NASDAQ$EH
EHang Holdings Ltd-ADR · Q3 2025 earnings
Q3 2025 earnings · · Before market open · Investor relations
Briefing
EHang Q3 2025: RMB92.5M revenue on 42 eVTOL deliveries; net loss widens as volumes dip
EHang reported third-quarter 2025 revenue of RMB92.5 million (US$13.0 million), down from RMB128.1 million a year ago and RMB147.2 million in Q2, as eVTOL deliveries fell to 42 units (41 EH216-series plus one VT35) from 63 in Q3 2024. Gross margin held at 60.8% versus 61.2% last year. The company posted a net loss of RMB82.1 million and an operating loss of RMB91.7 million, partly reflecting lower volumes and higher R&D spend. On a non-GAAP basis, adjusted net loss was RMB20.3 million. Management maintained full-year revenue guidance of about RMB500 million, citing customer purchase plans weighted toward Q4, and highlighted VT35 launch, Thailand AAM sandbox progress, and RMB1.13 billion in cash and equivalents.
- Revenue of RMB92.5M (-28% YoY) on 42 eVTOL deliveries vs 63 units in Q3 2024
- Net loss RMB82.1M; adjusted net loss RMB20.3M; gross margin 60.8%
- Unveiled VT35 intercity eVTOL with initial delivery; full-year revenue guidance held at ~RMB500M
- Cash and equivalents, restricted deposits and short-term investments totaled RMB1.13B at quarter end
- Commercial readiness advanced in China with OC holders and Thailand AAM sandbox trials overseas
Headline financials
Revenue & EPS history
EHang · Revenue · Quarterly
¥92.5M
Forward guidance
Management maintained full-year 2025 revenue guidance of approximately RMB500 million, expecting heavier customer deliveries in the fourth quarter.
Tailwinds
- Full-year revenue target unchanged despite Q3 volume softness
- Stronger product portfolio with VT35 and commercial operation readiness
Headwinds
- Q3 revenue declined year over year on lower EH216-series sales volume
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 Q3 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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