EH

MKT CAP:$375M

EHang Holdings Limited

Market Cap

$375M

Industrials·Aerospace & Defense·🇨🇳 China·NASDAQ

Industrials·Aerospace·🇨🇳·NASDAQ

Stock Price

$10.18-$4.26 (-29.50%)

Apr 24, 2026

Company Details

EHang Holdings Limited operates as an autonomous aerial vehicle (AAV) technology platform company in the People's Republic of China, East Asia, Europe, and internationally. It designs, develops, manufactures, sells, and operates AAVs, as we...

CEO

Huazhi Hu

IPO Date

Dec 13, 2019

Website

www.ehang.com

Key Metrics TTM

Revenue

$74M

+134.2% YoY

Net Income

-$34M

EPS (Diluted)

-$0.92

Free Cash Flow

$0

Revenue / Share

$1.95

Gross Margin

62.0%

Operating Margin

-55.0%

Net Margin

-45.5%

FCF Margin

0.0%

P/S

5.1x

P/E

—

Earnings Reports

FY 2025

Dec 30, 2025

$72MEPS -$0.90

Q4 2025

Mar 12, 2026

$35MEPS $0.04

Q3 2025

Nov 26, 2025

$14MEPS -$0.32

Q2 2025

Aug 26, 2025

$21M+42.4%EPS -$0.33

Q1 2025

Mar 31, 2025

$4M-58.1%EPS -$0.32

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 18	$3M	$1M	-$2M
Q4 20	$8M	$5M	-$7M
Q1 21	$3M	$2M	-$10M
Q2 21	$2M	$1M	-$11M
Q3 21	$2M	$1M	-$11M
Q4 21	$1M	$760.5K	-$16M
Q1 22	$846.5K	$528.7K	-$9M
Q4 22	$2M	$1M	-$13M
Q1 23	$3M	$2M	-$11M
Q3 23	$4M	$3M	-$10M
Q1 24	$9M	$6M	-$10M
Q2 24	$15M	$9M	-$12M
Q1 25	$4M	$2M	-$14M
Q2 25	$21M	$13M	-$12M
Q3 25	$14M	$8M	-$14M
Q4 25	$35M	$22M	-$1M

Valuation

Quarter	P/S	P/E
Q2 18	—	—
Q4 20	—	—
Q1 21	107.7x	—
Q2 21	155.1x	—
Q3 21	98.8x	—
Q4 21	109.1x	—
Q1 22	124.2x	—
Q4 22	117.2x	—
Q1 23	88.1x	—
Q3 23	108.4x	—
Q1 24	71.6x	—
Q2 24	27.8x	—
Q1 25	23.5x	—
Q2 25	12.7x	—
Q3 25	12.5x	—
Q4 25	6.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 18	-$2M	-$2M
Q2 18	-$2M	-$2M
Q4 20	-$5M	-$6M
Q1 21	$2M	$1M
Q2 21	-$9M	-$9M
Q3 21	$4M	$4M
Q4 21	$3M	$3M
Q1 22	$3M	$3M
Q4 22	$5M	$5M
Q1 23	$6M	$6M
Q3 23	$5M	$5M
Q1 24	$0	$0
Q2 24	$0	$0
Q1 25	$0	$0
Q2 25	$0	$0
Q3 25	$0	$0

Capital Expenditures

Quarter	CapEx
Q1 18	$192.9K
Q2 18	$192.9K
Q4 20	$1M
Q1 21	$1M
Q2 21	$545.3K
Q3 21	$0
Q4 21	$0
Q1 22	$0
Q4 22	$0
Q1 23	$0
Q3 23	$0
Q1 24	$0
Q2 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	-36.5%	+177.2%
Q3 21	-32.6%	+182.3%
Q4 21	-83.9%	+11.3%
Q1 22	-75.1%	-24.3%
Q4 22	+24.0%	+17.8%
Q1 23	+72.5%	+9.9%
Q3 23	+232.9%	-13.0%
Q1 24	+971.7%	+87.5%
Q2 24	+577.9%	+73.2%
Q1 25	+16.8%	+20.4%
Q2 25	+405.4%	+124.3%
Q3 25	+49.2%	+41.9%
Q4 25	+134.9%	+36.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 18	$838.3K	29.9%
Q2 18	$838.3K	29.9%
Q4 20	$6M	71.7%
Q1 21	$7M	210.0%
Q2 21	$4M	209.3%
Q3 21	$4M	189.1%
Q4 21	$3M	257.6%
Q1 22	$3M	382.2%
Q4 22	$5M	204.2%
Q1 23	$6M	185.8%
Q3 23	$5M	124.0%
Q1 24	$8M	85.8%
Q2 24	$11M	71.1%
Q1 25	$7M	181.5%
Q2 25	$11M	52.2%
Q3 25	$9M	66.7%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q2 18	$2M	$1M	$645.4K	—
Q4 20	$7M	—	—	$5M
Q1 21	$4M	—	—	$8M
Q2 21	$5M	—	—	$8M
Q3 21	$6M	—	—	$7M
Q4 21	$6M	—	—	$11M
Q1 22	$5M	—	—	$5M
Q4 22	$5M	—	—	$9M
Q1 23	$8M	—	—	$6M
Q3 23	$6M	—	—	$8M
Q1 24	$6M	—	—	$10M
Q2 24	$9M	—	—	$12M
Q1 25	$5M	—	—	$11M
Q2 25	$8M	—	—	$17M
Q3 25	$7M	—	—	$15M
Q4 25	$7M	—	—	$16M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$30M	$5M	$35M
Q2 22	$30M	$5M	$35M
Q3 22	$20M	$10M	$31M
Q4 22	$36M	$0	$36M
Q1 23	$27M	$0	$27M
Q2 23	$19M	$0	$19M
Q3 23	$34M	$4M	$38M
Q4 23	$33M	$11M	$44M
Q1 24	$37M	$11M	$47M
Q2 24	$91M	$49M	$140M
Q3 24	$89M	$62M	$152M
Q4 24	$89M	$75M	$164M
Q1 25	$56M	$102M	$158M
Q2 25	$55M	$108M	$164M
Q3 25	$33M	$127M	$160M
Q4 25	$42M	$123M	$165M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 18	57M	0.0%	—
Q4 20	55M	-3.5%	—
Q1 21	55M	+0.8%	—
Q2 21	55M	+0.3%	-2.4%
Q3 21	56M	+0.3%	-2.1%
Q4 21	57M	+2.0%	+3.5%
Q1 22	57M	+0.8%	+3.5%
Q4 22	58M	+0.8%	+4.0%
Q1 23	59M	+2.0%	+5.7%
Q3 23	62M	+5.4%	+9.1%
Q1 24	63M	+2.3%	+10.8%
Q2 24	66M	+3.8%	+14.1%
Q1 25	36M	-45.3%	-38.8%
Q2 25	36M	+0.5%	-41.6%
Q3 25	37M	+2.7%	-41.4%
Q4 25	38M	+2.0%	-42.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 18	—	—
Q4 20	$37.2K	211
Q1 21	$16.1K	211
Q2 21	$8.4K	211
Q3 21	$9.0K	211
Q4 21	$4.2K	299
Q1 22	$2.8K	299
Q4 22	$7.0K	315
Q1 23	$10.3K	315
Q3 23	$13.4K	315
Q1 24	$26.7K	340
Q2 24	$44.0K	340
Q1 25	$8.6K	445
Q2 25	$47.9K	445
Q3 25	$30.4K	445
Q4 25	$78.9K	445

Revenue / Employee