EHang Holdings Ltd
NASDAQ:EH
EHang Holdings Ltd
EHang Holdings Ltd. operates as an autonomous aerial vehicle technology platform company. The company is headquartered in Guangzhou, Guangdong. The company went IPO on 2019-12-12. The firm design, develop, manufacture, sell and operate AAVs and their supporting systems and infrastructure for a broad range of industries and applications, including passenger transportation, logistics, smart city management and aerial media solutions.
EHang Holdings Ltd. operates as an autonomous aerial vehicle technology platform company. The company is headquartered in Guangzhou, Guangdong. The company went IPO on 2019-12-12. The firm design, develop, manufacture, sell and operate AAVs and their supporting systems and infrastructure for a broad range of industries and applications, including passenger transportation, logistics, smart city management and aerial media solutions.
Revenue & Deliveries: Q3 revenue was RMB 92.5 million, with 42 eVTOL units delivered, both down QoQ and YoY due to delayed customer payments and a strategic focus on operational readiness.
Guidance Maintained: Management reaffirmed full-year 2025 revenue guidance of RMB 500 million, with deferred Q3 orders expected to be recognized in Q4.
Gross Margin: Gross margin declined slightly to 60.8% but is expected to remain stable around 60% long-term as the product mix diversifies.
Product Expansion: Introduced the VT35, a long-range pilotless eVTOL, and expanded into new unmanned products like firefighting and formation drones to broaden revenue streams.
International Expansion: Progressed regulatory approvals and demonstration flights in Thailand, Qatar, Africa, and Japan, with Thailand's Sandbox initiative aiming for commercial eVTOL services and sizable unit deliveries in 2026.
Operational Readiness: Continued human-carrying trial operations in China, with over 1,100 flight missions in H2 2025 and public commercial flights set to begin in December.
Financial Health: Ended Q3 with RMB 1.13 billion in cash and equivalents, supporting future R&D and expansion.
