EHang Holdings reported flat pre-market trading on Tuesday after posting a second-quarter revenue miss and withdrawing its annual guidance, citing regulatory caution in China’s aviation sector.
The Guangzhou-based company’s adjusted earnings per share of RMB0.38 exceeded analyst expectations of a loss of RMB0.72, but revenue of RMB77.9 million fell short of the RMB132.96 million consensus. Revenue declined 31.3% from RMB113.3 million in the same period last year, though it rose 203.5% sequentially from RMB25.7 million in the first quarter.
EHang also reported an adjusted operating loss of RMB62.0 million, compared with RMB23.9 million in Q2 2025. Gross margin remained stable at 61.2%, down slightly from 61.5% a year earlier. Cash and investment balances totaled RMB929.4 million as of June 30.
The company delivered 36 electric vertical takeoff and landing (eVTOL) aircraft in the quarter, down from 52 in Q2 2025 but up from four in Q1 2026. EHang attributed the decline in deliveries to increased regulatory scrutiny following a light-sport aircraft accident in China in late June, which has slowed passenger commercial operations approvals in some regions.
In response, EHang withdrew its previously issued 2026 revenue guidance of RMB600 million and did not provide a replacement. Founder and CEO Huazhi Hu emphasized the company’s focus on refining operational models domestically while accelerating overseas expansion through initiatives such as the Global Fast Track Program and regulatory sandbox efforts in Thailand and Hong Kong.
Hu stated the regulatory environment represents a temporary adjustment rather than a shift in market demand or long-term strategy, noting the company remains focused on diversifying revenue streams beyond passenger transport into logistics, firefighting and aerial media.
