EH EHang Holdings Ltd

Overview and Growth

In fiscal 2025, EHang Holdings Ltd recorded $59.77M of revenue, net loss of $39.47M, and an operating cash outflow of $25.67M. At $59.77M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. The top line contracted 4.4% from $62.49M in fiscal 2024; this top-line contraction left the company with a smaller revenue base. On a per-share basis, diluted EPS was -$0.27, which connects the reported earnings outcome with the company’s diluted share count. Total assets stood at $284.79M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Revenue equaled 0.21x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

After reported cost of revenue, the company retained $36.77M as gross profit before recognizing operating expenses and other items. The gross-profit relationship equaled 61.5% of revenue, quantifying the portion retained before operating expenses were recognized. The company recorded an operating loss of $45.29M after the reported operating expense base. Relative to revenue, the operating deficit measured 75.8%, showing the shortfall after operating costs. After all below-operating-line items, the company recorded a net loss of $39.47M for the fiscal year. Measured against revenue, the bottom-line deficit represented 66.0% after all recognized items. EBITDA was negative $42.58M, showing a deficit before interest, taxes, depreciation, and amortization. The company recognized an income-tax benefit of $630.00K, increasing after-tax earnings relative to the pretax result. The loss-to-equity relationship was 25.8%, placing the bottom-line deficit against shareholder capital. The net loss equaled 13.9% of period-end assets, showing the deficit relative to the asset base. The net loss widened to $39.47M from $31.48M in fiscal 2024.

Liquidity and Capital Structure

The company held $284.79M of assets against $132.02M of liabilities and $152.77M of equity, revealing how the asset base was financed. The near-term balance sheet paired $212.14M of current assets with $102.36M of current liabilities at the reporting date. Current assets covered current liabilities by 2.07x, leaving a positive buffer for near-term obligations. Cash and equivalents totaled $36.66M, identifying the most liquid reported component available within the broader current-asset balance. Measured only with cash and equivalents, coverage of current liabilities was 35.8%, excluding receivables and other current assets. Total debt was $11.83M, establishing the amount of borrowing carried within the company’s capital structure. The debt-to-equity relationship was 0.08x, showing how much debt the company carried for each unit of book equity. The debt-to-assets relationship was 4.2%, comparing borrowing with the total asset balance. Equity equaled 53.6% of assets, showing the shareholder-capital layer within the company’s balance sheet. Liabilities represented 46.4% of total assets, quantifying the liability-funded share of the company’s resource base. Cash and equivalents equaled 12.9% of total assets, showing the liquid cash component within the company’s broader resource base. The asset base changed 31.2% from $217.07M in fiscal 2024, leaving current total assets higher year over year. Against $130.95M of equity in fiscal 2024, the current book-equity balance moved 16.7% and ended higher. Cash and equivalents were 56.2% lower than fiscal 2024 cash of $83.69M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

The company reported an operating cash outflow of $25.67M, rather than cash generation from operations. Capital expenditures used $21.15M in addition to the operating cash outflow, increasing the total cash consumed by operations and investment during the period. Operating cash flow and capital spending combined to leave a $46.82M cash deficit after capital spending. Relative to revenue, the post-investment cash deficit represented 78.3%. Relative to total assets, the post-investment cash deficit measured 16.4%.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.