EHang Holdings Earnings Call Transcripts
Fiscal Year 2026
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Revenue rose 203% sequentially to RMB 77.9M in Q2, but fell year-over-year due to regulatory delays impacting passenger operations. Gross margin remained stable at 61.2%. Non-passenger business is growing, and global expansion continues, but full-year guidance was withdrawn amid regulatory uncertainty.
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Revenue for Q1 2026 was RMB 25.7 million, with gross margin stable at 62.5%. Human-carrying eVTOLs and non-human-carrying businesses are expected to contribute 60% and 40% of revenue, respectively, with overseas markets and new products driving future growth.
Fiscal Year 2025
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Record eVTOL deliveries and strong revenue growth in 2025 led to the first-ever quarterly GAAP profitability. Commercial operations for pilotless eVTOLs are launching in China and Thailand, with 2026 revenue guidance set at CNY 600 million and expanding non-passenger business.
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Q3 2025 saw 42 units delivered and RMB 92.5 million in revenue, with a strategic focus on operational readiness and expanding the product portfolio. International expansion and regulatory progress, especially in Thailand, support a positive long-term outlook.
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Q2 2025 saw strong revenue and delivery growth, with 68 EH216 units delivered and RMB 147 million in revenue, up 44% year-over-year. The company shifted focus to supporting safe commercial operations, adjusted 2025 revenue guidance to RMB 500 million, and expanded global and domestic partnerships.
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Q1 2025 saw a temporary revenue dip to RMB 26.1 million due to seasonal and regulatory timing, but gross margin improved to 62.4%. Major regulatory milestones enable commercial eVTOL operations, with strong sales and delivery rebound expected from Q2 and full-year revenue guidance of RMB 900 million reaffirmed.
Fiscal Year 2024
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Record 2024 results with 216 units delivered and RMB 456M revenue (+289% YoY), first-ever positive adjusted net income, and strong cash flow. 2025 revenue is guided to nearly double, with continued margin strength and global expansion.
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Q3 2024 saw record revenues and deliveries, with 63 EH216-S units shipped and a 347.8% year-over-year revenue increase. Gross margin remained strong at 61.2%, and the company achieved its second consecutive quarter of profitability. OC approval and further commercialization are expected by year-end.
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Q2 revenue surged 919.6% year-over-year to CNY 102 million, driven by record EH216-S deliveries and strong demand in China. Gross margin reached 62.4%, and the company achieved adjusted net income and positive cash flow. Q3 revenue is guided at CNY 123 million, with continued rapid growth expected.