EHang Holdings Ltd

Listed Company

EHCIK 0001759783NasdaqLarge AcceleratedAircraft Parts & Auxiliary Equipment, NecE9CNFY ends Dec 31

Period

FY 2025

Revenue

$417.98M

Net Income

$-275.98M

Total Assets

$1.99B

Equity

$1.07B

Shares Out

—

Op. Cash Flow

$-179.51M

Business

EHang Holdings Ltd is a urban air mobility technology platform company that designs, develops, manufactures and operates autonomous, electric vertical takeoff and landing (eVTOL) aircraft and unmanned aerial vehicles (UAVs) for air mobility and related commercial solutions. It offers pilotless eVTOL models (EH216 series, VT series), industrial and small UAVs (Falcon B, GD series), airborne operating systems, command-and-control centers, vertiports, charging infrastructure and turn‑key services including training, maintenance and operational support. Key business segments include air mobility solutions, smart city management, aerial media and operational services centered on product sales, systems and platform operation. EHang principally serves the China market while exporting products and conducting trial and demonstration flights across Asia, Europe and the Americas through direct sales, partnerships and operator collaborations.

Summary from filing dated 2025-04-15

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31	Dec 31, 2023 2023-12-31
Revenues:	—	—	—
Revenues	418	456	117
Cost of revenues	161	176	42
Gross profit	257	280	75
Operating expenses:	—	—	—
Sales and marketing expenses	122	131	60
General and administrative expenses	270	233	150
Research and development expenses	195	199	167
Total operating expenses	586	564	378
Other operating income	12	30	6
Operating loss	−317	−254	−296
Other (expenses) income	—	—	—
Interest and investment income	59	31	8
Interest expenses	6	3	3
Amortization of debt discounts	0	0	12
Foreign currency exchange gains (losses), net	1	−1	394,000
Other non-operating income	3	5	2
Other non-operating expenses	15	2	214,000
Total other (expenses) income	41	29	−4
Loss before income tax and loss from equity method investments	−276	−225	−301
Income tax (expenses) benefits	−4	386,000	206,000
Loss before loss from equity method investments	−271	−226	−301
Loss from equity method investments	−5	−4	−2
Net loss	−276	−230	−302
Net loss attributable to non-controlling interests	−434,000	−256,000	−641,000
Net loss attributable to EHang Holdings Limited's ordinary shareholders	−276	−230	−302
Net loss per ordinary share	—	—	—
Net loss per ADS, Basic	−1.88	−1.71	−2.48
Net loss per ADS, Diluted	−1.88	−1.71	−2.48
Net loss per ADS (2 ordinary shares equal to 1 ADS)	—	—	—
Net loss per ADS, Basic	−1.88	−1.71	−2.48
Net loss per ADS, Diluted	−1.88	−1.71	−2.48
Shares used in net loss per ordinary share computation (in thousands of shares)	—	—	—
Shares used in net loss per ordinary share computation , Basic	146,665	134,367	121,494
Shares used in net loss per ordinary share computation, Diluted	146,665	134,367	121,494
Other comprehensive income (loss)	—	—	—
Foreign currency translation adjustments, net of nil tax	−23	10	69,000
Total other comprehensive income (loss), net of tax	−23	10	69,000
Comprehensive loss	−299	−220	−302
Comprehensive loss attributable to non-controlling interests	−434,000	−256,000	−641,000
Comprehensive loss attributable to EHang Holdings Limited	−299	−219	−302

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31
Assets	—	—
Current assets:	—	—
Cash and cash equivalents	256	611
Short-term investments	843	514
Restricted short-term deposits	30	30
Accounts receivable, net of expected credit losses of RMB103,340 and RMB111,259 (US$15,910) as of December 31, 2024 and 2025, respectively (including amounts due from related parties, net, of RMB458 and RMB5,188 (US$741) as of December 31, 2024 and 2025)	112	58
Inventories	102	76
Prepayments and other current assets (including amounts due from a related party, net, of nil and RMB2,070 (US$296) as of December 31, 2024 and 2025)	141	68
Total current assets	1,484	1,357
Non-current assets	—	—
Property and equipment, net	258	60
Right-of-use assets, net	116	128
Land use right, net	11	0
Intangible assets, net	3	3
Investments accounted for using equity method	29	24
Other investments	45	10
Deferred tax assets	7	0
Other non-current assets	38	2
Total non-current assets	508	227
Total assets	1,992	1,584
LIABILITIES AND SHAREHOLDERS' EQUITY	—	—
Current liabilities:	—	—
Short-term bank loans	230	64
Accounts payable	133	127
Contract liabilities (including amounts due to related parties of RMB2,000 and RMB2,307 (US$330) as of December 31, 2024 and 2025)	61	63
Current portion of long-term bank loans	10	11
Mandatorily redeemable non-controlling interests	0	40
Accrued expenses and other liabilities	263	150
Current portion of lease liabilities	16	13
Deferred income	817,000	2
Deferred government subsidies	684,000	1
Income taxes payable	2	150,000
Total current liabilities	716	470
Non-current liabilities:	—	—
Long-term bank loans	83	21
Deferred tax liabilities	292,000	292,000
Unrecognized tax benefit	5	5
Lease liabilities	114	126
Other non-current liabilities	5	6
Total non-current liabilities	207	158
Total liabilities	923	629
Commitments and Contingencies	—	—
Shareholders' equity:	—	—
Common stock	92,000	90,000
Additional paid-in capital	3,335	2,923
Treasury shares	10	10
Statutory reserves	3	2
Accumulated deficit	−2,262	−1,985
Accumulated other comprehensive income	3	26
Total EHang Holdings Limited shareholders' equity	1,069	956
Non-controlling interests	−585,000	171,000
Total shareholders' equity	1,068	956
Total liabilities and shareholders' equity	1,992	1,584

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31	Dec 31, 2023 2023-12-31
CASH FLOWS FROM OPERATING ACTIVITIES	—	—	—
Net loss	−276	−230	−302
Adjustments to reconcile net loss to net cash (used in) generated from operating activities	—	—	—
Depreciation of property and equipment	19	13	12
Amortization of intangible assets	972,000	922,000	787,000
Amortization of right-of-use assets	10	6	8
Share-based compensation	246	273	151
Losses on disposal of property and equipment	−34,000	−682,000	−138,000
Amortization of debt discounts	0	0	12
Interest expenses	−25,000	−707,000	0
Interest and investment income	47	11	3
Losses from equity method investments	−5	−4	−2
Current expected credit losses	8	13	14
Write-downs of inventories	1	921,000	460,000
Deferred tax assets	−7	0	0
Foreign currency exchange (gains) losses	372,000	−49,000	394,000
Changes in operating assets and liabilities	—	—	—
Accounts receivable	61	30	21
Inventories	36	22	−8
Prepayments and other assets	102	30	−11
Accounts payable	5	92	5
Contract liabilities	−2	25	18
Accrued expenses and other liabilities	62	58	−192,000
Lease liabilities	−6	−3	−4
Deferred income	−687,000	−2	−1
Deferred government subsidies	−526,000	−2	998,000
Income taxes payable	2	121,000	22,000
Net cash flow (used in) generated from operating activities	−180	158	−88
CASH FLOWS FROM INVESTING ACTIVITIES	—	—	—
Acquisition of non-controlling interests	0	0	7
Purchase of short-term investments	729	886	57
Redemption of short-term investments	419	445	0
Payments for short-term deposits	0	130	14
Proceeds received from maturity of short-term deposits	0	144	0
Payments for restricted short-term deposits	29	39	33
Proceeds received from maturity of restricted short-term deposits	29	44	0
Purchase of property and equipment	148	39	8
Purchases of land use rights	11	0	0
Acquisition of intangible assets	1	1	1
Cash paid for investments accounted for using equity method and other investments	35	20	10
Loan to a related party	5	0	0
Receipt of loans receivable from a related party	3	0	0
Receipt of loans receivable from a third party	0	0	2
Net cash flow used in investing activities	−507	−483	−129
CASH FLOWS FROM FINANCING ACTIVITIES	—	—	—
Proceeds from short-term bank loans	249	64	69
Repayment of short-term bank loans	84	69	50
Proceeds from long-term bank loans	75	25	10
Repayment of long-term bank loans	14	7	14
Proceeds from short-term debts	0	90	0
Repayment of short-term debts	0	90	70
Capital Injection By Non Controlling Interests	70,000	0	0
Repayment of Mandatorily redeemable non-controlling interests	40	0	0
Payment of share repurchase	0	10	0
Capitalized professional service fee related to financing transactions	16	0	0
Proceeds from issuance of Class A ordinary shares, net of issuance costs	167	698	250
Net cash provided by financing activities	337	701	195
Effect of exchange rate changes on cash and cash equivalents	−5	6	562,000
Net (decrease) increase in cash and cash equivalents	−354	383	−21
Cash and cash equivalents at the end of the year	—	—	—
Cash and cash equivalents at the end of the year	—	—	—
Supplemental disclosures of cash flow information	—	—	—
Interest paid	7	3	2
Income taxes paid	879,000	101,000	184,000
Non-cash investing and financing activities	—	—	—
Loans receivable settled by accounts payable	0	0	6
Purchase of property and equipment included in Accrued expenses and other liabilities	46	1	1

Filings

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