EHang (EH) Q3 2025 earnings summary

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.