EHang (EH) Q4 2025 earnings summary

Executive summary

• Achieved record quarterly and annual revenues in 2025, up 48.4% and 11.7% year-over-year, with 100 eVTOL units delivered in Q4 and 221 units for the year, and the first-ever quarterly GAAP profitability.

• Commercial operations for the EH216-S are set to launch in China in March 2026, marking the world's first ticketed pilotless eVTOL service, with operator certification and initial fleet deployment.

• The company is evolving from an aircraft manufacturer to a comprehensive advanced air mobility solutions provider, expanding globally with trial operations and regulatory progress in Thailand, Qatar, and Japan.

• VT35 was unveiled with public demo flights, initial deliveries, and entry into the certification phase, expanding the product portfolio into intercity mobility.

• Non-GAAP profitability achieved for the second consecutive year.

Financial highlights

• Q4 2025 revenues reached RMB 243.8 million (CNY 243.8 million), up 48.4% year-over-year and 163.6% sequentially; full-year 2025 revenues totaled RMB 509.5 million, up 11.7% year-over-year.

• Q4 gross margin was 62.1%, with full-year gross margin at 62%, both improving year-over-year.

• Q4 net income was RMB 10.5 million, achieving first-ever quarterly GAAP profitability; full-year net loss was RMB 231.0 million.

• Q4 adjusted net income was RMB 71.5 million, up 96.4% year-over-year; full-year adjusted net income was RMB 29.4 million.

• Cash and equivalents at year-end 2025 totaled RMB 1,129.3 million.

Outlook and guidance

• FY2026 revenue guidance is RMB 600 million, targeting 18% year-over-year growth.

• Overseas revenue is expected to rise to a double-digit percentage of total revenue, driven by commercial operations in Thailand and expansion in Japan and Qatar.

• OPEX growth in 2026 is expected to be lower than revenue growth.

• Focus areas include scaling commercial operations, expanding non-passenger business, and global market penetration.

• EH216-S commercial operations in China set to begin March 2026, with regulatory support and operator certification.