EHang Ships 100 eVTOLs, Posts 48% Revenue Gain and First GAAP Profit
EHang shipped a record 100 eVTOLs in Q4 2025, boosting revenues 48.4% YoY to RMB243.8 million (US$34.9 million) and lifting gross margin to 62.1%. It achieved its first GAAP net profit of RMB10.5 million (US$1.5 million) and non-GAAP income rose 96.4% to RMB71.5 million (US$10.2 million).
1. Q4 2025 Financial Highlights
EHang delivered a record 100 eVTOL aircraft in the fourth quarter, including 95 EH216 series 2 and five VT35, driving revenues to RMB243.8 million (US$34.9 million), up 48.4% year-over-year and 163.6% quarter-over-quarter. Gross margin improved to 62.1% as operating loss narrowed to RMB6.6 million (US$0.9 million).
2. Profitability Turnaround
The company reported a net income of RMB10.5 million (US$1.5 million) in Q4, marking its first GAAP profitable quarter. On a non-GAAP basis, adjusted net income surged 96.4% to RMB71.5 million (US$10.2 million) and adjusted operating income nearly doubled to RMB54.3 million (US$7.8 million).
3. Full-Year 2025 Performance
For fiscal 2025, EHang achieved record annual deliveries of 221 eVTOL units and revenues of RMB509.5 million (US$72.9 million), up 11.7% from 2024. Gross margin edged up to 62.0%, while full-year GAAP net loss was RMB231.0 million (US$33.0 million) and non-GAAP net income reached RMB29.4 million (US$4.2 million).
4. Commercial Operations Outlook
EHang plans to commence EH216-S commercial operations in China in March 2026 with two licensed operators launching ticketed aerial sightseeing services at Guangzhou Future City and Hefei Luogang Park. Recent internal trials have refined operational procedures, maintenance systems and fleet management in preparation for public service.