EHang Q2 2025: Revenue Surges, VT35 Advances
Plus, EHang and the Hefei government will build a VT35 long-range eVTOL hub.
EHang Holdings Ltd. reported unaudited second-quarter 2025 results, showing strong revenue growth and progress on next-generation aircraft development.
Revenue reached RMB147.2 million (US$20.5 million), a 44.2% increase from a year earlier and a 464% rise from the previous quarter, mainly due to higher deliveries of its EH216 series eVTOL aircraft. Deliveries totaled 68 units, up from 49 in the same quarter of 2024 and 11 in the first quarter of 2025.
Gross margin remained steady at 62.6%. Operating loss was RMB78.1 million (US$10.9 million), roughly flat from last year but narrowed from the prior quarter. Net loss widened slightly to RMB81.0 million (US$11.3 million).
On a non-GAAP basis, EHang reported adjusted net income of RMB9.4 million, compared with RMB1.2 million a year ago and a loss in the previous quarter.
Cash and short-term investments stood at RMB1.15 billion (US$160.5 million) as of June 30, strengthened by RMB170.2 million (US$23.8 million) raised through an at-the-market equity offering.
EHang expanded trial commercial operations of its EH216-S passenger eVTOL in Guangzhou and Hefei, logging more than 700 flights since the second quarter under its two certified operators. Across China and overseas, the company reported more than 10,000 safe flights in the first half of the year at over 40 operational sites.
EHang highlighted progress on its next-generation VT35 model, a long-range, lift-and-cruise passenger eVTOL. Internal testing and flight trials are underway, with an official unveiling expected in September 2025.
The company has partnered with the Hefei government to establish a VT35 series product hub in the city. The hub will cover research, testing, manufacturing, certification, supply chain, and operations, supported by government commitments valued at about RMB500 million. These include product orders, investments, and broader initiatives to advance the low-altitude economy.
During the quarter, EHang formed partnerships with Gotion High-Tech to co-develop advanced cylindrical battery systems and with Minth Group to design lightweight airframes and smart cockpit solutions. In July, it also launched a joint research institute with Tsinghua University focused on low-altitude aviation technology.
The company continued expanding the footprint of its EH216-S, reporting operations in 20 countries after test flights in Mexico, Indonesia, and the Dominican Republic. Its VT20 logistics eVTOL began operating a new 83 km intercity cargo route in China’s Greater Bay Area.
EHang revised its 2025 full-year revenue guidance to approximately RMB500 million, citing a focus on scaling commercial eVTOL operations before expanding delivery volumes further.
See EHang’s Second Quarter 2025 Unaudited Financial Results here.
EHang Partners with Hefei to Develop VT35 eVTOL Hub
On the topic of the VT35 — EHang released a press release on August 26 announcing it had signed an investment cooperation agreement with the Hefei government to establish a product hub for its next-generation long-range eVTOL.
The VT35 is designed for medium- to long-distance passenger transport, including intercity, cross-sea, and cross-mountain routes.
Building on the earlier VT30 prototype, it incorporates upgraded autonomous flight control and propulsion systems, along with EHang’s proprietary command-and-control technology, the company said.
Under the agreement, EHang and the Hefei government plan to jointly invest about RMB 1 billion in a new base in Hefei covering research and development, testing, manufacturing, certification, supply chain, sales, operations, and talent development.
The government will also provide additional support worth about RMB 500 million in the form of aircraft orders, investments, and industry cooperation.
EHang’s Type Certificate application for the VT35 was accepted by the Civil Aviation Administration of China in February 2025 and is currently under review. Certification work will be conducted in Hefei, with the goal of obtaining type, production, and standard airworthiness certificates, the company added.
EHang also said it plans to assist its joint venture, Hefei Heyi Aviation, in applying for the first Air Operator Certificate for the VT35, supporting operations in passenger transport, logistics, and emergency services across East China.