BRIEF: EHang reports wider loss, slashes 2025 revenue guidance

Autonomous aerial vehicle maker EHang Holdings Ltd. (EH.US) reported on Tuesday that its second-quarter revenue totaled 147.2 million yuan ($20.5 million), up 44.2% from a year earlier and 464% from the previous quarter. The company delivered 68 units of its EH216 electric vertical take-off and landing (eVTOL) aircraft during the quarter, up from 49 units in the same period last year.

EHang posted a net loss of 81.0 million yuan for the latest quarter, widening 13% year-on-year. It recorded adjusted net income of 9.4 million yuan for the period, up from 1.2 million yuan a year earlier. Its gross margin held steady at 62.6%, similar to its 62.4% gross margin a year ago.

EHang said it received over 150 new orders during the second quarter, established more than 40 EH216-S operational sites in China and overseas, and completed over 10,000 safe flights in the first half of 2025 with no accidents. But the company also sharply cut its full-year revenue guidance from 900 million yuan to about 500 million yuan, citing a strategic focus on advancing commercial eVTOL operations and demonstration models to lay the groundwork for long-term expansion.

Morgan Stanley lowered its 2025 delivery forecast for EHang by 45% to 220 units and cut its revenue estimate by 46%. It also reduced its price target from $30 to $26, though it maintained its “overweight” rating on the company.

EHang’s stock fell 7.53% on Tuesday in New York to close at $16.45. The stock is down 34.8% over the past six months.

By Lee Shih Ta

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