EHang (EH) Q2 2026 earnings summary

Executive summary

• Quarterly revenues surged 203.5% sequentially to RMB 77.9 million, driven by expanded revenue sources beyond passenger mobility and accelerated overseas market entry initiatives.

• Operational focus shifted to strengthening domestic readiness, global expansion, and revenue diversification amid a more cautious regulatory environment in China.

• Advanced regulatory sandbox programs in Thailand and Hong Kong, and launched the Global Fast Track Program, with Sri Lanka as the first adopter.

• Broadened product portfolio to include logistics, firefighting, and aerial media, supporting diversified growth.

• Expanded global footprint to 23 countries, with new markets in Mexico, Switzerland, Kazakhstan, and advanced regulatory pathways in Thailand and Sri Lanka.

Financial highlights

• Q2 2026 revenue was RMB 77.9 million, up 203.5% sequentially but down 31.3% year-over-year.

• Gross margin remained stable at 61.2% year-over-year and quarter-over-quarter.

• Adjusted operating expenses rose 16.9% year-over-year and 11.5% quarter-over-quarter to RMB 112.7 million.

• Adjusted operating loss was RMB 62 million, improved from RMB 77.1 million in Q1 2026; adjusted net loss was RMB 58.5 million, improved from RMB 75.6 million in Q1 2026.

• Cash and equivalents totaled RMB 929.4 million as of June 30, 2026.

Outlook and guidance

• Withdrew full-year 2026 revenue guidance due to regulatory uncertainty in China following recent industry safety incidents; no replacement guidance provided.

• Will provide updated outlook as regulatory and business conditions clarify.

• Targeting commercial operation certificates in new overseas markets within 2026, advancing toward sandbox commercialization in Sri Lanka and other countries.

• Non-passenger revenue expected to increase in both share and absolute terms in the second half, driven by drone deliveries and firefighting products.