EHang Holdings Limited (NASDAQ:EH) reported weaker-than-anticipated third-quarter results on Wednesday, posting a year-over-year revenue decline and a wider adjusted loss, though the company reiterated confidence in its full-year targets.

Revenue came in at RMB92.5 million ($13.0 million), below analyst forecasts and down from RMB128.1 million a year earlier. The shortfall contributed to an adjusted net loss of RMB20.3 million ($2.9 million), compared with an adjusted net income of RMB15.7 million in the third quarter of 2024.

Shares fell 1.41% in U.S. premarket trading following the results.

The revenue slide stemmed largely from reduced aircraft deliveries. EHang shipped a total of 42 electric vertical take-off and landing (eVTOL) units during the period—41 units from its EH216 series plus one of its newly launched VT35 aircraft—down from 63 deliveries in the same quarter last year.

Despite the softer quarter, the company kept its full-year revenue outlook unchanged at approximately RMB500 million, stressing that customer purchasing cycles tend to be annual in nature and that the bulk of deliveries is planned for the fourth quarter.

“In the third quarter, we made significant progress across our product portfolio, operation readiness, and overseas expansion,” said Huazhi Hu, Founder, Chairman and CEO of EHang. “The launch of our long-range pilotless eVTOL aircraft, the VT35, together with the existing model EH216-S, form a scalable ’intracity + intercity’ product matrix that enables a wider range of diversified low-altitude mobility scenarios.”

EHang highlighted several operational milestones that supported its long-term strategy, including the formal introduction of the VT35 aircraft—a long-range, pilotless model with a 200 km range and a unit price of RMB6.5 million. The aircraft has already secured early purchase commitments. The company also noted progress in commercial operations across China and expansion into overseas markets such as Thailand, Qatar, Japan, Kazakhstan, and Rwanda.

Gross margin held steady at 60.8%, compared to 61.2% in the prior-year quarter. The company finished Q3 with a cash balance of RMB1.13 billion ($158.3 million), underscoring a strong liquidity position despite the quarterly revenue dip.

EHang Holdings stock price

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