Revenue has been volatile, moving from $26.1M in 2025Q1 to $147.2M in 2025Q2 and $77.7M in 2026Q2, while operating margin remained deeply negative at -172.9% in 2026Q2 despite a stable 61.2% gross margin.
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 | 348.05M | 417.98M | 456.15M | 117.43M | 44.32M | 56.81M | 180.09M | 121.81M | 66.49M | 31.7M |
| Revenue Growth % | -25.26% | -8.37% | 288.46% | 164.97% | -21.99% | -68.46% | 47.84% | 83.21% | 109.77% | - |
| Cost of Goods Sold | 135.66M | 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 | 212.39M | 257.15M | 279.95M | 75.31M | 29.22M | 36.03M | 106.18M | 71.22M | 33.75M | 4.18M |
| Gross Margin % | 61.02% | 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 | 623.27M | 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 | 412.62M | 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 | 223.41M | 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 | -410.88M | -316.71M | -254.07M | -296.25M | -303.95M | -320.54M | -91.3M | -46.34M | -74.35M | -125.92M |
| Operating Margin % | -118.05% | -75.77% | -55.7% | -252.29% | -685.85% | -564.25% | -50.69% | -38.05% | -111.82% | -397.28% |
| Operating Income Growth % | - | -24.65% | 14.24% | 2.53% | 5.17% | -251.1% | -96.99% | 37.67% | 40.95% | - |
| EBITDA | -385.96M | -286.72M | -234.28M | -274.89M | -283.06M | -312.76M | -85.1M | -40.67M | -68.75M | -121.48M |
| EBITDA Margin % | -110.89% | -68.6% | -51.36% | -234.1% | -638.71% | -550.57% | -47.26% | -33.39% | -103.4% | -383.27% |
| EBITDA Growth % | -58.57% | -22.38% | 14.78% | 2.88% | 9.5% | -267.51% | -109.24% | 40.84% | 43.41% | - |
| D&A (Non-Cash Add-back) | 4.98M | 29.99M | 19.8M | 21.36M | 20.89M | 7.77M | 6.19M | 5.67M | 5.6M | 4.44M |
| EBIT | -370.42M | -269.6M | -221.92M | -285.62M | -325.63M | -311.68M | -89.73M | -46.33M | -79.66M | -81.39M |
| Net Interest Income | 45.82M | 52.61M | 27.22M | -6.47M | 850K | 3.34M | 1.46M | 46K | 493K | 174K |
| Interest Income | 54.23M | 58.59M | 30.6M | 8.48M | 4.67M | 5.14M | 3.79M | 883K | 1.06M | 174K |
| Interest Expense | 8.41M | 5.98M | 3.38M | 14.95M | 3.82M | 1.8M | 2.34M | 837K | 564K | 0 |
| Other Income/Expense | 34.45M | 35.89M | 24.43M | -5.88M | -25.3M | 6.77M | -539K | -895K | -6.04M | 44.53M |
| Pretax Income | -376.43M | -280.82M | -229.65M | -302.13M | -329.25M | -313.76M | -91.83M | -47.24M | -80.39M | -81.39M |
| Pretax Margin % | -108.15% | -67.18% | -50.34% | -257.3% | -742.95% | -552.33% | -50.99% | -38.78% | -120.91% | -256.79% |
| Income Tax | -5.17M | -4.41M | 386K | 206K | 79K | 134K | 206K | 754K | 76K | 5.18M |
| Effective Tax Rate % | 1.37% | 1.57% | -0.17% | -0.07% | -0.02% | -0.04% | -0.22% | -1.6% | -0.09% | -6.37% |
| Net Income | -371.5M | -275.98M | -229.78M | -301.7M | -328.22M | -313.96M | -87.62M | -48.55M | -79.11M | -87.43M |
| Net Margin % | -106.74% | -66.03% | -50.37% | -256.93% | -740.62% | -552.68% | -48.65% | -39.85% | -118.99% | -275.86% |
| Net Income Growth % | -46.38% | -20.11% | 23.84% | 8.08% | -4.54% | -258.32% | -80.49% | 38.64% | 9.52% | - |
| Net Income (Continuing) | -371.26M | -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) | -9.78 | -7.52 | -6.84 | -4.96 | -5.74 | -5.56 | -1.68 | -0.88 | -1.48 | -1.64 |
| EPS Growth % | -51.38% | -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 $276.0M for the fiscal year ending 2025.
EHang Holdings Limited (EH) reported an operating income of $-316.7M, resulting in an operating profit margin of -75.8%. 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
Persistent operating losses and volatile revenue
Lumpy Revenue Without Durable Compounding
Based on EHang's reported quarterly figures, revenue swung from $26.1M in 2025Q1 to $147.2M in 2025Q2 and then to $77.7M in 2026Q2, a pattern that points to delivery-timing dependence rather than steady compounding.
The 2025 Q4 peak of $152.3M followed by a sharp year-over-year decline of 47.2% in 2026Q2 suggests revenue is recognized in large, irregular lumps tied to aircraft deliveries and project milestones. Investors should treat any single-quarter growth rate as weakly informative and focus on whether trailing revenue can sustain a higher base.
Stable Gross Margins Mask Operating Deficits
EHang's gross margin has held in a narrow 60.7% to 64.7% band across the ten reported quarters, yet operating margin ranged from -3.4% to -172.9%, indicating that gross profitability is not the binding constraint.
The consistency of gross margin suggests the unit economics of the product itself are relatively stable at the reported level. The deterioration in operating margin, particularly the -172.9% reading in 2026Q2, indicates that fixed operating expenses are overwhelming gross profit, so the margin story is one of cost absorption rather than pricing or product mix.
Operating Expenses Outpace Gross Profit
In 2026Q2, EHang's operating expenses reached roughly $181.8M against gross profit of $47.6M, implying that operating costs were nearly four times gross profit and reflecting negative operating leverage.
Operating income moved from approximately -$54.7M in 2024Q3 to -$134.3M in 2026Q2 while gross profit did not scale proportionally, which shows the cost base is expanding faster than revenue-driven contribution. This pattern warrants further investigation into whether the R&D and SG&A commitments are discretionary or structurally required to maintain the platform.
Net Losses Heavily Shaped by Stock Compensation
Reported stock-based compensation of $69.8M in 2026Q2 and $185.1M reversal-adjusted swing in 2025Q4 suggests that non-cash items materially influence reported net income and EPS trends.
The large swings in SBC, including a $185.1M negative figure in 2025Q4 that appears inconsistent with a normal expense line, may indicate reversals or reclassifications that complicate period-to-period comparisons. Investors should verify whether the positive 2025Q4 EPS of $0.28 reflects non-operating gains rather than underlying earnings strength, as the quarter's operating loss of -$60.4M contradicts that result.
Losses Persist Despite Revenue Recovery
Based on reported figures, EHang has posted operating losses in every one of the ten quarters shown, and net losses have not narrowed in a consistent direction even when revenue recovered.
The bear case centers on the absence of any sustained operating profitability, with cumulative losses across these quarters implying that the business has not yet demonstrated a self-funding model at reported scale. Short-sellers would likely argue that revenue spikes reflect one-time deliveries and that the underlying cost structure offers little path to breakeven without a step change in volume that the historical data does not yet confirm.