EHang (EH) Q4 2025 earnings summary

Executive summary

• Achieved record quarterly and annual eVTOL deliveries and revenues, with 100 units delivered in Q4 and 221 units for 2025, and first-ever quarterly GAAP profitability in Q4 2025.

• Commercial operations for EH216-S set to launch in China in March 2026, marking the world's first ticketed pilotless human-carrying eVTOL service, with operator certification completed.

• Strategic focus on scaling commercial operations, expanding non-passenger applications, and accelerating global expansion, especially in Thailand, Japan, and Qatar.

• VT35 unveiled with public demo flights, initial deliveries, and type certification in progress.

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

Financial highlights

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

• Q4 gross margin improved to 62.1% from 60.7% a year ago; full-year gross margin was 62%.

• Q4 net income was RMB/CNY 10.5 million, a turnaround from a net loss year-over-year; adjusted net income for Q4 was RMB/CNY 71.5 million, up 96.4% year-over-year.

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

• Adjusted operating expenses for 2025 were RMB/CNY 348.9 million, up 20% year-over-year, mainly due to R&D and commercialization.

Outlook and guidance

• FY2026 revenue guidance set at RMB/CNY 600 million, targeting 18% year-over-year growth.

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

• OPEX growth in 2026 projected to be below revenue growth rate; OPEX to sales ratio expected to decline.

• Focus on diversifying revenue streams through non-passenger applications and operational services.

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