EHang Holdings Limited (EH) Income Statement
EH 2025 at a glance
Fiscal year ended December 31, 2025 · Chinese yuanEH revenue and net income
Where EH's revenue goes
2025Each bar shows an amount and its share of revenue. EH kept −66.0% of revenue as net income.
EH profit margins
EH growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −8.4% | +111.3% | +18.3% | — |
| Gross profit | −8.1% | +106.5% | +19.4% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
EH income statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥418.0M | CN¥456.2M | CN¥117.4M | CN¥44.3M | CN¥56.8M | CN¥180.1M | CN¥121.8M | CN¥66.5M | CN¥31.7M |
| Cost of revenue | CN¥160.8M | CN¥176.2M | CN¥42.1M | CN¥15.1M | CN¥20.8M | CN¥73.9M | CN¥50.6M | CN¥32.7M | CN¥27.5M |
| Gross profit | CN¥257.2M | CN¥279.9M | CN¥75.3M | CN¥29.2M | CN¥36.0M | CN¥106.2M | CN¥71.2M | CN¥33.7M | CN¥4.2M |
| Research & development | CN¥194.6M | CN¥199.5M | CN¥167.3M | CN¥135.1M | CN¥137.1M | CN¥105.3M | CN¥57.2M | CN¥60.3M | CN¥68.7M |
| Sales, general & admin | CN¥269.6M | CN¥233.4M | CN¥210.5M | CN¥204.2M | CN¥187.4M | CN¥61.6M | CN¥36.9M | CN¥35.9M | CN¥35.4M |
| Total operating expenses | CN¥573.9M | CN¥534.0M | CN¥371.6M | CN¥333.2M | CN¥356.6M | CN¥197.5M | CN¥117.6M | CN¥108.1M | CN¥130.1M |
| Operating income | −CN¥316.7M | −CN¥254.1M | −CN¥296.3M | −CN¥303.9M | −CN¥320.5M | −CN¥91.3M | −CN¥46.3M | −CN¥74.3M | −CN¥125.9M |
| Interest income | CN¥58.6M | CN¥30.6M | CN¥8.5M | CN¥4.7M | CN¥5.1M | CN¥3.8M | CN¥883,000 | CN¥1.1M | CN¥174,000 |
| Interest expense | CN¥6.0M | CN¥3.4M | CN¥15.0M | CN¥3.8M | CN¥1.8M | CN¥2.3M | CN¥837,000 | CN¥564,000 | CN¥0 |
| Income before taxes | −CN¥280.8M | −CN¥229.6M | −CN¥302.1M | −CN¥329.3M | −CN¥313.8M | −CN¥91.8M | −CN¥47.2M | −CN¥80.4M | −CN¥81.4M |
| Income taxes | −CN¥4.4M | CN¥386,000 | CN¥206,000 | CN¥79,000 | CN¥134,000 | CN¥206,000 | CN¥754,000 | CN¥76,000 | CN¥5.2M |
| Net income | −CN¥276.0M | −CN¥229.8M | −CN¥301.7M | −CN¥328.2M | −CN¥314.0M | −CN¥87.6M | −CN¥48.5M | −CN¥79.1M | −CN¥87.4M |
| EBITDA | −CN¥239.6M | −CN¥202.1M | −CN¥264.3M | −CN¥304.7M | −CN¥303.9M | −CN¥83.5M | −CN¥40.7M | −CN¥74.1M | −CN¥77.0M |
| Gross margin | 61.5% | 61.4% | 64.1% | 65.9% | 63.4% | 59.0% | 58.5% | 50.8% | 13.2% |
| Operating margin | −75.8% | −55.7% | −252.3% | −685.9% | −564.3% | −50.7% | −38.0% | −111.8% | −397.3% |
| Net margin | −66.0% | −50.4% | −256.9% | −740.6% | −552.7% | −48.7% | −39.9% | −119.0% | −275.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥77.7M | CN¥25.7M | CN¥240.4M | CN¥92.5M | CN¥147.2M | CN¥26.1M | CN¥164.3M | CN¥128.1M | CN¥102.0M | CN¥61.7M | CN¥56.6M | CN¥28.6M |
| Cost of revenue | CN¥30.1M | CN¥9.6M | CN¥91.1M | CN¥36.3M | CN¥55.1M | CN¥9.8M | CN¥64.6M | CN¥49.7M | CN¥38.4M | CN¥23.5M | CN¥20.0M | CN¥10.1M |
| Gross profit | CN¥47.6M | CN¥16.0M | CN¥149.3M | CN¥56.2M | CN¥92.1M | CN¥16.3M | CN¥99.7M | CN¥78.4M | CN¥63.7M | CN¥38.2M | CN¥36.6M | CN¥18.5M |
| Research & development | CN¥63.6M | CN¥60.1M | CN¥48.4M | CN¥50.6M | CN¥57.6M | CN¥37.3M | CN¥56.0M | CN¥43.9M | CN¥61.8M | CN¥37.8M | CN¥38.1M | CN¥37.7M |
| Sales, general & admin | CN¥118.5M | CN¥67.7M | CN¥102.6M | CN¥100.2M | CN¥115.3M | CN¥61.3M | CN¥69.2M | CN¥59.6M | CN¥81.6M | CN¥49.7M | CN¥55.6M | CN¥52.1M |
| Total operating expenses | CN¥181.8M | CN¥143.9M | CN¥157.9M | CN¥147.9M | CN¥170.2M | CN¥106.2M | CN¥155.1M | CN¥133.2M | CN¥141.1M | CN¥104.0M | CN¥111.8M | CN¥88.5M |
| Operating income | −CN¥134.3M | −CN¥127.9M | −CN¥8.6M | −CN¥91.7M | −CN¥78.1M | −CN¥89.9M | −CN¥55.4M | −CN¥54.7M | −CN¥77.4M | −CN¥65.8M | −CN¥75.2M | −CN¥70.0M |
| Interest income | CN¥9.0M | CN¥10.4M | CN¥21.1M | CN¥13.7M | CN¥11.7M | CN¥12.0M | CN¥12.0M | CN¥8.9M | CN¥6.8M | CN¥2.9M | CN¥4.3M | CN¥2.2M |
| Interest expense | CN¥2.3M | CN¥2.3M | CN¥2.1M | CN¥1.7M | CN¥997,000 | CN¥1.2M | CN¥870,000 | CN¥847,000 | CN¥799,000 | CN¥859,000 | CN¥682,000 | CN¥718,000 |
| Income before taxes | −CN¥128.7M | −CN¥126.2M | CN¥10.8M | −CN¥82.1M | −CN¥80.9M | −CN¥78.4M | −CN¥46.7M | −CN¥47.9M | −CN¥71.6M | −CN¥63.4M | −CN¥72.8M | −CN¥67.0M |
| Income taxes | −CN¥767,822 | CN¥117,000 | CN¥414,199 | −CN¥1,000 | CN¥114,000 | CN¥1,000 | CN¥177,000 | CN¥190,000 | CN¥18,000 | CN¥1,000 | CN¥74,000 | CN¥118,000 |
| Net income | −CN¥128.4M | −CN¥126.0M | CN¥10.4M | −CN¥82.2M | −CN¥80.8M | −CN¥78.1M | −CN¥46.9M | −CN¥48.1M | −CN¥71.5M | −CN¥63.3M | −CN¥72.3M | −CN¥67.0M |
| EBITDA | −CN¥134.3M | −CN¥120.5M | −CN¥8.6M | −CN¥79.2M | −CN¥78.4M | −CN¥75.5M | −CN¥52.1M | −CN¥45.4M | −CN¥70.3M | −CN¥62.2M | −CN¥72.1M | −CN¥66.0M |
| Gross margin | 61.2% | 62.5% | 62.1% | 60.8% | 62.6% | 62.4% | 60.7% | 61.2% | 62.4% | 61.9% | 64.7% | 64.6% |
| Operating margin | −172.9% | −498.5% | −3.6% | −99.2% | −53.1% | −344.5% | −33.7% | −42.7% | −75.9% | −106.7% | −132.8% | −244.7% |
| Net margin | −165.4% | −490.9% | 4.3% | −88.8% | −54.9% | −299.3% | −28.5% | −37.5% | −70.1% | −102.6% | −127.7% | −234.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported in EH's financial statements (latest annual report filed May 15, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
EH financial results
In fiscal year 2025 (ended December 31, 2025), EHang reported revenue of CN¥418.0 million, down 8.4% from the year before. It had a net loss of CN¥276.0 million, a net profit margin of −66.0%. Over five years revenue grew at an average rate of 18.3% a year. Figures are in Chinese yuan, the currency of its financial statements.
See the EH stock overview for the latest quote and news, or the EH chart for price history and technical indicators.
EH income statement FAQ
What is EHang's annual revenue?
EHang reported total revenue of CN¥418.0 million for fiscal year 2025, which ended on December 31, 2025. That was down 8.4% from CN¥456.2 million the previous year.
Is EHang profitable?
No. EHang reported a net loss of CN¥276.0 million in fiscal 2025, a net profit margin of −66.0%; its operating margin was −75.8%.
What is EHang's gross margin?
EHang's gross margin was 61.5% in fiscal 2025: for every $100 of revenue, EHang kept $62 after the direct cost of its products and services.
How much does EHang spend on research and development?
EHang spent CN¥194.6 million on research and development in fiscal 2025, 46.6% of revenue.
How fast is EHang growing?
Revenue grew 18.3% a year on average over the last five fiscal years, from CN¥180.1 million to CN¥418.0 million.
When will EHang report its next earnings?
EHang is expected to report results for the quarter ending September 30, 2026 on November 25, 2026.
When does EHang's fiscal year end?
EHang's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on May 15, 2026.