EHang Holdings Limited (EH)

EHang Holdings Income Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	430	456.15	117.43	44.32	56.81	180.09
Revenue Growth (YoY)	23.39%	288.46%	164.97%	-21.99%	-68.46%	47.84%
Cost of Revenue	165.74	176.21	42.12	15.1	20.78	73.91
Gross Profit	264.26	279.95	75.31	29.22	36.03	106.18
Selling, General & Admin	395.21	364.43	210.48	204.18	230.62	98.8
Research & Development	201.45	199.47	167.32	135.08	137.15	105.25
Other Operating Expenses	-16.64	-29.87	-6.23	-6.09	-11.2	-6.58
Operating Expenses	580.02	534.02	371.56	333.17	356.57	197.48
Operating Income	-315.76	-254.08	-296.25	-303.95	-320.54	-91.3
Interest Expense	-4.76	-3.38	-14.95	-3.82	-1.8	-2.34
Interest & Investment Income	49.49	30.6	8.48	4.67	5.14	3.8
Earnings From Equity Investments	-6.15	-4.35	-1.56	0.2	-0.28	0.24
Currency Exchange Gain (Loss)	1.76	-1.19	0.39	-1.49	-0.83	-0.33
Other Non Operating Income (Expenses)	-12.68	2.75	1.75	-21.49	5.36	-1.44
EBT Excluding Unusual Items	-288.1	-229.65	-302.14	-325.88	-312.94	-91.38
Gain (Loss) on Sale of Assets	-	-	-	-	-0.82	-0.46
Legal Settlements	-	-	-	-3.38	-	-
Pretax Income	-288.1	-229.65	-302.14	-329.25	-313.76	-91.84
Income Tax Expense	0.29	0.39	0.21	0.08	0.13	0.21
Earnings From Continuing Operations	-288.39	-230.03	-302.34	-329.33	-313.9	-92.04
Minority Interest in Earnings	0.5	0.26	0.64	1.11	-0.06	4.42
Net Income	-287.89	-229.78	-301.7	-328.22	-313.96	-87.62
Net Income to Common	-287.89	-229.78	-301.7	-328.22	-313.96	-87.62
Shares Outstanding (Basic)	72	67	61	57	56	55
Shares Outstanding (Diluted)	72	67	61	57	56	55
Shares Change (YoY)	10.94%	10.60%	5.93%	1.51%	3.12%	79.21%
EPS (Basic)	-3.98	-3.42	-4.97	-5.72	-5.56	-1.60
EPS (Diluted)	-3.98	-3.42	-4.97	-5.72	-5.56	-1.60
Free Cash Flow	-	118.99	-96.24	-185.62	-137.27	-160.44
Free Cash Flow Per Share	-	1.77	-1.58	-3.24	-2.43	-2.93
Gross Margin	61.46%	61.37%	64.13%	65.93%	63.42%	58.96%
Operating Margin	-73.43%	-55.70%	-252.29%	-685.85%	-564.25%	-50.69%
Profit Margin	-66.95%	-50.37%	-256.93%	-740.62%	-552.68%	-48.65%
Free Cash Flow Margin	-	26.09%	-81.96%	-418.86%	-241.65%	-89.09%
EBITDA	-301.71	-240.38	-283.02	-295.03	-312.76	-85.1
EBITDA Margin	-70.17%	-52.70%	-241.02%	-	-	-47.26%
D&A For EBITDA	14.05	13.7	13.23	8.92	7.77	6.19
EBIT	-315.76	-254.08	-296.25	-303.95	-320.54	-91.3
EBIT Margin	-73.43%	-55.70%	-252.29%	-	-	-50.69%
Revenue as Reported	456.15	456.15	117.43	44.32	56.81	180.09
Advertising Expenses	-	3.65	2.92	2.95	2.11	1.97

Updated Nov 26, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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