EHang Holdings Limited

EHang reported Q2 revenue of RMB 77.9 million, down from RMB 113.3 million in Q2 2025 but up 203% from RMB 25.7 million in Q1 2026. Gross margin was 61.2%, versus 61.5% in Q2 2025 and 62.5% in Q1 2026. Adjusted operating expenses were RMB 112.7 million, up 16.9% year over year and 11.5% quarter over quarter; adjusted operating loss was RMB 62 million and adjusted net loss was RMB 58.5 million. As of June 30, 2026, cash, cash equivalents, short-term investments and treasury investments totaled RMB 929.4 million. Management withdrew its previously issued 2026 annual revenue guidance of RMB 600 million and said it will not provide a replacement full-year target at this time; it also said nonpassenger revenue should rise in the second half, while passenger business remains dependent on regulatory approvals in Guangzhou, Hefei and overseas markets.

Huazhi Hu framed the quarter as a transition from certification to operational readiness, scenario validation and global expansion. He repeatedly emphasized that certification is only an entry ticket and that real commercialization depends on end-to-end operating capability, replicable solutions and a regulatory environment that can support pilotless operations. He said the June accident in China, while unrelated to EHang, has made regulators more cautious and delayed the Hefei commercial approval process, but argued this is temporary and does not reflect a demand or safety problem for EHang.

Conor Yang highlighted the key quarter numbers: revenue of RMB 77.9 million, gross margin of 61.2%, adjusted operating expenses of RMB 112.7 million, adjusted operating loss of RMB 62 million and adjusted net loss of RMB 58.5 million. He said the revenue decline year over year reflected lower EH216-series sales, while the sequential improvement came from higher EH216 sales plus additional VT35 contribution. He also pointed to RMB 929.4 million in combined cash and investments at quarter-end and said the company will keep strict cash discipline while continuing targeted investment in commercialization, global expansion and R&D.

Analysts focused on two issues: when Thailand commercialization and deliveries might happen, and why management’s view on China commercialization timing had become more cautious after the June incident. Management said it expects an experimental flying permit in Thailand in Q3, a formal commercial operation certificate by year-end, and official EH216 deliveries to start next year, with at least 5 units needed per route location across planned sites. On China, management said the incident was human-factor related and does not change its view on the unmanned model, but the broader regulatory response has slowed the Hefei approval timeline and made timing uncertain. On business mix, management said air mobility was about 92% of Q2 revenue and nonpassenger business about 8%, with nonpassenger expected to grow in the second half.