EHang Holdings Limited

Q1 2026 revenue was RMB 25.7 million, flat versus RMB 26.1 million in Q1 2025 and down from RMB 177.6 million in Q4 2025. EHang delivered 4 EH216-S units in the quarter, versus 11 in Q1 2025 and 61 EH216-series units plus 5 VT35 units in Q4 2025. Gross margin was 62.5%, compared with 62.4% in Q1 2025 and 61.6% in Q4 2025. Adjusted operating expenses were RMB 101.1 million, adjusted operating loss was RMB 77.1 million, and adjusted net loss was RMB 75.6 million. Cash and cash equivalents plus restricted cash, short-term deposits, and short-term/treasury investments totaled RMB 1.03 billion as of March 31, 2026. Management maintained 2026 revenue guidance of RMB 600 million and said the company may repurchase up to USD 30 million of ADSs over the next 12 months using existing cash reserves.

CEO Huazhi Hu framed Q1 as a pivotal transition from certification to commercial operation and repeatedly emphasized that the company is now focused on turning regulatory approvals into real public service. He pointed to new policy support in China, saying the low-altitude economy now has a firmer legal and regulatory foundation, and argued that stronger rules should speed industry development rather than slow it. He stressed that EHang’s first-mover advantage lies in operating safely and building the standards and infrastructure for a sustainable commercial model, not just in aircraft certification.

CFO Conor Yang said revenue was RMB 25.7 million, adjusted operating expenses were RMB 101.1 million, adjusted operating loss was RMB 77.1 million, and adjusted net loss was RMB 75.6 million. He noted gross margin remained strong at 62.5%, supported by manufacturing efficiency and supply-chain improvements, while aerial media contributed about 40% of Q1 revenue and that segment’s gross margin was around 50%. He also highlighted RMB 1.03 billion in combined cash and investments as of March 31, 2026 and said the board approved a share repurchase program of up to USD 30 million over 12 months.

Analysts focused on the revenue mix, overseas contribution, gross margin by segment, order intake, and the timeline for operator training and commercial launch. Management said about 60% of revenue is expected to come from human-carrying businesses and about 40% from non-human-carrying businesses, with overseas revenue expected to rise and potentially reach about 10% of total revenue depending on Thailand commercialization timing. On training, management said instructor training should wrap up by the end of the month, with crew training starting in the following quarters; for Hefei, they said the site is in the final stage of preparation, has 4 EH216-S units, and is ready to launch once CAAC approval is obtained. They also said more than 50% of this year’s revenue is expected to come from new customers and that many orders are likely to arrive in the second half of the year.