EHang Holdings on Tuesday withdrew its 2026 revenue guidance of 600 million yuan ($88.4 million), citing increased regulatory caution in China following “recent industry safety incidents.”
The eVTOL developer did not provide replacement guidance and said it would wait for greater regulatory visibility before issuing a new outlook.
Revenue for the second quarter ended June 30 was 77.9 million yuan ($11.5 million), down 31.3% from 113.3 million yuan a year earlier and up 203.5% from 25.7 million yuan in the first quarter.
The company delivered 36 eVTOL aircraft in the quarter, including 35 EH216-series units and one VT35, compared with 52 units in the second quarter of 2025 and four units in the first quarter of 2026.
Net loss was 128.3 million yuan ($18.9 million), compared with 103.0 million yuan in the second quarter of 2025.
Adjusted net loss, excluding share-based compensation, was 58.5 million yuan ($8.6 million), compared with 12.5 million yuan a year earlier.
Gross margin was 61.2%, compared with 61.5% in the same period last year.
As of June 30, cash, cash equivalents, short-term investments and treasury investments totaled 929.4 million yuan ($137.0 million), compared with 1.10 billion yuan at the end of 2025.
Click here to access EHang’s Second Quarter 2026 Unaudited Financial Results.
On June 26, a light-sport aircraft crashed into the CITIC Tower in Beijing, killing the pilot and injuring 13 people on the ground. The Civil Aviation Administration of China reportedly imposed a nationwide suspension of all non-commercial general aviation (GA) operations across China, according to multiple media outlets, though no official CAAC announcement has been found.
Emergency rescue missions and scheduled commercial airline flights are exempt. Based on available information, the GA nationwide suspension appears to remain largely in effect.
EHang has stated that commercial operation approvals for its Hefei and Guangzhou trial sites have been delayed. No timeline has been provided for their resumption.
Amid challenges at home, the company is expanding internationally through a Global Fast Track Program aimed at regulatory coordination and commercialization in overseas markets.
EHang said it is working with Thai authorities toward a commercial operation certificate within 2026 and has designated Sri Lanka as the inaugural market under the initiative. Flight validation has begun in Hong Kong under a regulatory sandbox initiative.
EHang said it continues to develop non-passenger revenue streams, including aerial media, logistics, and firefighting applications. It delivered 520 GD4.0 formation drones in the quarter, compared with 1,000 in the first quarter.
Author’s note — UBS downgraded EHang to Neutral from Buy on June 4, reducing its price target to $11.10 from $21. Bank of America downgraded the stock to Underperform from Buy on July 8, cutting its target to $5.40 from $13. Both cited delayed commercialization approvals and increased regulatory risks.