China's EHang Q4 revenue rises on record eVTOL deliveries

EHang Holdings

12/03/2026 09:47

Overview

China advanced air mobility firm's Q4 revenue rose 48% yr/yr on record eVTOL deliveries

Company posted first GAAP profitable quarter, with net income turning positive yr/yr

Q4 results driven by record 100 eVTOL aircraft deliveries, including new VT35 model

Outlook

EHang expects 2026 revenue to be around RMB600 mln, up about 18% year-over-year

Company plans to launch EH216-S commercial operations in China in March 2026

Company sees continued overseas expansion, with Thailand commercial license pending approval

Result Drivers

HIGHER SALES VOLUME - Q4 revenue growth and profitability were mainly driven by increased sales and deliveries of eVTOL aircraft, including EH216 series and new VT35 model

IMPROVED OPERATING LEVERAGE - Operating loss narrowed significantly as higher revenues outpaced increases in operating expenses

INCREASED MARKETING AND SALES EXPENSES - Higher sales-related compensation and marketing activities contributed to increased operating expenses

Company press release: ID:nGNXc1rBMF

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q4 Revenue
RMB 243.80 mln
Q4 Net Income
RMB 10.50 mln
Q4 Operating Income
-RMB 6.60 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 11 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the aerospace & defense peer group is "buy"

Wall Street's median 12-month price target for EHang Holdings Ltd is $20.63, about 68.1% above its March 11 closing price of $12.27

The stock recently traded at 58 times the next 12-month earnings vs. a P/E of 66 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)