EHang Holdings Limited posted its unaudited third‑quarter 2025 results on November 26, 2025, reporting revenue of RMB92.5 million (US$13.0 million) and a gross margin of 60.8 %. The company recorded an operating loss of RMB91.7 million (US$12.9 million) and a net loss of RMB82.1 million (US$11.5 million). Analysts had expected revenue of $21.05 million and an EPS of –$0.15; the company’s actual revenue fell short of the consensus by roughly $8.0 million, while the EPS estimate was not met, reflecting the broader revenue miss.
The quarter’s revenue decline is largely attributable to a lower sales volume of the EH216 series. Revenue fell 28 % from RMB128.1 million in Q3 2024 and 73 % from RMB28.6 million in Q3 2023. Compared with the preceding quarter, revenue dropped 37 % from RMB147.2 million in Q2 2025, underscoring a sharp contraction in demand for the company’s flagship eVTOL platform during the period.
Gross margin contraction to 60.8 % from 61.2 % in Q3 2024 and 62.6 % in Q2 2025 is primarily driven by the volume‑related decline in the EH216 series. The cost of revenue did not fall proportionally, so the lower mix and higher fixed costs compressed the margin. Operating loss widened to RMB91.7 million from RMB54.7 million in Q3 2024, reflecting the combined impact of lower revenue and a higher cost base.
Management reiterated confidence in the long‑term commercial rollout of its eVTOL platform, maintaining a full‑year revenue guidance of roughly RMB500 million – a figure that was revised downward in Q2 2025 from an earlier March 2025 target of RMB900 million. CFO Conor Yang noted that “the company remains confident in sustaining long‑term, high‑quality growth” while CEO Huazhi Hu highlighted progress on the VT35 long‑range model and expanded international operations. EHang’s liquidity remains robust, with RMB1.2 billion in cash and equivalents as of September 30, 2025, providing a buffer for continued investment.
The company also announced the launch of the VT35, a pilotless intercity eVTOL aircraft, and expanded its global footprint with initiatives in Thailand, Qatar, Japan, Kazakhstan, and Rwanda. These moves signal a strategic push to diversify the product matrix and capture new markets beyond the domestic EH216‑S platform.
Investors focused on the revenue miss and the sharp decline in sales volume, which tempered enthusiasm for the company’s guidance. The market reaction reflected concerns about short‑term headwinds while acknowledging the company’s long‑term growth strategy and liquidity position.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.