Revenue growth has exhibited extreme volatility, swinging from a 190.2% surge in 2024Q4 to a 7.3% contraction by 2025Q4, while operating margins remain deeply negative at -39.7%.
EHang Holdings Limited (EH) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Sales/Revenue | 469.56M | 417.98M | 456.15M | 117.43M | 44.32M | 56.81M | 180.09M | 121.81M | 66.49M | 31.7M |
| Revenue Growth % | 11.66% | -8.37% | 288.46% | 164.97% | -21.99% | -68.46% | 47.84% | 83.21% | 109.77% | - |
| Cost of Goods Sold | 181.13M | 160.83M | 176.21M | 42.12M | 15.1M | 20.78M | 73.91M | 50.6M | 32.74M | 27.51M |
| COGS % of Revenue | - | 38.48% | 38.63% | 35.87% | 34.07% | 36.57% | 41.04% | 41.54% | 49.24% | 86.8% |
| Gross Profit | 288.43M | 257.15M | 279.95M | 75.31M | 29.22M | 36.03M | 106.18M | 71.22M | 33.75M | 4.18M |
| Gross Margin % | 61.43% | 61.52% | 61.37% | 64.13% | 65.93% | 63.43% | 58.96% | 58.46% | 50.76% | 13.2% |
| Gross Profit Growth % | - | -8.14% | 271.72% | 157.75% | -18.9% | -66.07% | 49.09% | 111.04% | 706.57% | - |
| Operating Expenses | 649.51M | 573.87M | 534.02M | 371.56M | 333.17M | 356.57M | 197.47M | 117.56M | 108.1M | 130.1M |
| OpEx % of Revenue | - | 137.29% | 117.07% | 316.42% | 751.79% | 627.68% | 109.65% | 96.51% | 162.58% | 410.48% |
| Selling, General & Admin | 436.3M | 391.67M | 364.43M | 210.48M | 204.18M | 230.62M | 98.8M | 63.8M | 56.11M | 65.74M |
| SG&A % of Revenue | - | 93.7% | 79.89% | 179.25% | 460.73% | 405.97% | 54.86% | 52.38% | 84.4% | 207.43% |
| Research & Development | 220.91M | 194.58M | 199.47M | 167.31M | 135.08M | 137.15M | 105.25M | 57.17M | 60.28M | 68.67M |
| R&D % of Revenue | - | 46.55% | 43.73% | 142.49% | 304.81% | 241.43% | 58.44% | 46.93% | 90.66% | 216.66% |
| Other Operating Expenses | -3M | -12.38M | -29.87M | -6.23M | -6.09M | -11.2M | -6.58M | -3.41M | -8.29M | -4.31M |
| Operating Income | -364.5M | -320.13M | -254.07M | -296.25M | -303.95M | -320.54M | -91.3M | -46.34M | -74.35M | -125.92M |
| Operating Margin % | -77.63% | -76.59% | -55.7% | -252.29% | -685.85% | -564.25% | -50.69% | -38.05% | -111.82% | -397.28% |
| Operating Income Growth % | - | -26% | 14.24% | 2.53% | 5.17% | -251.1% | -96.99% | 37.67% | 40.95% | - |
| EBITDA | -323.1M | -290.95M | -234.28M | -274.89M | -283.06M | -312.76M | -85.1M | -40.67M | -68.75M | -121.48M |
| EBITDA Margin % | -68.81% | -69.61% | -51.36% | -234.1% | -638.71% | -550.57% | -47.26% | -33.39% | -103.4% | -383.27% |
| EBITDA Growth % | -37.35% | -24.19% | 14.78% | 2.88% | 9.5% | -267.51% | -109.24% | 40.84% | 43.41% | - |
| D&A (Non-Cash Add-back) | 29.18M | 29.18M | 19.8M | 21.36M | 20.89M | 7.77M | 6.19M | 5.67M | 5.6M | 4.44M |
| EBIT | -300.46M | -320.13M | -221.92M | -285.62M | -325.63M | -311.68M | -89.73M | -46.33M | -79.66M | -81.39M |
| Net Interest Income | 48.42M | 52.61M | 27.22M | -6.47M | 850K | 3.34M | 1.46M | 46K | 493K | 174K |
| Interest Income | 55.5M | 58.59M | 30.6M | 8.48M | 4.67M | 5.14M | 3.79M | 883K | 1.06M | 174K |
| Interest Expense | 7.08M | 5.98M | 3.38M | 14.95M | 3.82M | 1.8M | 2.34M | 837K | 564K | 0 |
| Other Income/Expense | 41.07M | 46.96M | 24.43M | -5.88M | -25.3M | 6.77M | -539K | -895K | -6.04M | 44.53M |
| Pretax Income | -323.44M | -273.17M | -229.65M | -302.13M | -329.25M | -313.76M | -91.83M | -47.24M | -80.39M | -81.39M |
| Pretax Margin % | -68.88% | -65.35% | -50.34% | -257.3% | -742.95% | -552.33% | -50.99% | -38.78% | -120.91% | -256.79% |
| Income Tax | -5.18M | -4.41M | 386K | 206K | 79K | 134K | 206K | 754K | 76K | 5.18M |
| Effective Tax Rate % | 1.6% | 1.61% | -0.17% | -0.07% | -0.02% | -0.04% | -0.22% | -1.6% | -0.09% | -6.37% |
| Net Income | -326.77M | -276.41M | -229.78M | -301.7M | -328.22M | -313.96M | -87.62M | -48.55M | -79.11M | -87.43M |
| Net Margin % | -69.59% | -66.13% | -50.37% | -256.93% | -740.62% | -552.68% | -48.65% | -39.85% | -118.99% | -275.86% |
| Net Income Growth % | -33.63% | -20.3% | 23.84% | 8.08% | -4.54% | -258.32% | -80.49% | 38.64% | 9.52% | - |
| Net Income (Continuing) | -325.91M | -276.41M | -230.03M | -302.34M | -329.33M | -313.9M | -92.04M | -47.99M | -80.46M | -86.58M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -1.54M | -585.37K | 171K | 427K | 420K | 1.45M | 1.38M | 3.78M | 3.23M | 580K |
| EPS (Diluted) | -8.60 | -7.52 | -6.84 | -4.96 | -5.74 | -5.56 | -1.68 | -0.88 | -1.48 | -1.64 |
| EPS Growth % | -40.82% | -9.94% | -37.9% | 13.59% | -3.24% | -230.95% | -90.91% | 40.54% | 9.76% | - |
| EPS (Basic) | - | -7.52 | -6.84 | -4.96 | -5.74 | -5.56 | -1.68 | -0.88 | -1.48 | -1.64 |
| Diluted Shares Outstanding | 37.98M | 36.67M | 33.59M | 60.75M | 57.35M | 56.49M | 54.78M | 54.73M | 53.52M | 53.52M |
| Basic Shares Outstanding | 37.98M | 36.67M | 33.59M | 60.75M | 57.35M | 56.49M | 54.78M | 54.73M | 53.52M | 53.52M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying EH stock.
For fiscal year 2025, EHang Holdings Limited (EH) reported total revenue of $418.0M. This represents a 1218.8% increase compared to $31.7M in 2017.
EHang Holdings Limited (EH) reported a net loss of $276.4M for the fiscal year ending 2025.
EHang Holdings Limited (EH) reported an operating income of $-320.1M, resulting in an operating profit margin of -76.6%. This margin reflects the operational efficiency of the business before interest and taxes.
EHang Holdings Limited (EH) generated $257.2M in gross profit for the year, representing a gross profit margin of 61.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Regulatory and geopolitical volatility
Volatile Revenue Growth Patterns Observed
According to the latest quarterly filings, EHang's revenue growth has exhibited significant volatility, swinging from a 190.2% surge in 2024Q4 to a 7.3% contraction by 2025Q4, highlighting the project-based nature of its current commercial model and the difficulty in achieving consistent, predictable top-line expansion.
The erratic revenue trajectory suggests that the company remains heavily reliant on lumpy, non-recurring municipal contracts rather than a steady stream of commercial deliveries. Investors should monitor whether the recent receipt of the Production Certificate can stabilize these fluctuations or if the business will continue to face unpredictable cycles of demand.
High Gross Margins Mask Scalability
As reported in financial statements, EHang maintains a remarkably high gross margin of 60.8% as of 2025Q4, which appears anomalous for an early-stage aerospace manufacturer and suggests a lean, software-heavy assembly model that may not be representative of the broader industry's capital-intensive cost structure.
While these margins are impressive on paper, they may be inflated by the specific accounting treatment of software components or high-margin service contracts. It remains unclear if these margins can be sustained as the company attempts to scale production, as mass-market manufacturing typically introduces significant downward pressure on unit profitability.
Operating Leverage Remains Elusive
Based on EHang's reported figures, the company continues to struggle with operating leverage, as SG&A expenses of $102.6 million in 2025Q4 consistently outpace gross profit, indicating that the firm has yet to achieve the necessary economies of scale to cover its substantial administrative and engineering overhead.
The persistent gap between gross profit and operating expenses suggests that the company's cost structure is currently too rigid to support its growth ambitions. Without a significant reduction in overhead relative to revenue, the path to positive operating income appears to be a long-term challenge rather than an imminent outcome.
Stock-Based Compensation Distorts Earnings
Analysis of recent income statements reveals that stock-based compensation, which reached a negative $185.1 million in 2025Q4, introduces significant noise into the company's bottom-line results, complicating the assessment of true operational performance and the underlying quality of reported net income for equity holders.
The heavy reliance on equity-based incentives suggests that management is prioritizing cash preservation at the expense of shareholder dilution. Analysts should carefully adjust for these non-cash items to determine the actual cash burn rate and the sustainability of the company's current operating model.
Structural Risks to Revenue Sustainability
Data from the income statement suggests that EHang's reliance on project-based revenue and its extreme geographic concentration in China create a binary risk profile, where any shift in local government infrastructure spending could lead to a rapid and permanent contraction in the company's addressable market.
Short-sellers would likely focus on the disconnect between the company's high valuation and its inability to generate consistent, positive cash flow from operations. The potential for regulatory intervention or a slowdown in the 'Low-Altitude Economy' initiative poses a material threat that is not fully captured by current revenue projections.