EHang Holdings Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-229.78	-301.7	-328.22	-313.96
Depreciation & Amortization	19.8	21.36	20.89	7.77
Other Amortization	-	12.02	1.67	-
Loss (Gain) From Sale of Assets	0.68	0.14	-0.1	0.82
Asset Writedown & Restructuring Costs	-	-	-	1.63
Loss (Gain) on Equity Investments	4.35	1.56	-0.2	0.28
Stock-Based Compensation	273.12	151.49	96.9	121.13
Provision & Write-off of Bad Debts	12.79	13.69	47.78	56.52
Other Operating Activities	-11.1	-3.94	-2.18	2.16
Change in Accounts Receivable	-31.28	-20.52	-10.07	42.14
Change in Inventory	-21.59	7.82	-3.26	-38.61
Change in Accounts Payable	92.35	5.45	-10.1	-7.75
Change in Unearned Revenue	21.93	17.38	7.54	6.56
Change in Income Taxes	0.12	0.02	0	0
Change in Other Net Operating Assets	26.57	6.83	5.89	-0.32
Operating Cash Flow	157.96	-88.41	-173.46	-121.63
Capital Expenditures	-38.97	-7.83	-12.17	-15.65
Sale of Property, Plant & Equipment	-	-	0.19	-
Cash Acquisitions	-	-6.92	-	-
Sale (Purchase) of Intangibles	-1.11	-1.26	-1.65	-0.05
Investment in Securities	-442.43	-114.39	70.03	-17.71
Investing Cash Flow	-482.51	-128.69	56.4	-33.4
Short-Term Debt Issued	154.25	69.09	119.66	10
Long-Term Debt Issued	25	10	-	20
Total Debt Issued	179.25	79.09	119.66	30
Short-Term Debt Repaid	-159.09	-119.66	-10	-15
Long-Term Debt Repaid	-6.85	-14.15	-3	-5
Total Debt Repaid	-165.94	-133.81	-13	-20
Net Debt Issued (Repaid)	13.31	-54.72	106.66	10
Issuance of Common Stock	698.13	250.2	-	256.95
Repurchase of Common Stock	-10.09	-	-	-
Other Financing Activities	-	-	0.09	-
Financing Cash Flow	701.36	195.48	106.74	266.95
Foreign Exchange Rate Adjustments	5.82	0.56	12.61	-5.07
Net Cash Flow	382.63	-21.06	2.29	106.85
Free Cash Flow	118.99	-96.24	-185.62	-137.27
Free Cash Flow Margin	26.09%	-81.96%	-418.86%	-241.65%
Free Cash Flow Per Share	1.77	-1.58	-3.24	-2.43
Cash Interest Paid	3.4	2.18	1.5	1.18
Cash Income Tax Paid	0.1	0.18	0.08	0.34
Levered Free Cash Flow	239.02	-17.3	-26.79	-5.68
Unlevered Free Cash Flow	241.13	-19.98	-26.07	-4.56
Change in Working Capital	88.08	16.97	-10.01	2.02

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

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