Operational and Financial Highlights for the First Quarter of 2026
- Sales and deliveries of electric vertical take-off and landing (“eVTOL”) aircraft were four units of EH216 series1, compared with 11 units of EH216 series in the first quarter of 2025, and 61 units of EH216 series and five units of VT35 in the fourth quarter of 2025.
- Total revenues were
RMB25.7 million (US$3.7 million ), compared withRMB26.1 million in the first quarter of 2025, andRMB177.6 million in the fourth quarter of 2025. - Gross margin was 62.5%, a slight increase from 62.4% in the first quarter of 2025 and 61.6% in the fourth quarter of 2025.
- Operating loss was
RMB127.9 million (US$18.5 million ), compared withRMB89.9 million in the first quarter of 2025 andRMB43.0 million in the fourth quarter of 2025. - Net loss was
RMB126.4 million (US$18.3 million ), compared withRMB78.4 million in the first quarter of 2025 andRMB20.9 million in the fourth quarter of 2025. - Adjusted operating loss2 (non-GAAP) was
RMB77.1 million (US$11.2 million ), compared withRMB42.6 million in the first quarter of 2025, and adjusted operating income2 ofRMB17.9 million in the fourth quarter of 2025. - Adjusted net loss3 (non-GAAP) was
RMB75.6 million (US$11.0 million ), compared withRMB31.1 million in the first quarter of 2025, and adjusted net income3 ofRMB40.1 million in the fourth quarter of 2025. - Cash and cash equivalents, restricted short-term deposits, short-term investments and treasury investment balances were
RMB1.03 billion (US$148.9 million ) as ofMarch 31, 2026 .
Business Highlights for the First Quarter of 2026 and Recent Developments
Progress Toward EH216-S Commercial Operations in
As
In preparation for the EH216-S crew training program, EHang assembled an experienced instructor team and secured all necessary resources, including training aircraft, facilities, and practice sites. In
EH216-S Upgrades to Enhance Operational Efficiency and Passenger Experience
EHang continued to optimize the EH216-S platform with a focus on improving operational efficiency and passenger comfort, particularly in high-temperature operating environments.
To enhance aircraft utilization, the Company developed a dedicated battery cooling vehicle that significantly shortens battery cooling time between flights, supporting higher operational frequency. In addition, EHang introduced an independent air-conditioning system for the EH216-S cabin. The upgraded system effectively reduces cabin temperature and improves passenger comfort without compromising flight safety and performance.
Progress on VT35 Certification Process
EHang continued advancing the research, development, and airworthiness certification for the VT35 long-range lift-and-cruise eVTOL aircraft. The certification process is currently in the Certification Basis definition phase, with in-depth discussions with the
Aerial Media Business Continues to Gain Traction
Building on the successful performance of 16 EH216-S aircraft and 22,580 GD4.0 formation drones at the CMG 2026 China Spring Festival Gala in
During the first quarter of 2026, EHang delivered 22 aerial media shows and 1,000 units of GD 4.0 formation drones. Revenue contribution from aerial media solutions represented approximately 40% of total revenue for the quarter, reflecting growing customer adoption and a more diversified revenue mix.
Global Expansion
Share Repurchase Program
On
The Company's proposed repurchases may be made from time to time through open market transactions at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on the market conditions and in accordance with applicable federal securities laws, including Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The timing and amount of any share repurchases under the Share Repurchase Program will be determined by the Company’s management at its discretion based on ongoing assessments of price, trading volume and general market conditions, along with the Company's working capital requirements, general business conditions and other factors. The Company expects to fund repurchases made under this program mainly from its existing cash balance.
Management Remarks
Mr. Huazhi Hu, Founder, Chairman and Chief Executive Officer of EHang: “The first quarter of 2026 marked an important transition period as we continued advancing from airworthiness certification achievements toward commercial deployment. We remained focused on the four strategic priorities we outlined at the beginning of the year: advancing commercial operation readiness, expanding our global footprint, progressing the VT35 certification, and strengthening our integrated industrial capabilities. This quarter, we continued refining operational systems and procedures with regulators and partners, upgraded EH216-S for hot-weather conditions, advanced VT35 key certification activities and Thailand’s AAM sandbox program.
At the industry level, China’s low-altitude economy is entering a new stage of development, supported by an increasingly comprehensive legal, regulatory, and standards framework that provides a solid foundation for sustainable growth. As the world’s first company to obtain the full suite of airworthiness and operational certifications for a pilotless human-carrying eVTOL aircraft, we believe our competitive advantage extends beyond certification and manufacturing. It lies in our ability to establish safe, scalable, and sustainable operational models. Looking ahead, we will continue to prioritize safety, compliance, and operational excellence while steadily advancing the commercialization of advanced air mobility.”
Mr.
Additionally, the Board has approved a 12-month share repurchase program, authorizing the repurchase of up to
Unaudited Financial Results for the First Quarter of 2026
Revenues
Total revenues were
Costs of revenues
Costs of revenues were
Gross profit and gross margin
Gross profit was
Gross margin was 62.5%, a slight increase from 62.4% in the first quarter of 2025 and 61.6% in the fourth quarter of 2025.
Operating expenses
Total operating expenses were
- Sales and marketing expenses were
RMB23.9 million (US$3.5 million ), compared withRMB12.2 million in the first quarter of 2025, andRMB38.3 million in the fourth quarter of 2025. The year-over-year increase was attributed to higher share-based compensation expenses due to new grant of share-based awards in second quarter of 2025, primarily subject to four-year vesting schedule, increased employee compensation driven by workforce expansion and increased marketing and promotional fees. The quarter-over-quarter decrease was attributed to lower share-based compensation expenses due to a certain portion of share-based awards fully vested in 2025 and decreased sales-related compensation driven by lower sales volume. - General and administrative expenses were
RMB67.7 million (US$9.8 million ), compared withRMB61.3 million in the first quarter of 2025, and on par withRMB67.1 million in the fourth quarter of 2025. The year-over-year increase was mainly attributed to increased employee compensation driven by workforce expansion and increased depreciation and amortization of property and equipment as our new headquarter buildings were placed in service due to workforce expansion, partly offset by lower share-based compensation expenses. - Research and development expenses were
RMB60.1 million (US$8.7 million ), compared withRMB37.3 million in the first quarter of 2025, andRMB49.1 million in the fourth quarter of 2025. The year-over-year increase was mainly attributed to increased employee compensation driven by workforce expansion and incremental expenditures on different models of eVTOL aircraft, including VT35 development and certification. The quarter-over-quarter increase was mainly attributable to continuous expenditures on development of the eVTOL aircraft.
Operating loss
Operating loss was
Net loss
Net loss was
Net loss per ordinary share and per ADS
Basic and diluted net loss per ordinary share were both
Basic and diluted net loss per American depositary share (“ADS”) were both
Balance sheets
Cash and cash equivalents, restricted short-term deposits, short-term investments and treasury investment balances were
Non-GAAP Financial Measures
The Company uses adjusted operating expenses, adjusted sales and marketing expenses, adjusted general and administrative expenses, adjusted research and development expenses, adjusted operating income (loss), adjusted net income (loss), adjusted net income (loss) attributable to ordinary shareholders, adjusted basic and diluted net earnings (loss) per ordinary share and adjusted basic and diluted net earnings (loss) per ADS (collectively, the “Non-GAAP Financial Measures”) in evaluating its operating results and for financial and operational decision-making purposes. There was no income tax impact on the Company’s non-GAAP adjustments because the non-GAAP adjustments are usually recorded in entities located in tax-free jurisdictions, such as the
The Company believes that the Non-GAAP Financial Measures help identify underlying trends in its business that could otherwise be distorted by the effects of item of (i) share-based compensation expenses and (ii) certain non-operational expenses, such as provisions for legal proceedings, which are included in their comparable GAAP measures. The Company believes that the Non-GAAP Financial Measures provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects, and allow for greater visibility with respect to key metrics used by its management in their financial and operational decision-making.
The Non-GAAP Financial Measures are not defined under
Each of the Non-GAAP Financial Measures should not be considered in isolation or construed as an alternative to its comparable GAAP measure or any other measure of performance or as an indicator of the Company’s operating performance or financial results. Investors are encouraged to review the Company’s most directly comparable GAAP measures in conjunction with the Non-GAAP Financial Measures. The Non-GAAP Financial Measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.
For more information on the Non-GAAP Financial Measures, please see the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.
Adjusted operating expenses4 (non-GAAP)
Adjusted operating expenses4 were
Adjusted operating income (loss)2 (non-GAAP)
Adjusted operating loss2 was
Adjusted net income (loss)3 (non-GAAP)
Adjusted net loss3 was
Adjusted net income (loss) attributable to EHang’s ordinary shareholders5 (non-GAAP)
Adjusted net loss attributable to EHang’s ordinary shareholders5 was
Adjusted net loss per ordinary share6 and per ADS7 (non-GAAP)
Adjusted basic and diluted net loss per ordinary share6 were
Adjusted basic and diluted net loss per ADS7 were
Business Outlook
For the fiscal year 2026, the Company currently maintains the annual revenue guidance of around
The above outlook is based on information available as of the date of this press release and reflects the Company’s current and preliminary views regarding its business situation and market conditions, which are subject to change.
Conference Call
EHang’s management team will host an earnings conference call at
To join the conference call via telephone, participants must use the following link to complete an online registration process. Upon registering, each participant will receive email instructions to access the conference call, including dial-in information and a PIN number allowing access to the conference call.
Participant Online Registration:
English line: https://s1.c-conf.com/diamondpass/10055177-wdgnt0.html
Chinese line: https://s1.c-conf.com/diamondpass/10055179-jzwcug.html
A live and archived webcast of the conference call will be available on the Company’s Investors Relations website at http://ir.ehang.com/.
About EHang
EHang (Nasdaq: EH) is the world’s leading advanced air mobility (“AAM”) technology platform company, committed to making safe, autonomous, and eco-friendly air mobility accessible to everyone. The company develops and manufactures a diversified portfolio of pilotless electric vertical take-off and landing (“eVTOL”) aircraft for a wide range of use cases, including aerial tourism, intra-city transport, intercity travel, logistics and emergency firefighting. Its flagship model, EH216-S, has obtained the world’s first type certificate, production certificate and standard airworthiness certificate for pilotless eVTOL issued by the
Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the
Exchange Rate
This press release contains translations of certain Renminbi (“RMB”) amounts into
Investor Contact: ir@ehang.com
Media Contact: pr@ehang.com
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”)) | ||||||
| As of | As of | |||||
| RMB | RMB | US$ | ||||
| (Unaudited) | (Unaudited) | (Unaudited) | ||||
| ASSETS | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | 256,400 | 160,204 | 23,225 | |||
| Short-term investments | 843,232 | 809,934 | 117,415 | |||
| Restricted short-term deposits | 29,655 | 28,733 | 4,165 | |||
| Accounts receivable, net8 | 111,670 | 86,101 | 12,481 | |||
| Inventories | 101,634 | 120,769 | 17,508 | |||
| Prepayments and other current assets9 | 140,922 | 143,342 | 20,780 | |||
| Total current assets | 1,483,513 | 1,349,083 | 195,574 | |||
| Non-current assets: | ||||||
| - | 27,899 | 4,045 | ||||
| Property and equipment, net | 258,050 | 276,719 | 40,116 | |||
| Operating lease right-of-use assets, net | 116,468 | 131,238 | 19,026 | |||
| Land use rights, net | 11,347 | 11,285 | 1,636 | |||
| Intangible assets, net | 2,713 | 2,757 | 400 | |||
| Investments accounted for using equity method | 28,849 | 40,523 | 5,875 | |||
| Other investments | 45,330 | 45,330 | 6,571 | |||
| Deferred tax assets | 6,969 | 6,969 | 1,010 | |||
| Other non-current assets | 38,294 | 38,562 | 5,590 | |||
| Total non-current assets | 508,020 | 581,282 | 84,269 | |||
| Total assets | 1,991,533 | 1,930,365 | 279,843 | |||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONT’D) (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”)) | |||||||||||
| As of | As of | ||||||||||
| RMB | RMB | US$ | |||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | |||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Short-term bank loans | 229,611 | 300,993 | 43,635 | ||||||||
| Accounts payable | 132,509 | 118,576 | 17,190 | ||||||||
| Contract liabilities10 | 60,839 | 59,336 | 8,602 | ||||||||
| Current portion of long-term bank loans | 9,800 | 15,500 | 2,247 | ||||||||
| Accrued expenses and other liabilities | 263,439 | 202,659 | 29,379 | ||||||||
| Current portion of lease liabilities | 16,278 | 24,574 | 3,562 | ||||||||
| Deferred income | 817 | 597 | 87 | ||||||||
| Deferred government subsidies | 684 | 156 | 23 | ||||||||
| Income taxes payable | 1,820 | 277 | 40 | ||||||||
| Total current liabilities | 715,797 | 722,668 | 104,765 | ||||||||
| Non-current liabilities: | |||||||||||
| Long-term bank loans | 82,700 | 95,600 | 13,859 | ||||||||
| Deferred tax liabilities | 292 | 292 | 42 | ||||||||
| Unrecognized tax benefit | 5,480 | 5,480 | 794 | ||||||||
| Lease liabilities | 114,246 | 123,286 | 17,873 | ||||||||
| Other non-current liabilities | 4,676 | 3,561 | 516 | ||||||||
| Total non-current liabilities | 207,394 | 228,219 | 33,084 | ||||||||
| Total liabilities | 923,191 | 950,887 | 137,849 | ||||||||
| Shareholders’ equity: | |||||||||||
| Ordinary shares | 92 | 92 | 13 | ||||||||
| Additional paid-in capital | 3,335,371 | 3,386,145 | 490,888 | ||||||||
| (10,085 | ) | (10,085 | ) | (1,462 | ) | ||||||
| Statutory reserves | 3,302 | 3,302 | 479 | ||||||||
| Accumulated deficit | (2,262,358 | ) | (2,388,319 | ) | (346,234 | ) | |||||
| Accumulated other comprehensive income (loss) | 2,605 | (10,671 | ) | (1,547 | ) | ||||||
| 1,068,927 | 980,464 | 142,137 | |||||||||
| Non-controlling interests | (585 | ) | (986 | ) | (143 | ) | |||||
| Total shareholders’ equity | 1,068,342 | 979,478 | 141,994 | ||||||||
| Total liabilities and shareholders’ equity | 1,991,533 | 1,930,365 | 279,843 | ||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data) | |||||||||||
| Three Months Ended | |||||||||||
| RMB | RMB | RMB | US$ | ||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | |||||||||
| Total revenues | 26,092 | 177,636 | 25,660 | 3,720 | |||||||
| Costs of revenues | (9,799 | ) | (68,262 | ) | (9,621 | ) | (1,395 | ) | |||
| Gross profit | 16,293 | 109,374 | 16,039 | 2,325 | |||||||
| Operating expenses: | |||||||||||
| Sales and marketing expenses | (12,228 | ) | (38,263 | ) | (23,916 | ) | (3,467 | ) | |||
| General and administrative expenses | (61,344 | ) | (67,080 | ) | (67,749 | ) | (9,822 | ) | |||
| Research and development expenses | (37,285 | ) | (49,092 | ) | (60,080 | ) | (8,710 | ) | |||
| Total operating expenses | (110,857 | ) | (154,435 | ) | (151,745 | ) | (21,999 | ) | |||
| Other operating income | 4,686 | 2,101 | 7,798 | 1,130 | |||||||
| Operating loss | (89,878 | ) | (42,960 | ) | (127,908 | ) | (18,544 | ) | |||
| Other income (expense): | |||||||||||
| Interest and investment income | 12,049 | 21,127 | 10,396 | 1,507 | |||||||
| Interest expenses | (1,153 | ) | (2,086 | ) | (2,324 | ) | (337 | ) | |||
| Foreign exchange gain (loss) | 1,572 | (1,401 | ) | (3,475 | ) | (504 | ) | ||||
| Other non-operating income, net | 751 | 788 | 492 | 71 | |||||||
| Total other income | 13,219 | 18,428 | 5,089 | 737 | |||||||
| Loss before income tax and loss from equity method investment | (76,659 | ) | (24,532 | ) | (122,819 | ) | (17,807 | ) | |||
| Income tax (expenses) benefits | (1 | ) | 4,523 | (117 | ) | (17 | ) | ||||
| Loss before loss from equity method investment | (76,660 | ) | (20,009 | ) | (122,936 | ) | (17,824 | ) | |||
| Loss from equity method investment | (1,730 | ) | (846 | ) | (3,426 | ) | (497 | ) | |||
| Net loss | (78,390 | ) | (20,855 | ) | (126,362 | ) | (18,321 | ) | |||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (CONT’D) (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data) | |||||||||||
| Three Months Ended | |||||||||||
| RMB | RMB | RMB | US$ | ||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | |||||||||
| Net loss | (78,390 | ) | (20,855 | ) | (126,362 | ) | (18,321 | ) | |||
| Net loss (income) attributable to non-controlling interests | 306 | (48 | ) | 401 | 58 | ||||||
| Net loss attributable to ordinary shareholders | (78,084 | ) | (20,903 | ) | (125,961 | ) | (18,263 | ) | |||
| Net loss per ordinary share: | |||||||||||
| Basic and diluted | (0.54 | ) | (0.14 | ) | (0.83 | ) | (0.12 | ) | |||
| Shares used in net loss per ordinary share computation (in thousands of shares): | |||||||||||
| Basic | 143,886 | 149,338 | 150,994 | 150,994 | |||||||
| Diluted | 143,886 | 149,338 | 150,994 | 150,994 | |||||||
| Loss per ADS (2 ordinary shares equal to 1 ADS) Basic and diluted | (1.08 | ) | (0.28 | ) | (1.66 | ) | (0.24 | ) | |||
| Other comprehensive loss | |||||||||||
| Foreign currency translation adjustments net of nil tax | (1,999 | ) | (9,820 | ) | (13,276 | ) | (1,925 | ) | |||
| Total other comprehensive loss, net of tax | (1,999 | ) | (9,820 | ) | (13,276 | ) | (1,925 | ) | |||
| Comprehensive loss | (80,389 | ) | (30,675 | ) | (139,638 | ) | (20,246 | ) | |||
| Comprehensive loss (gain) attributable to non-controlling interests | 306 | (48 | ) | 401 | 58 | ||||||
| Comprehensive loss attributable to ordinary shareholders | (80,083 | ) | (30,723 | ) | (139,237 | ) | (20,188 | ) | |||
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data) | |||||||||||
| Three Months Ended | |||||||||||
| RMB | RMB | RMB | US$ | ||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | |||||||||
| Sales and marketing expenses | (12,228 | ) | (38,263 | ) | (23,916 | ) | (3,467 | ) | |||
| Plus: Share-based compensation | 1,961 | 12,336 | 5,294 | 767 | |||||||
| Adjusted sales and marketing expenses | (10,267 | ) | (25,927 | ) | (18,622 | ) | (2,700 | ) | |||
| General and administrative expenses | (61,344 | ) | (67,080 | ) | (67,749 | ) | (9,822 | ) | |||
| Plus: Share-based compensation | 39,173 | 38,480 | 36,397 | 5,277 | |||||||
| Adjusted general and administrative expenses | (22,171 | ) | (28,600 | ) | (31,352 | ) | (4,545 | ) | |||
| Research and development expenses | (37,285 | ) | (49,092 | ) | (60,080 | ) | (8,710 | ) | |||
| Plus: Share-based compensation | 6,128 | 9,944 | 8,960 | 1,299 | |||||||
| Adjusted research and development expenses | (31,157 | ) | (39,148 | ) | (51,120 | ) | (7,411 | ) | |||
| Operating expenses | (110,857 | ) | (154,435 | ) | (151,745 | ) | (21,999 | ) | |||
| Plus: Share-based compensation | 47,262 | 60,760 | 50,651 | 7,343 | |||||||
| Adjusted operating expenses | (63,595 | ) | (93,675 | ) | (101,094 | ) | (14,656 | ) | |||
| Operating loss | (89,878 | ) | (42,960 | ) | (127,908 | ) | (18,544 | ) | |||
| Plus: Share-based compensation | 47,262 | 60,909 | 50,774 | 7,361 | |||||||
| Adjusted operating (loss) income | (42,616 | ) | 17,949 | (77,134 | ) | (11,183 | ) | ||||
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data) | |||||||||||
| Three Months Ended | |||||||||||
| RMB | RMB | RMB | US$ | ||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | |||||||||
| Net loss | (78,390 | ) | (20,855 | ) | (126,362 | ) | (18,321 | ) | |||
| Plus: Share-based compensation | 47,262 | 60,909 | 50,774 | 7,361 | |||||||
| Adjusted net (loss) income | (31,128 | ) | 40,054 | (75,588 | ) | (10,960 | ) | ||||
| Net loss attributable to ordinary shareholders | (78,084 | ) | (20,903 | ) | (125,961 | ) | (18,263 | ) | |||
| Plus: Share-based compensation | 47,262 | 60,909 | 50,774 | 7,361 | |||||||
| Adjusted net (loss) income attributable to ordinary shareholders | (30,822 | ) | 40,006 | (75,187 | ) | (10,902 | ) | ||||
| Shares used in net (loss) earnings per ordinary share computation (in thousands of shares): | |||||||||||
| Basic | 143,886 | 149,338 | 150,994 | 150,994 | |||||||
| Diluted | 143,886 | 151,600 | 150,994 | 150,994 | |||||||
| Adjusted basic net (loss) earnings per ordinary share | (0.21 | ) | 0.27 | (0.50 | ) | (0.07 | ) | ||||
| Adjusted diluted net (loss) earnings per ordinary share | (0.21 | ) | 0.26 | (0.50 | ) | (0.07 | ) | ||||
| Adjusted basic net (loss) earnings per ADS | (0.42 | ) | 0.54 | (1.00 | ) | (0.14 | ) | ||||
| Adjusted diluted net (loss) earnings per ADS | (0.42 | ) | 0.52 | (1.00 | ) | (0.14 | ) | ||||
_____________________
1 The EH216 series include the EH216-S (standard model for passenger transportation), the EH216-F (specialized model for aerial firefighting), and the EH216-L (specialized model for aerial logistics).
2 Adjusted operating income (loss) is a non-GAAP financial measure, which is defined as operating income (loss) excluding share-based compensation expenses. See “Non-GAAP Financial Measures”.
3 Adjusted net income (loss) is a non-GAAP financial measure, which is defined as net income (loss) excluding share-based compensation expenses and certain non-operational expenses. See “Non-GAAP Financial Measures”.
4 Adjusted operating expenses is a non-GAAP financial measure, which is defined as operating expenses excluding share-based compensation expenses. Adjusted sales and marketing expenses, adjusted general and administrative expenses, and adjusted research and development expenses are non-GAAP financial measures. Each is defined as the respective expense—sales and marketing expenses, general and administrative expenses, and research and development expenses—excluding share-based compensation expenses.
5 Adjusted net income (loss) attributable to EHang’s ordinary shareholders is a non-GAAP financial measure, which is defined as net income (loss) attributable to EHang’s ordinary shareholders excluding share-based compensation expenses and certain non-operational expenses.
6 Adjusted basic and diluted net earnings (loss) per ordinary share is a non-GAAP financial measure, which is defined as basic and diluted net earnings (loss) per ordinary share excluding share-based compensation expenses and certain non-operational expenses.
7 Adjusted basic and diluted net earnings (loss) per ADS is a non-GAAP financial measure, which is defined as basic and diluted earnings (loss) per ADS excluding share-based compensation expenses and certain non-operational expenses.
8 As of
9 As of
10 As of
