EHang (NASDAQ:EH) executives told investors that 2025 marked a “pivotal year” for the company as it moved closer to commercialization, highlighted by record quarterly deliveries, expanding manufacturing capacity, and the planned launch of ticketed EH216S flight services to the public.
Q4 and full-year delivery milestones
Founder, Chairman, and CEO Huazhi Hu said the fourth quarter delivered a “strong set of results,” with quarterly eVTOL sales volume reaching 100 units for the first time. Management also pointed to the company’s first-ever quarterly GAAP profitability as a key milestone.
Commercial EH216S flights: public ticket sales planned for March
Executives said the commercial operation of the EH216S is nearing launch following nearly a year of internal trial operations and preparations across route planning, fleet management, boarding services, maintenance systems, and safety assurance mechanisms. Mr. Hu said two OC-certified operators, EHang General Aviation and HeYi Aviation, plan to begin offering ticketed EH216S flight services to the public “this month” at operational sites in EHang Future City (the company’s new headquarters in Guangzhou) and Luogang Park in Hefei.
Mr. Wang provided additional details in the Q&A, stating that initial commercial operations in March would use approximately six to 10 aircraft, with the fleet size expected to increase over time. He said the early-bird ticket price is set at CNY 299 per person and that the fare “can cover the flight costs,” though he added that more specific unit economics data would be shared after a period of operations.
On timing, Mr. Wang said the company has not disclosed an exact date because it is still fine-tuning the booking platform (mini program), but reiterated that public ticket sales will begin within March. He said passengers will be able to book through the EHang Trip and HeYi Aviation mini programs.
In response to a question about route design and capacity, Mr. Wang described the initial tourism-focused flights as operating from point A back to point A and carrying one passenger per flight, which he said is sufficient for sightseeing use cases.
Manufacturing expansion and certification progress
Newly appointed CTO Shuai Feng outlined progress in what the company calls its RPQS Center (R&D, production and manufacturing, quality management, and supply chain). Mr. Feng said the phase two expansion of the Yunfu production facility was completed, bringing total planned annual capacity to 1,000 units of eVTOL aircraft and components. Automated production lines have entered a trial production stage, he added, and facilities in Hefei, Weihai, and Beijing are progressing as planned.
On the VT-35 program, Mr. Feng said the aircraft completed critical tests in the fourth quarter, including multi-rotor protected transition flights and locked-prop fixed-wing flights, and conducted a public demonstration flight in Hefei. He said the company held the first type certification team meeting with the Civil Aviation Administration of China (CAAC) and is currently conducting flight envelope testing, targeting type certification in China “within the next two years.”
Mr. Feng also highlighted supply chain performance, saying the company maintained a 100% on-time delivery rate for key components during the quarter, and discussed quality management results, including what he described as a “third zero defect pass” in post-certification airworthiness review and continued passing results for EN9100 audits.
Non-passenger applications and overseas expansion
Management emphasized efforts to diversify revenue streams beyond passenger transport. Mr. Feng cited developments across firefighting and logistics platforms, as well as the company’s command-and-control system, which he said is in trial operations in Hefei and Guangzhou as a city-level digital infrastructure platform for low-altitude operations and future air traffic management support.
Executives also pointed to brand visibility from drone formation activities. Mr. Feng said the company’s “GD 4.0” formation drone set a Guinness World Record during the China Spring Festival Gala with 22,500 units flying simultaneously. Mr. Wang later referenced 22,580 drones in the Spring Festival performance and said inquiries for non-passenger business surged following the event. He also noted that EHang delivered eight firefighting aircraft in December 2025, calling it a “good start” for that segment.
Internationally, management focused on Thailand’s AAM Sandbox Initiative. Mr. Hu said EHang is expected to obtain the first commercial operation license for pilotless passenger eVTOL aircraft from the Civil Aviation Authority of Thailand. CFO Connor Yang said EHang has conducted extensive tests and trial operations in Thailand since October and that Chinese and Thai aviation authorities have reached a consensus on “mutual airworthiness recognition,” with the work nearing completion. Mr. Yang said that after final approval, EHang expects to obtain the first overseas commercial operation license for the EH216S and move toward regular urban air mobility services.
On potential revenue timing and volume in Thailand, Mr. Yang said commercial operation sites are still being planned and that, upon obtaining the sandbox commercial operation permit, local customers plan to proceed with purchase orders and batch deliveries. He said operations could begin in the second quarter if progress goes smoothly, and that full-year 2026 orders “could be dozens of units.”
Financial results, guidance, and expense outlook
CFO Connor Yang reported fourth-quarter revenue of CNY 243.8 million, up 48.4% year-over-year and 163.6% sequentially, driven primarily by higher delivery volume. For the full year, EHang posted revenue of RMB 509.5 million, up 11.7% year-over-year, which management said exceeded its annual guidance.
Gross margin in the fourth quarter was 62.1%, compared with 60.7% a year earlier and 60.8% in the third quarter. Full-year gross margin was 62%, up from 61.4% in 2024. Mr. Yang attributed margin improvement to scaling and cost efficiency.
The company’s adjusted operating expenses (excluding share-based compensation) rose to CNY 99.3 million in Q4, up 26% year-over-year and 11.4% sequentially. Full-year adjusted operating expenses were CNY 348.9 million, up 20% year-over-year, which management tied to continued R&D, sales expansion, and commercialization efforts.
EHang posted its first quarterly GAAP profit in Q4, with net income of RMB 10.5 million. Adjusted operating income was RMB 54.3 million, and adjusted net income was CNY 71.5 million. For the full year, management said the company achieved non-GAAP profitability for the second consecutive year, with adjusted net income of CNY 29.4 million.
Looking ahead, EHang guided for CNY 600 million in full-year 2026 revenue, which Mr. Yang characterized as approximately 18% year-over-year growth. On overseas contribution, he said overseas revenue was a “low single-digit” percentage of total revenue in 2025, but could rise into “double-digit” percentage contribution if overseas commercialization progresses as expected.
On cost controls, Mr. Yang said 2025 operating expenses increased less than expected partly because share-based compensation was lower than in 2024. For 2026, he said the company expects operating expense growth to be lower than revenue growth.
About EHang (NASDAQ:EH)
EHang Holdings Limited is a China-based technology company specializing in the development and manufacturing of autonomous aerial vehicles (AAVs) for passenger transportation, logistics, and other commercial applications. Established in 2014 and listed on NASDAQ under the ticker EH in 2019, EHang focuses on delivering turnkey solutions that integrate hardware, flight control systems and a cloud-based operating platform. Its flagship products include the EH216 series passenger AAV and the Falcon series unmanned aerial vehicles, designed to support urban air mobility, aerial filming, emergency response and short-range cargo delivery.
The company’s business model encompasses research and development, manufacturing, certification support, and operations services.
