Ehang Holdings (EH) financial statements
Ehang Holdings reported revenue of 418M CNY in fiscal 2025, up 38.0% a year over 8 years.
Net income was -276M CNY and the operating margin -75.8%, against -397.3% in 2017.
Free cash flow was -327M CNY.
The diluted share count rose 158% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions (CNY).
Income statement
Fiscal years, in CNY, from Ehang Holdings's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 32M CNY | 66M CNY | 122M CNY | 180M CNY | 57M CNY | 44M CNY | 117M CNY | 456M CNY | 418M CNY |
| Cost of revenue | 28M CNY | 33M CNY | 51M CNY | 74M CNY | 21M CNY | 15M CNY | 42M CNY | 176M CNY | 161M CNY |
| Gross profit | 4M CNY | 34M CNY | 71M CNY | 106M CNY | 36M CNY | 29M CNY | 75M CNY | 280M CNY | 257M CNY |
| Research and development | 69M CNY | 60M CNY | 57M CNY | 105M CNY | 137M CNY | 135M CNY | 167M CNY | 199M CNY | 195M CNY |
| Selling, general and admin | 66M CNY | 56M CNY | 64M CNY | 99M CNY | 231M CNY | 204M CNY | 210M CNY | 364M CNY | 392M CNY |
| Operating income | -126M CNY | -74M CNY | -46M CNY | -91M CNY | -321M CNY | -304M CNY | -296M CNY | -254M CNY | -317M CNY |
| Interest expense | — | 564,000 CNY | 837,000 CNY | 2M CNY | 2M CNY | 2M CNY | 3M CNY | 3M CNY | 6M CNY |
| Pre-tax income | -81M CNY | -80M CNY | -47M CNY | -92M CNY | -314M CNY | -329M CNY | 302M CNY | 230M CNY | -276M CNY |
| Income tax | 5M CNY | 76,000 CNY | 754,000 CNY | 206,000 CNY | 134,000 CNY | 79,000 CNY | 206,000 CNY | 386,000 CNY | -4M CNY |
| Net income | -87M CNY | -79M CNY | -49M CNY | -88M CNY | -314M CNY | -328M CNY | -302M CNY | -230M CNY | -276M CNY |
| EPS (diluted) | -1.67 CNY | -1.39 CNY | -1.24 CNY | -0.80 CNY | -2.78 CNY | -2.86 CNY | -2.48 CNY | -1.71 CNY | -1.88 CNY |
| Diluted shares | 57M | 57M | 0M | 110M | 113M | 115M | 121M | 134M | 147M |
| Gross margin | 13.2% | 50.8% | 58.5% | 59.0% | 63.4% | 65.9% | 64.1% | 61.4% | 61.5% |
| Operating margin | -397.3% | -111.8% | -38.0% | -50.7% | -564.3% | -685.9% | -252.3% | -55.7% | -75.8% |
| Net margin | -275.9% | -119.0% | -39.9% | -48.7% | -552.7% | -740.6% | -256.9% | -50.4% | -66.0% |
Balance sheet
Fiscal years, in CNY, from Ehang Holdings's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | 61M CNY | 62M CNY | 329M CNY | 187M CNY | 312M CNY | 249M CNY | 286M CNY | 1.1B CNY | 1.1B CNY |
| Receivables | — | 3M CNY | 41M CNY | 163M CNY | 56M CNY | 20M CNY | 35M CNY | 58M CNY | 112M CNY |
| Inventory | — | 4M CNY | 18M CNY | 47M CNY | 78M CNY | 72M CNY | 59M CNY | 76M CNY | 102M CNY |
| Total current assets | — | 102M CNY | 429M CNY | 424M CNY | 477M CNY | 387M CNY | 453M CNY | 1.4B CNY | 1.5B CNY |
| Property, plant and equipment | — | 19M CNY | 16M CNY | 21M CNY | 34M CNY | 47M CNY | 45M CNY | 60M CNY | 258M CNY |
| Total assets | — | 125M CNY | 449M CNY | 485M CNY | 535M CNY | 531M CNY | 599M CNY | 1.6B CNY | 2.0B CNY |
| Total current liabilities | — | 57M CNY | 96M CNY | 158M CNY | 136M CNY | 282M CNY | 250M CNY | 470M CNY | 716M CNY |
| Long-term debt | — | — | 33M CNY | — | 17M CNY | 4M CNY | 9M CNY | 20M CNY | 83M CNY |
| Total liabilities | — | 62M CNY | 134M CNY | 207M CNY | 201M CNY | 406M CNY | 384M CNY | 629M CNY | 923M CNY |
| Shareholders' equity | -490M CNY | -546M CNY | 312M CNY | 276M CNY | 333M CNY | 124M CNY | 214M CNY | 956M CNY | 1.1B CNY |
| Net debt | -61M CNY | -62M CNY | -289M CNY | -108M CNY | -230M CNY | -245M CNY | -219M CNY | -590M CNY | -174M CNY |
Cash flow
Fiscal years, in CNY, from Ehang Holdings's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -38M CNY | -43M CNY | -56M CNY | -152M CNY | -122M CNY | -173M CNY | -88M CNY | 158M CNY | -180M CNY |
| Capital spending | 12M CNY | 5M CNY | 3M CNY | 9M CNY | 16M CNY | 12M CNY | 8M CNY | 39M CNY | 148M CNY |
| Free cash flow | -50M CNY | -48M CNY | -58M CNY | -160M CNY | -137M CNY | -186M CNY | -96M CNY | 119M CNY | -327M CNY |
| Stock-based compensation | 32M CNY | 22M CNY | 15M CNY | 55M CNY | 121M CNY | 97M CNY | 151M CNY | 273M CNY | 246M CNY |
| Net borrowing | — | 7M CNY | 25M CNY | -2M CNY | -5M CNY | -40M CNY | -40M CNY | -40M CNY | -40M CNY |
| Free cash flow margin | -158.5% | -72.1% | -47.8% | -89.1% | -241.6% | -418.9% | -82.0% | 26.1% | -78.3% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for EH.
Open EH in InvestinglyQuestions
What was Ehang Holdings's revenue in 2025?
418M CNY in fiscal 2025, from its 10-K filing.
How much free cash flow does Ehang Holdings generate?
-327M CNY in fiscal 2025 (operating cash flow minus capital spending).
From Ehang Holdings's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.