EHang Reports Second Quarter 2025 Unaudited Financial Results

Revenues up 44.2% YoY, 464.0% QoQ to RMB147.2 millionMaintained High Gross Margin at 62.6%Strengthened Liquidity Position with US$23.8 Million from At-the-Market Equity OfferingLaunched EH216-S Trial Commercial Operation in Guangzhou and HefeiEstablished VT35 Series Product Hub in Hefei through Local Government Collaboration to Accelerate DevelopmentExpanded Technology Partnerships with Gotion High-Tech, Minth Group and Tsinghua University GUANGZHOU, China, Aug. 26, 2025 (GLOBE NEWSWIRE) -- EHang Holdings Limited (“EHang” or the “Company”) (Nasdaq: EH), the world’s leading Urban Air Mobility (“UAM”) technology platform company, today announced its unaudited financial results for the second quarter ended June 30, 2025. Operational and Financial Highlights for the Second Quarter of 2025 Sales and deliveries of EH216 series electric vertical take-off and landing (“eVTOL”) aircraft1 were 68 units, compared with 49 units in the second quarter of 2024, and 11 units in the first quarter of 2025. Total revenues were RMB147.2 million (US$20.5 million), representing an increase of 44.2% from RMB102.0 million in the second quarter of 2024, and a substantial increase of 464.0% from RMB26.1 million in the first quarter of 2025. Gross margin was 62.6%, on par with 62.4% in both the second quarter of 2024 and the first quarter of 2025. Operating loss was RMB78.1 million (US$10.9 million), on par with RMB77.4 million in the second quarter of 2024 and reduced by 13.1% from RMB89.9 million in the first quarter of 2025. Net loss was RMB81.0 million (US$11.3 million), representing an increase of 13.1% from RMB71.6 million in the second quarter of 2024 and a slight increase of 3.3% from RMB78.4 million in the first quarter of 2025. Adjusted operating loss2 (non-GAAP) was RMB1.9 million (US$0.3 million), representing a 58.6% reduction from RMB4.7 million in the second quarter of 2024, and a 95.5% reduction from RMB42.6 million in the first quarter of 2025. Adjusted net income3 (non-GAAP) was RMB9.4 million (US$1.3 million), compared with RMB1.2 million in the second quarter of 2024, and adjusted net loss3 of RMB31.1 million in the first quarter of 2025. Cash and cash equivalents, restricted short-term deposits and short-term investments balances were RMB1.15 billion (US$160.5 million) as of June 30, 2025. Gross proceeds from the at-the-market (“ATM”) equity offering were RMB170.2 million (US$23.8 million) since the second quarter of 2025, marking the completion of the ATM offering. These funds have strengthened the Company's liquidity position, supporting its next phase of development and growth in the global UAM industry. The proceeds will be allocated to research and development of next-generation technologies and products, team and production expansion, establishment of new headquarters, commercial operations, working capital, general corporate purposes. Business Highlights for the Second Quarter of 2025 and Recent Developments Robust Market Demand and Expanding Customer Base Delivered 68 units of EH216 series in the second quarter of 2025 to 13 enterprise clients across multiple Chinese provinces and Japan, demonstrating expanding market penetration.Received new orders for over 150 units of EH216 series in the second quarter of 2025, with planned phased deliveries in upcoming quarters. Growing Safe Operational Record Established over 40 operational sites for the EH216-S in China and overseas, completing over 10,000 safe flights in the first half of 2025, maintaining a perfect safety record with zero accidents or violations.The first two operators with Air Operator Certificate (“OC”), our wholly-owned subsidiary Guangdong EHang General Aviation Co., Ltd. and joint venture Hefei Heyi Aviation Co., Ltd., have launched trial commercial operations of the EH216-S and completed more than 700 safe flights in Guangzhou and Hefei since the second quarter of 2025, paving the way for the expected launch of public-facing commercial operation services within this year. Enhanced Supply Chain and Technology Partnerships Partnered with Gotion High-Tech in June to co-develop high-energy-density cylindrical battery systems, boosting performance and safety of the EH216 series and future models.Formed a strategic partnership with Minth Group (HKEX: 00425), a global automotive supplier, in July to jointly design and produce lightweight airframe structures and smart cockpit solutions. Next-Gen Product Progress and Strategic Government Partnership EHang’s next-generation long-range lift-and-cruise pilotless passenger eVTOL model, the VT35, is advancing with internal testing and flights, and is set for its official unveiling in September.Strengthened collaboration with the Hefei government to establish the VT35 series product hub in Hefei, covering research and development, testing, manufacturing, airworthiness certification, supply chain management, sales, operations, and talent cultivation. Supported by comprehensive government backing valued at around RMB500 million, including eVTOL product orders, investments, and other collaborative initiatives across the industry chain, this initiative is set to accelerate the development of the VT35 series and foster growth in the low-altitude economy ecosystem. Driving Innovation and Shaping Industry Standards Launched the “Tsinghua University-EHang Joint Institute for Low Altitude Aviation Technology” with Tsinghua University in July to foster R&D breakthroughs and cultivate high-end talent.Contributed to formulating industry standards and pioneer projects—including airworthiness certification, vertiport specifications, and UAV operator training—supporting safe and sustainable sector-wide growth. Diversified Applications and Continued Global Reach EHang’s VT20 series logistics eVTOL launched the first long-distance intercity UAV logistics route in the Greater Bay Area (83 km between Zhuhai and Guangzhou). Additionally, the VT20 series model has safely operated for one year in the Wanshan Archipelago in Zhuhai, enabling a comprehensive “land–island–interisland–intercity” network.Expanded global flight footprint of EHang pilotless eVTOLs to 20 countries following successful flights in Mexico, Indonesia, and the Dominican Republic in the second quarter of 2025. Management Remarks Mr. Huazhi Hu, Founder, Chairman and Chief Executive Officer of EHang: “In the second quarter, we achieved an increased delivery volume of 68 units of EH216 series products, a strong rebound from the first quarter—a clear reflection of the sales ramp-up following the issuance of our OC. Additionally, we received over 150 units of new orders, underscoring strong demand for our pilotless eVTOLs. Our first two certified operators have launched trial commercial operations of the EH216-S, and now logged more than 700 flights in Guangzhou and Hefei since the second quarter, clearing the path for the expected public commercial service within this year. In the first half of the year, we and our customers completed over 10,000 safe, autonomous eVTOL flights across more than 40 operational sites in China and overseas. Looking ahead to the second half of the year, our main priority will be to support and expand eVTOL flight operations with our strong existing customer base, before shifting our focus to increasing delivery volumes in the next phase. Meanwhile, bolstered by new battery and lightweight-structure alliances with Gotion High-Tech and Minth Group, our joint research institute with Tsinghua University, and our deepened collaboration with Hefei government on both the EH216 series and VT35 series, we will accelerate our innovation and keep improving our technologies and new models, reaffirming our unwavering commitment to safe, intelligent, and sustainable urban air mobility worldwide.” Mr. Conor Yang, Chief Financial Officer of EHang: “We are pleased to report a strong quarter with meaningful progress across both operational and financial metrics. We recorded RMB147.2 million in revenue, representing a 44.2% increase year-over-year and a 464.0% surge quarter-over-quarter. Meanwhile, we maintained high gross margins of 62.6%, while significantly narrowing our adjusted operating loss2. Most notably, we have a net loss of RMB81.0 million and delivered an adjusted net income3 of RMB9.4 million, a compelling 719.9% uplift from the prior year and a turnaround from a RMB31.1 million loss in last quarter. Additionally, since the second quarter, we raised over US$23 million through ATM financing, further strengthening our liquidity position. As we are laying the groundwork for expanding commercial eVTOL operations this year, we are prudently revising our 2025 revenue guidance to approximately RMB500 million. By building a solid foundation today as the first mover in the industry, we will position ourselves to capture stronger growth both a product manufacturer and a service provider tomorrow.” Unaudited Financial Results for the Second Quarter of 2025 Revenues Total revenues were RMB147.2 million (US$20.5 million), representing an increase of 44.2% from RMB102.0 million in the second quarter of 2024, and an increase of 464.0% from RMB26.1 million in the first quarter of 2025, primarily driven by increased sales volume of EH216 series products. Costs of revenues Costs of revenues were RMB55.1 million (US$7.7 million), compared with RMB38.4 million in the second quarter of 2024 and RMB9.8 million in the first quarter of 2025. The year-over-year and quarter-over-quarter increases were in line with the increase in the sales volume of EH216 series products. Gross profit and gross margin Gross profit was RMB92.1 million (US$12.8 million), compared with RMB63.7 million in the second quarter of 2024, and RMB16.3 million in the first quarter of 2025. The year-over-year and quarter-over-quarter increases were primarily due to the increase in the sales volume of EH216 series products. Gross margin was 62.6%, representing a 0.2 percentage point increase from 62.4% in both the second quarter of 2024 and the first quarter of 2025. Operating expenses Total operating expenses were RMB172.9 million (US$24.1 million), compared with RMB143.4 million in the second quarter of 2024, and RMB110.9 million in the first quarter of 2025. Sales and marketing expenses were RMB41.1 million (US$5.7 million), compared with RMB27.3 million in the second quarter of 2024, and RMB12.2 million in the first quarter of 2025. The year-over-year and quarter-over-quarter increases were mainly attributable to increased sales-related compensation and associated share-based compensation expenses due to new grant of share-based awards in second quarter of 2025. General and administrative expenses were RMB74.2 million (US$10.4 million), compared with RMB54.2 million in the second quarter of 2024, and RMB61.3 million in the first quarter of 2025. The year-over-year increase was mainly attributable to increased employee compensation and related share-based compensation expenses due to new grant of share-based awards. The quarter-over-quarter increase was mainly attributable to increased legal service fees and employee compensation. Research and development expenses were RMB57.6 million (US$8.0 million), compared with RMB61.8 million in the second quarter of 2024, and RMB37.3 million in the first quarter of 2025. The year-over-year decrease was mainly attributable to lower share-based compensation expenses due to modification of outstanding share-based awards in the second quarter of 2024. The quarter-over-quarter increase was mainly attributable to increased employee compensation and related share-based compensation expenses due to new grant of share-based awards in the second quarter of 2025. Operating loss Operating loss was RMB78.1 million (US$10.9 million), representing a slight increase of 0.9% from RMB77.4 million in the second quarter of 2024 and a decrease of 13.1% from RMB89.9 million in the first quarter of 2025. Other non-operating income (expense), net Other non-operating expense, net was RMB13.7 million (US$1.9 million), compared with other non-operating income, net of RMB0.8 million in the first quarter of 2025, primarily due to provisions made for legal proceedings related to the securities class action in the United States in 2023. Net loss Net loss was RMB81.0 million (US$11.3 million), representing an increase of 13.1% from RMB71.6 million in the second quarter of 2024 and a slight increase of 3.3% from RMB78.4 million in the first quarter of 2025. Net loss per ordinary share and per ADS Basic and diluted net loss per ordinary share were both RMB0.56 (US$0.08). Basic and diluted net loss per American depositary share (“ADS”) were both RMB1.12 (US$0.16). Each ADS represents two of our Class A ordinary shares. Balance sheets Cash and cash equivalents, restricted short-term deposits and short-term investments balances were RMB1,149.8 million (US$160.5 million) as of June 30, 2025. Non-GAAP Financial Measures The Company uses adjusted operating expenses, adjusted sales and marketing expenses, adjusted general and administrative expenses, adjusted research and development expenses, adjusted operating income (loss), adjusted net income (loss), adjusted net income (loss) attributable to ordinary shareholders, adjusted basic and diluted net earnings (loss) per ordinary share and adjusted basic and diluted net earnings (loss) per ADS (collectively, the “Non-GAAP Financial Measures”) in evaluating its operating results and for financial and operational decision-making purposes. There was no income tax impact on the Company’s non-GAAP adjustments because the non-GAAP adjustments are usually recorded in entities located in tax-free jurisdictions, such as the Cayman Islands. The Company believes that the Non-GAAP Financial Measures help identify underlying trends in its business that could otherwise be distorted by the effects of item of (i) share-based compensation expenses and (ii) certain non-operational expenses, such as provisions for legal proceedings, which are included in their comparable GAAP measures. The Company believes that the Non-GAAP Financial Measures provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects, and allow for greater visibility with respect to key metrics used by its management in their financial and operational decision-making. The Non-GAAP Financial Measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The Non-GAAP Financial Measures have limitations as analytical tools. One of the key limitations of using the Non-GAAP Financial Measures is that they do not reflect all items of expense that affect the Company’s operations. Share-based compensation expenses have been and may continue to be incurred in the business and are not reflected in the presentation of the Non-GAAP Financial Measures. Further, the Non-GAAP Financial Measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the Non-GAAP Financial Measures to the nearest U.S. GAAP measures, all of which should be considered when evaluating the Company’s performance. Each of the Non-GAAP Financial Measures should not be considered in isolation or construed as an alternative to its comparable GAAP measure or any other measure of performance or as an indicator of the Company’s operating performance or financial results. Investors are encouraged to review the Company’s most directly comparable GAAP measures in conjunction with the Non-GAAP Financial Measures. The Non-GAAP Financial Measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. For more information on the Non-GAAP Financial Measures, please see the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release. Adjusted operating expenses4 (non-GAAP) Adjusted operating expenses4 were RMB96.9 million (US$13.5 million), compared to RMB70.6 million in the second quarter of 2024 and RMB63.6 million in the first quarter of 2025. In the second quarter of 2025, adjusted sales and marketing expenses4, adjusted general and administrative expenses4, and adjusted research and development expenses4 were RMB22.5 million (US$3.1 million), RMB36.3 million (US$5.1 million), and RMB38.1 million (US$5.3 million), respectively. Adjusted operating loss2 (non-GAAP) Adjusted operating loss2 was RMB1.9 million (US$0.3 million), compared with adjusted operating loss2 of RMB4.7 million in the second quarter of 2024, and adjusted operating loss2 of RMB42.6 million in the first quarter of 2025. Adjusted net income (loss)3 (non-GAAP) Adjusted net income3 was RMB9.4 million (US$1.3 million), compared with adjusted net income3 of RMB1.2 million in the second quarter of 2024, and adjusted net loss3 of RMB31.1 million in the first quarter of 2025. Adjusted net income (loss) attributable to EHang’s ordinary shareholders5 (non-GAAP) Adjusted net income attributable to EHang’s ordinary shareholders5 was RMB9.6 million (US$1.3 million), compared with adjusted net income attributable to EHang’s ordinary shareholders5 of RMB1.2 million in the second quarter of 2024, and adjusted net loss attributable to EHang’s ordinary shareholders5 of RMB30.8 million in the first quarter of 2025. Adjusted net earnings (loss) per ordinary share6 and per ADS7 (non-GAAP) Adjusted basic net earnings per ordinary share6 was RMB0.07 (US$0.01), and adjusted diluted net earnings per ordinary share6 was also RMB0.07 (US$0.01). Adjusted basic net earnings per ADS7 was RMB0.14 (US$0.02), and adjusted diluted net earnings per ADS7 was also RMB0.14 (US$0.02). Business Outlook Due to our strategic focus this year on expanding commercial eVTOL operations and developing operational demonstration models—which involves laying essential groundwork for long-term scalability—we are prudently revising our 2025 annual revenue guidance to approximately RMB500 million. By building a solid foundation now as the industry's first mover, we aim to better position ourselves to capture stronger growth both as a product manufacturer and service provider in the future. The above outlook is based on information available as of the date of this press release and reflects the Company’s current and preliminary views regarding its business situation and market conditions, which are subject to change. Conference Call EHang’s management team will host an earnings conference call at 8:00 AM on Tuesday, August 26, 2025, U.S. Eastern Time (8:00 PM on Tuesday, August 26, 2025, Beijing/Hong Kong Time). To join the conference call via telephone, participants must use the following link to complete an online registration process. Upon registering, each participant will receive email instructions to access the conference call, including dial-in information and a PIN number allowing access to the conference call. Participant Online Registration: English line: https://registrations.events/direct/NTM69265959Chinese line: https://registrations.events/direct/NTM943227 A live and archived webcast of the conference call will be available on the Company’s Investors Relations website at http://ir.ehang.com/. About EHang EHang Holdings Limited (Nasdaq: EH) is the world’s leading urban air mobility (“UAM”) technology platform company. Our mission is to make safe, autonomous, and eco-friendly air mobility accessible to everyone. EHang offers unmanned aerial vehicle (“UAV”) systems and solutions to customers across a range of industries, including air mobility (such as passenger transportation and logistics), smart city management, and aerial media services. The EH216-S is the world’s first pilotless, human-carrying electric vertical takeoff and landing ("eVTOL") aircraft to receive a type certificate (“TC”), production certificate (“PC”), and standard airworthiness certificate (“AC”) from the Civil Aviation Administration of China (“CAAC”). In 2025, the CAAC also issued the first batch of Air Operator Certificates (“OC”) for civil, human-carrying pilotless aerial vehicles to two operators of the EH216-S eVTOL aircraft. As the forerunner of cutting-edge UAV technologies and commercial solutions in the global UAM industry, EHang continues to explore the boundaries of the sky to bring the benefits of advanced flight technologies to everyday life in smart cities. To learn more, please visit www.ehang.com. Safe Harbor Statement This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Statements that are not historical facts, including statements about management’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to those relating to certifications, our expectations regarding demand for, and market acceptance of, our products and solutions and the commercialization of UAM services, our relationships with strategic partners, and current litigation and potential litigation involving us. Management has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While they believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond management’s control. These statements involve risks and uncertainties that may cause EHang’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Exchange Rate This press release contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.1636 to US$1.00, the noon buying rate in effect on June 30, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to in this press release could have been converted into USD or RMB, as the case may be, at any particular rate or at all. Investor Contact: ir@ehang.com Media Contact: pr@ehang.com EHANG HOLDINGS LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”)) As of As of December 31, 2024 June 30, 2025 RMB RMB US$ (Unaudited) (Unaudited) (Unaudited)ASSETS Current assets: Cash and cash equivalents610,877 378,584 52,848Short-term investments513,683 741,298 103,481Restricted short-term deposits30,295 29,873 4,170Accounts receivable, net858,180 121,124 16,908Inventories75,687 107,033 14,941Prepayments and other current assets68,298 68,974 9,629Total current assets1,357,020 1,446,886 201,977 Non-current assets: Property and equipment, net60,224 140,555 19,621Operating lease right‑of‑use assets, net128,433 120,232 16,784Intangible assets, net2,617 2,882 402Long-term investments33,764 61,614 8,601Other non-current assets2,440 3,405 475Total non-current assets227,478 328,688 45,883 Total assets1,584,498 1,775,574 247,860 EHANG HOLDINGS LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONT’D)(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”)) As of As of December 31, 2024 June 30, 2025 RMB RMB US$ (Unaudited) (Unaudited) (Unaudited)LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Short-term bank loans64,250 159,283 22,235Accounts payable127,446 147,456 20,584Contract liabilities962,561 61,952 8,648Current portion of long-term bank loans10,500 12,500 1,745Mandatorily redeemable non-controlling interests40,000 - -Accrued expenses and other liabilities150,196 176,769 24,676Current portion of lease liabilities12,527 16,812 2,347Deferred income1,504 1,591 222Deferred government subsidies1,209 1,563 218Income taxes payable150 106 15Total current liabilities470,343 578,032 80,690 Non-current liabilities: Long-term bank loans20,500 59,900 8,362Deferred tax liabilities292 292 41Unrecognized tax benefit5,480 5,480 765Lease liabilities125,719 117,846 16,451Deferred income- 401 56Other non-current liabilities6,350 3,893 543Total non-current liabilities158,341 187,812 26,218 Total liabilities628,684 765,844 106,908 Shareholders’ equity: Ordinary shares90 91 13Additional paid-in capital2,923,178 3,142,434 438,667Treasury shares(10,085) (10,085) (1,408)Statutory reserves1,772 1,772 247Accumulated deficit(1,984,851) (2,143,728) (299,253)Accumulated other comprehensive income25,539 19,531 2,726Total EHang Holdings Limited shareholders’ equity955,643 1,010,015 140,992Non-controlling interests171 (285) (40)Total shareholders’ equity955,814 1,009,730 140,952Total liabilities and shareholders’ equity1,584,498 1,775,574 247,860 EHANG HOLDINGS LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data) Three Months Ended Six Months Ended June 30,2024 March 31,2025 June 30,2025 June 30,2024 June 30,2025 RMB RMB RMBUS$ RMB RMBUS$ (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)Total revenues102,019 26,092 147,16220,543 163,746 173,25424,185Costs of revenues(38,367) (9,799) (55,090)(7,690) (61,903) (64,889)(9,058)Gross profit63,652 16,293 92,07212,853 101,843 108,36515,127 Operating expenses: Sales and marketing expenses(27,321) (12,228) (41,132)(5,742) (47,545) (53,360)(7,449)General and administrative expenses(54,235) (61,344) (74,210)(10,359) (103,911) (135,554)(18,923)Research and development expenses(61,800) (37,285) (57,579)(8,038) (99,636) (94,864)(13,243)Total operating expenses(143,356) (110,857) (172,921)(24,139) (251,092) (283,778)(39,615) Other operating income2,261 4,686 2,734382 5,968 7,4201,036Operating loss(77,443) (89,878) (78,115)(10,904) (143,281) (167,993)(23,452) Other income (expense): Interest and investment income6,763 12,049 11,6731,629 9,627 23,7223,311Interest expenses(799) (1,153) (997)(139) (1,658) (2,150)(300)Foreign exchange (loss) gain(483) 1,572 1,774248 (728) 3,346467Other non-operating income (expense), net911 751 (13,747)(1,919) 1,948 (12,996)(1,815)Total other income (expense)6,392 13,219 (1,297)(181) 9,189 11,9221,663 Loss before income tax and loss from equity method investments(71,051) (76,659) (79,412)(11,085) (134,092) (156,071)(21,789)Income tax expenses(18) (1) (114)(16) (19) (115)(16)Loss before loss from equity method investments(71,069) (76,660) (79,526)(11,101) (134,111) (156,186)(21,805)Loss from equity method investments(565) (1,730) (1,487)(208) (912) (3,217)(449)Net loss(71,634) (78,390) (81,013)(11,309) (135,023) (159,403)(22,254) EHANG HOLDINGS LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (CONT’D)(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data) Three Months Ended Six Months Ended June 30,2024 March 31,2025 June 30,2025 June 30,2024 June 30,2025 RMB RMB RMBUS$ RMB RMBUS$ (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)Net loss(71,634) (78,390) (81,013)(11,309) (135,023) (159,403)(22,254)Net loss attributable to non-controlling interests97 306 22031 161 52673Net loss attributable to ordinary shareholders(71,537) (78,084) (80,793)(11,278) (134,862) (158,877)(22,181)Shares used in net loss per ordinary share computation (in thousands of shares): Basic131,537 143,886 144,741144,741 129,120 144,316144,316Diluted131,537 143,886 144,741144,741 129,120 144,316144,316Net loss per ordinary shareBasic and diluted(0.54) (0.54) (0.56)(0.08) (1.04) (1.10)(0.15)Net loss per ADS (2 ordinary shares equal to 1 ADS)Basic and diluted(1.08) (1.08) (1.12)(0.16) (2.08) (2.20)(0.30) Other comprehensive income Foreign currency translation adjustments net of nil tax2,816 (1,999) (4,009)(560) 3,567 (6,008)(839)Total other comprehensive income, net of tax2,816 (1,999) (4,009)(560) 3,567 (6,008)(839)Comprehensive loss(68,818) (80,389) (85,022)(11,869) (131,456) (165,411)(23,093)Comprehensive loss attributable to non-controlling interests97 306 22031 161 52673Comprehensive loss attributable to ordinary shareholders(68,721) (80,083) (84,802)(11,838) (131,295) (164,885)(23,020) EHANG HOLDINGS LIMITEDUNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data) Three Months Ended Six Months Ended June 30,2024 March 31,2025 June 30,2025 June 30,2024 June 30,2025 RMB RMB RMBUS$ RMB RMBUS$ (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)Gross profit63,652 16,293 92,07212,853 101,843 108,36515,127Plus: Share-based compensation expenses- - 11716 - 11716Adjusted gross profit63,652 16,293 92,18912,869 101,843 108,48215,143 Sales and marketing expenses(27,321) (12,228) (41,132)(5,742) (47,545) (53,360)(7,449)Plus: Share-based compensation expenses11,725 1,961 18,6512,604 20,542 20,6122,877Adjusted sales and marketing expenses(15,596) (10,267) (22,481)(3,138) (27,003) (32,748)(4,572) General and administrative expenses(54,235) (61,344) (74,210)(10,359) (103,911) (135,554)(18,923)Plus: Share-based compensation expenses31,848 39,173 37,9345,295 61,369 77,10710,764Adjusted general and administrative expenses(22,387) (22,171) (36,276)(5,064) (42,542) (58,447)(8,159) Research and development expenses(61,800) (37,285) (57,579)(8,038) (99,636) (94,864)(13,243)Plus: Share-based compensation expenses29,211 6,128 19,4862,720 44,159 25,6143,576Adjusted research and development expenses(32,589) (31,157) (38,093)(5,318) (55,477) (69,250)(9,667) Operating expenses(143,356) (110,857) (172,921)(24,139) (251,092) (283,778)(39,615)Plus: Share-based compensation expenses72,784 47,262 76,07110,619 126,070 123,33317,217Adjusted operating expenses(70,572) (63,595) (96,850)(13,520) (125,022) (160,445)(22,398) Operating loss(77,443) (89,878) (78,115)(10,904) (143,281) (167,993)(23,452)Plus: Share-based compensation expenses72,784 47,262 76,18810,635 126,070 123,45017,233Adjusted operating loss(4,659) (42,616) (1,927)(269) (17,211) (44,543)(6,219) EHANG HOLDINGS LIMITEDUNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (CONT’D)(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data) Three Months Ended Six Months Ended June 30,2024 March 31,2025 June 30,2025 June 30,2024 June 30,2025 RMB RMB RMBUS$ RMB RMBUS$ (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)Net loss(71,634) (78,390) (81,013)(11,309) (135,023) (159,403)(22,254)Plus: Share-based compensation expenses72,784 47,262 76,18810,635 126,070 123,45017,233Plus: Certain non-operational expenses- - 14,2541,990 - 14,2541,990Adjusted net income (loss)1,150 (31,128) 9,4291,316 (8,953) (21,699)(3,031) Net loss attributable to ordinary shareholders(71,537) (78,084) (80,793)(11,278) (134,862) (158,877)(22,181)Plus: Share-based compensation expenses72,784 47,262 76,18810,635 126,070 123,45017,233Plus: Certain non-operational expenses- - 14,2541,990 - 14,2541,990Adjusted net income (loss) attributable to ordinary shareholders1,247 (30,822) 9,6491,347 (8,792) (21,173)(2,958) Shares used in net earnings (loss) per ordinary share computation (in thousands of shares): Basic131,537 143,886 144,741144,741 129,120 144,316144,316Diluted134,037 143,886 147,686147,686 129,120 144,316144,316Adjusted basic net earnings (loss) per ordinary share0.01 (0.21) 0.070.01 (0.07) (0.15)(0.02)Adjusted diluted net earnings (loss) per ordinary share0.01 (0.21) 0.070.01 (0.07) (0.15)(0.02)Adjusted basic net earnings (loss) per ADS0.02 (0.42) 0.140.02 (0.14) (0.30)(0.04)Adjusted diluted net earnings (loss) per ADS0.02 (0.42) 0.140.02 (0.14) (0.30)(0.04) ___________________________ 1 The EH216 series include the EH216-S (standard model for passenger transportation), the EH216-F (specialized model for aerial firefighting), and the EH216-L (specialized model for aerial logistics). 2 Adjusted operating income (loss) is a non-GAAP financial measure, which is defined as operating income (loss) excluding share-based compensation expenses. See “Non-GAAP Financial Measures”. 3 Adjusted net income (loss) is a non-GAAP financial measure, which is defined as net income (loss) excluding share-based compensation expenses and certain non-operational expenses. See “Non-GAAP Financial Measures”. 4 Adjusted operating expenses is a non-GAAP financial measure, which is defined as operating expenses excluding share-based compensation expenses. Adjusted sales and marketing expenses, adjusted general and administrative expenses, and adjusted research and development expenses are non-GAAP financial measures. Each is defined as the respective expense—sales and marketing expenses, general and administrative expenses, and research and development expenses—excluding share-based compensation expenses. 5 Adjusted net income (loss) attributable to EHang’s ordinary shareholders is a non-GAAP financial measure, which is defined as net income (loss) attributable to EHang’s ordinary shareholders excluding share-based compensation expenses and certain non-operational expenses. 6 Adjusted basic and diluted net earnings (loss) per ordinary share is a non-GAAP financial measure, which is defined as basic and diluted net earnings (loss) per ordinary share excluding share-based compensation expenses and certain non-operational expenses. 7 Adjusted basic and diluted net earnings (loss) per ADS is a non-GAAP financial measure, which is defined as basic and diluted earnings (loss) per ADS excluding share-based compensation expenses and certain non-operational expenses. 8 As of December 31, 2024 and June 30, 2025, amount due from a related party of RMB458 and RMB602 (US$84) was included in accounts receivable, net, respectively. 9 As of December 31, 2024 and June 30, 2025, amount due to a related party of RMB2,000 and RMB2,539 (US$354) are included in contract liabilities, respectively.

EHang Reports Second Quarter 2025 Unaudited Financial Results

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