NASDAQ$EH
EHang Holdings Ltd-ADR · Q2 2025 earnings
Q2 2025 earnings · · Before market open · Investor relations
Briefing
EHang Q2 2025: RMB147M revenue (+44% YoY) on 68 eVTOL deliveries; adjusted net income turns positive
EHang reported second-quarter 2025 revenue of RMB147.2 million (US$20.5 million), up 44.2% year over year and 464.0% quarter over quarter, as EH216-series eVTOL deliveries rebounded to 68 units from 11 in Q1. Gross margin held at 62.6%. The company posted a GAAP net loss of RMB81.0 million and an operating loss of RMB78.1 million, partly reflecting higher R&D and sales expenses. On a non-GAAP basis, adjusted net income was RMB9.4 million (US$1.3 million). Management prudently revised full-year 2025 revenue guidance to approximately RMB500 million, citing a strategic focus on expanding commercial eVTOL operations. Cash and equivalents, restricted deposits and short-term investments totaled RMB1.15 billion at quarter end.
- Revenue of RMB147.2M (+44% YoY, +464% QoQ) on 68 eVTOL deliveries vs 49 units in Q2 2024
- GAAP net loss RMB81.0M; adjusted net income RMB9.4M; gross margin 62.6%
- Over 150 new EH216-series orders received in Q2; trial commercial operations launched in Guangzhou and Hefei
- Raised US$23.8M via at-the-market offering; cash and investments RMB1.15B at June 30
- Full-year 2025 revenue guidance revised to approximately RMB500M
Headline financials
Revenue & EPS history
EHang · Revenue · Quarterly
¥147M
Forward guidance
Management prudently revised full-year 2025 revenue guidance to approximately RMB500 million, prioritizing commercial operation expansion over near-term delivery volume.
Tailwinds
- Strong Q2 delivery rebound and record new order intake
- Adjusted net income turned positive on non-GAAP basis
Headwinds
- Full-year revenue target lowered from prior expectations
- GAAP net loss widened slightly year over year
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 Q2 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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