EHang Holdings Limited (NASDAQ: EH) reported a second-quarter 2026 adjusted loss per share of $(0.12), beating the analyst consensus estimate of $(0.15) by 20 percent. The result represents a significant shift from the $0.02 per share earnings recorded in the same period last year, marking a 700 percent decrease in profitability.

Despite the earnings beat, the company’s top line fell short of expectations. Quarterly sales came in at $11.479 million, missing the analyst consensus estimate of $16.620 million by 30.93 percent. This figure also reflects a 44.12 percent year-over-year decline from sales of $20.543 million in the second quarter of 2025.

Financial Performance

The divergence between the earnings beat and sales miss highlights the impact of cost management versus revenue headwinds. While revenue generation slowed significantly compared to both analyst expectations and prior-year performance, the company managed to narrow its loss per share relative to market forecasts.

The sales miss aligns with the company’s decision to withdraw its full-year 2026 revenue guidance of RMB600 million, citing a cautious regulatory environment in China following recent industry safety incidents. These factors have increased uncertainty around the timing of passenger commercial service approvals.

Operational Context

In terms of volume, EHang delivered 36 units of electric vertical take-off and landing (eVTOL) aircraft during Q2 2026, including 35 units of the EH216 series and one unit of the VT35. This is a notable increase from four units in the first quarter but contributes to the lower-than-expected revenue realization against analyst models.

Internationally, EHang expanded its flight footprint to Mexico, Switzerland, and Kazakhstan. The EH216 series has now flown in 23 countries worldwide, completing nearly 100,000 safe flight missions. In Thailand, the company established a clear regulatory pathway with the goal of obtaining a commercial operation certificate within 2026.

What the Numbers Show

The contrast between the 20 percent earnings beat and the 30.93 percent sales miss suggests that EHang’s recent financial performance is being driven more by expense control than by demand strength. With sales falling 44.12 percent year-over-year to $11.479 million, the ability to beat the loss estimate indicates effective management of operating costs, even as revenue growth remains constrained by regulatory delays.

EHang Holdings Limited (NASDAQ: EH) has appointed KPMG Huazhen LLP as its independent registered public accounting firm, replacing PricewaterhouseCoopers Zhong Tian LLP (PwC). The change takes effect August 19, 2026.

The new engagement covers the audit of the company’s consolidated financial statements for the fiscal year ending December 31, 2026. It also includes an assessment of the effectiveness of EHang’s internal control over financial reporting as of that date.

Audit History and Disclosures

PwC issued reports on EHang’s consolidated financial statements for the years ended December 31, 2024 and 2025. These reports did not contain adverse opinions, disclaimers of opinion, or qualifications regarding uncertainty, audit scope, or accounting principles.

During the fiscal years ended December 31, 2024 and 2025, and through July 13, 2026—the date EHang informed PwC of its intent to dismiss the firm—there were no disagreements between the company and PwC. The disagreements referenced are those defined in Item 16F(a)(1)(iv) of Form 20-F, concerning accounting principles, practices, financial statement disclosure, or auditing scope and procedure.

There were also no reportable events as defined in Item 16F(a)(1)(v) of Form 20-F during this period. The only exception was a material weakness disclosed in Item 15 of EHang’s annual report on Form 20-F for the fiscal year ended December 31, 2025. This report was filed on May 15, 2026.

What the Numbers Show

The dismissal of PwC follows the disclosure of a material weakness in internal controls for FY25. While the source does not detail the specific nature of this weakness, its existence alongside a clean audit opinion suggests a compliance or procedural gap rather than a fundamental issue with financial reporting accuracy for those periods. The appointment of KPMG signals EHang’s intent to address these controls under new oversight for FY26.