EHang Reports Fourth Quarter and Fiscal Year 2025 Unaudited Financial Results

Core Insights - EHang Holdings Limited reported record revenues for both the fourth quarter and fiscal year 2025, with a year-over-year increase of 48.4% in Q4 and 11.7% for the full year, driven by strong sales of eVTOL aircraft [4][40] - The company achieved its first GAAP profitable quarter in Q4 2025, with a net income of RMB10.5 million (US$1.5 million), marking a significant turnaround from previous losses [4][26] - EHang is set to launch commercial operations of its EH216-S eVTOL in March 2026, expanding its operational footprint in China and internationally [6][13] Operational and Financial Highlights for Q4 2025 - EHang delivered a record 100 eVTOL units in Q4 2025, including 95 units of the EH216 series and five units of the VT35, compared to 78 units in Q4 2024 [5] - Total revenues for Q4 2025 reached RMB243.8 million (US$34.9 million), up from RMB164.3 million in Q4 2024, with a gross margin of 62.1% [5][22] - The operating loss improved significantly to RMB6.6 million (US$0.9 million) from RMB56.0 million in Q4 2024 [25] Operational and Financial Highlights for Fiscal Year 2025 - EHang achieved total revenues of RMB509.5 million (US$72.9 million) for the fiscal year 2025, an increase from RMB456.2 million in 2024 [40] - The gross profit for the year was RMB315.9 million (US$45.2 million), with a gross margin of 62.0%, reflecting a slight increase from 61.4% in 2024 [42][43] - The operating loss for the year was RMB266.3 million (US$38.1 million), compared to RMB254.1 million in 2024 [45] Business Developments and Future Outlook - EHang is preparing to launch EH216-S commercial operations in China, with ticketed aerial sightseeing services expected to begin in March 2026 [6][7] - The company is advancing its VT35 model, which completed its first public demonstration flight in December 2025, and is currently undergoing type certification [9][10] - EHang's global expansion includes ongoing trials in Thailand and successful operations in Qatar and Japan, indicating a strategic push into international markets [13][18] Management Remarks - The CEO highlighted 2025 as a pivotal year for EHang, emphasizing the transition from an aircraft manufacturer to a provider of integrated advanced air mobility solutions [16] - The company plans to focus on disciplined execution in 2026, aiming to enhance commercial operations and expand its market presence [17]