EHang Holdings Ltd. (NASDAQ:EH) reported mixed second-quarter results Tuesday. The company posted an adjusted loss of 12 cents per share. That was narrower than the consensus estimate of a 15-cent loss.

Revenue Misses Estimates

Revenue fell 31.3% year over year to $11.48 million, missing the $16.62 million consensus estimate.

EHang sold and delivered 36 electric vertical takeoff and landing aircraft during the quarter. The total included 35 EH216 series aircraft and one VT35.

Gross margin narrowed to 61.2% from 61.5% a year earlier. EHang reported an adjusted operating loss of $9.1 million and an adjusted net loss of $8.6 million.

As of June 30, the company had $137 million in cash, cash equivalents, short-term investments and treasury investments.

Regulatory Uncertainty Clouds Outlook

EHang is shifting its focus from certification to operational readiness, scenario validation and global expansion.

However, a late-June aircraft accident in China prompted greater regulatory caution. It also delayed some passenger-service approvals. EHang expects the disruption to be temporary.

The company is developing repeatable flight operations in China while expanding overseas. It also plans to diversify revenue through logistics, firefighting and aerial media. Passenger transportation remains its primary focus.

In addition, the company is prioritizing research and development, airworthiness and revenue-generating operations. It also plans to control capital spending, improve efficiency and increase its use of artificial intelligence.

EHang highlighted progress under its Global Fast Track Program and regulatory sandbox initiatives in Thailand and Hong Kong.

Due to regulatory uncertainty in China, the company withdrew its 2026 revenue forecast of 600 million yuan. It plans to issue updated guidance when visibility improves.

EH Price Action: EHang Holdings shares were down 2.41% at $5.07 during premarket trading on Tuesday, according to Benzinga Pro data.

Photo courtesy of EHang