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EHang (EH) investor relations material
EHang Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary26 Nov, 2025
Executive summary
Delivered 42 eVTOL units in Q3 2025, including 41 EH216 series and the first VT35, generating RMB 92.5 million in revenue, with a temporary slowdown in deliveries due to strategic focus on operational readiness and supporting existing customers.
Maintained full-year revenue guidance of RMB 500 million, expecting a major portion of deliveries in Q4.
Launched the VT35 eVTOL for intercity mobility, began mass production of GD4.0 formation drones, and expanded product portfolio.
Expanded global operations with new initiatives and partnerships in Thailand, Qatar, Japan, Kazakhstan, Rwanda, and other regions.
Appointed Ms. Hai Ying Li as a new director to the Board, enhancing governance and international strategy.
Financial highlights
Q3 2025 revenue was RMB 92.5 million, down year-over-year and sequentially due to lower EH216 series sales and deferred deliveries.
Gross profit was RMB 56.2 million; gross margin at 60.8%, slightly lower than 61.2% in Q3 2024 and 62.6% in Q2 2025.
Operating loss widened to RMB 91.7 million, up 67.5% year-over-year; net loss was RMB 82.1 million, a 70.6% increase year-over-year.
Adjusted operating loss (non-GAAP) was RMB 29.9 million; adjusted net loss was RMB 20.3 million, compared to adjusted net income of RMB 15.7 million in Q3 2024.
Cash, equivalents, and short-term investments totaled RMB 1.13 billion as of September 30, 2025.
Outlook and guidance
Full-year 2025 revenue guidance reaffirmed at approximately RMB 500 million, supported by order backlog and Q4 delivery progress.
Long-term gross margin expected to remain stable around 60%, with short-term fluctuations due to product mix and initial VT35 production costs.
Confident in long-term, high-quality growth due to product portfolio and commercial readiness, with breakthroughs anticipated in Southeast Asia.
What specific Q4 drivers support RMB500M guidance?
When will commercial ops generate meaningful revenue?
VT35's impact on future revenue and margins?
VT35 certification and deployment plan?
Unmanned products' future revenue impact?
International Sandbox scaling and replication impact?
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Frequently asked questions
EHang Holdings Limited operates through two segments, Products and Application Solutions. It provides traffic control for unmanned aerial vehicles and industrial control UAV platforms. The company is also involved in the provision of commercialized products, including AAV command and control systems, AAVs, hybrid micro-power stations, flight control systems, on-ground command and control systems, management information systems, and other products. Its AAVs comprise two series, namely the Ehang 184 series and EHANG 216 series; and passenger drones that transport people quickly, safely, and comfortably to their destinations.
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