EHang Holdings Limited reported fourth‑quarter 2025 revenue of RMB243.8 million (US$34.9 million), a 48.4% year‑over‑year increase and a 163.6% sequential jump driven by a record volume of eVTOL aircraft deliveries. Full‑year 2025 revenue rose 11.7% to RMB509.5 million (US$72.9 million).
The company posted a GAAP net income of RMB10.5 million (US$1.5 million) for the quarter, translating to a net income per ordinary share of RMB0.07 (US$0.01). Adjusted earnings per share were RMB0.48 (US$0.07). The first GAAP‑profitable quarter marks a milestone in EHang’s transition from a hardware manufacturer to a full‑service urban air mobility platform. Gross margin improved to 62.1% in Q4 from 60.8% in Q3, reflecting higher average selling prices and efficient cost management as production scales.
EHang attributes the margin expansion to a favorable mix of higher‑margin commercial deliveries and disciplined operating costs. The company’s cost‑control program, coupled with increased sales volume, allowed it to maintain profitability while investing in capacity expansion. Guidance for 2026 calls for full‑year revenue of RMB600 million, representing roughly 18% year‑over‑year growth, and signals confidence in continued demand for its eVTOL platform and services.
Management highlighted that 2025 was a pivotal year, with record quarterly deliveries, expanded manufacturing capacity in Yunfu toward a 1,000‑unit annual plan, and the planned launch of ticketed EH216‑S flight services in Guangzhou and Hefei in March 2026. Internationally, progress in Thailand’s AAM sandbox and the VT35 type‑certification target in China are expected to broaden the company’s market reach.
EHang’s first GAAP profit and strong revenue growth underscore its ability to scale operations and monetize its urban air mobility platform. The company’s focus on commercial operations, international expansion, and capacity growth positions it to capture a growing share of the emerging eVTOL market, while the guidance indicates sustained confidence in demand and cost discipline.
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