EHang (EH) Q1 2025 earnings summary

Executive summary

• Achieved a major regulatory milestone as EH216-S operators received China's first Air Operator Certificates for human-carrying, pilotless eVTOLs, enabling commercial operations and marking the start of commercialization.

• Q1 2025 revenues reached RMB 26.1 million, with 11 EH216 series units delivered, and a gross margin of 62.4%.

• Continued innovation with the VT35 long-range eVTOL, now in flight testing and type certification, with unveiling planned for Q3 2025.

• Expanded production capacity and infrastructure, with new facilities in Yunfu and planned Hefei factory to support future growth.

• Expanded global presence with over 66,000 safe pilotless flights in 19 countries as of March 31, 2025.

Financial highlights

• Q1 2025 revenue was RMB 26.1 million, down year-over-year and sequentially, mainly due to lower EH216-S deliveries.

• Gross profit reached RMB 16.3 million, with gross margin improving to 62.4% from 61.9% in Q1 2023 and 60.7% in Q4 2023, driven by higher average selling prices.

• Adjusted operating loss (non-GAAP) was RMB 42.6 million, up 239.5% year-over-year.

• Adjusted net loss (non-GAAP) was RMB 31.1 million, compared to adjusted net income of RMB 36.4 million in Q4 2024.

• Cash, restricted deposits, and short-term investments totaled RMB 1.11 billion as of March 31, 2025.

Outlook and guidance

• Full-year 2025 revenue guidance maintained at RMB 900 million, with strong rebound in deliveries and sales expected from Q2 onward.

• Large orders from multiple provinces are set to convert into deliveries in phased batches starting Q2.

• Anticipates more operators to obtain OC certification, expanding the operational fleet and scaling commercial operations in the second half of the year.

• Management expects a rebound in Q2 2025 as sales and deliveries ramp up following the issuance of Air Operator Certificates.

• VT35, a next-generation long-range eVTOL, is undergoing flight testing and planned for unveiling in Q3 2025.