EHang

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EHang Releases Unaudited Financial Results for the Second Quarter of Fiscal Year 2026

– Quarterly revenue increased by 203.5% quarter-over-quarter

– Diversify revenue streams beyond manned aviation operations

– Further progress achieved in regulatory sandbox projects in Thailand and Hong Kong

– Launched the global Fast Track program to accelerate market entry and commercialization in overseas markets

Guangzhou, China, August 25, 2026 – A globally leading advanced air mobility (AAM) technology platform company $EHang (EH.US)$Holdings Limited (Nasdaq: EH) (hereinafter referred to as "EHang" or the "Company") announced its unaudited financial results for the second quarter of fiscal year 2026 ended June 30, 2026.

Highlights of Operating and Financial Performance for the Second Quarter of Fiscal Year 2026

- Product sales and deliveries totaled 36 units, including 35 EH216 series aircraft and 1 VT35 aircraft. This compares to 52 EH216 series units delivered in the second quarter of 2025, and represents a significant increase from the 4 units delivered in the first quarter of 2026. Additionally, 520 GD4.0 formation drones were delivered, compared to 1,000 units delivered in the first quarter of 2026.

- Total revenue was RMB 77.9 million (approximately USD 11.5 million), representing a significant increase of 203.5% from RMB 25.7 million in the first quarter of 2026, and a decrease of 31.3% from RMB 113.3 million in the second quarter of 2025.

- Gross margin was 61.2%, essentially flat compared to 61.5% in the second quarter of 2025 and 62.5% in the first quarter of 2026.

- Operating loss was RMB 131.7 million (approximately USD 19.4 million), compared to an operating loss of RMB 100.1 million in the second quarter of 2025 and RMB 127.9 million in the first quarter of 2026.

- Net loss was RMB 128.3 million (approximately USD 18.9 million), compared to a net loss of RMB 103.0 million in the second quarter of 2025 and RMB 126.4 million in the first quarter of 2026.

- Non-GAAP adjusted operating loss was RMB 62.0 million (approximately USD 9.1 million), compared to an adjusted operating loss of RMB 23.9 million in the second quarter of 2025 and RMB 77.1 million in the first quarter of 2026.

- Non-GAAP adjusted net loss was RMB 58.5 million (approximately USD 8.6 million), compared to an adjusted net loss of RMB 12.5 million in the second quarter of 2025 and RMB 75.6 million in the first quarter of 2026.

- As of June 30, 2026, the total balance of cash and cash equivalents, short-term investments, and wealth management investments was RMB 929.4 million (approximately USD 137.0 million).。

Business Highlights and Recent Developments for the Second Quarter of Fiscal Year 2026

Since the second quarter of 2026, EHang has continued to advance its strategic transition from "completion of certification" to "operational readiness and capability output" against the backdrop of prudent regulatory adjustments in the industry. Focusing on three strategic directions—building a domestic operational system, establishing a global multi-point layout, and diversifying revenue structures—the company has achieved phased results in multiple areas.

Deepening domestic operational readiness and standardized output of operational capabilities

EHang continues to strengthen the end-to-end operational systems for two general aviation companies holding Operating Certificates ("OC") at its Guangzhou and Hefei bases. This covers key areas including personnel training, operational support, insurance services, airspace coordination, and emergency response. To date, routine trial operations at these two sites have been conducted safely and stably for 17 months, continuously accumulating real-world operational data and experience, which provides crucial support for regulatory communications and preparations for subsequent commercial operations.

Meanwhile, the company is further expanding EH216-S operational scenarios from single-point takeoff and landing to point-to-point route flights. At its Guangzhou headquarters, the company has launched internal trial operations for its first point-to-point test route, continuously validating operational capabilities such as route planning, takeoff/landing site connectivity, ground support, multi-aircraft dispatch, and anomaly handling.

The company is also continuously expanding application scenarios with greater practical transportation value. In Dali, Yunnan Province, the company is advancing the planning of low-altitude traffic scenarios across Erhai Lake; in Lingao, Hainan Province, it is collaborating with China Construction Sixth Engineering Division to promote the construction of a cross-sea low-altitude corridor, exploring a model of coordinated development between "low-altitude infrastructure + operational services." In Hong Kong, the company was selected as one of the first batch of pilots for the Low-Altitude Economy "Regulatory Sandbox X" and has initiated related flight validations, with public flight demonstrations scheduled in the near future.

Building on its continuous accumulation of operational experience, the company is systematically consolidating operational data, experience, and safety management capabilities into standardized, replicable operational solutions for delivery to customers and partners. Simultaneously, the company is continuously upgrading the supporting operational capabilities for the EH216-S. Notably, battery cooling vehicles can increase the average daily operational frequency per aircraft to 12–15 flights, while independent air conditioning systems can reduce cabin temperature by 10–15°C in a short period, thereby enhancing flight operational efficiency and passenger experience, respectively, in preparation for future large-scale commercial operations.

Continuous expansion in overseas markets is accelerating the formation of a standardized, replicable pathway for international deployment.

By collaborating with local civil aviation authorities and partners, the company is accelerating the deployment of autonomous eVTOL technology and operational systems in overseas markets, continuously expanding its international flight and application footprint. Since the second quarter, the global flight footprint of the EH216-S has expanded to include three new countries: Mexico, Switzerland, and Kazakhstan. To date, the global flight footprint of the EH216 series has extended to 23 countries, with nearly 100,000 safe flights accumulated.

In Thailand, the company is leveraging the regulatory sandbox mechanism to continuously advance local flight validation and commercial operation preparations. It has clarified the implementation path with the Civil Aviation Authority of Thailand, aiming to obtain a commercial operating certificate within 2026.

Leveraging nearly a decade of accumulation in airworthiness certification and operational practice, combined with experience in communicating with civil aviation authorities in multiple countries, the company is further advancing its Global Fast Track Program. This program provides a systematic acceleration pathway for the operational assessment and deployment of autonomous eVTOLs in overseas markets. This model goes beyond simple aircraft product export, extending to comprehensive capability output including regulatory coordination, validation test flights, operational readiness, and commercial deployment. Sri Lanka is the first market under this program, currently advancing its sandbox commercialization process in accordance with relevant regulatory, technical, operational, and safety assessment requirements. The company is also exploring similar cooperation pathways in other overseas markets.

By upgrading from product export to the export of experience, capabilities, and standards, the company is gradually establishing a more efficient and replicable global business model.

Continuously enriching the product portfolio and application scenarios to build a more diversified business growth system.

The company remains steadfast in its long-term strategic focus on manned aerial transportation. Leveraging its existing aviation-grade technology and safety capabilities, it is actively expanding into unmanned application scenarios such as logistics, firefighting, and aerial media, gradually building a more diversified product and business portfolio.

The aerial media business continues to be a key component of the company's diversification strategy. The company is steadily advancing the sales of its GD series formation drones and formation performance services. In addition to providing formation shows for individual events, it is further developing regular, on-site performance operations. The company is also expanding into overseas markets, including Japan, Thailand, and Europe, to enhance the sustainability and replicability of this business.

In the areas of logistics and firefighting, the company is driving product R&D and testing based on actual customer needs, promoting pilot implementations in scenarios such as port logistics and forest firefighting.

Meanwhile, the company is advancing the R&D and airworthiness certification of the VT35 long-range compound-wing eVTOL through continuous testing and trial flights. It is also refining its integrated regulatory service platform for urban low-altitude flight and promoting system integration with the Hefei government's flight service framework, thereby building digital infrastructure for future large-scale, high-density urban low-altitude operations.

Management Commentary

Hu Huazhi, Founder, Chairman, and CEO of EHang, stated:"Since the second quarter, EHang has entered a critical strategic transition period. We have completed the shift from 'obtaining certifications' to'operational readiness, scenario validation, capability export, and global expansion.'Certification is merely the entry ticket for commercial operations. What truly determines whether a company can achieve scaled growth is its ability to deliver safe and reliable products, establish a complete operational system, develop replicable application scenarios, and possess the comprehensive capability to standardize and export solutions to the global market.

A major accident involving a manned light sport aircraft occurred domestically in late June, leading to heightened prudence in low-altitude safety regulation across the industry and impacting the approval pace for manned commercial operations in certain regions. We fully understand and respect the regulatory authorities' cautious approach to safety. For unmanned manned aerial vehicles (passenger-carrying drones), safety, regulatability, and traceability remain the foundation of commercial development. The current changes largely reflect a phased adjustment in the industry's development rhythm and do not alter the company's technological foundations, market demand, or long-term strategic direction.

In the face of external uncertainties, we are proactively advancingThree Key Initiatives：Global Expansion Gaining Momentum— Refining operational paradigms domestically while accelerating capability export overseas;Diversified revenue structure— Maintaining passenger transport as the core business line, with logistics, firefighting, and aerial media services providing simultaneous support;Deep Cost Reduction and Efficiency Enhancement— Concentrating resources on core R&D, airworthiness certification, operational systems, and business units capable of forming a closed revenue loop. Meanwhile, the Company has initiated organizational efficiency optimization, talent structure improvement, and capital expenditure control measures. We are also continuously promoting the application of AI tools in R&D design, knowledge reuse, and cross-departmental processes to further enhance personnel productivity and resource utilization efficiency.

We firmly believe that Advanced Air Mobility (AAM) will continue to evolve toward greater automation, intelligence, and unmanned operations in the long term. We will continue to drive industry development by leveraging our accumulated safe flight data and standardized operational capabilities, ensuring that EHang is well-positioned to enter the market early and achieve scaled commercial deployment once regulatory and commercial conditions further mature.

Yang Jiahong, Chief Financial Officer of EHang, stated:"We are pleased to see continued progress in global and regional markets, including the advancement of the global Fast Track program and further development of regulatory sandbox projects in Thailand and Hong Kong. These milestone achievements reflect deepening cooperation between the Company and regulatory authorities, opening up more commercialization pathways for our autonomous eVTOL solutions.

At the same time, we have noted that recent aviation incidents in the industry have led to a more cautious regulatory stance domestically, increasing short-term uncertainty regarding the approval timeline for domestic commercial passenger operations. Given the current environment, we have decided to withdraw our previously issued revenue guidance of RMB 600 million for 2026 and are not providing alternative guidance at this time. We will reassess our business outlook and update our guidance appropriately once regulatory visibility improves."

As of June 30, the company held cash and wealth management product balances totaling RMB 929.4 million. This healthy liquidity position provides strong support for the continued advancement of commercialization, product development, and global expansion. Moving forward, we will continue to enhance operational efficiency and solidify the foundation for long-term growth, thereby creating sustainable value for our shareholders.

Performance Outlook

In light of recent aviation incidents in the industry prompting regulators to adopt a more prudent stance on low-altitude aviation safety, there is significant uncertainty regarding the specific timeline for the implementation of domestic manned commercial operations. Consequently, the Company has decided to withdraw its previously issued full-year 2026 revenue guidance and is not providing alternative full-year revenue guidance at this time.

This decision reflects the Company's prudent approach to managing business visibility under the current domestic regulatory environment and does not indicate any change in the Company's assessment of the long-term development prospects for the low-altitude economy or EHang's strategic positioning.

The Company will continue to expand into global markets, strengthen operational capabilities, and diversify its revenue structure, while closely monitoring the latest developments in the regulatory and operating environments. EHang will update its business outlook in due course once regulatory visibility improves further.

Conference Call Details

EHang Q2 2026 Earnings Conference Call Live Broadcast

About EHang

EHang (Nasdaq: EH) is a global leading advanced air mobility technology platform company, dedicated to making safe, automated, and eco-friendly air transportation accessible to everyone. EHang focuses on the research, development, and manufacturing of a diverse portfolio of autonomous electric vertical takeoff and landing (eVTOL) aircraft products, covering various application scenarios such as air tourism, intra-city transportation, inter-city travel, logistics transport, and emergency firefighting. EHang's flagship product, the EH216-S, has obtained the world's first type certificate (TC), production certificate (PC), and standard airworthiness certificate (AC) for passenger-carrying autonomous eVTOL aircraft from the Civil Aviation Administration of China (CAAC), and has commenced operations under China's首批 qualifications for manned autonomous eVTOL commercial operations. Meanwhile, the Company's long-range model, the VT35, further expands inter-city travel scenarios, laying the foundation for building a multi-layered low-altitude transportation network. Leveraging advanced autonomous flight technology and scalable operational infrastructure, EHang is redefining the transportation of people and goods—transcending cities, regions, and natural barriers—to pioneer a new paradigm for future 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 RMB amounts included in this press release have been converted into U.S. dollars at a uniform exchange rate. Unless otherwise specified, the uniform conversion rate is USD 1.00 to RMB 6.7851, which corresponds to the exchange rate as of June 30, 2026, published in the Federal Reserve Board's H.10 statistical release. The Company does not guarantee that the mentioned RMB or USD amounts can be converted into USD or RMB at any specific exchange rate or in full.

* The above content is excerpted and translated from the English version of the financial results report. In case of any discrepancies, the original English text shall prevail. For the full text, please visit the Company's Investor Relations website: ir.ehang.com.

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