EHang (EH) Q1 2026 earnings summary

Executive summary

• Transitioned from certification to commercial operation, focusing on launching the world's first pilotless human-carrying eVTOL service, with over 3,000 safe flights since March 2025.

• Expanded global footprint with successful pilotless eVTOL flights in Mexico, regulatory advances in Thailand, and progress in other key markets.

• Four core strategies: routine commercial operations, global expansion, VT-35 certification, and industrial chain integration.

• Aerial media business contributed approximately 40% of Q1 2026 revenue, reflecting diversification and growing customer adoption.

• Achieved a Guinness World Record for drone formation flights, boosting brand visibility.

Financial highlights

• Q1 2026 revenue was RMB 25.7 million, nearly flat year-over-year but down sharply from RMB 177.6 million in Q4 2025.

• Gross margin was 62.5%, stable year-over-year and slightly up sequentially.

• Adjusted operating expenses rose 59% year-over-year to RMB 101.1 million, driven by commercialization and R&D.

• Adjusted net loss was RMB 75.6 million, compared to RMB 31.1 million in Q1 2025; net loss attributable to ordinary shareholders was RMB 125.96 million.

• Cash and equivalents totaled RMB 1.03 billion as of March 31, 2026.

Outlook and guidance

• Maintains 2026 annual revenue guidance of RMB 600 million, supported by diversified revenue and global expansion.

• Regulatory and operational readiness for EH216-S public ticketed flight services in China is advancing, with infrastructure and training programs ready for launch upon CAAC approval.

• Expects overseas revenue contribution to rise, with Thailand as a flagship market and majority of orders and revenue expected in the second half of 2026.