EHang posts $25.7M Q1 revenue, eyes pilotless EVTOL commercial launch
EH•EHang’s Q1 2026 revenue plunged to $25.7 million from $177.6 million in Q4 2025, driving an adjusted operating loss of RMB77.1 million versus RMB42.6 million a year earlier. The company maintained a 62.5% gross margin, with 40% of revenue from aerial media, advanced pilotless EVTOL certification and pursued its first Thailand operating license.
1. Q1 Financial Results
EHang reported Q1 2026 revenue of $25.7 million, down sharply from $177.6 million in Q4 2025 due to seasonal delivery timing and lower EVTOL shipments. Adjusted operating expenses rose 59% year-over-year, and the company recorded an adjusted operating loss of RMB77.1 million compared to RMB42.6 million in Q1 2025.
2. Certification and Commercialization
The company has cleared key certification hurdles for its pilotless human-carrying EVTOL and is gearing up for commercial operations, including the launch of an RMB299 experience ticket. This marks a transition from certification to revenue-generating service offerings as market enthusiasm grows.
3. Overseas Expansion
EHang is advancing global operations, targeting its first overseas operating license for the EH216S in Thailand and pursuing Validation of Type Certificates in Mexico. Management expects overseas markets to contribute a growing share of total revenue in the coming quarters.
4. Segment Performance and Outlook
In Q1 2026, the aerial media business accounted for about 40% of total revenue and delivered a gross profit margin near 50%, supporting an overall margin of 62.5%. The company forecasts a 60/40 revenue split between human-carrying and non-human-carrying businesses for 2026 and aims to sustain gross margins above 60%.
