EHang Holdings Ltd 6-K, filed Aug 25, 2026
EHang Holdings Ltd (EH)
About this 6-K
EHang Holdings Ltd filed this 6-K on August 25, 2026.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2026
Commission File Number 001-39151
EHANG HOLDINGS LIMITED
EHang Future City (Group Headquarters)
No. 118 Dongjiang Avenue, Huangpu District,
Guangzhou, 510730
People’s Republic of China
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐
Exhibit Index
| Exhibit | Description | |
| 99.1 | Press Release: EHang Reports Second Quarter 2026 Unaudited Financial Results | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| EHang Holdings Limited | ||
| By: | /s/ConorChia-hungYang | |
| Name: | Conor Chia-hung Yang | |
| Title: | Chief Financial Officer | |
Date: August 25, 2026
Exhibit 99.1
EHang Reports Second Quarter 2026 Unaudited Financial Results
| • | Quarterly Revenues Increased by 203.5% QoQ |
| • | Broadened Revenue Sources beyond Passenger Mobility |
| • | Advanced Regulatory Sandbox Programs in Thailand and Hong Kong |
| • | Launched Global Fast Track Program to Accelerate Overseas Market Entry and Commercialization |
Guangzhou, China, August 25, 2026 — EHang Holdings Limited (Nasdaq: EH) (“EHang” or the “Company”), the world’s leading advanced air mobility (“AAM”) technology platform company, today announced its unaudited financial results for the second quarter ended June 30, 2026.
Operational and Financial Highlights for the Second Quarter of 2026
| • | Sales and deliveries of products included 36 units of electric vertical take-off and landing (“eVTOL”) aircraft, comprising 35 units of the EH216 series1 and one unit of VT35, compared with 52 units of the EH216 series in the second quarter of 2025 and increasing notably from 4 units in the first quarter of 2026; 520 units of GD4.0 formation drones, compared with 1,000 units in the first quarter of 2026. |
| • | Total revenues were RMB77.9 million (US$11.5 million), representing a significant increase of 203.5% from RMB25.7 million in the first quarter of 2026, and a decrease of 31.3% from RMB113.3 million in the second quarter of 2025. |
| • | Gross margin was 61.2%, on par with 61.5% in the second quarter of 2025 and 62.5% in the first quarter of 2026. |
| • | Operating loss was RMB131.7 million (US$19.4 million), compared with RMB100.1 million in the second quarter of 2025 and RMB127.9 million in the first quarter of 2026. |
| • | Net loss was RMB128.3 million (US$18.9 million), compared with RMB103.0 million in the second quarter of 2025 and RMB126.4 million in the first quarter of 2026. |
| • | Adjusted operating loss2 (non-GAAP) was RMB62.0 million (US$9.1 million), compared with RMB23.9 million in the second quarter of 2025 and RMB77.1 million in the first quarter of 2026. |
| • | Adjusted net loss3 (non-GAAP) was RMB58.5 million (US$8.6 million), compared with RMB12.5 million in the second quarter of 2025 and RMB75.6 million in the first quarter of 2026. |
| • | Cash and cash equivalents, short-term investments and treasury investment balances were RMB929.4 million (US$137.0 million) as of June 30, 2026. |
Business Highlights for the Second Quarter of 2026 and Recent Developments
Since the second quarter of 2026, amid a more cautious regulatory environment in China, EHang has focused on three strategic priorities—strengthening domestic operational capabilities, upgrading its global market entry strategies, and broadening its revenue source—while advancing from certification toward operational readiness and capability deployment.
| 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”. |
1
Deepening Domestic Operational Readiness and Standardizing Operational Capabilities
EHang continued to strengthen the end-to-end operational systems at the Guangzhou and Hefei sites of two Air Operator Certificate (“OC”) holders, covering personnel training, operational support, insurance services, airspace coordination and emergency response. Routine trial operations at the two sites have remained safe and stable for 17 months, providing real-world operating data and experience to support regulatory engagement and future commercial operations.
The Company also advanced the EH216-S from single-site operations toward A-to-B route operations. At its Guangzhou headquarters, the first point-to-point test route has entered internal trial operation, further validating route planning, ground support, multi-aircraft dispatching and contingency response capabilities.
EHang continued to expand practical transportation applications, including low-altitude routes across Erhai Lake in Dali, Yunnan and a cross-sea low-altitude corridor project in Lingao, Hainan, in cooperation with China Construction Sixth Engineering Bureau. In Hong Kong, the Company was selected into the “Low-Altitude Economy Regulatory Sandbox X” Trial Projects and has commenced flight validation, with a public flight event planned in the near term.
Building on its operating experience, EHang is standardizing its certifications, operating data, know-how and safety management capabilities into replicable solutions for customers and partners. The Company is also enhancing EH216-S operational support, with its battery cooling vehicle increasing daily utilization to 12–15 flights per aircraft and independent air-conditioning systems reducing cabin temperature by 10–15°C, supporting greater efficiency, passenger comfort and future scaled operations.
Expanding Overseas Markets and Building a Standardized, Replicable Global Market Entry Model
Through collaboration with local civil aviation authorities and partners, EHang continued to accelerate the deployment of its pilotless eVTOL technologies and operational systems overseas. Since the second quarter, the EH216-S has expanded its flight footprint to Mexico, Switzerland and Kazakhstan. To date, the EH216 series has flown in 23 countries worldwide, with nearly 100,000 safe flight missions completed.
In Thailand, the Company continued local flight validation and commercial operation preparations under the regulatory sandbox framework. A clear regulatory pathway has been established with the Civil Aviation Authority of Thailand, with the goal of obtaining a commercial operation certificate within 2026.
Building on nearly a decade of experience in airworthiness certification, operations and regulatory engagement, EHang further advanced its Global Fast Track Program, providing a structured and accelerated pathway for introducing pilotless eVTOL operations in international markets. The program covers regulatory coordination, validation flights, operational readiness and commercialization. Sri Lanka is the inaugural market under the initiative and is advancing toward sandbox commercialization subject to applicable regulatory, technical, operational and safety assessments. EHang is also exploring similar collaboration pathways in other international markets.
By moving from product delivery toward the export of experience, capabilities and standards, EHang is building a more efficient and replicable global commercialization model.
2
Expanding the Product Portfolio and Application Scenarios to Diversify Growth Drivers
EHang remains focused on passenger air mobility as its long-term strategic priority, while leveraging its aviation-grade technologies and safety capabilities to expand into non-passenger applications such as logistics, firefighting and aerial media.
Aerial media remains an important part of this diversification. The Company continued to expand GD-series formation drone sales and drone show services, while further developing recurring venue-based performances alongside one-off large-scale events. EHang has also been expanding the business into Japan, Thailand and Europe, enhancing its sustainability and replicability.
In aerial logistics and firefighting, the Company is advancing product development and testing based on real customer demand, with trial applications in port logistics and forest firefighting.
Meanwhile, EHang continued to advance the development and airworthiness certification of the VT35 long-range lift-and-cruise eVTOL through ongoing testing and trial flights. The Company also enhanced its urban low-altitude flight management platform and further integrated it with Hefei government’s city-level flight service system to support future large-scale, high-density urban low-altitude operations.
Management Remarks
Mr. Huazhi Hu, Founder, Chairman and Chief Executive Officer of EHang: “Since the second quarter, EHang has entered an important strategic transition, moving from obtaining certifications toward operational readiness, scenario validation, capability deployment and global expansion. Certification is only the starting point. Scalable commercialization ultimately depends on safe and reliable products, strong operational capabilities, replicable scenario solutions and the ability to deploy them across global markets.
In late June, a major accident involving a piloted light-sport aircraft in China prompted greater caution around low-altitude aviation safety regulation and affected the pace of passenger commercial operation approvals in certain regions. We fully understand this regulatory approach. For pilotless passenger aviation, safety, regulation and traceability have always been the foundation for commercial operations. We see this as a temporary adjustment in industry pace, not a change in market demand, our technology foundation or long-term direction.
We are therefore focused on three priorities: refining replicable flight operational models in China while accelerating capability deployment overseas; diversifying revenue through logistics, firefighting and aerial media while keeping passenger transportation at the core; and improving efficiency by focusing resources on core R&D, airworthiness, operations and businesses with clear revenue potential. We are also improving organizational efficiency and revitalizing structure, controlling capital expenditures and expanding the use of AI in R&D design, knowledge reuse and cross-functional processes.
We firmly believe advanced air mobility will continue toward greater automation, intelligence and pilotless operations. Our goal is to keep strengthening our safety record and standardized operational capabilities, so that EHang is ready to scale as the regulatory and commercial environment matures.”
Mr. Conor Yang, Chief Financial Officer of EHang: “We are pleased with the continued progress across our global and regional markets, highlighted by the rollout of our Global Fast Track Program and the advancement of regulatory sandbox initiatives in Thailand and Hong Kong. These milestones reflect growing regulatory collaboration and open up additional commercialization pathways for our pilotless eVTOL solutions.
At the same time, we recognize that the recent industry air incidents have prompted a more cautious regulatory stance in China, creating near-term uncertainty around the timing of passenger commercial service approvals in China. In light of this evolving environment, we have decided to withdraw our previously issued 2026 revenue guidance of RMB600 million and are not providing a replacement at this time. We will revisit our outlook and provide updated guidance once regulatory visibility improves.
3
As of June 30, cash and investment balances totaled RMB929.4 million, supporting our commercialization, product development and global expansion. We will continue to improve operating efficiency and create sustainable long-term value for shareholders.”
Unaudited Financial Results for the Second Quarter of 2026
Revenues
Total revenues were RMB77.9 million (US$11.5 million), compared with RMB113.3 million in the second quarter of 2025, and RMB25.7 million in the first quarter of 2026. The quarter-over-quarter 203.5% increase was primarily driven by increased sales volume of eVTOL aircraft, including EH216 series and VT35.
Costs of revenues
Costs of revenues were RMB30.2 million (US$4.4 million), compared with RMB43.6 million in the second quarter of 2025 and RMB9.6 million in the first quarter of 2026. The quarter-over-quarter increase was in line with the increase in the sales volume of eVTOL aircraft.
Gross profit and gross margin
Gross profit was RMB47.7 million (US$7.0 million), compared with RMB69.7 million in the second quarter of 2025, and RMB16.0 million in the first quarter of 2026. The quarter-over-quarter increase was primarily due to the increase in the sales volume of eVTOL aircraft.
Gross margin was 61.2%, on par with 61.5% in the second quarter of 2025 and 62.5% in the first quarter of 2026.
Operating expenses
Total operating expenses were RMB182.3 million (US$26.9 million), compared with RMB172.5 million in the second quarter of 2025, and RMB151.7 million in the first quarter of 2026.
| • | Sales and marketing expenses were RMB34.4 million (US$5.1 million), compared with RMB41.1 million in the second quarter of 2025, and RMB23.9 million in the first quarter of 2026. The year-over-year decrease was primarily attributable to decreases in sales-related compensation. The quarter-over-quarter increase was primarily attributable to higher share-based compensation expenses due to new grant of share-based awards in the end of first quarter of 2026. |
| • | General and administrative expenses were RMB84.1 million (US$12.4 million), compared with RMB73.8 million in the second quarter of 2025, and RMB67.7 million in the first quarter of 2026. The year-over-year and the quarter-over-quarter increases were primarily attributable to higher share-based compensation expenses due to new grant of share-based awards in the end of first quarter of 2026, and increases in current expected credit loss of accounts receivable. |
| • | Research and development expenses were RMB63.8 million (US$9.4 million), compared with RMB57.6 million in the second quarter of 2025, and RMB60.1 million in the first quarter of 2026. The year-over-year increase was mainly attributable to increased employee compensation. The quarter-over-quarter increase was mainly attributable to higher share-based compensation expenses due to new grant of share-based awards in the end of first quarter of 2026. |
4
Operating loss
Operating loss was RMB 131.7 million (US$19.4 million), compared with RMB100.1 million in the second quarter of 2025 and RMB127.9 million in the first quarter of 2026.
Net loss
Net loss was RMB 128.3 million (US$18.9 million), compared with RMB103.0 million in the second quarter of 2025 and RMB126.4 million in the first quarter of 2026.
Net loss per ordinary share and per ADS
Basic and diluted net loss per ordinary share were both RMB0.84 (US$0.12).
Basic and diluted net loss per American depositary share (“ADS”) were both RMB1.68 (US$0.24). Each ADS represents two of our Class A ordinary shares.
Balance sheets
Cash and cash equivalents, short-term investments and treasury investment balances were RMB929.4 million (US$137.0 million) as of June 30, 2026.
Non-GAAP Financial Measures
The Company uses adjusted gross profit, 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, or such expenses were not deductible.
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.
5
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 RMB112.7 million (US$16.6 million), compared to RMB96.4 million in the second quarter of 2025 and RMB101.1 million in the first quarter of 2026. In the second quarter of 2026, adjusted sales and marketing expenses4, adjusted general and administrative expenses4, and adjusted research and development expenses4 were RMB20.0 million (US$2.9 million), RMB45.4 million (US$6.7 million), and RMB47.3 million (US$7.0 million), respectively.
Adjusted operating loss2 (non-GAAP)
Adjusted operating loss2 was RMB62.0 million (US$9.1 million), compared with RMB23.9 million in the second quarter of 2025 and RMB77.1 million in the first quarter of 2026.
Adjusted net loss3 (non-GAAP)
Adjusted net loss3 was RMB58.5 million (US$8.6 million), compared with RMB12.5 million in the second quarter of 2025 and adjusted net loss3 of RMB75.6 million in the first quarter of 2026.
Adjusted net loss attributable to EHang’s ordinary shareholders5 (non-GAAP)
Adjusted net loss attributable to EHang’s ordinary shareholders5 was RMB57.9 million (US$8.5 million), compared with RMB12.3 million in the second quarter of 2025 and RMB75.2 million in the first quarter of 2026.
Adjusted net loss per ordinary share6 and per ADS7 (non-GAAP)
Adjusted basic and diluted net loss per ordinary share6 was RMB0.38 (US$0.06).
Adjusted basic and diluted net loss per ADS7 was RMB0.76 (US$0.12).
Business Outlook
In light of recent industry safety incidents and the resulting more cautious regulatory approach, which has increased uncertainty around the timing of passenger commercial service approvals in China, the Company has decided to withdraw its previously issued full-year revenue guidance for 2026 and is not providing replacement guidance at this time.
| 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. |
6
This decision reflects a prudent approach to managing business visibility against the backdrop of domestic regulatory environment at this stage and does not represent a change in the Company’s long-term outlook for the low-altitude economy or EHang’s strategic positioning.
The Company will continue to expand global markets, strengthen its operational capabilities, diversify its revenue mix, and closely monitor developments in the regulatory and operating environment. EHang expects to provide an updated business outlook when greater regulatory visibility is established.
Conference Call
EHang’s management team will host an earnings conference call at 8:00 AM on Tuesday, August 25, 2026, U.S. Eastern Time (8:00 PM on Tuesday, August 25, 2026, 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://s1.c-conf.com/diamondpass/10056824-n27awx.html
Chinese line: https://s1.c-conf.com/diamondpass/10056826-dodgtb.html
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 (Nasdaq: EH) is the world’s leading advanced air mobility (“AAM”) technology platform company, committed to making safe, autonomous, and eco-friendly air mobility accessible to everyone. The company develops and manufactures a diversified portfolio of pilotless electric vertical take-off and landing (“eVTOL”) aircraft for a wide range of use cases, including aerial tourism, intra-city transport, intercity travel, logistics and emergency firefighting. Its flagship model, EH216-S, has obtained the world’s first type certificate, production certificate and standard airworthiness certificate for pilotless eVTOL issued by the Civil Aviation Administration of China, and is now commercially operated under the country’s first Air Operator Certificates for human-carrying eVTOL services. Complementing this, EHang’s VT35 expands its reach into long-range and intercity scenarios, supporting the development of a multi-tiered low-altitude mobility network. By integrating advanced autonomous technologies with scalable operational infrastructure, EHang is redefining how people and goods move—across cities, regions, and natural barriers—shaping the future of air mobility. For more information, 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 AAM 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.
7
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 RMB6.7851 to US$1.00, the noon buying rate in effect on June 30, 2026, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to in this press release could have been converted into USD or RMB, as the case may be, at any particular rate or at all.
Investor Contact: ir@ehang.com
Media Contact: pr@ehang.com
8
EHANG HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))
| As of December 31, 2025 |
As of June 30, 2026 |
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| RMB | RMB | US$ | ||||||||||
| ASSETS |
||||||||||||
| Current assets: |
||||||||||||
| Cash and cash equivalents |
256,400 | 209,198 | 30,832 | |||||||||
| Short-term investments |
843,232 | 692,744 | 102,098 | |||||||||
| Restricted short-term deposits |
29,655 | — | — | |||||||||
| Accounts receivable, net8 |
111,670 | 86,765 | 12,787 | |||||||||
| Inventories |
101,634 | 132,230 | 19,488 | |||||||||
| Prepayments and other current assets9 |
140,922 | 152,897 | 22,536 | |||||||||
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|
|
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|
|
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| Total current assets |
1,483,513 | 1,273,834 | 187,741 | |||||||||
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|
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|
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| Non-current assets: |
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| Property and equipment, net |
258,050 | 271,202 | 39,970 | |||||||||
| Treasury investment |
— | 27,466 | 4,048 | |||||||||
| Operating lease right-of-use assets, net |
116,468 | 127,404 | 18,777 | |||||||||
| Land use rights, net |
11,347 | 11,223 | 1,654 | |||||||||
| Intangible assets, net |
2,713 | 2,599 | 383 | |||||||||
| Investments accounted for using equity method |
28,849 | 45,080 | 6,644 | |||||||||
| Other investments |
45,330 | 45,330 | 6,681 | |||||||||
| Deferred tax assets |
6,969 | 6,969 | 1,027 | |||||||||
| Other non-current assets |
38,294 | 35,510 | 5,234 | |||||||||
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|
|
|
|
|
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| Total non-current assets |
508,020 | 572,783 | 84,418 | |||||||||
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|
|
|
|
|
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| Total assets |
1,991,533 | 1,846,617 | 272,159 | |||||||||
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| 8 | As of December 31, 2025 and June 30, 2026, amounts due from a related party of RMB5,256 and RMB1,268 (US$187) were included in accounts receivable, net, respectively. |
| 9 | As of December 31, 2025 and June 30, 2026, amounts due from a related party of RMB2,070 and nil were included in prepayments and other current assets, respectively. |
9
EHANG HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONT’D)
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))
| As of December 31, 2025 |
As of June 30, 2026 |
|||||||||||
| RMB | RMB | US$ | ||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||||||
| Current liabilities: |
||||||||||||
| Short-term bank loans |
229,611 | 292,523 | 43,113 | |||||||||
| Accounts payable |
132,509 | 124,237 | 18,310 | |||||||||
| Contract liabilities10 |
60,839 | 59,473 | 8,765 | |||||||||
| Current portion of long-term bank loans |
9,800 | 18,000 | 2,653 | |||||||||
| Accrued expenses and other liabilities11 |
263,439 | 169,888 | 25,038 | |||||||||
| Current portion of lease liabilities |
16,278 | 26,794 | 3,949 | |||||||||
| Deferred income |
817 | 381 | 56 | |||||||||
| Deferred government subsidies |
684 | 153 | 23 | |||||||||
| Income taxes payable |
1,820 | 221 | 33 | |||||||||
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|
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|
|
|||||||
| Total current liabilities |
715,797 | 691,670 | 101,940 | |||||||||
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| Non-current liabilities: |
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| Long-term bank loans |
82,700 | 121,000 | 17,833 | |||||||||
| Deferred tax liabilities |
292 | 292 | 43 | |||||||||
| Unrecognized tax benefit |
5,480 | 5,480 | 808 | |||||||||
| Lease liabilities |
114,246 | 119,751 | 17,649 | |||||||||
| Other non-current liabilities |
4,676 | 3,534 | 521 | |||||||||
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| Total non-current liabilities |
207,394 | 250,057 | 36,854 | |||||||||
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| Total liabilities |
923,191 | 941,727 | 138,794 | |||||||||
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| Shareholders’ equity: |
||||||||||||
| Treasury stock |
(10,085 | ) | (13,743 | ) | (2,025 | ) | ||||||
| Ordinary shares |
92 | 93 | 14 | |||||||||
| Additional paid-in capital |
3,335,371 | 3,455,915 | 509,339 | |||||||||
| Statutory reserves |
3,302 | 3,302 | 487 | |||||||||
| Accumulated deficit |
(2,262,358 | ) | (2,516,017 | ) | (370,815 | ) | ||||||
| Accumulated other comprehensive income (loss) |
2,605 | (23,121 | ) | (3,408 | ) | |||||||
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| Total EHang Holdings Limited shareholders’ equity |
1,068,927 | 906,429 | 133,592 | |||||||||
| Non-controlling interests |
(585 | ) | (1,539 | ) | (227 | ) | ||||||
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| Total shareholders’ equity |
1,068,342 | 904,890 | 133,365 | |||||||||
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|
|
|||||||
| Total liabilities and shareholders’ equity |
1,991,533 | 1,846,617 | 272,159 | |||||||||
|
|
|
|
|
|
|
|||||||
| 10 | As of December 31, 2025 and June 30, 2026, amounts due to a related party of nil and RMB341(US$50) were included in accrued expenses and other liabilities, respectively. |
| 11 | As of December 31, 2025 and June 30, 2026, amounts due to a related party of nil and RMB341(US$50) were included in accrued expenses and other liabilities, respectively. |
10
EHANG HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data)
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
| June 30, 2025 |
March 31, 2026 |
June 30, 2026 |
June 30, 2025 |
June 30, 2026 |
||||||||||||||||||||||||
| RMB | RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||||||||||||
| Total revenues |
113,321 | 25,660 | 77,887 | 11,479 | 139,413 | 103,547 | 15,261 | |||||||||||||||||||||
| Costs of revenues |
(43,640 | ) | (9,621 | ) | (30,187 | ) | (4,449 | ) | (53,439 | ) | (39,808 | ) | (5,867 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Gross profit |
69,681 | 16,039 | 47,700 | 7,030 | 85,974 | 63,739 | 9,394 | |||||||||||||||||||||
| Operating expenses: |
||||||||||||||||||||||||||||
| Sales and marketing expenses |
(41,132 | ) | (23,916 | ) | (34,427 | ) | (5,074 | ) | (53,360 | ) | (58,343 | ) | (8,599 | ) | ||||||||||||||
| General and administrative expenses |
(73,765 | ) | (67,749 | ) | (84,108 | ) | (12,396 | ) | (135,109 | ) | (151,857 | ) | (22,381 | ) | ||||||||||||||
| Research and development expenses |
(57,579 | ) | (60,080 | ) | (63,798 | ) | (9,403 | ) | (94,864 | ) | (123,878 | ) | (18,257 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total operating expenses |
(172,476 | ) | (151,745 | ) | (182,333 | ) | (26,873 | ) | (283,333 | ) | (334,078 | ) | (49,237 | ) | ||||||||||||||
| Other operating income |
2,734 | 7,798 | 2,894 | 427 | 7,420 | 10,692 | 1,576 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Operating loss |
(100,061 | ) | (127,908 | ) | (131,739 | ) | (19,416 | ) | (189,939 | ) | (259,647 | ) | (38,267 | ) | ||||||||||||||
| Other income (expenses): |
||||||||||||||||||||||||||||
| Interest income |
11,673 | 10,396 | 8,989 | 1,325 | 23,722 | 19,385 | 2,857 | |||||||||||||||||||||
| Interest expenses |
(997 | ) | (2,324 | ) | (2,267 | ) | (334 | ) | (2,150 | ) | (4,591 | ) | (677 | ) | ||||||||||||||
| Foreign exchange gain (loss) |
1,774 | (3,475 | ) | (348 | ) | (51 | ) | 3,346 | (3,823 | ) | (563 | ) | ||||||||||||||||
| Other non-operating (expenses) income, net |
(13,747 | ) | 492 | 287 | 43 | (12,996 | ) | 779 | 115 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total other (expense) income |
(1,297 | ) | 5,089 | 6,661 | 983 | 11,922 | 11,750 | 1,732 | ||||||||||||||||||||
| Loss before income tax and loss from equity method investments |
(101,358 | ) | (122,819 | ) | (125,078 | ) | (18,433 | ) | (178,017 | ) | (247,897 | ) | (36,535 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Income tax (expenses) benefits |
(114 | ) | (117 | ) | 770 | 113 | (115 | ) | 653 | 96 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Loss before loss from equity method investments |
(101,472 | ) | (122,936 | ) | (124,308 | ) | (18,320 | ) | (178,132 | ) | (247,244 | ) | (36,439 | ) | ||||||||||||||
| Loss from equity method investments |
(1,487 | ) | (3,426 | ) | (3,943 | ) | (581 | ) | (3,217 | ) | (7,369 | ) | (1,086 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net loss |
(102,959 | ) | (126,362 | ) | (128,251 | ) | (18,901 | ) | (181,349 | ) | (254,613 | ) | (37,525 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
11
EHANG HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (CONT’D)
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data)
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
| June 30, 2025 |
March 31, 2026 |
June 30, 2026 |
June 30, 2025 |
June 30, 2026 |
||||||||||||||||||||||||
| RMB | RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||||||||||||
| Net loss |
(102,959 | ) | (126,362 | ) | (128,251 | ) | (18,901 | ) | (181,349 | ) | (254,613 | ) | (37,525 | ) | ||||||||||||||
| Net loss attributable to non-controlling interests |
220 | 401 | 553 | 82 | 526 | 954 | 141 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net loss attributable to ordinary shareholders |
(102,739 | ) | (125,961 | ) | (127,698 | ) | (18,819 | ) | (180,823 | ) | (253,659 | ) | (37,384 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Shares used in net loss per ordinary share computation (in thousands of shares): |
||||||||||||||||||||||||||||
| Basic |
144,741 | 150,994 | 151,900 | 151,900 | 144,316 | 151,450 | 151,450 | |||||||||||||||||||||
| Diluted |
144,741 | 150,994 | 151,900 | 151,900 | 144,316 | 151,450 | 151,450 | |||||||||||||||||||||
| Net loss per ordinary share Basic and diluted |
(0.71 | ) | (0.83 | ) | (0.84 | ) | (0.12 | ) | (1.25 | ) | (1.67 | ) | (0.25 | ) | ||||||||||||||
| Net loss per ADS (2 ordinary shares equal to 1 ADS) Basic and diluted |
(1.42 | ) | (1.66 | ) | (1.68 | ) | (0.24 | ) | (2.50 | ) | (3.34 | ) | (0.50 | ) | ||||||||||||||
| Other comprehensive loss |
||||||||||||||||||||||||||||
| Foreign currency translation adjustments net of nil tax |
(4,009 | ) | (13,276 | ) | (12,450 | ) | (1,835 | ) | (6,008 | ) | (25,726 | ) | (3,792 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total other comprehensive loss, net of tax |
(4,009 | ) | (13,276 | ) | (12,450 | ) | (1,835 | ) | (6,008 | ) | (25,726 | ) | (3,792 | ) | ||||||||||||||
| Comprehensive loss |
(106,968 | ) | (139,638 | ) | (140,701 | ) | (20,736 | ) | (187,357 | ) | (280,339 | ) | (41,317 | ) | ||||||||||||||
| Comprehensive loss attributable to non-controlling interests |
220 | 401 | 553 | 82 | 526 | 954 | 141 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Comprehensive loss attributable to ordinary shareholders |
(106,748 | ) | (139,237 | ) | (140,148 | ) | (20,654 | ) | (186,831 | ) | (279,385 | ) | (41,176 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
12
EHANG HOLDINGS LIMITED
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data)
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
| June 30, 2025 |
March 31, 2026 |
June 30, 2026 |
June 30, 2025 |
June 30, 2026 |
||||||||||||||||||||||||
| RMB | RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||||||||||||
| Gross profit |
69,681 | 16,039 | 47,700 | 7,030 | 85,974 | 63,739 | 9,394 | |||||||||||||||||||||
| Plus: Share-based compensation expenses |
117 | 123 | 112 | 16 | 117 | 235 | 35 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Adjusted gross profit |
69,798 | 16,162 | 47,812 | 7,046 | 86,091 | 63,974 | 9,429 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Sales and marketing expenses |
(41,132 | ) | (23,916 | ) | (34,427 | ) | (5,074 | ) | (53,360 | ) | (58,343 | ) | (8,599 | ) | ||||||||||||||
| Plus: Share-based compensation expenses |
18,651 | 5,294 | 14,380 | 2,119 | 20,612 | 19,674 | 2,900 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Adjusted sales and marketing expenses |
(22,481 | ) | (18,622 | ) | (20,047 | ) | (2,955 | ) | (32,748 | ) | (38,669 | ) | (5,699 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| General and administrative expenses |
(73,765 | ) | (67,749 | ) | (84,108 | ) | (12,396 | ) | (135,109 | ) | (151,857 | ) | (22,381 | ) | ||||||||||||||
| Plus: Share-based compensation expenses |
37,934 | 36,397 | 38,783 | 5,717 | 77,107 | 75,180 | 11,080 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Adjusted general and administrative expenses |
(35,831 | ) | (31,352 | ) | (45,325 | ) | (6,679 | ) | (58,002 | ) | (76,677 | ) | (11,301 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Research and development expenses |
(57,579 | ) | (60,080 | ) | (63,798 | ) | (9,403 | ) | (94,864 | ) | (123,878 | ) | (18,257 | ) | ||||||||||||||
| Plus: Share-based compensation expenses |
19,486 | 8,960 | 16,495 | 2,431 | 25,614 | 25,455 | 3,752 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Adjusted research and development expenses |
(38,093 | ) | (51,120 | ) | (47,303 | ) | (6,972 | ) | (69,250 | ) | (98,423 | ) | (14,505 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Operating expenses |
(172,476 | ) | (151,745 | ) | (182,333 | ) | (26,873 | ) | (283,333 | ) | (334,078 | ) | (49,237 | ) | ||||||||||||||
| Plus: Share-based compensation expenses |
76,071 | 50,651 | 69,658 | 10,267 | 123,333 | 120,309 | 17,732 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Adjusted operating expenses |
(96,405 | ) | (101,094 | ) | (112,675 | ) | (16,606 | ) | (160,000 | ) | (213,769 | ) | (31,505 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Operating loss |
(100,061 | ) | (127,908 | ) | (131,739 | ) | (19,416 | ) | (189,939 | ) | (259,647 | ) | (38,267 | ) | ||||||||||||||
| Plus: Share-based compensation expenses |
76,188 | 50,774 | 69,770 | 10,283 | 123,449 | 120,544 | 17,767 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Adjusted operating loss |
(23,873 | ) | (77,134 | ) | (61,969 | ) | (9,133 | ) | (66,490 | ) | (139,103 | ) | (20,500 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
13
EHANG HOLDINGS LIMITED
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data)
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
| June 30, 2025 |
March 31, 2026 |
June 30, 2026 |
June 30, 2025 |
June 30, 2026 |
||||||||||||||||||||||||
| RMB | RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||||||||||||
| Net loss |
(102,959 | ) | (126,362 | ) | (128,251 | ) | (18,901 | ) | (181,349 | ) | (254,613 | ) | (37,525 | ) | ||||||||||||||
| Plus: Share-based compensation expenses |
76,188 | 50,774 | 69,770 | 10,283 | 123,450 | 120,544 | 17,767 | |||||||||||||||||||||
| Plus: Certain non-operational expenses |
14,254 | — | — | — | 14,254 | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Adjusted net loss |
(12,517 | ) | (75,588 | ) | (58,481 | ) | (8,618 | ) | (43,645 | ) | (134,069 | ) | (19,758 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net loss attributable to ordinary shareholders |
(102,739 | ) | (125,961 | ) | (127,698 | ) | (18,819 | ) | (180,823 | ) | (253,659 | ) | (37,384 | ) | ||||||||||||||
| Plus: Share-based compensation expenses |
76,188 | 50,774 | 69,770 | 10,283 | 123,450 | 120,544 | 17,767 | |||||||||||||||||||||
| Plus: Certain non-operational expenses |
14,254 | — | — | — | 14,254 | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Adjusted net loss attributable to ordinary shareholders |
(12,297 | ) | (75,187 | ) | (57,928 | ) | (8,536 | ) | (43,119 | ) | (133,115 | ) | (19,617 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Shares used in net loss per ordinary share computation (in thousands of shares): |
||||||||||||||||||||||||||||
| Basic |
144,741 | 150,994 | 151,900 | 151,900 | 144,316 | 151,450 | 151,450 | |||||||||||||||||||||
| Diluted |
144,741 | 150,994 | 151,900 | 151,900 | 144,316 | 151,450 | 151,450 | |||||||||||||||||||||
| Adjusted basic net loss per ordinary share |
(0.08 | ) | (0.50 | ) | (0.38 | ) | (0.06 | ) | (0.30 | ) | (0.88 | ) | (0.13 | ) | ||||||||||||||
| Adjusted diluted net loss per ordinary share |
(0.08 | ) | (0.50 | ) | (0.38 | ) | (0.06 | ) | (0.30 | ) | (0.88 | ) | (0.13 | ) | ||||||||||||||
| Adjusted basic net loss per ADS |
(0.16 | ) | (1.00 | ) | (0.76 | ) | (0.12 | ) | (0.60 | ) | (1.76 | ) | (0.26 | ) | ||||||||||||||
| Adjusted diluted net loss per ADS |
(0.16 | ) | (1.00 | ) | (0.76 | ) | (0.12 | ) | (0.60 | ) | (1.76 | ) | (0.26 | ) | ||||||||||||||
14