EHang Holdings(EH -8.60%) reported second quarter 2025 (period ended June 30, 2025) results on August 26, 2025, posting revenue of RMB147.2 million, up 44% year-over-year and a significant sequential increase of 4.6x. Management adjusted full-year 2025 revenue guidance to RMB500 million and emphasized a strategic pivot from rapid delivery toward supporting operational ramp-up and building an integrated eVTOL (electric vertical takeoff and landing) service model. The call revealed notable quantitative and structural updates, detailed below.
Order growth secures EHang’s near-term sales pipeline
The company reported booking over 150 firm purchase agreements for the EH216 series. Management cited that roughly 90% of orders were with domestic clients, and only 10% originated from international markets, despite rising overseas demand.
"Our order book in this quarter also reflected strong momentum with new orders of over 150 units for the EH216 series, again demonstrating robust market interest and confidence in our products. These orders will be fulfilled in batches in the coming quarters. Today, there are more than 40 dedicated operation sites across China of the EH216 S, with coverage continuing to grow, highlighting our expanding commercial momentum."
-- Huazhi Hu, Founder, Chairman and CEO
This order backlog, largely driven by domestic demand, underpins near-term revenue visibility while allowing the company to scale operations prudently in anticipation of a more diversified global customer base.
EHang strategically shifts to quality of operations, not rapid unit sales
Management announced a moderation in its 2025 delivery and revenue targets, prioritizing support for safe, scalable, and regular commercial eVTOL operations. Despite headwinds in the first quarter, there was a recovery in both volume (68 units delivered) and new orders, but the firm signaled that further acceleration will be deliberately phased.
"In the second half of this year, we have refined our strategy. Instead of accelerating order deliveries, we are placing top priority on providing support services to our existing customers, ensuring that the eVTOL aircraft they have purchased can enter safe, orderly, and regular commercial operations. It's not that we lack orders or production capability. In fact, we have both. In aviation, haste can undermine safety and sustainability. We believe in displaying long-term value creation rather than chasing short-term gains."
-- Huazhi Hu, Founder, Chairman and CEO
This measured strategy reduces execution risk around operational safety, certification, and customer adoption, strengthening EHang’s prospects for sustainable long-term commercialization in an evolving regulatory environment.
EHang’s “dual-engine” model unlocks higher-margin operational services
Leadership unveiled a transition toward a dual business model encompassing both eVTOL manufacturing and the provision of operational services, including customer support, operator training, and infrastructure setup. This builds on a 62.6% gross margin.
"By focusing on strengthening our commercial operations foundation, we are strategically transitioning our revenue model to a dual-engine approach combining eVTOL manufacturing and operational services. With steadily expanding and a more diverse product portfolio, we expect our revenue mix to become increasingly balanced, supporting EHang Holdings Limited's long-term sustainable growth and delivering enduring value for our shareholders."
-- Conor Chia-hung Yang, Chief Financial Officer
Looking Ahead
Management issued full-year 2025 revenue guidance of approximately RMB500 million, up from RMB446.2 million in 2024, explicitly citing a strategic focus on operational execution and customer adoption over short-term delivery acceleration. The company confirmed RMB1.2 billion in cash and equivalents as of June 30, 2025, and annual production capacity remains unchanged at 1,000 units per year.
