Core Insights - The demand for advanced transportation solutions, particularly electric air taxis, is increasing due to worsening traffic congestion in major cities, benefiting companies like Archer Aviation (ACHR) and Eve Holding (EVEX) [1] - Regulatory approvals, strong pre-order activity, and advancements in battery technology and low-noise propulsion systems are enhancing the outlook for the eVTOL sector [1] Company Developments - Archer Aviation is focused on manufacturing and selling eVTOL aircraft while planning to operate its own air taxi network [2] - Eve Holding is developing both its aircraft and a broader urban air mobility ecosystem, including service support and air traffic management solutions [2] Regulatory and Strategic Partnerships - The White House's executive order in July 2025 to accelerate eVTOL integration has increased investor interest in the sector [3] - Archer Aviation has been selected for the eVTOL Integration Pilot Program, marking a significant step towards commercial operations in Texas, Florida, and New York [3] - Archer Aviation announced a collaboration with Starlink to provide high-speed internet connectivity for its Midnight air taxi [4] - Eve Holding entered a strategic partnership with Alt Air in Australia to support eVTOL operations, enhancing its global presence [5] - Eve Holding signed a binding order with AirX in Japan for up to 50 eVTOL aircraft, reflecting growing customer confidence [6] Financial Estimates and Performance - The Zacks Consensus Estimate for Archer Aviation's 2026 loss per share indicates a year-over-year decline, with estimates moving down over the past 60 days [7] - The Zacks Consensus Estimate for Eve Holding's 2026 loss per share suggests a year-over-year improvement, with estimates also moving down recently [9] - EVEX has outperformed ACHR in stock price performance, with EVEX losing 13.3% compared to ACHR's 21.9% decline [10] Valuation Metrics - EVEX trades at a forward 12-month Enterprise Value/Sales (EV/S F12M) multiple of 26.53X, while ACHR trades at 70.05X, making EVEX more attractive from a valuation perspective [12] Conclusion - Both Archer Aviation and Eve Holding are positioned to benefit from the growing demand for electric air taxis, with Archer making progress in regulatory approvals and partnerships [13] - Eve Holding appears to have a stronger position due to its improving earnings outlook, better stock performance, and more attractive valuation [13]

Financial Data and Key Metrics Changes - The company reported a cash and cash equivalent position of $93 million as of December 31, 2025, with short-term liquidity estimated at approximately $85 million [32] - Anticipated spending over the next 12 months is projected to be around $190 million to $200 million, which includes costs for manufacturing and assembly of the first Valo aircraft [33][66] - The annual spend for fiscal year 2025 was in line with guidance of $110 million to $125 million, which is a fraction of what main competitors spent [32] Business Line Data and Key Metrics Changes - The Valo aircraft is positioned as the highest quality EVTOL aircraft in development globally, with unique features such as a roomy cabin and modular architecture [11][12] - The company plans to be a leader in the hybrid electrics defense space, with ongoing discussions with militaries worldwide [13][14] Market Data and Key Metrics Changes - The company is actively participating in government-backed programs in the UK and Europe to support the introduction of eVTOL technologies, including the Future Flight Challenge [24] - The market is ready for safe, quiet, zero emissions urban air mobility, with significant enthusiasm from airline partners and stakeholders [9] Company Strategy and Development Direction - The company is focused on executing a clear pathway from prototype to pre-production, certification, and full-scale production [24] - The battery technology is highlighted as a key differentiator, with plans to expand battery manufacturing capabilities through a new facility [28][30] - The company is exploring various capital raising options and will execute when it is the right time for the business [10][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the progress of flight testing and certification, emphasizing a disciplined approach to safety and regulatory compliance [34][80] - The company is optimistic about the defense market opportunities, particularly in light of current geopolitical situations [48][70] Other Important Information - The company has completed almost 100% of its stated milestones for 2025, with the final milestone being the transition flight [30] - The company is set to host an investor day at the Vertical Energy Centre in July, coinciding with the Farnborough Airshow [28] Q&A Session Summary Question: Is there a credible likelihood of meaningful state financial support from the UK? - Management confirmed tremendous support from the UK government, amounting to around $100 million, and expressed commitment to remaining based in the UK despite interest from other countries [36][37] Question: Are there any regulatory hurdles remaining for the pilot of full transition? - Management indicated that the remaining tests are in the tail end of the S-curve, with weather being a significant factor affecting flight testing [40][41] Question: What is the status of strategic discussions? - Management stated that ongoing conversations with strategic partners are expected to deepen following the successful transition [44] Question: What is the timeline for the hybrid military aircraft? - Management noted that the hybrid product is unique and anticipated to be certified by 2029, with significant interest from military customers [49][68] Question: How has the selection of Evolito as the EPU supplier been received? - Management expressed confidence in Evolito's certification processes and technology, viewing it as a positive fit for the Valo aircraft [96][97]

Investment Rating - The report does not explicitly state an investment rating for the mobility tech industry Core Insights - Q4 2025 saw a significant decline in deal value for mobility tech, dropping 48.1% to $3.7 billion due to reduced support for electric vehicles (EVs) and energy transition technologies [12] - Major automakers, including Ford and GM, reported multibillion-dollar write-offs related to EV investments, indicating a strategic reset in the industry [12][22] - Chinese NEV exports doubled to 2.6 million vehicles in 2025, highlighting overcapacity and increasing global competition [18][19] - Advanced air mobility gained traction with significant financings for companies like Boom Supersonic and Hermeus, contrasting with the decline in traditional EV investments [20][22] - AI-driven autonomy, particularly in robotaxis and autonomous trucking, continues to attract substantial capital despite broader sector challenges [21][22] Summary by Sections Mobility Tech Landscape - The mobility tech landscape includes various segments such as autonomous driving, electric vehicles, fleet management, and advanced air mobility [7][8] Quarterly Analysis - Q4 2025 experienced a cooling in deal activity, with a 48.1% quarter-over-quarter decline in investment value, reflecting policy uncertainty and weakened OEM commitment to electrification [22] - Early-stage VC activity saw a sharp decline of 64.8% to $1.4 billion, as investors became more cautious [19][22] VC Activity - Deal value for Q4 2025 was $3.7 billion, a significant drop from previous quarters, with traditional automakers scaling back their EV plans [12][18] - Chinese NEV exports surged amid domestic overcapacity, with a 100% increase in 2025 [19] AI Themes - Autonomous driving remains a key focus, with Tesla and Waymo leading in robotaxi services [21] - Autonomous trucking companies like Kodiak Robotics and Gatik are ramping up trials and securing significant contracts [21] Conclusions - The mobility tech sector is undergoing a strategic reset, with major automakers reassessing their EV investments and shifting focus towards advanced air mobility and AI-driven technologies [22] - Despite the downturn in traditional EV investments, advanced air mobility and AI themes are emerging as bright spots in the sector [22]

EHang Holdings Limited Q4 2025 and FY 2025 Operational & Financial Highlights March 12, 2026 www.ehang.com 1 1 Disclaimer This presentation includes forward-looking statements, which are based on current expectations and forecast about future events. These statements can be recognized by the use of words such as "expect," "plan," "will," "estimate," "project," "intend," or words of similar meaning. These forward-looking statements are made only and are based on estimates and information available to the Com ...

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]

Core Insights - ARK Invest, led by Cathie Wood, has increased its stake in Joby Aviation Inc. as the company partners with the FAA in the eVTOL initiative [1][4] Group 1: Urban Air Taxis and Advanced Air Mobility - The U.S. Department of Transportation (DOT) is launching eight new projects under the Advanced Air Mobility pilot program, which aims to "RADICALLY CHANGE the way people and products move" [2] - The program will explore various applications of eVTOL aircraft, including urban air taxis, regional travel, cargo logistics, and emergency medicine, with a testing environment across multiple states [2][3] - The program is set to commence in Summer 2026, marking a significant step in the evolution of aviation [2] Group 2: Joby Aviation's Role - Joby Aviation is collaborating with the FAA on multiple applications for the eVTOL Integration Pilot Program (eIPP), which is seen as a major advancement for U.S. aviation [3][4] - The company anticipates beginning operations in 2026 across ten states, with its CEO describing this as a "defining moment for American innovation" [4] - Joby has received additional investments from ARK Invest, acquiring over 20,309 shares through its Autonomous Technology and Robotics ETF and 7,450 shares via its Space and Defense Innovation ETF [4]

Core Viewpoint - EHang Holdings Limited, a leader in Advanced Air Mobility technology, will release its unaudited financial results for Q4 and fiscal year 2025 on March 12, 2026, before U.S. market opens [1] Financial Results Announcement - The financial results will be announced on March 12, 2026, before the U.S. market opens [1] - An earnings conference call will be hosted by EHang's management team at 8:00 AM U.S. Eastern Time on the same day [2] Conference Call Details - Participants must complete an online registration process to join the conference call, receiving email instructions with dial-in information and a PIN number [2] - A live and archived webcast of the conference call will be available on the Company's Investor Relations website [3] Company Overview - EHang is a leading advanced air mobility technology platform, focusing on safe, autonomous, and eco-friendly air mobility solutions [4] - The company develops pilotless electric vertical take-off and landing (eVTOL) aircraft for various applications, including aerial tourism, intra-city transport, intercity travel, logistics, and emergency firefighting [4] - EHang's flagship model, EH216-S, has received the world's first type certificate and is commercially operated under China's first Air Operator Certificates for human-carrying eVTOL services [4] - The VT35 model expands EHang's capabilities into long-range and intercity scenarios, contributing to a multi-tiered low-altitude mobility network [4]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a net loss of $122 million, an improvement of $280 million compared to a net loss of $401 million in Q3 2025, primarily due to a favorable non-cash warrant and earn-out revaluation [22][24] - Revenue for Q4 was $31 million, an increase of $8 million from Q3, driven by a full quarter of Blade revenue [23] - Total operating expenses for Q4 were $238 million, up from $204 million in Q3, reflecting higher certification and manufacturing spend [24] Business Line Data and Key Metrics Changes - The Blade portion of Q4 revenue was $21 million, while other revenue was $10 million, which included a one-time revenue of about $8 million from demonstration flights in Japan [23] - Adjusted EBITDA for Q4 was a loss of $154 million, compared to a loss of $133 million in Q3, indicating increased operational expenses [24] Market Data and Key Metrics Changes - The company has raised nearly $1.8 billion over the last six months, enhancing its capital position to support production scaling and certification efforts [10][18] - The eVTOL Integration Pilot Program (eIPP) is expected to significantly accelerate commercialization in the U.S., with interest from key markets like Ohio, Florida, and Texas [8][9] Company Strategy and Development Direction - The company plans to carry its first passengers in the UAE this year and is focusing on scaling manufacturing to meet unprecedented demand [5][9] - A new production facility in Dayton, Ohio, will support plans to double production to four aircraft per month by 2027 [9] - The company aims to integrate its air taxi service with the Uber app, enhancing customer experience and operational efficiency [11][65] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the upcoming year, highlighting the importance of government support and the maturity of their design as they approach the final stage of FAA certification [6][17] - The company anticipates significant opportunities in both passenger and cargo operations as part of the eIPP program [67] Other Important Information - The company is developing a hybrid autonomous version of its aircraft for defense customers, with flight testing already underway [68] - The integration of the Blade passenger business is expected to enhance revenue and operational consistency [26][65] Q&A Session Summary Question: Revenue guidance composition and seasonality - Management indicated that revenue will primarily come from Blade, with Q2 and Q3 typically accounting for 60% to 65% of the annual revenue mix [29] Question: Cash burn expectations for the second half of the year - Management noted that cash usage guidance is provided for the first half due to the transition to repeatable manufacturing, with more precise forecasts for the second half to be updated later [30] Question: Payload capacity of the aircraft - Management confirmed that the aircraft is designed for a pilot and passengers, with expectations for performance to evolve over time [34] Question: FAA certification requirements for passenger flights in the UAE - Management stated that all necessary components and system ground tests are in place, with strong relationships with regulators in Dubai [55] Question: Integration challenges with Blade - Management expressed confidence in the seamless integration of Blade services into the Uber app, enhancing customer convenience [65]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a net loss of $122 million, an improvement of $280 million compared to a net loss of $401 million in Q3 2025 [19] - Revenue for Q4 was $31 million, an increase of $8 million from Q3, primarily due to a full quarter of Blade revenue [20] - Total operating expenses for Q4 were $238 million, up from $204 million in Q3, driven by higher certification and manufacturing spending [20][21] Business Line Data and Key Metrics Changes - The Blade portion of Q4 revenue was $21 million, while other revenue was $10 million, which included a one-time revenue of about $8 million from demonstration flights in Japan [20] - Adjusted EBITDA for Q4 was a loss of $154 million, compared to a loss of $133 million in Q3, reflecting the dynamics of revenue and expenses [21] Market Data and Key Metrics Changes - The company raised nearly $1.8 billion over the last six months, enhancing its capital position to support production scaling [9] - The eVTOL Integration Pilot Program (eIPP) is expected to accelerate commercialization in the U.S., with significant interest from various states [7][12] Company Strategy and Development Direction - The company plans to carry its first passengers in the UAE in 2026 and is focusing on scaling manufacturing to meet unprecedented demand [4][8] - A new production facility in Dayton, Ohio, will support plans to double production to four aircraft per month by 2027 [8] - The company aims to integrate its air taxi service with the Uber app, enhancing customer experience and operational efficiency [10][63] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the upcoming year, highlighting the importance of government support and the maturity of their design as they approach the final stage of FAA certification [5][12] - The company anticipates significant opportunities in both passenger and cargo operations as part of the eIPP program [65] Other Important Information - The company is developing a hybrid autonomous version of its aircraft for defense customers, with flight testing already underway [66] - The integration of the Blade passenger business is expected to enhance revenue and operational consistency [24][63] Q&A Session Summary Question: Revenue guidance composition and seasonality - The majority of revenue is expected to come from Blade, with Q2 and Q3 typically accounting for 60% to 65% of the revenue mix [26] Question: Cash burn expectations for the second half of the year - The company is transitioning to repeatable scaled production, making it challenging to forecast exact cash burn for the second half [28] Question: Payload capacity of the aircraft - The aircraft is designed for a pilot and passengers, with expectations to evolve capabilities over time [31] Question: FAA certification timeline and requirements - The company is confident in its strong relationship with regulators in Dubai and the UAE, which supports its certification efforts [53] Question: Infrastructure investment responsibilities - In the UAE, infrastructure is being built in conjunction with local partners, while in the U.S., the company plans to leverage existing infrastructure [56]

Core Insights - Uber will enable passengers to book air taxi rides in Dubai by the end of 2026 using electric vehicles from Joby Aviation [1][2] - Joby's aircraft can accommodate up to four passengers and will operate from four vertiports in Dubai, connecting key locations [2] - The partnership aims to integrate air mobility into existing transportation systems, enhancing convenience for users [6] Group 1 - Joby Aviation is in the final stages of certifying its air taxi service with the Federal Aviation Administration, although there are no immediate plans to launch in the US [2] - The air taxi service will be available alongside traditional Uber ride-hailing options, including Uber Black for pickups and drop-offs [6] - Joby plans to expand its service to other markets such as New York, Los Angeles, the UK, and Japan after the Dubai launch [7] Group 2 - The partnership follows Uber's acquisition of Joby Elevate in 2020, where Uber invested $75 million in the air mobility division [7] - This initiative is part of Uber's broader strategy to adapt to changing transportation demands, especially after shedding several divisions during the pandemic [8]