EHang Announces Unaudited Financial Results for the First Quarter of Fiscal Year 2026

Guangzhou, China, June 9, 2026— A globally leading Advanced Air Mobility (AAM) technology platform company $EHang (EH)$ EHang Holdings Limited (hereinafter referred to as “EHang” or the “Company”) (Nasdaq: EH) announced its unaudited financial results for the first quarter of fiscal year 2026 ended March 31, 2026.

First Quarter Fiscal Year 2026 Operational and Financial Highlights

· Delivered 4 units of EH216-series electric vertical takeoff and landing (eVTOL) aircraft, compared to 11 EH216-series units delivered in the first quarter of 2025 and 61 EH216-series units plus 5 VT35 units delivered in the fourth quarter of 2025.

· Total revenue was RMB 25.7 million (approximately USD 3.7 million), compared to RMB 26.1 million in the first quarter of 2025 and RMB 177.6 million in the fourth quarter of 2025.

· Gross margin was 62.5%, slightly higher than 62.4% in the first quarter of 2025 and 61.6% in the fourth quarter of 2025.

· Operating loss was RMB 127.9 million (approximately USD 18.5 million), compared to an operating loss of RMB 89.9 million in the first quarter of 2025 and RMB 43.0 million in the fourth quarter of 2025.

· Net loss was RMB 126.4 million (approximately USD 18.3 million), compared to a net loss of RMB 78.4 million in the first quarter of 2025 and RMB 20.9 million in the fourth quarter of 2025.

• Adjusted operating loss under non-GAAP was RMB 771 million (approximately USD 112 million), compared to an adjusted operating loss of RMB 426 million in the first quarter of 2025 and an adjusted operating profit of RMB 179 million in the fourth quarter of 2025.

• Adjusted net loss under non-GAAP was RMB 756 million (approximately USD 110 million), compared to an adjusted net loss of RMB 311 million in the first quarter of 2025 and an adjusted net profit of RMB 401 million in the fourth quarter of 2025.

• As of March 31, 2026, total cash and cash equivalents, restricted short-term deposits, short-term investments, and wealth management investments amounted to RMB 1.03 billion (approximately USD 148.9 million).

First Quarter Fiscal Year 2026 Business Highlights and Recent Developments

Commercial Operations Progress of EH216-S in China

As China continues to advance the open commercial operations of pilotless passenger-carrying eVTOLs, EHang and its operational partners are working closely with the Civil Aviation Administration of China (CAAC) to actively fulfill additional operational and safety requirements set by the authority, aiming to launch public ticketed flight services as soon as possible. Two airlines—EHang General Aviation and Heyi Aviation—that have already obtained Operating Certificates (OCs) have been continuously refining their operational procedures, ground support systems, personnel training, and emergency response capabilities, while simultaneously conducting routine internal trial operations. Since obtaining their OCs in March 2025, both airlines have maintained a perfect safety record of 'zero accidents and zero violations,' completing over 3,000 safe flight missions to date. Meanwhile, EHang has established a comprehensive commercial operations framework covering ticket pricing, online and offline sales channel development, customer service, public opinion and complaint handling, and standardized operational workflows. To date, the company’s customers and partners have built more than 40 eVTOL operational sites nationwide, with some already conducting regular flights. The company will continue expanding its operational network and further optimizing its scalable commercial operations model to fully prepare for official commercial launch.

Regarding ground operator training for the EH216-S, the company has assembled an experienced instructor team and fully equipped all necessary resources, including training aircraft, supporting facilities, and practical training grounds. In May 2026, the Civil Aviation Administration of China officially released the 'Training Requirements for Operators of Large Civil Unmanned Aircraft Systems,' providing a regulatory basis for standardized ground operator training for the EH216-S. The company's earlier preparatory work on training also contributed practical experience to the formulation of this industry standard. Currently, the company's training system is ready for implementation and will commence pilot training programs upon approval from the CAAC, laying a solid talent foundation for future large-scale commercial operations.

Continuous Upgrades to EH216-S to Enhance Operational Efficiency and Passenger Experience

EHang continues to optimize the EH216-S, with a focus on improving operational efficiency and passenger experience, particularly through upgrades tailored for high-temperature operating environments.

To enhance aircraft utilization, the company has developed a dedicated battery cooling vehicle that significantly reduces battery cooldown time between flights, thereby enabling higher-frequency operations. Additionally, an independent air conditioning system has been introduced into the EH216-S cabin. The upgraded air conditioning system effectively lowers cabin temperature, enhancing passenger comfort without compromising flight safety or performance.

VT35 Airworthiness Certification Progress

Development and airworthiness certification of the long-range hybrid-wing eVTOL aircraft VT35 continues to advance steadily. The project has now entered the certification basis definition phase, with the company engaging in in-depth discussions with the Civil Aviation Administration of China (CAAC) on special conditions, safety objectives, and performance requirements. The company is systematically conducting key flight test activities to verify system functionality and overall aircraft performance. Meanwhile, the VT35 avionics system has entered the detailed design phase, laying the groundwork for subsequent airworthiness validation aircraft manufacturing.

Aerial Media Business Continues to Grow

Following the successful execution of an aerial drone show featuring 16 EH216-S units and a record-breaking formation of 22,580 GD4.0 drones at the Hefei sub-venue of China Central Television’s Spring Festival Gala in February 2026—setting a new Guinness World Records™ title—EHang’s aerial media solutions have attracted significant market attention.

In the first quarter of 2026, the company completed a total of 22 aerial media performances and delivered 1,000 GD4.0 formation drones. Revenue from the aerial media business accounted for approximately 40% of the company’s total revenue for the quarter, reflecting continued growth in customer recognition and increasing diversification of the company’s revenue streams.

Global Market Expansion

• Thailand: Thailand represents a key benchmark market in EHang’s overseas strategic layout. Under the framework of the Advanced Air Mobility (AAM) Sandbox Program, the company is actively advancing regulatory engagement, operational preparations, and local capability development. Five vertiports have been identified, and route surveying for the first operational corridor has been completed. To address Thailand’s hot and humid island operating environment, EHang has implemented several critical localized upgrades, including battery cooling vehicles and cabin air conditioning systems. The company is proactively working with Thailand’s Civil Aviation Authority (CAAT) to secure commercial operation approval and is positioning the Thailand project as a demonstration model for future international expansion.

• Mexico: In May 2026, EHang’s flagship product, the EH216-S, successfully completed the first manned, autonomous eVTOL flight in Mexico and Latin America during the FAMEX Tulum Air Show 2026. Conducted with support from local operational partners and under the existing regulatory framework, this flight validated the EH216-S’s operational capabilities in an airport environment and marked a significant step toward future deployment of autonomous eVTOL operations in the region.

share repurchase programs

On June 8, 2026, the company’s board of directors approved a share repurchase program. Under this program, the company may repurchase up to USD 30 million worth of its American Depositary Shares (ADSs) or ordinary shares over the next 12 months.

The company intends to conduct repurchases from time to time through open-market transactions at prevailing market prices, privately negotiated transactions, block trades, and/or other legally permissible means, subject to market conditions and compliance with applicable federal securities laws, including Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended. The timing and amount of any repurchases under this program will be determined by the company’s management based on its judgment, taking into account ongoing assessments of stock price, trading volume, general market conditions, the company’s working capital needs, overall business conditions, and other relevant factors. The company expects to fund the repurchases primarily from its existing cash balances and cash generated from operating activities.

Management Commentary

Hu Huazhi, Founder, Chairman, and CEO of EHang, stated: 'The first quarter of 2026 marked a pivotal transition phase for the company, moving from airworthiness certification achievements toward commercial deployment. We continued to advance our work around the four strategic priorities outlined at the beginning of the year: driving commercial operations, expanding our global market presence, progressing VT35 airworthiness certification, and strengthening end-to-end industrial integration capabilities. During the quarter, we further refined operational systems and processes in collaboration with regulators and partners, upgraded the EH216-S for high-temperature operating environments, advanced key VT35 airworthiness certification milestones, and progressed the Thailand AAM Sandbox project.'

At the industry level, supported by an increasingly robust legal, regulatory, and standards framework, China’s low-altitude economy is entering a new development phase, laying a solid foundation for sustainable industry growth. As the world’s first company to obtain all three airworthiness certificates—Type Certificate (TC), Production Certificate (PC), and Standard Airworthiness Certificate (AC)—as well as operational certification for unmanned, passenger-carrying eVTOL aircraft, we believe our competitive advantage lies not only in airworthiness certification and product manufacturing but also in our ability to build safe, scalable, and sustainable operational models. Going forward, we will continue prioritizing safety, compliance, and operational excellence as we steadily advance the commercialization of advanced air mobility.

EHang Chief Financial Officer Jia-Hong Yang stated, 'Our financial performance in the first quarter of 2026 was impacted by normal seasonal factors and aircraft delivery timing, but our underlying business fundamentals remain solid. Based on market demand, ongoing progress in public commercial operations, expanding international opportunities, and diversified revenue streams, we are maintaining our full-year revenue guidance of approximately RMB 600 million. Notably, our aerial media business showed strong momentum this quarter, contributing roughly 40% of total revenue, reflecting further diversification of our revenue mix. The company will continue balancing business expansion with disciplined cost management to maintain a healthy financial position that supports our long-term growth strategy.'

Additionally, the company’s board of directors has approved a 12-month stock repurchase program authorizing the repurchase of up to USD 30 million worth of American Depositary Shares (ADSs) or ordinary shares, reflecting our confidence in the company’s long-term value and future growth prospects.

Earnings Outlook

For fiscal year 2026, the company maintains its full-year revenue guidance of RMB 600 million.

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

Company management will host an earnings conference call at 8:00 a.m. Eastern Time on Tuesday, June 9, 2026 (8:00 p.m. Beijing/Hong Kong Time on Tuesday, June 9, 2026).

Investors may listen to and participate in the earnings conference call via the following methods:

EHang Q1 2026 Earnings Conference Call

A live 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 global leader in advanced air mobility technology, dedicated to enabling safe, autonomous, and eco-friendly air transportation for everyone. EHang focuses on the research, development, and manufacturing of a diverse range of unmanned electric vertical takeoff and landing (eVTOL) aircraft, serving multiple application scenarios including aerial tourism, intra-city transportation, inter-city travel, logistics, and emergency response. Its flagship product, the EH216-S, has received the world’s first Type Certificate (TC), Production Certificate (PC), and Standard Airworthiness Certificate (AC) for an unmanned, passenger-carrying eVTOL aircraft from the Civil Aviation Administration of China (CAAC), and is now operating under China’s first batch of Operational Certificates (OC) for commercial passenger-carrying unmanned eVTOL flights. Meanwhile, the company’s long-range VT35 aircraft further expands inter-city travel applications, laying the groundwork for a multi-tiered low-altitude mobility network. Leveraging advanced autonomous flight technology and scalable operational infrastructure, EHang is redefining how people and goods move—transcending urban, regional, and natural barriers to shape the future of air mobility. For more information, please visit: www.ehang.com.

Safe Harbor Statement

Statements in this press release may constitute forward-looking statements as defined under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements often contain words such as “will,” “expect,” “anticipate,” “intend,” “future,” “plan,” “believe,” “estimate,” “may,” or other similar expressions. Statements that are not historical facts, including those regarding management’s beliefs and expectations, are forward-looking statements. Such forward-looking statements involve inherent risks and uncertainties. Numerous factors could cause actual results to differ materially from those expressed or implied in any forward-looking statement, including but not limited to product certifications, the company’s expectations regarding demand and market acceptance, commercialization of the company’s autonomous aerial vehicle products and solutions and advanced air mobility services, relationships with strategic partners, and current and potential litigation involving the company. The company’s management makes these forward-looking statements based on current expectations, assumptions, estimates, and projections. Although the company’s management believes these expectations, assumptions, estimates, and projections are reasonable, forward-looking statements are only predictions about the future and involve known or unknown risks and uncertainties that are largely beyond management’s control. These risks and uncertainties could cause EHang’s actual operating results, performance, or achievements to differ materially from any future operating results, performance, or achievements expressed or implied by such forward-looking statements.

Foreign Exchange Rate Information

For the convenience of readers, certain Renminbi (RMB) amounts included in this press release have been converted into U.S. dollars at a uniform exchange rate. Unless otherwise noted, the conversion uses an exchange rate of USD 1.00 = RMB 6.8980, which corresponds to the rate published by the Board of Governors of the Federal Reserve System in its H.10 statistical release as of March 31, 2026. The company does not guarantee that the RMB or USD amounts mentioned herein can be converted at any particular exchange rate or fully converted 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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