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Sep 30, 2025
EHang Q3 2025 Earnings Report
EHang reported lower revenue and a net loss in Q3 2025 as eVTOL deliveries slowed, but reaffirmed full-year guidance and initiated deliveries of a new model.
Key Takeaways
EHang saw a significant decline in Q3 2025 revenue and reported a net loss, driven by reduced EH216 deliveries. However, the company began delivering its new VT35 eVTOL and maintained its full-year revenue target, citing stronger expected Q4 sales.
Revenue by Segment
Forward Guidance
EHang maintained its FY2025 revenue guidance of approximately RMB500 million, expecting a majority of deliveries in Q4.
Positive Outlook
- Maintained full-year revenue guidance
- VT35 deliveries began in Q3
- Ongoing commercialization in China
- Expanded international footprint in Qatar, Japan, Kazakhstan, and Rwanda
- Strong cash position at $158M
Challenges Ahead
- Q3 revenue dropped significantly YoY
- Net loss widened from prior year
- Adjusted net income turned negative
- Reduced sales volume of EH216
- Slower-than-expected revenue ramp through Q3
Historical Earnings Impact
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Avg. Return Before/After Earnings
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