EHang Holdings Limited
- Open
- 5.30
- Day high
- 5.43
- Day low
- 5.25
- Prev close
- 5.22
- Volume
- 94K
- Mkt cap
- $376M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 2.6
- P/S
- 6.1
- Yield
- —
- Per share
- —
EHang Holdings Limited (EH) is a Industrials company listed on NASDAQ. The stock is down 73% over the past year.
EHang Holdings Limited (EH) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
EH earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jun 9, 2026 | $-0.14 | $-0.14 | +2.6% | $4M | -58.1% |
| Mar 12, 2026 | $-0.10 | $0.14 | +237.6% | $34M | +109.1% |
| Nov 26, 2025 | $0.02 | $-0.04 | -300.0% | $13M | -93.4% |
| Aug 26, 2025 | $-0.10 | $0.02 | +119.3% | $21M | -86.5% |
| May 26, 2025 | $-1.06 | $-0.06 | +94.3% | $4M | -98.3% |
| Mar 12, 2025 | $-0.07 | $0.07 | +200.0% | $22M | -3.5% |
| Nov 18, 2024 | $-0.12 | $0.03 | +125.0% | $18M | -2.0% |
| Aug 22, 2024 | $-0.12 | $-0.14 | -16.7% | $14M | +10.7% |
| May 20, 2024 | $-0.09 | $-0.02 | +77.8% | $9M | +24.2% |
| Mar 15, 2024 | $-0.10 | $-0.04 | +60.0% | $8M | +2.1% |
| Nov 22, 2023 | $-0.16 | $-0.06 | +62.5% | $4M | -50.2% |
| Aug 17, 2023 | $-0.17 | $-0.12 | +29.4% | $1M | -58.7% |
EHang Holdings Limited company profile
Overview
EHang Holdings Limited (NASDAQ:EH) is a pioneering Chinese autonomous aerial vehicle technology company founded in 2014 and headquartered in Guangzhou, China. The company went public on NASDAQ in December 2019, positioning itself as a leader in the emerging electric vertical takeoff and landing (eVTOL) aircraft industry. EHang has achieved several world-first milestones, including becoming the first company globally to receive type certification, airworthiness certification, and production certification for passenger-carrying unmanned eVTOL aircraft from China's Civil Aviation Administration (CAAC). The company has transitioned from a development-stage enterprise to commercial operations, delivering over 200 units in 2024 and achieving non-GAAP profitability.
Business
EHang operates in the nascent urban air mobility (UAM) and low-altitude economy sectors, designing and manufacturing autonomous aerial vehicles that can transport passengers and cargo without requiring a human pilot onboard. The company's flagship product is the EH216-S, a two-passenger electric vertical takeoff and landing aircraft that operates autonomously using advanced flight control systems, sensors, and artificial intelligence. The EH216-S represents a new category of aircraft called eVTOLs - electric aircraft that can take off and land vertically like helicopters but operate more quietly and efficiently using electric propulsion. Unlike traditional helicopters that require skilled pilots, EHang's aircraft are designed to fly autonomously along pre-programmed routes, with ground-based command centers monitoring and controlling multiple aircraft simultaneously. The aircraft features redundant safety systems, including multiple rotors, flight control computers, and communication systems to ensure safe operation even if individual components fail. EHang's business encompasses several complementary segments: 1. Aircraft Manufacturing and Sales (~80-85% of revenue): Direct sales of EH216-S units to customers including tourism operators, government agencies, and logistics companies. Each aircraft is priced at approximately RMB 2.39 million domestically and $410,000 internationally. 2. Operational Services (~10-15% of revenue): Providing flight operations, maintenance, training, and infrastructure development services to customers operating EHang aircraft. 3. Research and Development: Ongoing development of next-generation aircraft including the VT-30 long-range model and VT-35 lift-and-cruise variant, as well as advanced battery technologies and autonomous flight systems. The company primarily targets applications in low-altitude tourism (aerial sightseeing), urban transportation, logistics delivery, emergency services, and smart city management. The Chinese government has identified the low-altitude economy as a strategic priority, projecting market growth from RMB 500 billion in 2023 to RMB 2 trillion by 2030.
Revenue model
EHang generates revenue primarily through direct aircraft sales to end customers, operating on a traditional manufacturing business model. The company sells its EH216-S aircraft at premium prices reflecting the advanced technology and limited competition in the autonomous eVTOL market. With gross margins consistently above 60%, EHang demonstrates strong pricing power due to its first-mover advantage and regulatory certifications. The primary customers are tourism operators seeking to offer aerial sightseeing experiences, government agencies exploring urban air mobility solutions, and logistics companies interested in autonomous cargo delivery. Tourism currently represents the largest commercial application, as regulatory frameworks for urban passenger transportation are still developing. Customers typically purchase aircraft outright, though EHang also provides operational services and maintenance contracts. Several factors could significantly impact EHang's margins and profitability. Positive margin drivers include the company's regulatory moat providing limited competition, economies of scale as production volumes increase, and government subsidies supporting low-altitude economy development. The Chinese government offers passenger subsidies of RMB 100-300 per flight, making eVTOL services more cost-competitive with helicopters. Additionally, EHang's integrated approach of selling both aircraft and operational services creates recurring revenue streams. Negative margin pressures include the high costs of advanced battery technology and electronic components, substantial research and development expenses required to maintain technological leadership, and potential price competition as more companies enter the eVTOL market. Manufacturing scale-up challenges could also impact unit costs, while regulatory delays in key markets could limit demand growth. The company's dependence on the Chinese domestic market creates exposure to local economic conditions and policy changes, though international expansion efforts are underway to diversify geographic risk.
Competitive moat
EHang possesses a strong but potentially narrow regulatory moat built primarily on its world-first certifications from China's aviation authorities. The company's type certificate, airworthiness certificate, and production certificate for passenger-carrying autonomous eVTOL aircraft represent significant barriers to entry, as competitors must navigate complex and lengthy certification processes that can take years to complete. This regulatory advantage is particularly valuable in China's large domestic market, where government support for the low-altitude economy provides additional protection. The company's technological moat appears more limited, as the core eVTOL technology is being developed by numerous well-funded competitors globally. However, EHang's focus on fully autonomous operations (rather than pilot-assisted flight) and its extensive flight testing experience - over 34,000 autonomous flights across multiple countries - provides operational expertise that competitors may struggle to replicate quickly. The company's partnerships with battery technology firms and development of solid-state batteries could strengthen its technological differentiation. Competitive threats are substantial and growing. Well-capitalized competitors including Joby Aviation, Lilium, and Archer Aviation are developing similar eVTOL aircraft with significant backing from aerospace giants and automotive companies. These competitors may have advantages in international markets where EHang lacks regulatory approval. Additionally, traditional aerospace companies like Boeing and Airbus are investing heavily in urban air mobility, potentially bringing superior manufacturing capabilities and regulatory relationships to the market. The company's moat is strongest in China due to regulatory barriers and government support, but remains vulnerable internationally where competitors may achieve certification first. The sustainability of EHang's competitive advantage will largely depend on its ability to scale production efficiently, expand internationally, and maintain technological leadership in autonomous flight systems.
Risks & safety
EHang presents a moderate margin of safety with strong liquidity but ongoing profitability challenges. • Liquidity Position: Strong with RMB 832 million in cash and short-term investments as of Q4 2024, providing substantial runway for operations and growth investments. Current ratio of 2.89 indicates solid short-term financial health. • Debt and Solvency: Low debt burden with debt-to-equity ratio of 0.24, indicating conservative capital structure. No immediate solvency concerns given strong balance sheet position. • Profitability Metrics: Achieved non-GAAP profitability in 2024 but still GAAP unprofitable with net loss of RMB 31 million for full year 2024. Management expects GAAP profitability in 2026. • Cash Flow: Positive operating cash flow of RMB 21.5 million and free cash flow of RMB 16.1 million in 2024, marking significant improvement from historical cash burn. • Valuation Concerns: Trading at high multiples with P/B ratio of 4.0, though negative EBITDA makes traditional valuation metrics challenging. Revenue growth of 288% in 2024 supports premium valuation. • Other Considerations: Heavy dependence on Chinese market creates regulatory and political risks. Early-stage industry with unproven long-term demand and potential for technological disruption.
Recent development
Over the past few years, EHang has undergone a dramatic transformation from a development-stage company to a commercial aircraft manufacturer. The most significant milestone was obtaining the world's first type certificate for passenger-carrying autonomous eVTOL aircraft from China's CAAC in 2023, followed by airworthiness and production certificates. This regulatory breakthrough enabled the company to begin commercial deliveries, scaling from 21 units in 2022 to 216 units in 2024. The company has aggressively expanded its operational footprint, establishing over 20 eVTOL demonstration sites across 16 Chinese cities and conducting flights in 19 countries internationally. Strategic partnerships have been central to this expansion, including collaborations with Guangzhou Automobile Group for manufacturing, Greater Bay Technology for battery development, and various local governments for operational sites. EHang has also formed international partnerships, particularly in the Middle East with Abu Dhabi Investment Office and in Southeast Asia. Technology development has focused heavily on next-generation battery solutions, with breakthrough achievements in solid-state battery technology enabling 48-minute flight endurance. The company is developing multiple aircraft variants including the VT-30 long-range model and VT-35 lift-and-cruise design to address different market segments. Production capacity expansion has been another key priority, with plans to scale the Yunfu facility to 1,000 units annually and establish additional manufacturing partnerships in multiple Chinese cities. Financially, EHang achieved a crucial inflection point by reaching non-GAAP profitability in 2024 while maintaining gross margins above 60%. The company has guided for continued aggressive growth with 2025 revenue targets of RMB 900 million, representing 97% year-over-year growth. Management expects to achieve quarterly GAAP profitability in the second half of 2025 and full-year GAAP profitability in 2026.
EH company profile · for informational purposes only — not investment advice.
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