EHang Logs RMB243.8M Q4 Revenue and First GAAP Profit, Guides 18% Growth
EHang posted Q4 revenue of RMB243.8 million, up 48.4% year over year and 163.6% sequentially, with gross margin improving to 62.1% and achieving its first GAAP profit of RMB10.5 million. It delivered 100 eVTOL units in Q4 and guided 2026 revenue of RMB600 million, an 18% increase.
1. Q4 2025 Financial Results
EHang reported Q4 revenue of RMB243.8 million, up 48.4% year over year and 163.6% sequentially, with gross margin rising to 62.1%. The company achieved its first quarterly GAAP net income of RMB10.5 million and adjusted net income of RMB71.5 million, while adjusted operating expenses increased 26% year over year.
2. 2025 eVTOL Deliveries and Milestones
The company delivered 100 eVTOL units in Q4 and 221 units in 2025 (215 of the 216 series and 6 of the VT35 series). It is preparing to launch the world’s first pilotless human-carrying 216S service and pursuing commercial operation licenses in Thailand and China.
3. 2026 Outlook
EHang targets RMB600 million in 2026 revenue, representing an 18% year-over-year increase, driven by scaling production and expanding pilotless commercial services.
4. Challenges and Risks
Operating expenses rose 20% in 2025 due to R&D and commercialization efforts, and the company remains reliant on regulatory approvals, certifications and talent development, which could delay timelines and impact operations.