EHang (EH) Q2 2025 earnings summary

Executive summary

• Revenues surged 44.2% year-over-year and 464.0% quarter-over-quarter to RMB147.2 million, driven by robust demand and new orders for EH216 series eVTOLs, with 68 units delivered in Q2 2025.

• Secured over 150 new EH216 series orders, with 90% from domestic and 10% from overseas customers, to be fulfilled in future quarters.

• EH216-S completed over 10,000 safe flights in H1 2025, with no incidents, reinforcing safety and reliability.

• Strategic focus shifted to supporting existing customers and ensuring safe, regular commercial operations, prioritizing long-term value over rapid expansion.

• Launched trial commercial operations of EH216-S in Guangzhou and Hefei, logging over 700 safe flights and paving the way for public commercial services.

Financial highlights

• Q2 2025 revenue reached RMB147.2 million, up 44.2% year-over-year and 464.0% sequentially.

• Gross profit was RMB92.1 million, with a stable gross margin of 62.6%.

• Adjusted net income was RMB9.4 million, a 719.9% increase year-over-year and a turnaround from a Q1 loss.

• Operating expenses increased, with adjusted operating loss narrowing to RMB1.9 million, a 95.5% improvement quarter-over-quarter.

• Cash and equivalents totaled RMB1.15 billion (US$160.5 million) as of June 30, 2025.

Outlook and guidance

• Full-year 2025 revenue guidance adjusted to RMB500 million, reflecting a prudent approach prioritizing safety and sustainable operations.

• Management expects significant revenue growth in 2026 after operational foundation is strengthened in H2 2025.

• Public-facing commercial operation services for EH216-S expected to launch within the year.

• VT35 next-generation eVTOL set for official unveiling in September 2025.

• Continued phased deliveries of over 150 new EH216 series orders in upcoming quarters.