Chinese drone maker EHang's net loss widens,  revises 2025 revenue forecast

Overview

• EHang Q2 rev rises 44.2% yr/yr, 464% qtr/qtr to RMB147.2 mln

• Company posts net loss of RMB81.0 mln, despite revenue growth

• EHang maintains high gross margin of 62.6%, strengthens liquidity

Outlook

• Company revises 2025 revenue guidance to approximately RMB500 mln

• EHang focuses on expanding eVTOL operations and demonstration models

• EHang plans public commercial service launch for EH216-S this year

Result Drivers

• SALES VOLUME - Increased sales of EH216 series eVTOL aircraft drove revenue growth, with 68 units delivered in Q2 2025, up from 49 units in Q2 2024 and 11 units in Q1 2025

• GROSS MARGIN - Maintained high gross margin of 62.6%, consistent with previous quarters

• LIQUIDITY - Strengthened liquidity with US$23.8 mln from at-the-market equity offering, supporting development and growth

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 12 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the aerospace & defense peer group is "buy"

• Wall Street's median 12-month price target for EHang Holdings Ltd is $27.00, about 34.1% above its August 25 closing price of $17.79

• The stock recently traded at 745 times the next 12-month earnings vs. a P/E of 175 three months ago

Press Release: ID:nGNX5dCXX8