (20,357) 71,40310,211 43,348 29,8734,272 Shares used in net earnings (loss) per ordinary share computation (in thousands of shares): Basic 141,307 148,614 149,338149,338 134,367 146,665146,665Diluted 143,959 148,614 151,600151,600 135,835 147,967147,967Adjusted basic net earnings (loss) per ordinary share 0.26 (0.14) 0.480.07 0.32 0.200.03Adjusted diluted net earnings (loss) per ordinary share 0.25 (0.14) 0.470.07 0.32 0.200.03Adjusted basic net earnings (loss) per ADS 0.52 (0.28) 0.960.14 0.64 0.400.06Adjusted diluted net earnings (loss) per ADS 0.50 (0.28) 0.940.14 0.64 0.400.06 1 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”. Net loss was RMB230.0 million and RMB231.0 million (US$33.0 million) in 2024 and 2025, respectively.
2 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).
3 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”.
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, 2024 and December 31, 2025, amount due from a related party of RMB458 and RMB5,188 (US$742) was included in accounts receivable, net, respectively.
9 As of December 31, 2024 and December 31, 2025, amount due from a related party of nil and RMB2,070 (US$296) was included in prepayments and other current assets, respectively.
10 As of December 31, 2024 and December 31, 2025, amount due to a related party of RMB2,000 and RMB2,307 (US$330) are included in contract liabilities, respectively.
EHang (NASDAQ: EH) executives told investors that 2025 marked a "pivotal year" for the company as it moved closer to commercialization, highlighted by record quarterly deliveries, expanding manufacturing capacity, and the planned launch of ticketed EH216S flight services to the public. Q4 and full-year delivery milestones Founder, Chairman, and CEO Huazhi Hu said the fourth quarter
EHang Holdings Limited Unsponsored ADR (NASDAQ:EH – Get Free Report) has earned a consensus rating of “Moderate Buy” from the six ratings firms that are covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and four have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $21.85.
EH has been the topic of a number of recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of EHang in a research report on Wednesday, January 21st. Bank of America reaffirmed a “buy” rating on shares of EHang in a research report on Thursday, March 12th. Finally, Wall Street Zen raised shares of EHang from a “sell” rating to a “hold” rating in a research report on Saturday, March 28th.
Get Our Latest Stock Analysis on EH
EHang Stock Performance NASDAQ EH opened at $10.72 on Monday. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.12 and a quick ratio of 1.98. The firm’s fifty day moving average price is $11.37 and its 200 day moving average price is $13.99. The company has a market capitalization of $770.66 million, a price-to-earnings ratio of -24.36 and a beta of 1.11. EHang has a 12 month low of $9.06 and a 12 month high of $20.85.
Institutional Inflows and Outflows A number of hedge funds have recently modified their holdings of EH. Leonteq Securities AG purchased a new position in shares of EHang in the 4th quarter valued at $26,000. Legal & General Group Plc boosted its stake in EHang by 171.7% during the 2nd quarter. Legal & General Group Plc now owns 3,380 shares of the company’s stock worth $59,000 after purchasing an additional 2,136 shares during the period. Daiwa Securities Group Inc. boosted its stake in EHang by 47.6% during the 4th quarter. Daiwa Securities Group Inc. now owns 4,816 shares of the company’s stock worth $63,000 after purchasing an additional 1,553 shares during the period. Advisory Services Network LLC acquired a new stake in EHang during the 3rd quarter worth $117,000. Finally, JPMorgan Chase & Co. boosted its stake in EHang by 10.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 7,292 shares of the company’s stock worth $127,000 after purchasing an additional 671 shares during the period. 94.03% of the stock is owned by hedge funds and other institutional investors.
About EHang (Get Free Report)
EHang Holdings Limited is a China-based technology company specializing in the development and manufacturing of autonomous aerial vehicles (AAVs) for passenger transportation, logistics, and other commercial applications. Established in 2014 and listed on NASDAQ under the ticker EH in 2019, EHang focuses on delivering turnkey solutions that integrate hardware, flight control systems and a cloud-based operating platform. Its flagship products include the EH216 series passenger AAV and the Falcon series unmanned aerial vehicles, designed to support urban air mobility, aerial filming, emergency response and short-range cargo delivery.
The company’s business model encompasses research and development, manufacturing, certification support, and operations services.
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Key Takeaways MARA posted a wider Q1 loss as revenues fell 18.4% y/y on lower bitcoin prices and production declines.MARA boosted energized hashrate by 33% y/y to 72.2 EH/s while evaluating AI infrastructure expansion.MARA sold $1.5B of bitcoin to repurchase debt and ended Q1 with $2.9B in cash and bitcoin holdings. Marathon Digital Holdings, Inc. (MARA - Free Report) reported unimpressive first-quarter 2026 results, with both earnings and revenues missing the Zacks Consensus Estimate.
MARA’s first-quarter 2026 loss per share was 61 cents, wider than the Zacks Consensus Estimate of a loss of 46 cents and the year-ago loss of 40 cents per share. Revenues of $174.6 million missed the consensus mark of $192.7 million and declined 18.4% year over year.
The stock has barely moved since the release of results on May 11, reflecting poor quarterly earnings performance and low confidence among shareholders.
The weaker results reflected lower bitcoin prices, higher operating expenses and unfavorable mark-to-market adjustments on digital assets. During the quarter, MARA increased its energized hashrate (EH) 33% year over year to 72.2 EH/s and mined 2,247 bitcoins (BTC).
MARA Expands Hashrate Amid Mining PressureMARA continued scaling its mining platform despite a tougher pricing environment. Energized hashrate rose to 72.2 EH/s from 54.3 EH/s in the year-ago quarter, while average daily bitcoin production reached 25 BTC.
The company won 653 blocks in the quarter, down 2% year over year. Higher global network difficulty offset gains from fleet expansion and reduced bitcoin mined per unit of energy consumed. MARA deployed roughly 5,000 new miners and acquired 2.4 EH of next-generation used Application-Specific Integrated Circuit miners to improve fleet efficiency at lower capital costs.
Marathon Revenues Fall on Bitcoin Weakness
Marathon’s revenues decreased to $174.6 million from $213.9 million in the prior-year quarter. Management attributed most of the decline to an 18% drop in average bitcoin prices, which reduced revenues by approximately $33.1 million.
Bitcoin production declined modestly from the year-ago period, contributing additional pressure on sales. Other revenues fell $3.7 million, primarily due to lower contributions from digital asset hosting services and other digital assets. Bitcoin holdings were 35,303 BTC at quarter-end, down from 47,531 BTC a year earlier.
MARA Costs Rise Despite Efficiency GainsMARA’s purchased energy costs increased to $44.7 million from $43.5 million in the prior-year quarter, reflecting expanded owned mining operations and higher power usage. Purchased energy cost per bitcoin increased to $40,047 from $35,728 a year ago due to growth in network difficulty outpacing hashrate expansion.
Operating and maintenance expenses climbed to $30.6 million from $19.8 million due to higher miner repair costs, maintenance spending and labor expenses tied to a larger operational footprint. Third-party hosting and other energy costs rose to $70 million.
Despite these pressures, cost per petahash per day improved 3% year over year to $27.6. Management noted that the metric has improved 42% over the last 11 quarters, supported by operational efficiencies and hardware optimization.
Marathon Pursues AI Infrastructure ExpansionMarathon accelerated its transition toward digital infrastructure and AI-focused operations during the quarter. The company advanced its strategic partnership with Starwood to develop AI and critical IT infrastructure across powered sites.
Per management, around 90% of MARA’s non-hosted capacity is being evaluated for AI and critical IT conversion opportunities. The partnership structure is designed to monetize the company’s power and land portfolio while limiting incremental capital requirements.
The company also announced a definitive agreement to acquire Long Ridge Energy and Power after quarter-end. The asset includes a 505 MW combined-cycle gas turbine facility and 1,600 acres of land adjacent to MARA’s Hannibal operations. The acquisition is expected to expand MARA’s owned and operational capacity by roughly 65% and create a scalable AI and high-performance computing campus.
MARA Strengthens Balance Sheet, Cuts DebtMARA reported a net loss of $1.3 billion compared with a loss of $533.4 million in the prior-year quarter. The wider loss primarily reflected a $1 billion unfavorable fair-value adjustment tied to declining bitcoin prices and restructuring charges of $45.9 million.
Adjusted EBITDA was negative $1 billion compared with negative $483.6 million a year ago. General and administrative expenses, excluding stock-based compensation, increased to $57.7 million from $36.9 million due to integration costs, higher personnel expenses and expansion initiatives.
The company reduced its workforce by 15%, a move expected to generate annualized savings of $12 million. During the quarter, MARA sold approximately $1.5 billion of bitcoin and used the proceeds to repurchase more than $1 billion of convertible debt at a discount and reduce outstanding borrowings. Combined cash and bitcoin holdings totaled approximately $2.9 billion at quarter-end.
Currently, MARA carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
ACN’s earnings were $2.93 per share, which beat the Zacks Consensus Estimate by 2.5%. The metric increased 3.9% from the year-ago quarter. Total revenues of $18 billion beat the consensus estimate by 1.2% and rose 8.3% on a year-over-year basis.
Automatic Data Processing, Inc. (ADP - Free Report) reported impressive third-quarter fiscal 2026 results, with earnings and revenues outpacing the Zacks Consensus Estimate.
ADP’s earnings per share of $3.37 beat the consensus estimate by 2.7% and increased 10.1% from the year-ago quarter. Total revenues of $5.94 billion surpassed the consensus estimate by 1.4% and grew 7% year over year.
May 15, 2026 16:12 ET | Source: EHang Holdings Limited
GUANGZHOU, China, May 15, 2026 (GLOBE NEWSWIRE) -- EHang Holdings Limited (“EHang” or the “Company”) (Nasdaq: EH), the world’s leading advanced air mobility (“AAM”) technology platform company, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission (the “SEC”) on May 15, 2026. The annual report can be accessed on the Company’s investor relations website at http://ir.ehang.com/ and on the SEC’s website at https://www.sec.gov/.
The Company will provide a hard copy of its annual report containing the audited consolidated financial statements, free of charge, to its shareholders and ADS holders upon request. Requests should be directed to the Company’s Investor Relations Department at [email protected].
About EHang
EHang (Nasdaq: EH) is the world’s leading 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.
May 18, 2026 05:19 ET | Source: EHang Holdings Limited
GUANGZHOU, China, May 18, 2026 (GLOBE NEWSWIRE) -- EHang Holdings Limited (Nasdaq: EH) (“EHang” or the “Company”), a global leader in advanced air mobility (“AAM”) technology, furnished a Form 6-K/A on May 15, 2026 (the “Form 6-K/A”) to provide corrected unaudited interim financial information for the second quarter, third quarter, and fourth quarter and the full fiscal year ended December 31, 2025. In response to questions from investors regarding the Form 6-K/A, the Company has provided an investor Q&A on its Investor Relations webpage at: https://ir.ehang.com/6-ka-qa.
Note: This release provides supplemental background only. It does not amend or supersede any information in the Company’s Form 20-F for 2025. For a full reconciliation of these adjustments and corrected financial information, please refer to the Form 6-K/A and the Company’s 2025 Form 20-F.
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 UAM 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.
EHang Holdings Limited earns a Buy rating as it expands eVTOL operations globally, including first passenger flights in Mexico and regulatory progress in Thailand. EH's Yunfu facility enables the production of 1,000 eVTOLs annually, with commercialization in China and a presence in 21 countries supporting future demand consolidation. FY2025 revenue grew 11.7% YoY to RMB 509.5M, with gross margin at 61.5% and management guiding 18% revenue growth for FY2026.
Key Takeaways Draganfly won a DEVCOM Army Lab contract to help develop a modular counter-drone platform.EH is building an integrated urban air mobility ecosystem with autonomous eVTOL systems.DPRO trades at 1.21X forward sales with zero debt, while EH trades at 6X with higher leverage. Draganfly (DPRO - Free Report) and Ehang Holdings (EH - Free Report) operate in the rapidly expanding unmanned aerial vehicle (“UAV”) and advanced air mobility industry. Each company is developing drone-related technologies aimed at commercial and industrial applications, positioning them to benefit from the long-term growth of autonomous aviation, AI-enabled flight systems and next-generation aerial logistics.
Draganfly primarily focuses on commercial drones used for public safety, agriculture, defense, surveying and industrial applications. Its business model centers on providing UAV hardware, software, and drone services to enterprises and government agencies. EHang is more heavily focused on passenger-grade autonomous aerial mobility, often described as the “flying taxi” market. The company is best known for its electric vertical takeoff and landing (“eVTOL”) aircraft designed for urban air transportation, tourism, emergency services and smart-city mobility.
Let's compare the stocks' fundamentals to determine which one is a better investment option at present.
Factors Acting in Favor of DPRO StockDraganfly is gaining momentum from rising demand in the defense industry, as increasing participation in U.S. and allied military initiatives broadens its market reach and supports consistent, high-value revenue streams. Its advanced product portfolio, including long-endurance, heavy-payload drones and AI-enabled swarm capabilities, sets it apart in critical use cases like surveillance, demining and emergency response.
On May 20, 2026, Draganfly, together with F4 Defense International, was selected by DEVCOM Army Research Laboratory for an initial development contract focused on the creation of a modular, multi-layered, integrated counter-unmanned aircraft system (“C-UAS”) platform designed to detect, identify, track, target, and defeat hostile drones in contested operational environments. This development could be a major strategic benefit for Draganfly because it strengthens the company’s position in the rapidly expanding defense and counter-drone market. DPRO’s tethered drone technology, AI-enabled identification systems, and aerial surveillance capabilities will now be integrated into a modular counter-UAS platform designed to detect, track and neutralize hostile drones in combat environments.
Factors Acting in Favor of EH StockEHang has gained substantial attention because it was among the first companies globally to receive regulatory certifications for autonomous passenger drones in China. This gives the company an early-mover advantage in a potentially massive future market, though the industry remains in its early commercialization stage.
The company’s “complete ecosystem” strategy means EHang is not simply manufacturing aircraft and selling them like a traditional aerospace company. Instead, it is building an integrated urban air mobility network. Alongside its autonomous eVTOL aircraft, EHang has developed proprietary digital command-and-control systems that manage routing, monitoring, traffic coordination, safety diagnostics and fleet operations in real time. These software systems are designed to function akin to an air traffic management platform specifically optimized for autonomous aerial mobility. This vertical integration gives the company greater control over operational efficiency, safety standards and data collection across its ecosystem.
How Do Zacks Estimates Compare for DPRO & EH?The Zacks Consensus Estimate for Draganfly’s earnings per share (EPS) indicates year-over-year growth of 56% in 2026 and 38.64% in 2027.
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The Zacks Consensus Estimate for EHang’s 2026 and 2027 EPS indicates an increase of 33.33% and 450%, respectively, year over year.
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DPRO’s Valuation More Attractive Than EHEH shares trade at a forward 12-month Price/Sales (P/S F12M) of 6X compared with DPRO’s 1.21X, making DPRO more attractive from a valuation standpoint.
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Debt Position of DPRO & EHCurrently, Draganfly has a total debt-to-capital ratio of zero compared with 23.17 for EHang.
DPRO & EH’s Price PerformanceIn the past month, shares of Draganfly have risen 13%, while those of EHang have declined 2.6%.
Image Source: Zacks Investment Research
KTOS or DPRO: Which Is a Better Choice Now?Draganfly is strengthening its position in the growing defense and counter-drone market through expanding military partnerships and advanced AI-powered drone technologies tailored for surveillance, demining and emergency operations. EHang has established an early leadership position in autonomous passenger drones through key regulatory approvals in China, giving it a strong foothold in the emerging urban air mobility market.
Our choice at the moment is Draganfly, given its better price performance, debt position and more attractive valuation than Ehang. Both DPRO and EH carry a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
GUANGZHOU, China, May 28, 2026 (GLOBE NEWSWIRE) -- EHang Holdings Limited (Nasdaq: EH) (“EHang” or the “Company”), a global leader in advanced air mobility (“AAM”) technology, today announced that it will release its unaudited financial results for the first quarter ended March 31, 2026 on Tuesday, June 9, 2026, before the U.S. market opens.
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 UAM 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.
GUANGZHOU, China, June 08, 2026 (GLOBE NEWSWIRE) -- EHang Holdings Limited (“EHang” or the “Company”) (Nasdaq: EH), the world’s leading advanced air mobility (“AAM”) technology platform company, today announced that the Company’s Board of Directors has approved a Share Repurchase Program, pursuant to which the Company may repurchase up to US$30 million of its American Depositary Shares (“ADSs”) or ordinary shares over the next 12 months.
Mr. Huazhi Hu, Founder, Chairman and CEO of EHang, commented, “This Share Repurchase Program underscores our confidence in EHang’s long-term growth potential as well as our capability in continuously delivering value to our shareholders. Looking ahead, we remain focused on advancing our leadership in providing safe, pilotless, and sustainable eVTOL solutions in the Advanced Air Mobility sector, while maintaining a disciplined approach to capital allocation to ensure sustainable growth and profitability.”
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.
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 UAM 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.
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 from 62.4% in the first quarter of 2025 and 61.6% 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 40% of total revenue for the quarter, reflecting growing customer adoption and a more diversified revenue mix.
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$30 million of its American Depositary Shares (“ADSs”) or ordinary shares over the next 12 months.
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 40% of total revenues during the first quarter, reflecting further diversification of our revenue mix. We will continue balancing business expansion with disciplined cost management, while maintaining a healthy financial profile to support our long-term growth strategy.
Additionally, the Board has approved a 12-month share repurchase program, authorizing the repurchase of up to US$30 million of ADSs or ordinary shares, demonstrating our confidence in the Company’s long-term value and future growth.”
Unaudited Financial Results for the First Quarter of 2026
Revenues
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, primarily driven by decreased sales volume of eVTOL aircraft, partially offset by growth from non-human-carrying business.
Costs of revenues
Costs of revenues were RMB9.6 million (US$1.4 million), on par with RMB9.8 million in the first quarter of 2025 and RMB68.3 million in the fourth quarter of 2025. The quarter-over-quarter decrease was in line with the decrease in the sales volume of eVTOL aircraft.
Gross profit and gross margin
Gross profit was RMB16.0 million (US$2.3 million), compared with RMB16.3 million in the first quarter of 2025, and RMB109.4 million in the fourth quarter of 2025. The quarter-over-quarter decrease was primarily due to the decrease in the sales volume of eVTOL aircraft.
Gross margin was 62.5%, a slight increase from 62.4% in the first quarter of 2025 and 61.6% in the fourth quarter of 2025.
Operating expenses
Total operating expenses were RMB151.7 million (US$22.0 million), compared with RMB110.9 million in the first quarter of 2025, and RMB154.4 million in the fourth quarter of 2025.
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$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
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.
Net loss per ordinary share and per ADS
Basic and diluted net loss per ordinary share were both RMB0.83 (US$0.12).
Basic and diluted net loss per American depositary share (“ADS”) were both RMB1.66 (US$0.24). Each ADS represents two of our Class A ordinary shares.
Balance sheets
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.
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$14.7 million), compared to RMB63.6 million in the first quarter of 2025 and RMB93.7 million in the fourth quarter of 2025. In the First Quarter of 2026, adjusted sales and marketing expenses4, adjusted general and administrative expenses4, and adjusted research and development expenses4 were RMB18.6 million (US$2.7 million), RMB31.4 million (US$4.5 million), and RMB51.1 million (US$7.5 million), respectively.
Adjusted operating income (loss)2 (non-GAAP)
Adjusted operating loss2 was RMB77.1 million (US$11.2 million), compared with RMB42.6 million in the first quarter of 2025 and compared with adjusted operating income2 of RMB17.9 million in the fourth quarter of 2025.
Adjusted net income (loss)3 (non-GAAP)
Adjusted net loss3 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.
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$10.9 million), compared with RMB30.8 million in the first quarter of 2025 and adjusted net income attributable to EHang’s ordinary shareholders5 of RMB40.0 million in the fourth quarter of 2025.
Adjusted net loss per ordinary share6 and per ADS7 (non-GAAP)
Adjusted basic and diluted net loss per ordinary share6 were RMB0.50 (US$0.07).
Adjusted basic and diluted net loss per ADS7 were RMB1.00 (US$0.14).
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$1.00, the noon buying rate in effect on March 31, 2026, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to in this press release could have been converted into USD or RMB, as the case may be, at any particular rate or at all.
EHANG HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))
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 23,225Short-term investments 843,232 809,934 117,415Restricted short-term deposits 29,655 28,733 4,165Accounts receivable, net8 111,670 86,101 12,481Inventories 101,634 120,769 17,508Prepayments and other current assets9 140,922 143,342 20,780Total current assets 1,483,513 1,349,083 195,574 Non-current assets: Treasury investment - 27,899 4,045Property and equipment, net 258,050 276,719 40,116Operating lease right-of-use assets, net 116,468 131,238 19,026Land use rights, net 11,347 11,285 1,636Intangible assets, net 2,713 2,757 400Investments accounted for using equity method 28,849 40,523 5,875Other investments 45,330 45,330 6,571Deferred tax assets 6,969 6,969 1,010Other non-current assets 38,294 38,562 5,590Total 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$”) except for per share data and per ADS data) Three Months Ended March 31, 2025 December 31, 2025 March 31, 2026 RMB RMB RMBUS$ (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$”) except for per share data and per ADS data)
Three Months Ended March 31, 2025 December 31, 2025 March 31, 2026 RMB RMB RMBUS$ (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$”) except for per share data and per ADS data)
Three Months Ended March 31, 2025 December 31, 2025 March 31, 2026 RMB RMB RMBUS$ (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$”) except for per share data and per ADS data) Three Months Ended March 31, 2025 December 31, 2025 March 31, 2026 RMB RMB RMBUS$ (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$97) was included in accounts receivable, net, respectively.
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$334) are included in contract liabilities, respectively.
Don’t Miss These 3 Hidden Aerospace Gems Before They Take OffEHang NASDAQ: EH said it remains focused on moving from aircraft certification to commercial operations after reporting first-quarter 2026 revenue that was roughly flat year over year but sharply lower than the prior quarter due to delivery timing and seasonal factors.
Founder, Chairman and Chief Executive Officer Huazhi Hu told investors that the company is in a “critical transition from certification to commercial operation” as it works to launch what management described as the world’s first pilotless human-carrying eVTOL commercial service. Hu said EHang is working closely with regulators to move from internal trial operations to public ticketed service.
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Top 3 Aerospace and Defense Stocks Flying Under the RadarManagement also said China’s regulatory framework for the low-altitude economy is becoming more formalized. Hu cited the newly revised Civil Aviation Law, which is set to take effect July 1, as well as the establishment of a low-altitude safety bureau by the Civil Aviation Administration of China. He said clearer regulation should help the industry develop “faster and more properly.”
Revenue Falls Sequentially as EHang Maintains 2026 Target Chief Financial Officer Conor Yang said first-quarter revenue was RMB 25.7 million, compared with RMB 26.1 million in the same period last year and RMB 177.6 million in the fourth quarter of 2025. He attributed the sequential decline mainly to lower eVTOL deliveries, partly offset by growth in non-human-carrying businesses.
Joby Aviation Stock: Your Next High-Growth OpportunityChief Operating Officer Zhao Wang said EHang delivered four EH216-S units and 1,000 GD 4.0 formation drones in the quarter, while Yang later stated that the company delivered 40 EH216 series units, compared with 11 units in the first quarter of 2025 and 61 EH216 series units plus five VT-35 units in the fourth quarter of 2025. Management said the decline reflected the Chinese New Year holiday and customer delivery schedules.
Gross margin was 62.5%, nearly unchanged from 62.4% a year earlier and slightly above 61.6% in the prior quarter. Yang said the margin reflected manufacturing efficiency and supply chain management improvements.
Adjusted operating expenses rose to RMB 101.1 million from RMB 63.6 million a year earlier, driven by commercialization efforts, R&D team expansion and technology investment. Adjusted operating loss widened to RMB 77.1 million from RMB 42.6 million, while adjusted net loss was RMB 75.6 million, compared with RMB 31.1 million a year earlier.
As of March 31, EHang had RMB 1.03 billion in combined cash and cash equivalents, restricted short-term deposits, and short-term and treasury investments. The company maintained its full-year 2026 revenue guidance of RMB 600 million. Yang also said EHang’s board approved a share repurchase program of up to $30 million of ADSs over the next 12 months, funded by existing cash reserves.
Aerial Media Business Becomes Larger Revenue Contributor Management highlighted the growing contribution from non-human-carrying businesses. Zhao said aerial media revenue accounted for about 40% of total first-quarter revenue, helped by GD 4.0 formation drone sales and performances. EHang completed 22 drone formation performances during the quarter.
Li Xiaona, EHang’s newly promoted China general manager, said the company showcased 16 EH216-S aircraft and 22,580 GD 4.0 formation drones during the CMG 2026 Spring Festival Gala Hefei segment in February, setting a Guinness World Record. She said the performance improved brand awareness and demonstrated the company’s capabilities in fleet flights, remote dispatch and communications integration.
During the Q&A session, management said the gross margin for GD 4.0 sales and flight performances was around 50%. Zhao said major costs include drone components, batteries, assembly costs, depreciation for company-owned drones, and personnel costs for performances. He added that firefighting models carry higher gross margins, with costs divided among carbon fiber materials, powertrain and battery systems, and other components.
Commercial Operations Remain in Final Preparation EHang executives repeatedly emphasized that commercial passenger operations remain the company’s top priority. Hu said the company has obtained type certificate, production certificate and airworthiness certificate approvals, while two operators hold operator certificates.
Li said EHang’s two OC-certified operators in Hefei and Guangzhou are refining operations systems, ground support, crew training and emergency procedures while continuing internal trial operations. Since obtaining OCs in March 2025, she said the operators have maintained “0 accidents and 0 violations” and completed more than 3,000 EH216-S flights.
Management said EHang has developed an end-to-end passenger service system covering ticket pricing, online and offline ticketing, customer service and complaint handling. In the Q&A, Zhao said the early-bird price for the Hefei site is RMB 299, with four EH216 aircraft scheduled for 14 flights per day. He said ticket-booking mini apps are operating and that the company is ready to launch commercial operations once it receives CAAC approval.
Li also said crew training is progressing. EHang has completed internal instructor training preparations for the EH216-S model and submitted required materials. Management said official ground crew training is expected to begin in subsequent quarters after instructor training and approvals are completed.
VT-35, Overseas Expansion and New Applications Chief Technology Officer Shuai Feng said the VT-35, EHang’s longer-range pilotless human-carrying eVTOL, has entered the certification basis definition stage, with the company working with the CAAC on safety evaluation, special conditions, safety objectives and performance requirements. He said ground and flight tests are continuing, and the VT-35 AVDOC system has entered detailed design.
Feng also said EHang upgraded EH216-S systems for hot-weather operations, including a battery cooling vehicle that shortened cool-down times and doubled utilization in field tests. The company also upgraded the cabin air conditioning system with an independent cooling system that does not interfere with flight control or avionics circuits.
On international expansion, Hu said EHang’s Thailand advanced air mobility sandbox program continues with routine validation flights. Li said Thailand is the company’s first flagship overseas market, with five vertiport locations identified and an initial airspace survey completed. Management said EHang is prioritizing validation of type certificates overseas and plans to use China’s bilateral airworthiness agreements with 32 countries for certification applications.
In response to analyst questions, management said overseas revenue contribution is expected to increase, potentially reaching 10% of total revenue, depending partly on commercial progress in Thailand. Zhao said EHang is targeting official commercial operations in Thailand by the end of the year, ahead of an AAM conference in Bangkok.
EHang also said it is developing non-human-carrying products for firefighting and inland waterway logistics. Li said new firefighting aircraft development is on schedule, while test routes have been selected at Guangzhou Port and the Pearl River main channel for logistics trials.
Order Outlook In the Q&A, management said it expects most 2026 orders to arrive in the second half of the year, noting that many customers are government-related entities whose budget approvals are typically completed later in the year. Zhao said the company expects more than 50% of 2026 revenue to come from new customers.
For the full year, management said it expects human-carrying products, including EH216 and VT-35 sales and deliveries, to contribute about 60% of revenue, while non-human-carrying businesses are expected to contribute roughly 40%.
About EHang NASDAQ: EHEHang Holdings Limited is a China-based technology company specializing in the development and manufacturing of autonomous aerial vehicles (AAVs) for passenger transportation, logistics, and other commercial applications. Established in 2014 and listed on NASDAQ under the ticker EH in 2019, EHang focuses on delivering turnkey solutions that integrate hardware, flight control systems and a cloud-based operating platform. Its flagship products include the EH216 series passenger AAV and the Falcon series unmanned aerial vehicles, designed to support urban air mobility, aerial filming, emergency response and short-range cargo delivery.
The company's business model encompasses research and development, manufacturing, certification support, and operations services.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Shares of Chinese electric vertical take-off and landing (eVTOL) company EHang Holdings (EH 3.15%) crashed to Earth on Tuesday, falling 23% through 12:10 p.m. ET after apparently missing analyst forecasts for sales by a wide margin this morning.
According to Yahoo! Finance data, Wall Street analysts expected EHang to report $53.9 million in sales for its first fiscal quarter of 2026. When the news actually came out, though, it turned out EHang had booked a mere $3.7 million in sales -- while losses grew significantly.
Image source: Getty Images.
EHang Q1 earnings Revenue calculated in Chinese renminbi actually declined slightly year over year as EHang booked only four sales of its EH216 eVTOL aircraft -- down from 11 units sold in the year-ago quarter, and way down from the 61 units sold in fiscal Q4 2025 (plus five VT35s sold last quarter as well).
Gross profit margin did tick higher, up 10 basis points to 62.5% -- but that minuscule improvement wasn't enough to offset a 94% sequential decline in units sold!
Today's Change
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Current Price
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6.61
What's next for EHang stock? So what's going on here? Have buyers simply fallen out of love with EHang's products?
Perhaps. It's also possible, though, that Chinese eVTOL shoppers may be delaying purchase of the EH216 model in anticipation of the more advanced VT35, which is still in development and awaiting full certification. Described as a "long-range lift-and-cruise eVTOL aircraft," the new model should have more use cases and attract a wider range of buyers once it's certified.
While Q1's sales number certainly came as a shock, if what we're looking at here is a simple case of pent-up demand, there's still hope for EHang to pull out of its tailspin yet.
Rich Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
EHang's investment thesis centers on a focused, actionable opportunity with clear catalysts. Key drivers, valuation, and risk factors are evaluated to support the recommendation. The article emphasizes EH's forward-looking strategic positioning and potential portfolio impact.
