EHang

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EHang releases unaudited financial results for the fourth quarter and full year of fiscal year 2025

• Quarterly and annual revenue hit record highs, increasing by 48.4% and 11.7% year-over-year, respectively

• First-time achievement of quarterly profitability under US GAAP, with adjusted net profit (non-GAAP) for the quarter growing by 96.4% year-over-year

• Second consecutive year of achieving non-GAAP profitability

• Commercial operations of the EH216-S in China are expected to commence in March 2026

• The VT35 was unveiled and completed its first public demonstration flight, with the first batch already delivered

• Trial operation and commercial operation permits for Thailand's Advanced Air Mobility Sandbox Program are currently in progress

Guangzhou, China, March 12, 2026——A globally leading advanced air mobility (AAM) technology platform company $EHang (EH.US)$ Holdings Limited (hereinafter referred to as 'EHang' or 'the Company') (Nasdaq: EH) announced its unaudited financial results report for the fourth quarter and full year of fiscal year 2025 ended December 31, 2025.

Highlights of Operations and Financial Results for the Fourth Quarter of Fiscal Year 2025

· Record sales and deliveries of electric vertical take-off and landing (eVTOL) aircraft with a total of 100 units delivered, including 95 units of the EH216 series and 5 units of the VT35; compared to 78 units of the EH216 series delivered in Q4 2024, and 41 units of the EH216 series plus 1 unit of the VT35 in Q3 2025.

· Total revenue was RMB 243.8 million (approximately USD 34.9 million), representing a year-over-year increase of 48.4% from RMB 164.3 million in Q4 2024 and a quarter-over-quarter increase of 163.6% from RMB 92.5 million in Q3 2025.

· Gross margin was 62.1%, slightly higher than 60.7% in Q4 2024 and 60.8% in Q3 2025.

· Operating loss was RMB 6.6 million (approximately USD 0.9 million), significantly narrowing from an operating loss of RMB 56 million in Q4 2024 and an operating loss of RMB 91.7 million in Q3 2025.

· Net profit was RMB 10.5 million (approximately USD 1.5 million), compared to a net loss of RMB 46.9 million in Q4 2024 and a net loss of RMB 82.1 million in Q3 2025, marking a significant turnaround and achieving the first-ever quarterly profit under US GAAP standards.

· Adjusted operating profit under non-GAAP measures was RMB 54.3 million (approximately USD 7.8 million), representing a year-over-year increase of 99.5% from RMB 27.2 million in Q4 2024 and turning profitable from an adjusted operating loss of RMB 29.9 million in Q3 2025.

· Adjusted net profit under non-GAAP measures was RMB 71.5 million (approximately USD 10.2 million), increasing by 96.4% year-over-year from RMB 36.4 million in Q4 2024 and significantly reversing from an adjusted net loss of RMB 20.3 million in Q3 2025.

As of December 31, 2025, the total balance of cash and cash equivalents, restricted short-term deposits, and short-term investments amounted to RMB 1.13 billion (approximately USD 161.5 million).

Highlights of Fiscal Year 2025 Operational and Financial Performance

Sales and deliveries of electric vertical takeoff and landing (eVTOL) aircraft reached a record high of 221 units, including 215 EH216 series and 6 VT35 units, compared to 216 EH216 series sales and deliveries in 2024.

Total revenue reached a record RMB 509.5 million (approximately USD 72.9 million), representing an 11.7% increase from RMB 456.2 million in 2024.

Gross margin was 62.0%, up from 61.4% in 2024.

Operating loss was RMB 266.3 million (approximately USD 38.1 million), compared to an operating loss of RMB 254.1 million in 2024.

Net loss was RMB 231.0 million (approximately USD 33.0 million), compared to a net loss of RMB 230 million in 2024.

Adjusted operating loss under non-GAAP was RMB 20.2 million (approximately USD 2.9 million), compared to adjusted operating profit of RMB 19.0 million in 2024.

Adjusted net profit under non-GAAP was RMB 29.4 million (approximately USD 4.2 million), compared to adjusted net profit of RMB 43.1 million in 2024, marking the second consecutive year of profitability under non-GAAP.

As of December 31, 2025, the total balance of cash and cash equivalents, restricted short-term deposits, and short-term investments amounted to RMB 1.13 billion (approximately USD 161.5 million).

Business Highlights and Recent Developments for the Fourth Quarter of Fiscal Year 2025

Progress in the Commercial Operations of EH216-S in China

EHang expects to officially launch commercial operations of the EH216-S in China in March 2026. The first operators to receive the Operation Certificate (OC), EHang General Aviation and Joyride Aviation, plan to offer ticketed low-altitude sightseeing flights to the public at EHang Future City headquarters in Guangzhou and Luo Gang Park in Hefei, marking a transition from internal trial operations to formal commercial operations.

During the internal trial operations over the past several months, EHang has continued to refine its standardized operational processes, maintenance systems, and fleet management system to ensure safe and reliable operations and a smooth user experience. Recognizing its safety record, the Civil Aviation Administration of China (CAAC) recently expanded the size of EHang's specially approved operator team, enabling certified operators to be among the first to provide commercial flight services. Meanwhile, the company is working with CAAC to advance the training standards and system development for EH216-S aircraft operators – the first pilot project in China for a manned eVTOL aircraft operator training system, laying a compliant and talent foundation for future scaled commercial operations.

EH216 Series Completes Inter-provincial Flight Across Qiongzhou Strait

In December 2025, the EH216 series unmanned eVTOL successfully completed a 22-kilometer route flight from Hainan Province to Guangdong Province across the Qiongzhou Strait. Compared to the traditional ferry travel time of 60-90 minutes, this 18-minute flight route demonstrates the significant efficiency of air transportation. The aircraft is equipped with a high-energy solid-state battery co-developed by EHang and Xinjie Energy, showcasing point-to-point flight capability in complex marine environments and validating its application potential in inter-provincial transportation, island logistics, and maritime emergency rescue scenarios.

VT35 Release and Public Demonstration Flight

In October 2025, EHang officially launched the new generation long-endurance unmanned compound wing eVTOL VT35. This model is an upgraded version of the previous VT30, designed with a range of approximately 200 kilometers, further expanding EHang’s product lineup in the urban air mobility sector. Its compact design is compatible with the EH216-S urban vertical takeoff and landing infrastructure.

VT35 completed its first public demonstration flight in Hefei in December 2025, marking an important milestone in verifying its operational capabilities. The company is advancing the type certification process for VT35 with the Civil Aviation Administration of China (CAAC). To date, we have completed conversion flight tests and fixed-wing flight tests, entering the flight envelope performance testing phase to verify the overall aircraft performance and system-level capabilities.

EH216-S and GD4.0 Drone Formation Stuns Audiences at China's Spring Festival Gala

In February 2026, EHang showcased a spectacular formation flight performance at the Hefei sub-venue of the CCTV Spring Festival Gala. The performance involved 16 EH216-S unmanned eVTOLs and 22,580 GD4.0 formation drones, setting a new Guinness World Record™ for 'the most drones flown simultaneously by a single computer.' This demonstrated EHang's technical capabilities in intelligent command dispatching and large-scale aerial swarm management.

Global Market Expansion

· Thailand: In October 2025, EHang launched the Thailand Advanced Air Mobility Sandbox Initiative in collaboration with the Civil Aviation Authority of Thailand (CAAT) and local partners. A series of EH216-S validation flights and ongoing trial operations have been conducted within the Bangkok sandbox area.

After five months of preparation and trial operations, EHang is expected to receive the first overseas commercial operation license for its EH216-S unmanned eVTOL aircraft following final approval from the Thai Civil Aviation Authority. This will enable regular urban air mobility services. Multiple commercial operation sites are being planned, including one near the IMPACT Challenger, a major convention venue in Bangkok, where the International Civil Aviation Organization (ICAO) Advanced Air Mobility Symposium will be held in December 2026.

This sandbox initiative follows the development path of 'validating safety first, then scaling up,' driven by strong demand for airport shuttles, aerial sightseeing, and inter-island tourism. It will expand to more locations, including Chiang Mai, Phuket, and Pattaya, providing a model for the scaled operation of eVTOLs and broader promotion across Southeast Asia in the future.

· Qatar: In November 2025, under the operational permit from the Qatar Civil Aviation Authority and support from the Qatar Ministry of Transport, the EH216-S completed a series of manned and point-to-point route flights in downtown Doha. Compared to ground transportation, these flights significantly reduced travel time, showcasing the operational capability of unmanned eVTOLs in dense urban environments.

· Japan: In October 2025, EHang, in collaboration with local partners Mitsubishi Estate, Mitsubishi Estate-Simon, and AirX, completed an unmanned passenger flight of the EH216-S near the Gotemba Premium Outlets shopping center at the foot of Mount Fuji. EHang's eVTOL aircraft have now expanded their flight footprint to 18 cities in Japan.

Manufacturing

· Yunfu Production Base: With the completion of Phase II of the Yunfu factory, EHang's Yunfu production base has expanded to a total area of 48,000 square meters, increasing annual production capacity to 1,000 eVTOLs and related components. Phase II of the Yunfu factory has entered the trial operation stage, aiming to enhance production quality and efficiency through smart manufacturing, including a full-process Manufacturing Execution System (MES), paperless production, Automatic Guided Vehicle (AGV) material handling with automatic call and delivery, and visual error-proofing systems.

· Beijing Production Base: In December 2025, EHang assembled and rolled out the first EH216-F firefighting version eVTOL at its production base in Fangshan, Beijing, which serves as the headquarters for low-altitude emergency rescue equipment. This milestone marks that after a year of strategic cooperation with the local government, the production base has initially developed the capability to assemble complete emergency rescue units.

Management Commentary

Hu Huazhi, founder, chairman, and CEO of EHang, stated: '2025 is a crucial year for EHang to solidify its commercial foundation and achieve key breakthroughs. In the fourth quarter, the company’s eVTOL quarterly deliveries exceeded 100 units for the first time, with annual deliveries reaching 221 units, setting a new historical record. These achievements are the result of our years of continuous and steadfast investment in technological innovation, airworthiness certification, industrial layout, and market expansion. At the same time, we are about to officially launch the commercial flight service of the EH216-S unmanned passenger eVTOL this month in Guangzhou and Hefei, marking that EHang is gradually transitioning from an aircraft manufacturer to a provider of one-stop AAM solutions.'

As we stand at the beginning of China's '15th Five-Year Plan,' with the low-altitude economy being upgraded to a national strategic emerging pillar industry, the sector is welcoming unprecedented development opportunities. Looking toward 2026, EHang will adhere to a steady strategic pace, focusing on advancing the routine commercial operation of manned eVTOLs, accelerating the airworthiness certification and commercialization process of VT35, while deepening its overseas market layout represented by Thailand, creating a demonstrative international operational model, and continuously strengthening the company’s collaborative capabilities across the entire industrial chain including R&D, manufacturing, supply chain, and operations.

We consistently uphold the principles of 'safety first, innovation-driven, and coordinated development' through a comprehensive model of collaborative development in technology R&D, intelligent manufacturing, and commercial operation services. We are driving the low-altitude economy from demonstration applications towards scaled commercial operations and gradually moving towards inclusive services, transforming industrial value into economic and social benefits, and contributing to the development of global advanced air mobility.'

EHang's Chief Financial Officer, Richard Yang, stated:

'In the fourth quarter of 2025, EHang achieved its strongest quarterly financial performance to date. Deliveries reached a new high, with total revenue amounting to 243.8 million RMB, representing a year-on-year increase of 48.4% and a quarter-on-quarter surge of 163.6%. The company maintained a gross margin of 62.1%, remaining at a relatively high level, and with significant improvement in operating leverage, we achieved profitability under US GAAP standards for the first time, along with substantial growth in adjusted operating profit and adjusted net profit.'

'For the full year of 2025, EHang achieved revenue of 509.5 million RMB, the highest in history, and consecutively realized non-GAAP profitability for the second year. As commercialization progresses in both the Chinese and overseas markets, we believe the company has the ability to further expand production scale, broaden its operational network, and continuously enhance overall financial performance.'

Earnings outlook

The company forecasts total revenue for the fiscal year 2026 to be approximately 600 million RMB, reflecting year-on-year growth of around 18%.

This outlook is based on available information as of the release date of this press release and only reflects the company’s preliminary assessment of the current business condition and market situation; actual results may vary.

Conference Call Details

The company's management will hold an earnings conference call on Thursday, March 12, 2026, at 8:00 AM Eastern Time (or 8:00 PM Beijing/Hong Kong time on Thursday, March 12, 2026).

Futu platform live stream link: EHang Q4 and Full Year 2025 Earnings Call

A webcast and replay of the conference call will be available on the company’s investor relations website at http://ir.ehang.com/.

About EHang

EHang (Nasdaq: EH) is a globally leading advanced air mobility technology company dedicated to making safe, autonomous, and eco-friendly air transportation accessible to everyone. EHang focuses on the research, development, and manufacturing of a diversified range of unmanned electric vertical takeoff and landing (eVTOL) aircraft products that cover various application scenarios such as aerial tourism, intra-city transportation, intercity travel, logistics delivery, and emergency fire response. EHang's flagship product, the EH216-S, has received the world's first type certificate (TC), production certificate (PC), and standard airworthiness certificate (AC) for unmanned passenger-grade eVTOL aircraft from the Civil Aviation Administration of China (CAAC). It is now operational under China’s first batch of commercial operation licenses for unmanned passenger-grade eVTOLs. Meanwhile, the company’s newly launched long-range VT35 model further expands intercity travel scenarios, laying the foundation for a multi-layered low-altitude transportation network. Leveraging advanced autonomous flight technologies and scalable operational infrastructure, EHang is redefining how people and goods move—across cities, regions, and natural barriers—ushering in a new era of future urban air mobility. For more information, please visit: www.ehang.com.

Safe Harbor Statement

Statements in this press release may constitute forward-looking statements within the meaning of the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements often include words like 'will,' 'expect,' 'anticipate,' 'aim,' 'future,' 'intend,' 'plan,' 'believe,' 'estimate,' 'may,' or other similar expressions. Statements that are not historical facts, including statements about the beliefs and expectations of management, 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 product certifications, the company’s expectations regarding demand and market acceptance, the commercialization of the company’s autonomous aerial vehicle products and solutions and urban air mobility services, relationships with strategic partners, and ongoing or potential litigation involving the company. The company’s management team makes such forward-looking statements based on current expectations, assumptions, estimates, and projections. While the management team believes these expectations, assumptions, estimates, and projections are reasonable, forward-looking statements are only predictions of the future and involve known and unknown risks and uncertainties that are difficult for the management team to control. These risks and uncertainties could cause EHang’s actual operating results, performance, or achievements to differ materially from any future results, performance, or achievements expressed or implied by such forward-looking statements.

Foreign exchange rate information

For the reader's convenience, certain Renminbi amounts included in this press release have been converted into U.S. dollars at a uniform exchange rate. Unless otherwise noted, the conversion rate applied is RMB 6.9931 to USD 1.00, which corresponds to the Federal Reserve Board’s H.10 data as of December 31, 2025. The company does not guarantee that the Renminbi or U.S. dollar amounts mentioned can be converted at any specific rate or fully exchanged into U.S. dollars or Renminbi.

* The above content is excerpted and translated from the English version of the financial results report. In case of discrepancies, the English original shall prevail. The full text can be found on the company’s investor relations website: ir.ehang.com.

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