EHang Holdings Limited (EH)

EHang Holdings Income Statement

Financials in millions CNY. Fiscal year is January - December.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue	509.5	456.15	117.43	44.32	56.81
Revenue Growth (YoY)	11.70%	288.46%	164.97%	-21.99%	-68.46%
Cost of Revenue	193.58	176.21	42.12	15.1	20.78
Gross Profit	315.93	279.95	75.31	29.22	36.03
Selling, General & Admin	400.06	364.43	210.48	204.18	230.62
Research & Development	194.58	199.47	167.32	135.08	137.15
Other Operating Expenses	-12.38	-29.87	-6.23	-6.09	-11.2
Operating Expenses	582.26	534.02	371.56	333.17	356.57
Operating Income	-266.33	-254.08	-296.25	-303.95	-320.54
Interest Expense	-5.98	-3.38	-14.95	-3.82	-1.8
Interest & Investment Income	58.59	30.6	8.48	4.67	5.14
Earnings From Equity Investments	-5.25	-4.35	-1.56	0.2	-0.28
Currency Exchange Gain (Loss)	1.17	-1.19	0.39	-1.49	-0.83
Other Non Operating Income (Expenses)	-12.65	2.75	1.75	-21.49	5.36
EBT Excluding Unusual Items	-230.44	-229.65	-302.14	-325.88	-312.94
Gain (Loss) on Sale of Assets	-	-	-	-	-0.82
Legal Settlements	-	-	-	-3.38	-
Pretax Income	-230.44	-229.65	-302.14	-329.25	-313.76
Income Tax Expense	0.53	0.39	0.21	0.08	0.13
Earnings From Continuing Operations	-230.97	-230.03	-302.34	-329.33	-313.9
Minority Interest in Earnings	0.43	0.26	0.64	1.11	-0.06
Net Income	-230.54	-229.78	-301.7	-328.22	-313.96
Net Income to Common	-230.54	-229.78	-301.7	-328.22	-313.96
Shares Outstanding (Basic)	73	67	61	57	56
Shares Outstanding (Diluted)	73	67	61	57	56
Shares Change (YoY)	9.15%	10.60%	5.93%	1.51%	3.12%
EPS (Basic)	-3.14	-3.42	-4.97	-5.72	-5.56
EPS (Diluted)	-3.14	-3.42	-4.97	-5.72	-5.56
Free Cash Flow	-	118.99	-96.24	-185.62	-137.27
Free Cash Flow Per Share	-	1.77	-1.58	-3.24	-2.43
Gross Margin	62.01%	61.37%	64.13%	65.93%	63.42%
Operating Margin	-52.27%	-55.70%	-252.29%	-685.85%	-564.25%
Profit Margin	-45.25%	-50.37%	-256.93%	-740.62%	-552.68%
Free Cash Flow Margin	-	26.09%	-81.96%	-418.86%	-241.65%
EBITDA	-252.64	-240.38	-283.02	-295.03	-312.76
EBITDA Margin	-49.58%	-52.70%	-241.02%	-	-
D&A For EBITDA	13.7	13.7	13.23	8.92	7.77
EBIT	-266.33	-254.08	-296.25	-303.95	-320.54
EBIT Margin	-52.27%	-55.70%	-252.29%	-	-
Revenue as Reported	-	456.15	117.43	44.32	56.81
Advertising Expenses	-	3.65	2.92	2.95	2.11

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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