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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.

Investor Contact: [email protected]

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

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.

Recent Earnings SnapshotsAccenture plc (ACN - Free Report) reported impressive second-quarter fiscal 2026 results.

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 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.

Investor Contact: [email protected]
Media Contact: [email protected]

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.
 

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for EHang’s 2026 and 2027 EPS indicates an increase of 33.33% and 450%, respectively, year over year.

Image Source: Zacks Investment Research

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.

Image Source: Zacks Investment Research

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, 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.

Investor Contact: [email protected]
Media Contact: [email protected]

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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EHang Holdings Limited (EH) Q1 2026 Earnings Call Transcript