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Mar 31, 2025
EHang Q1 2025 Earnings Report
EHang reported a decline in revenue and widened losses during Q1 2025 as it geared up for commercial operations.
Key Takeaways
The company saw reduced sales and increased losses in Q1 2025 but achieved a historic milestone by launching commercial pilotless eVTOL flights in China.
Revenue dropped to $3.6 million due to fewer EH216 deliveries.
Net loss widened to $10.8 million as operating expenses remained high.
Received the first commercial Air Operator Certificates for pilotless eVTOLs in China.
Cash position remained strong with over $52 million in cash and equivalents.
Revenue by Segment
Forward Guidance
EHang maintained its full-year revenue guidance and expects a rebound in Q2 as deliveries ramp up.
Positive Outlook
- Commercial flight services initiated with regulatory approval in China.
- VT35 prototype completed and entered flight testing.
- Yunfu factory expansion underway to double production capacity.
- Strong cash position supports continued R&D and expansion.
- Global presence extended to 19 countries with recent flights in Mexico and Spain.
Challenges Ahead
- Q1 revenue declined significantly due to order timing.
- Net losses increased compared to both prior year and prior quarter.
- Adjusted operating and net income both in negative territory.
- Higher G&A costs due to new share-based awards.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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