NASDAQ$EH
EHang Holdings Ltd-ADR · Q1 2025 earnings
Q1 2025 earnings · · Before market open · Investor relations
Briefing
EHang Q1 2025: revenue RMB26.1M on 11 eVTOL deliveries as CAAC grants first commercial operator certificates
EHang Holdings reported Q1 2025 total revenues of RMB26.1 million (US$3.6 million), down from RMB61.7 million a year ago and RMB164.3 million in Q4 2024, reflecting delivery of 11 EH216-S eVTOL units versus higher volumes in prior periods. Gross margin improved to 62.4% from 61.9% YoY on higher average selling prices. Operating loss was RMB89.9 million and net loss RMB78.4 million (US$10.8 million). Adjusted operating loss was RMB42.6 million and adjusted net loss RMB31.1 million. In March, CAAC issued the first Air Operator Certificates for commercial human-carrying pilotless eVTOL operations to EHang and an affiliated operator. Cash and short-term investments totaled RMB1.11 billion. EHang maintained FY2025 revenue guidance of approximately RMB900 million and noted Q2 sales rebounding after OC issuance timing.
- Q1 revenue RMB26.1M on 11 EH216-S deliveries; gross margin 62.4% (+0.5 pts YoY)
- Net loss RMB78.4M; adjusted net loss RMB31.1M; basic diluted loss per ADS US$0.14
- CAAC issued inaugural Air Operator Certificates for EH216-S commercial operations in March 2025
- VT35 type certification application accepted; Yunfu production capacity expanding to 1,000 units/year
- FY2025 revenue guidance unchanged at ~RMB900M; Q2 deliveries ramping after OC milestone
Headline financials
Revenue & EPS history
EHang · Revenue · Quarterly
¥26.1M
Forward guidance
For fiscal year 2025, EHang maintains annual revenue guidance of approximately RMB900 million, with Q2 sales and deliveries expected to rebound following CAAC operator certificate issuance.
Tailwinds
- First commercial OC approval for pilotless eVTOL; VT35 certification progressing; Hefei production base planned
Headwinds
- Q1 revenue down sharply on delivery timing; operating loss widened to RMB89.9M
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2025
+2.0%
Avg return
Earnings day
+5.4%
Avg return
5 days after
+3.3%
Avg return
30 days after
52%
12 / 23 earnings
Positive
+61.3%
Q3 2022
Best reaction
-23.3%
Q1 2027
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2027 | -23.3% | -23.8% | — | |
| Q1 2026 | +0.0% | -6.2% | -20.9% | |
| Q3 2025 | +1.5% | +3.9% | -2.5% | |
| Q2 2025 | -7.5% | -11.0% | +4.5% | |
| Q1 2025 | -6.9% | -4.4% | +0.0% | |
| Q4 2024 | -3.7% | +12.5% | -35.7% | |
| Q2 2024 | +22.7% | +18.4% | -4.5% | |
| Q4 2023 | +13.9% | +36.2% | +24.1% | |
| Q3 2023 | +14.2% | +23.6% | +2.7% | |
| Q2 2023 | -15.1% | -8.1% | -11.8% | |
| Q1 2023 | -0.7% | +0.5% | +41.0% | |
| Q4 2022 | +4.7% | -0.1% | +17.3% | |
| Q3 2022 | +61.3% | +36.3% | +80.3% | |
| Q2 2022 | -8.3% | -15.1% | -24.4% | |
| Q1 2022 | +6.9% | +7.0% | +9.3% | |
| Q4 2021 | +3.1% | +1.8% | -31.7% | |
| Q3 2021 | -16.0% | -11.4% | -23.3% | |
| Q1 2021 | +2.4% | +1.3% | +1.9% | |
| Q4 2020 | -14.3% | -10.8% | -27.1% | |
| Q3 2020 | +1.6% | +67.7% | +59.4% | |
| Q2 2020 | +9.1% | +6.1% | +1.5% | |
| Q1 2020 | -1.9% | -2.8% | -7.9% | |
| Q4 2019 | +1.6% | +2.6% | +20.8% | |
| Q3 2019 | — | — | — | |
| Q2 2019 | — | — | — | |
| Q1 2019 | — | — | — | |
| Q4 2018 | — | — | — | |
| Q3 2018 | — | — | — | |
| Q2 2018 | — | — | — | |
| Q1 2018 | — | — | — |
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