Traders should monitor the March 2026 commercial launch in China and Thailand license approval as near-term catalysts. The combination of accelerating revenue, margin expansion, and path to sustained profitability suggests improving fundamentals, though long-term execution risk remains in scaling operations.
Price Chart
Executive Summary
EHang reported record quarterly and annual revenues with 48.4% YoY quarterly growth and first-ever GAAP profitability in Q4 2025, driven by strong eVTOL deliveries. The company achieved 100 units delivered in Q4 and expects to launch EH216-S commercial operations in China in March 2026, while advancing global expansion in Thailand, Qatar, and Japan.
Key Financial Metrics
Key Facts
- Q4 2025 revenue reached $34.9 million (RMB243.8M), up 48.4% YoY and 163.6% QoQ
- Achieved first GAAP profitable quarter with $1.5M net income, turning from $46.9M net loss in Q4 2024
- Adjusted net income (non-GAAP) surged 96.4% YoY to $10.2M in Q4
- Full-year 2025 revenue hit record $72.9M (RMB509.5M), up 11.7% YoY
- 100 eVTOL units delivered in Q4 (95 EH216 series, 5 VT35), up from 78 in Q4 2024
- EH216-S commercial operations in China expected to launch in March 2026
- Thailand AAM Sandbox trials progressing with expectation of first overseas commercial license
- Company guides for ~$85.7M (RMB600M) revenue in 2026, implying ~18% YoY growth
Financial Impact
Q4 revenue up $18.6M YoY; first GAAP profit achieved; $10.2M adjusted net income in quarter; $72.9M annual revenue
Risk Factors
- Forward-looking 2026 revenue guidance (~$85.7M) is preliminary and subject to change
- Non-GAAP profitability declined year-over-year despite quarterly improvement
- Legal provisions impacted 2025 results; ongoing securities litigation risk
- Commercial scaling outside China remains in early stages
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3254380 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 22, 2026 4w ago | Institutional Cluster | $4.73 $3.56 | ▼ −24.84% | ▼ −24.28% | $3.52 (−25.58%) |
Aug 25, 2026 8w ago | 6-K | $4.83 $4.58 | ▲ +5.18% | ▲ +6.15% | $3.52 (+27.12%) |
Aug 25, 2026 8w ago | Press Release | $4.83 $4.58 | ▲ +5.18% | ▲ +6.15% | $3.52 (+27.12%) |
Aug 20, 2026 9w ago | 6-K | $5.51 $4.58 | ▼ −16.88% | ▼ −16.60% | $3.52 (−36.12%) |
Aug 20, 2026 9w ago | Press Release | $5.51 $4.58 | ▼ −16.88% | ▼ −16.60% | $3.52 (−36.12%) |
Aug 20, 2026 9w ago | Press Release | $5.50 $4.62 | ▼ −16.00% | ▼ −16.00% | $3.52 (−36.00%) |
Aug 18, 2026 9w ago | Press Release | $5.67 $4.57 | ▼ −19.49% | ▼ −18.50% | $3.52 (−37.92%) |
Jun 9, 2026 19w ago | 6-K | $6.68 $5.52 | ▲ +17.37% | ▲ +18.81% | $3.52 (+47.31%) |
Jun 9, 2026 19w ago | Press Release | $6.68 $5.52 | ▲ +17.37% | ▲ +18.81% | $3.52 (+47.31%) |
Jun 8, 2026 20w ago | 6-K | $8.71 $5.78 | ▼ −33.70% | ▼ −35.33% | $3.52 (−59.59%) |
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