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Ehang Holdings
(NASDAQ:EH)
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Rating:45Neutral
Price Target:
$4.50
▼(-6.83% Downside)
Action:Reiterated
Date:08/26/26
The score is held down primarily by weak financial quality (ongoing losses and a return to significant cash burn) and bearish technicals (price below key moving averages with negative MACD). The earnings call adds a mixed backdrop—strong sequential execution and liquidity, but reduced visibility after withdrawing 2026 revenue guidance amid regulatory headwinds—while valuation support is limited due to negative earnings and no dividend.
Positive Factors
Resilient Gross Margin
Gross margin remained above 60% despite revenue volatility and changing product mix. This suggests EHang retains meaningful manufacturing and supply-chain economics, which could support future operating leverage as aircraft deliveries and related services scale.
Negative Factors
Persistent Losses and Rising Operating Costs
EHang remains materially loss-making while operating expenses are growing faster than the business can currently absorb. Continued investment may be necessary, but prolonged losses raise the risk of additional financing needs before commercial scale produces sustainable profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Resilient Gross Margin
Gross margin remained above 60% despite revenue volatility and changing product mix. This suggests EHang retains meaningful manufacturing and supply-chain economics, which could support future operating leverage as aircraft deliveries and related services scale.
Read all positive factors
Ehang Holdings (EH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$355.48M
Dividend YieldN/A
Average Volume (3M)676.76K
Price to Earnings (P/E)―
Beta (1Y)1.77
Revenue Growth-3.42%
EPS Growth-3.03%
CountryUS
Employees829
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)-8.62
Shares Outstanding56,332,080
10 Day Avg. Volume931,717
30 Day Avg. Volume676,756
Financial Highlights & Ratios
PEG Ratio-1.23
Price to Book (P/B)3.03
Price to Sales (P/S)8.08
P/FCF Ratio-10.61
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$6.33Price Target Upside31.12% Upside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)-3.28
Revenue Forecast (FY)$470.57M
Ehang Holdings Business Overview & Revenue Model
Company Description
EHang Holdings Limited is a technology company focused on autonomous aerial vehicles (AAVs). The company operates a comprehensive platform that encompasses the design, development, manufacturing, sale, and operation of these advanced aircraft, alo...
How the Company Makes Money
EHang primarily makes money by selling and delivering its autonomous eVTOL aircraft and related solutions to customers. Revenue is generated from (1) product sales of AAV/eVTOL units (including passenger-grade aircraft and other application-specif...
Ehang Holdings Earnings Call Summary
Earnings Call Date:Aug 25, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 26, 2026
Earnings Call Sentiment Neutral
The call presented a mix of operational progress and meaningful positives — strong sequential revenue growth, healthy cash reserves, stable gross margin, product and R&D advances, a large safety flight record, rapid aerial media growth and expanding international initiatives. However, material negatives included a significant year-over-year revenue decline, increased operating expenses, continued adjusted losses, and an industry-wide regulatory tightening (after an unrelated manned aircraft accident) that forced the company to withdraw its 2026 revenue guidance and delayed domestic passenger commercialization. Taken together, the call shows resilience and execution on strategic priorities but also clear near-term uncertainty driven by regulatory timing and revenue visibility.Positive Updates
Strong Sequential Revenue Growth
Q2 revenue of RMB 77.9 million, up 203% sequentially from RMB 25.7 million in Q1 2026, driven by higher EH216 series volume and VT35 contribution.
Negative Updates
Year-over-Year Revenue Decline
Q2 revenue of RMB 77.9 million represents a 35.3% decline versus RMB 113.3 million in Q2 2025, driven by lower EH216 sales volume year-over-year.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Sequential Revenue Growth
Q2 revenue of RMB 77.9 million, up 203% sequentially from RMB 25.7 million in Q1 2026, driven by higher EH216 series volume and VT35 contribution.
Read all positive updates
Company Guidance
The company withdrew its 2026 revenue guidance (previously RMB 600 million) and will not provide a replacement until regulatory visibility improves, but said it will update the market on key operating milestones; Q2 financials included revenue of RMB 77.9 million (down from RMB 113.3 million YoY, up 203% QoQ from RMB 25.7 million), gross margin 61.2% (vs 61.5% a year ago and 62.5% in Q1), adjusted operating expenses RMB 112.7 million (+16.9% YoY, +11.5% QoQ), adjusted operating loss RMB 62.0 million and adjusted net loss RMB 58.5 million, with cash, cash equivalents and short-term/treasury investments of RMB 929.4 million as of June 30, 2026; operational metrics: Q2 deliveries were 35 EH216-S and 1 VT35, 520 GD4 drones delivered and 22 aerial media shows (with over 1,000 GD4s shipped to Thailand), aerial media revenue surged >270% YoY, air mobility comprised ~92% of Q2 revenue vs ~8% nonpassenger, the EH216 series has nearly 100,000 safety flights and a 4.94/5 passenger satisfaction score, global footprint expanded to 23 countries (adding Mexico and Switzerland), Thailand targets an experimental permit in Q3 and a commercial operations certificate by year-end 2026 (planning 10 routes and ~5+ EH216 units per location, with deliveries expected next year), and product/ops upgrades (battery cooling raising daily sorties per aircraft to ~12–15 from ~6 and cabin cooling lowering temperature by 10–15°C) plus cost-efficiency measures are expected to support future commercialization.Ehang Holdings Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
55
Neutral
Cash Flow
34
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 348.05M | 417.98M | 456.15M | 117.43M | 44.32M | 56.81M |
| Gross Profit | 212.39M | 257.15M | 279.95M | 75.31M | 29.22M | 36.03M |
| EBITDA | -370.42M | -239.60M | -202.12M | -264.26M | -304.74M | -303.91M |
| Net Income | -371.50M | -275.98M | -229.78M | -301.70M | -328.22M | -313.96M |
Balance Sheet | ||||||
| Total Assets | 1.85B | 2.05B | 1.58B | 598.64M | 530.87M | 535.43M |
| Cash, Cash Equivalents and Short-Term Investments | 902.26M | 1.13B | 1.12B | 300.14M | 249.31M | 311.97M |
| Total Debt | 578.27M | 452.92M | 233.50M | 163.55M | 200.06M | 30.00M |
| Total Liabilities | 942.06M | 936.72M | 628.68M | 384.43M | 406.19M | 201.39M |
| Stockholders Equity | 906.75M | 1.12B | 955.64M | 213.79M | 124.26M | 332.60M |
Cash Flow | ||||||
| Free Cash Flow | -318.49M | -318.49M | 118.99M | -97.50M | -187.28M | -137.32M |
| Operating Cash Flow | -174.62M | -174.62M | 157.96M | -88.41M | -173.46M | -121.63M |
| Investing Cash Flow | -532.17M | -532.17M | -482.51M | -128.69M | 56.40M | -33.40M |
| Financing Cash Flow | 367.08M | 367.08M | 701.36M | 195.48M | 106.74M | 266.95M |
Ehang Holdings Technical Analysis
Negative
4.83
Price Trends
5.40
Negative
7.32
Negative
9.96
Negative
Market Momentum
-0.31
Positive
37.34
Neutral
23.35
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EH, the sentiment is Negative. The current price of 4.83 is below the 20-day moving average (MA) of 5.19, below the 50-day MA of 5.40, and below the 200-day MA of 9.96, indicating a bearish trend. The MACD of -0.31 indicates Positive momentum. The RSI at 37.34 is Neutral, neither overbought nor oversold. The STOCH value of 23.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for EH.
Ehang Holdings Risk Analysis
Ehang Holdings disclosed 97 risk factors in its most recent earnings report. Ehang Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Ehang Holdings Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
58 Neutral | $4.40B | -5.29 | -40.86% | ― | ― | 15.37% | |
57 Neutral | $38.46B | -232.07 | -7.56% | ― | 52.53% | 38.89% | |
50 Neutral | $773.64M | -3.58 | -221.18% | ― | ― | 1.65% | |
49 Neutral | $460.85M | -0.90 | -88.50% | ― | -38.87% | 62.62% | |
45 Neutral | $355.48M | -3.19 | -36.65% | ― | -3.42% | -3.03% | |
42 Neutral | $102.73M | 3.69 | -171.87% | ― | ― | ― |
* Industrials Sector Average
EH
Ehang Holdings
4.69
-11.72
-71.41%
SPCE
Virgin Galactic Holdings
3.04
-0.13
-4.10%
EVTL
Vertical Aerospace
0.60
-4.33
-87.87%
EVEX
Eve Holding
2.22
-1.53
-40.80%
RKLB
Rocket Lab USA
64.26
17.23
36.64%
ACHR
Archer Aviation
5.71
-2.72
-32.27%
Ehang Holdings Corporate Events
EHang Posts Q2 2026 Surge in Revenue as Global Pilotless eVTOL Rollout Accelerates
Aug 25, 2026
On August 25, 2026, EHang reported unaudited results for the quarter ended June 30, 2026, highlighting a sharp sequential revenue rebound to RMB77.9 million, up 203.5% quarter-on-quarter but still 31.3% below a year earlier. Deliveries rose to 36 ...
EHang Replaces PwC With KPMG Huazhen as Independent Auditor
Aug 20, 2026
On August 20, 2026, Guangzhou-based EHang Holdings announced it has dismissed PricewaterhouseCoopers Zhong Tian as its independent auditor and appointed KPMG Huazhen as its new independent registered public accounting firm. The change, effective A...
EHang Posts Wider Q1 Losses but Advances eVTOL Commercialization and Launches $30 Million Buyback
Jun 9, 2026
EHang reported unaudited first-quarter 2026 results on June 9, with eVTOL deliveries falling to four EH216 units from 11 a year earlier and revenues staying roughly flat at RMB25.7 million, while gross margin held above 62% but operating and net l...
EHang Launches US$30 Million Share Buyback to Signal Confidence in AAM Growth
Jun 8, 2026
EHang Holdings, the Guangzhou-based advanced air mobility specialist, designs and manufactures pilotless eVTOL aircraft for uses ranging from tourism and urban transport to logistics and firefighting. Its flagship EH216-S has secured the worldR...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.