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Core Viewpoint - EHang Intelligent (EH.US) reported a decline in third-quarter revenue to 92.5 million yuan and a net loss of 82.1 million yuan, with 42 eVTOLs delivered during the period, indicating challenges in performance and delivery schedules [1] Financial Performance - Third-quarter revenue decreased year-on-year to 92.5 million yuan, down from previous periods [1] - The company recorded a net loss of 82.1 million yuan for the third quarter [1] - EHang delivered 42 eVTOLs, which is a decline from 63 units in the same period last year and 68 units in the previous quarter [1] Delivery and Future Outlook - Most eVTOL deliveries are scheduled for the fourth quarter, with the company maintaining an annual revenue forecast of approximately 500 million yuan [1] - The CFO emphasized confidence in long-term, high-quality growth due to a stronger product portfolio and improving market readiness for commercial operations [1]

Core Insights - Shenzhen has established a private equity investment fund for low-altitude economy with a total investment of 760 million RMB, marking a strategic move to transform policy ambitions into industrial realities [2][11] - The release of the "Shenzhen Low-altitude Aircraft Take-off and Landing Facility Layout Plan (2026-2035)" signifies a systematic approach to low-altitude economic infrastructure development [3][11] Investment and Infrastructure - The fund aims to create a capital framework involving Shenzhen and Longhua District, industry leader EHang, and professional venture capital institutions [2][11] - The infrastructure plan includes a network of one general aviation airport, one air-rail intermodal station, multiple public service take-off points, and commercial take-off facilities for enterprises, addressing the "last mile" issue in low-altitude flight [3][11] Industry Development - Longhua District is positioning itself as a leading area in low-altitude economy, with 445 enterprises in the industry chain, covering manufacturing, flight, support, and comprehensive services [3][4] - The district aims to build a complete industrial ecosystem characterized by "whole machine leadership, complete chains, soft and hard integration, and service empowerment" [3][4] Technological Innovation - The establishment of the 760 million RMB fund reflects recognition of the technological innovation value in the low-altitude economy, which is seen as a trillion-level market following new energy vehicles [5][11] - The fund's investment strategy focuses on high-tech upstream components and midstream manufacturing, aiming to leverage social capital for broader industry growth [5][11] Consumer and Aesthetic Transformation - The integration of low-altitude economy with fashion and technology is expected to redefine urban aesthetics and consumer experiences, with low-altitude vehicles becoming potential "mobile fashion symbols" [4][7] - The low-altitude economy is anticipated to create new consumption scenarios, merging cultural expression and personalized consumption into a vibrant "aerial fashion economy" [8][9] Urban Impact and Employment - The development of low-altitude economy is driving regional industrial structure optimization and creating diverse employment opportunities across various sectors [9][11] - New business models such as low-altitude logistics and aerial sightseeing are reshaping urban space utilization and enhancing city operational efficiency [9][11] Strategic Collaboration - The collaboration between government-led funds, leading enterprises, and professional institutions is crucial for the competitive landscape of the low-altitude economy [12] - The successful integration of capital, technology, and application scenarios will determine the future trajectory of the low-altitude economy in Shenzhen [12]

Core Viewpoint - EHang Intelligent (EH.US) reported a decline in third-quarter revenue to 92.5 million yuan and a net loss of 82.1 million yuan, with 42 units of autonomous eVTOL delivered, indicating challenges in performance despite maintaining an annual revenue forecast of approximately 500 million yuan [1][1][1] Financial Performance - Third-quarter revenue decreased to 92.5 million yuan year-on-year [1] - The company experienced a net loss of 82.1 million yuan during the same period [1] - EHang delivered 42 units of autonomous eVTOL, which is a decline from 63 units in the same quarter last year and 68 units in the previous quarter [1] Delivery and Market Outlook - EHang is the only domestic eVTOL company with certified operations [1] - The majority of eVTOL deliveries are scheduled for the fourth quarter, as customer procurement plans are primarily annual [1] - The company maintains its annual revenue expectation of approximately 500 million yuan, citing confidence in long-term, high-quality growth due to a stronger product portfolio and improved market readiness [1][1]

Financial Data and Key Metrics Changes - Total revenues for Q3 2025 were RMB 92.5 million, reflecting year-over-year and sequential decreases primarily due to reduced sales volume of EH216 series products [31][32] - Gross profit was RMB 56.2 million, with a gross margin of 60.8%, slightly down from 61.2% in Q3 2024 and 62.6% in Q2 2025 [32] - Adjusted net loss was RMB 20.3 million, compared to adjusted net income of RMB 15.7 million in Q2 2024 and RMB 9.4 million in Q2 2025 [33] Business Line Data and Key Metrics Changes - The company delivered 42 units in Q3, including 41 units of the EH216 series and the first VT35, with 39 units delivered in China and 3 units to overseas customers [16][17] - Deliveries were impacted by delayed payment schedules from certain customers, with 30 units expected to be recognized in Q4 [17] Market Data and Key Metrics Changes - The company is expanding its international presence, with notable progress in Asia, the Middle East, and Africa, including trial operations in Thailand and Qatar [11][12][22] - The EH216 series has completed over 80,000 flights globally, enhancing its international credibility [22] Company Strategy and Development Direction - The company is focused on operations-driven sales, optimizing delivery pace, and supporting existing customers to establish sustainable commercial operations [4] - The launch of the VT35 aims to cover diverse application scenarios in the low-altitude economy, with a pre-sale price of CNY 6.5 million [7][8] - The company is deepening partnerships with local governments, such as the Hefei government, to establish product hubs and enhance the entire industry chain [8][10] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the full-year revenue guidance of approximately RMB 500 million, supported by a solid foundation for long-term growth [34] - The supportive policy environment and the company's comprehensive product portfolio are expected to drive future growth [15][30] Other Important Information - The company raised $10 million through its at-the-market offering program, aimed at R&D, team expansion, and commercial operations [33] - A new board member, Ms. Hai Ying Li, was welcomed to enhance the company's international perspective and strategic decision-making [15] Q&A Session Summary Question: Insights on the sandbox initiative and timeline for commercial operations - Management confirmed that the sandbox initiative in Thailand has been approved, with plans to officially commence eVTOL commercial operations in the next three months [36][37] - The goal is to establish 20 sandbox initiatives by the end of 2026, potentially leading to the delivery of 100 EH216 units in that year [39] Question: Expansion into unmanned product portfolios and their revenue contribution - Management highlighted that both manned and unmanned operations are critical for the low-altitude economy, with plans to diversify the product portfolio to increase revenue [42][44] Question: Plans for the VT35 and gross profit margin stabilization - The VT35's airworthiness application is progressing steadily, with expectations for gross profit margin to stabilize around 60% despite slight fluctuations due to new product introductions [49][54]

Financial Data and Key Metrics Changes - Total revenues for Q3 2025 were RMB 92.5 million, showing year-over-year and sequential decreases primarily due to decreased sales volume of EH216 series products [29][30] - Gross profit was RMB 56.2 million, with a gross margin of 60.8%, slightly lower than 61.2% in Q3 2024 and 62.6% in Q2 2025 [30][31] - Adjusted net loss was RMB 20.3 million, compared to adjusted net income of RMB 15.7 million in Q2 2024 and RMB 9.4 million in Q2 2025 [31] Business Line Data and Key Metrics Changes - The company delivered 42 units in Q3, including 41 units of the EH216 series and the first VT35, with deliveries mainly in China [16][17] - The VT35 was launched in October, with a pre-sale price of CNY 6.5 million, and has already received purchase orders from customers in Hefei, Zhejiang, and Hainan [6][7] - The GD4.0 drone began mass production and commercial deployment, achieving significant performance milestones during events [10][28] Market Data and Key Metrics Changes - Deliveries in Q3 were primarily in China, totaling 39 units, with some sales agreements signed but payments delayed, affecting revenue recognition [17] - The company is expanding its international footprint, achieving notable progress in Asia, the Middle East, and Africa, including trial operations in Thailand and Qatar [11][12][24] Company Strategy and Development Direction - The company is focused on operations-driven sales, optimizing delivery pace, and supporting existing customers to establish sustainable commercial operations [4][5] - A strategic partnership with the Hefei government aims to establish a VT35 product hub, with comprehensive support totaling RMB 500 million [8] - The company is diversifying its product portfolio to include unmanned business applications, such as firefighting and logistics, to enhance revenue streams [26][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the full-year revenue guidance of approximately RMB 500 million, supported by steady delivery progress and a strong order backlog [32][33] - The supportive policy environment in China and ongoing regulatory improvements are expected to bolster the low-altitude economy and the company's growth prospects [12][14] - The company aims to leverage its product strength and operational expertise to advance commercial operations and expand its global footprint [15][29] Other Important Information - The company raised $10 million through its at-the-market offering program, which will be used for R&D, production expansion, and general corporate purposes [31] - A new board member, Ms. Hai Ying Li, was appointed to enhance the company's international perspective and strategic decision-making [16] Q&A Session Summary Question: Can management share more about the sandbox initiative and its timeline? - Management confirmed that the sandbox initiative in Thailand has been approved, aiming to officially commence eVTOL commercial operations in the next three months [34][36] Question: What progress is being made in expanding into unmanned product portfolios? - Management stated that both manned and unmanned businesses are critical components of the low-altitude economy, and expanding the product portfolio is essential for increasing revenue [40][42] Question: What is the plan for the VT35's airworthiness application and the gross profit margin outlook? - Management indicated that the VT35's type certificate application is progressing steadily, and they expect the gross profit margin to stabilize around 60% in the long term [44][47]

Business Highlights - EHang's Q3 2025 saw sales and deliveries of 42 eVTOL aircraft, including 41 EH216 series units and one VT35 unit[12] - The company unveiled VT35 for intercity advanced air mobility with initial delivery[12, 15] - EHang launched Thailand AAM Sandbox Initiative, paving way for commercial operations overseas[12, 24] - The company expanded global footprints in Qatar, Japan, Kazakhstan and Rwanda[12, 29, 30, 31, 32, 33] - VT35 has a fully loaded design range of approximately 200 km, enabling one-hour intercity air mobility[18] - VT35 received purchase orders at a unit price of RMB65 million from customers in Anhui, Zhejiang, and Hainan, and has started delivery in Q3[18] - EHang has conducted over 1,700 safe operational flights by the first two OC operators[19] Financial Performance - Total revenues for Q3 2025 were RMB92472 million, a decrease of 278% year-over-year and 372% quarter-over-quarter[12, 49] - Gross profit for Q3 2025 was RMB56209 million, a decrease of 283% year-over-year and 390% quarter-over-quarter[49] - The company maintained full-year revenue guidance of RMB500 million[12]

EHang Reports Third Quarter 2025 Unaudited Financial Results Exhibit 99.1 Guangzhou, China, November 26, 2025 — EHang Holdings Limited (Nasdaq: EH) ("EHang" or the "Company"), a global leader in advanced air mobility ("AAM") technology, today announced its unaudited financial results for the third quarter ended September 30, 2025. Operational and Financial Highlights for the Third Quarter of 2025 Business Highlights for the Third Quarter of 2025 and Recent Developments VT35 Launch, Expanding to Intercity Ad ...

Core Insights - EHang Holdings Limited reported its unaudited financial results for the third quarter of 2025, highlighting a decline in revenue and increased operating losses while maintaining its full-year revenue guidance of approximately RMB 500 million [1][4][38]. Financial Performance - Total revenues for Q3 2025 were RMB 92.5 million (US$ 13.0 million), down from RMB 128.1 million in Q3 2024 and RMB 147.2 million in Q2 2025, primarily due to decreased sales volume of EH216 series products [15][21]. - Gross profit was RMB 56.2 million (US$ 7.9 million), with a gross margin of 60.8%, compared to 61.2% in Q3 2024 and 62.6% in Q2 2025 [17]. - Operating loss increased to RMB 91.7 million (US$ 12.9 million) from RMB 54.7 million in Q3 2024 and RMB 78.1 million in Q2 2025 [19]. - Net loss was RMB 82.1 million (US$ 11.5 million), compared to RMB 48.1 million in Q3 2024 and RMB 81.0 million in Q2 2025 [21]. - Cash and cash equivalents, along with short-term investments, totaled RMB 1.13 billion (US$ 158.3 million) as of September 30, 2025 [24]. Business Developments - EHang launched the VT35, a next-generation long-range pilotless eVTOL model, which aims to expand its product portfolio into intercity air mobility [4][5]. - The company has made significant progress towards commercial operations in China and has initiated the Thailand AAM Sandbox Initiative, which is expected to pave the way for commercial operations overseas [4][8]. - EHang has expanded its global footprint with operations in Qatar, Japan, Kazakhstan, and Rwanda, enhancing its international presence [4][14]. Operational Readiness - EHang's certified operators have conducted over 1,700 safe operational flights and are preparing for commercial operations, with plans to roll out reservation-based eVTOL flight services [8]. - The internal beta version of the EHang Trip ticketing system is live, preparing for future public online ticketing services [8]. - EHang is collaborating with the Civil Aviation Authority of Thailand to launch the world's first commercial eVTOL operations through a regulatory sandbox approach [8]. Management Insights - The CEO of EHang expressed confidence in the company's progress across product development, operational readiness, and overseas expansion, emphasizing the importance of the VT35 and the Thailand initiative for future growth [12]. - The CFO noted the year-over-year decline in revenue but maintained the full-year revenue guidance based on anticipated client purchase plans [12]. Strategic Partnerships - EHang signed a Memorandum of Understanding with Allur Group in Kazakhstan to develop urban air mobility solutions and establish a UAM operation center [14]. - The company partnered with the Hefei government to establish a product hub for the VT35 series, receiving support valued at approximately RMB 500 million [5]. Future Outlook - EHang maintains its full-year revenue guidance of approximately RMB 500 million, based on expected market demand and readiness for commercial operations [38].

Core Insights - EHang Holdings Limited successfully launched an urban human-carrying flight event in Bangkok, marking a significant milestone in the company's advanced air mobility (AAM) commercialization efforts [1][5][9] - The event was conducted under the AAM Sandbox Initiative, with the participation of key Thai government officials, including the Director General of the Civil Aviation Authority of Thailand (CAAT) [2][5] - The EH216-S aircraft demonstrated stable performance during the flight, showcasing its potential for commercial operations in urban environments [8][9] Company Developments - EHang's EH216-S completed a series of takeoffs and landings in Bangkok's central business district, with notable attendees experiencing the pilotless flight [2][5] - The flight event validated the EH216-S's safety and commercial feasibility through extensive testing and discussions with CAAT, focusing on flight safety, product technology, and operational systems [7][8] - EHang aims to expand its operations in Thailand, collaborating with local partners to develop a diversified low-altitude route network for urban commuting and aerial tourism [9] Industry Impact - The successful flight event is seen as a benchmark for the commercialization of the AAM industry in Southeast Asia, positioning Thailand as a potential leader in this sector [5][11] - The CAAT expressed strong support for EHang's technology, indicating a commitment to facilitating the safe implementation of modern aviation technologies in Thailand [11] - EHang's strategy includes enhancing Thailand's AAM regulatory framework, potentially leading to the world's first commercial eVTOL operations under a "sandbox" regulatory approach [11][12]