Exhibit 99.1

EHang Reports First Quarter 2021 Unaudited Financial Results

- Achieved Quarterly Positive Operating Cash Flow Again

- Maintained High Quarterly Gross Margin

Guangzhou, China, August 25, 2021 — EHang Holdings Limited (“EHang” or the “Company”) (Nasdaq: EH), the world’s leading autonomous aerial vehicle (“AAV”) technology platform company, today announced its unaudited financial results for the first quarter ended March 31, 2021.

First Quarter 2021 Financial and Operational Highlights

• Total revenues were RMB23.0 million (US$3.5 million), up 22.1% year-over-year, with growth mainly in air mobility solutions. Revenues from air mobility solutions contributed 98.4% of the total revenues in the first quarter of 2021.

• Gross margin was 63.2%, an increase of 3.9 percentage points year-over-year, driven by continuous optimization of cost structure of air mobility products and the change in revenue mix.

• Operating loss was RMB66.2 million (US$10.1 million), compared with operating loss of RMB21.1 million in the first quarter of 2020. The change in operating loss was mainly due to the increase in share-based compensation expenses charged to operating expenses.

• Adjusted operating loss¹ (non-GAAP) was RMB17.3 million (US$2.6 million), compared with adjusted operating loss of RMB19.2 million in the first quarter of 2020.

• Net loss was RMB62.5 million (US$9.5 million), compared with net loss of RMB20.4 million in the first quarter of 2020.

• Adjusted net loss² (non-GAAP) was RMB13.7 million (US$2.1 million), compared with adjusted net loss of RMB18.5 million in the first quarter of 2020.

• Net cash from operating activities was RMB16.2 million (US$2.5 million), a significant growth compared to negative RMB29.1 million in the first quarter of 2020.

• Cash and cash equivalents and short-term investments amounted to RMB480.5 million (US$73.3 million) as of March 31, 2021, mainly due to the US$40 million investment from Carmignac and the positive net cash from operating activities achieved.

• Sales of the EHang 216 series of passenger-grade AAVs, were 15 units, compared with 9 units in the first quarter of 2020.

¹  Adjusted operating loss is a non-GAAP financial measure, which is defined as operating loss excluding share-based compensation expenses. See “Non-GAAP Financial Measures” at the end of this press release.

²  Adjusted net loss is a non-GAAP financial measure, which is defined as net loss excluding share-based compensation expenses. See “Non-GAAP Financial Measures” at the end of this press release.

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First Quarter 2021 Business Highlights

• Trial Flights to Initiate an Urban Air Mobility (“UAM”) Plan in the Hengqin New Area in Southern China

In January, EHang announced strategic partnerships with local partners to jointly initiate trial air mobility operations in the Hengqin New Area (“Hengqin”), the largest of the islands surrounding Zhuhai city in the Guangdong-Hong Kong-Macao Greater Bay Area of China. A total of 36 passengers experienced trial flights for aerial sightseeing in Hengqin on the announcement date. In February, the local partner further carried out the first trial flights of the EHang 216 over the sea of southern China from Hengqin to Dong’ao Island, a tourist destination island, showcasing its potential application in air mobility use cases such as aerial sightseeing.

• Trial Flights of Passenger-grade AAVs for the First Time in Beijing

In February, EHang completed trial flights of the EHang 216 in Beijing in a cold weather at an air temperature of minus 14 degrees Celsius to demonstrate the safety, reliability and environmental adaptability of its cutting-edge AAV technologies. This was also the first time that passenger-grade AAVs flew in Beijing, the capital city of China.

• Participation in a Series of UAM Projects Supported by the European Union

In January and February, as a pioneer of cutting-edge AAV products and technological solutions, EHang was selected to participate in a series of UAM projects supported by the European Union to demonstrate ways to achieve safe, sustainable, socially acceptable, and effective UAM. These projects include: 1) the Air Mobility Urban - Large Experimental Demonstration (“AMU-LED”) project in Spain, the United Kingdom and the Netherlands; 2) the Re-Invent Air Mobility initiative in France; 3) the Safe and Flexible Integration of Advanced U-Space Services for Medical Air Mobility (“SAFIR-Med”) project in Belgium, Germany, the Netherlands, Greece and Czech Republic; and 4) the GOF 2.0 Integrated Urban Airspace VLD.

• Partnership with Giancarlo Zema Design Group to Build an Eco-sustainable Vertiport in Italy

In March, EHang entered into a partnership with Giancarlo Zema Design Group (“GZDG”), a leading Italian architecture firm. GZDG has designed and intends to build an eco-sustainable vertiport in Italy using EHang’s passenger-grade AAV technologies and air mobility solutions. The vertiport will use green design and construction materials and can generate energy to recharge the EHang 216 AAVs.

• Partnership with Dongfeng USharing to Co-develop a Solution for Seamlessly-Connected Mobility Services Leveraging AAV Technologies

In March, EHang entered into a partnership with Dongfeng USharing Technology Co., Ltd., a subsidiary of Dongfeng Motor Corporation (a Fortune Global 500 company and one of the largest auto makers in China) to co-develop a solution for Seamlessly Connected Mobility Services for logistics using EHang’s AAV technologies.

CEO Remarks

“We started the year of 2021 with a 22.1% year-over-year revenue growth in the first quarter, achieved again quarterly positive operating cash flow and maintained high quarterly gross margin at 63.2%. All of these reflected our growing competitive strengths,” said Mr. Huazhi Hu, EHang’s Founder, Chairman and Chief Executive Officer. “Upon entering 2021, we focused more on our core business in air mobility solutions through expanding our trial operation programs and industrywide partnerships for UAM powered by our cutting-edge AAV products and technologies to gain robust growth momentum into the near future.”

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First Quarter 2021 Financial Results

Revenues

Total revenues were RMB23.0 million (US$3.5 million), up 22.1% year-over-year, with growth mainly in air mobility solutions. Revenues from air mobility solutions represented 98.4% of the total revenues in the first quarter of 2021. Sales of the EH216, the Company’s flagship passenger-grade AAV, were 15 units (including 1 unit of the customized EH216L) in the first quarter of 2021, compared with 9 units in the same period of 2020.

Costs of revenues

Costs of revenues were RMB8.5 million (US$1.3 million), up 10.3% year-over-year, primarily due to the change in the sales volume of AAV products.

Gross profit

Gross profit was RMB14.5 million (US$2.2 million), up 30.2% from RMB11.2 million in the first quarter of 2020.

Gross margin was 63.2%, up 3.9 percentage points from 59.3% in the first quarter of 2020. The increase in gross margin was mainly due to the continuous optimization of cost structure of air mobility products.

Operating expenses

Total operating expenses were RMB83.4 million (US$12.7 million), up 152.4% from RMB33.0 million in the first quarter of 2020. Operating expense as a percentage of total revenues was 363.0%, compared with 175.6% in the first quarter of 2020. The increase in operating expenses was primarily due to an increase of RMB46.9 million (US$7.2 million) in share-based compensation expenses and the charges to sales and marketing expenses, general and administration expenses and research and development expenses were RMB4.6 million (US$0.7 million), RMB34.9 million (US$5.3 million) and RMB7.4 million (US$1.2 million), respectively.

Adjusted operating expenses³ (non-GAAP)

Adjusted operating expenses were RMB34.5 million (US$5.3 million), representing an increase of 11.0% from RMB31.1 million in the first quarter of 2020. Adjusted operating expenses as a percentage of total revenues was 150.3%, compared with 165.3% in the first quarter of 2020.

• Adjusted sales and marketing expenses were RMB4.9 million (US$0.8 million), down 15.9% from RMB5.8 million in the first quarter of 2020. The decrease was mainly due to the decrease in market promotion and professional expenses in the first quarter of 2021.

³  Adjusted operating expenses is a non-GAAP financial measure, which is defined as operating expenses excluding share-based compensation expenses. See “Non-GAAP Financial Measures” at the end of this press release.

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• Adjusted general and administration expenses were RMB9.7 million (US$1.5 million), up 6.2% from RMB9.2 million in the first quarter of 2020.

• Adjusted research and development expenses were RMB19.9 million (US$3.0 million), up 23.3% from RMB16.2 million in the first quarter of 2020. The increase was mainly due to increased R&D material and personnel expenses in the first quarter of 2021.

Operating loss

Operating loss was RMB66.2 million (US$10.1 million), compared with operating loss of RMB21.1 million in the first quarter of 2020. Operating loss as a percentage of total revenues was negative 288.1%, compared with negative 112.2% in the first quarter of 2020.

Adjusted operating loss (non-GAAP)

Adjusted operating loss was RMB17.3 million (US$2.6 million), compared with adjusted operating loss of RMB19.2 million in the first quarter of 2020. Adjusted operating loss as a percentage of total revenues was negative 75.4%, compared to negative 102.0% in the first quarter of 2020.

Net loss

Net loss was RMB62.5 million (US$9.5 million), compared with net loss of RMB20.4 million in the first quarter of 2020.

Adjusted net loss (non-GAAP)

Adjusted net loss was RMB13.7 million (US$2.1 million), compared with adjusted net loss of RMB18.5 million in the first quarter of 2020.

Adjusted net loss attributable to EHang’s ordinary shareholders was RMB13.3 million (US$2.0 million).

Loss per share and per ADS

Basic and diluted net loss per ordinary share were both RMB0.56 (US$0.09). Adjusted basic and diluted net loss per ordinary share⁴ (non-GAAP) were both RMB0.12 (US$0.02).

Basic and diluted net loss per ADS were both RMB1.12 (US$0.18). Adjusted basic and diluted net loss per ADS⁵ (non-GAAP) were both RMB0.24 (US$0.04). Each ADS represents two Class A ordinary shares.

Balance Sheet and Cash Flow

The cash, cash equivalents, restricted cash and short-term investments balances were RMB480.5 million (US$73.3 million) as of March 31, 2021, compared to RMB189.4 million as of December 31, 2020. The increases were mainly due to the US$40 million investment from Carmignac and the positive net cash from operating activities of RMB16.2 million (US$2.5 million), a significant growth compared to negative RMB29.1 million in the first quarter of 2020.

⁴  Adjusted basic and diluted loss per ordinary share is a non-GAAP financial measure, which is defined as basic and diluted loss per ordinary share excluding share-based compensation expenses. See “Non-GAAP Financial Measures” at the end of this press release.

⁵  Adjusted basic and diluted loss per ADS is a non-GAAP financial measure, which is defined as basic and diluted loss per ADS excluding share-based compensation expenses. See “Non-GAAP Financial Measures” at the end of this press release.

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Business Outlook

The Company’s revenue forecast for 2021 remains between RMB130 million and RMB180 million, as the Company strategically transitions into a more operation platform-oriented model and the commercialization of the EHang 216F, the firefighting model, among other AAVs.

The above outlook is based on information available as of the date of this press release and reflects the Company’s current and preliminary expectations regarding its business situation and market conditions. The outlook is subject to change, especially considering uncertainties and situations related to how the COVID-19 pandemic further develops.

Conference Call

EHang’s management team will host an earnings conference call at 8:00 AM on Wednesday, August 25, 2021, U.S. Eastern Time (8:00 PM on August 25, 2021, Beijing/Hong Kong Time).

Please register in advance for the conference using the link provided below and dial in 10 minutes before the conference is scheduled to begin. Conference access information will be provided upon registration.

Participant Online Registration: http://apac.directeventreg.com/registration/event/8598052.

A replay of the conference call may be accessed by phone at the following numbers until September 2, 2021. To access the replay, please reference the conference ID 8598052.

	Phone Number
International	+61 2 8199 0299
United States	+1 855 452 5696 +1 646 254 3697
Hong Kong	+852 800963117
Mainland China	+86 4006322162 +86 8008700205

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 autonomous aerial vehicle (“AAV”) technology platform company. EHang’s mission is to make safe, autonomous, and eco-friendly air mobility accessible to everyone. EHang provides customers in various industries with AAV products and commercial solutions: urban air mobility (including passenger transportation and logistics), smart city management, and aerial media solutions. As the forerunner of cutting-edge AAV technologies and commercial solutions in the global Urban Air Mobility (“UAM”) industry, EHang continues to explore the boundaries of the sky to make flying technologies benefit our life in smart cities. For more information, please visit www.ehang.com.

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Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Management has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While they believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond management’s control. These statements involve risks and uncertainties that may cause EHang’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.

Non-GAAP Financial Measures

The Company uses adjusted gross profit, adjusted gross margin, adjusted operating loss, adjusted net loss, adjusted operating expenses, adjusted basic and diluted loss per ordinary share and adjusted basic and diluted loss per ADS (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 Cayman Islands.

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 items such as share-based compensation expenses that 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 members in their financial and operational decision-making.

Each of the Non-GAAP Financial Measures should not be considered in isolation or construed as an alternative to its comparable GAAP measure, operating profit margin and net margin or any other measure of performance or as an indicator of the Company’s operating performance. 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 “Condensed Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.

Exchange Rate

This press release contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.5518 to US$1.00, the noon buying rate in effect on March 31, 2021 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to could be converted into USD or RMB, as the case may be, at any particular rate or at all.

6

Statement Regarding Preliminary Unaudited Financial Information

The unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company’s year-end audit, which could result in significant differences from this preliminary unaudited financial information.

Investor Contact:

ir@ehang.com

In the U.S.: Julia@blueshirtgroup.com

In China: Susie@blueshirtgroup.com

Media Contact:

pr@ehang.com

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EHANG HOLDINGS LIMITED

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))

	As of December 31, 2020		As of March 31, 2021
	RMB		RMB		US$
			(Unaudited)		(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents		137,840		462,474		70,587
Restricted cash		2,333		—		—
Short-term investments		49,271		18,000		2,747
Accounts receivable, net		163,146		95,709		14,608
Cost and estimated earnings in excess of billings		717		717		109
Inventories, net		47,094		43,399		6,624
Prepayments and other current assets		21,421		26,862		4,100
Amount due from a related party		2,639		2,639		403
Total current assets		424,461		649,800		99,178
Non-current assets:
Property and equipment, net		20,869		29,574		4,514
Intangible assets, net		1,062		963		147
Long term loans receivable		14,934		13,072		1,995
Long-term investments		2,919		2,919		446
Other non-current assets		20,304		21,762		3,322
Total non-current assets		60,088		68,290		10,424
Total assets		484,549		718,090		109,602
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term bank loans		15,000		15,000		2,289
Accounts payable		53,147		35,358		5,397
Contract liabilities		7,492		21,705		3,313
Accrued expenses and other liabilities		81,578		51,092		7,798
Deferred income		750		756		115
Deferred government subsidies		80		1,969		301
Total current liabilities		158,047		125,880		19,213
Non-current liabilities:
Long-term bank loans		—		20,000		3,053
Mandatorily redeemable non-controlling interests		40,000		40,000		6,105
Deferred tax liabilities		292		292		45
Unrecognized tax benefit		5,480		5,480		836
Deferred income		2,970		2,805		428
Deferred government subsidies		60		40		6
Total non-current liabilities		48,802		68,617		10,473
Total liabilities		206,849		194,497		29,686

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EHANG HOLDINGS LIMITED

CONDENSED CONSOLIDATED BALANCE SHEETS (CONT’D)

(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))

	As of December 31, 2020			As of March 31, 2021
	RMB			RMB			US$
				(Unaudited)			(Unaudited)
LIABILITIES AND SHAREHOLDERS’ EQUITY (CONTINUED)
Shareholders’ equity:
Class A ordinary shares		44			45			7
Class B ordinary shares		28			28			4
Additional paid-in capital		1,081,299			1,387,114			211,715
Statutory reserves		1,035			1,035			158
Accumulated deficit		(808,038	)		(870,202	)		(132,819	)
Accumulated other comprehensive income		1,950			4,552			695
Total EHang Holdings Limited shareholders’ equity		276,318			522,572			79,760
Non-controlling interests		1,382			1,021			156
Total shareholders’ equity		277,700			523,593			79,916
Total liabilities and shareholders’ equity		484,549			718,090			109,602

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EHANG HOLDINGS LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for number of shares and per share data)

	Three Months Ended
	March 31, 2020			December 31, 2020			March 31, 2021
	RMB			RMB			RMB			US$
	(Unaudited)			(Unaudited)			(Unaudited)
Total revenues		18,818			54,595			22,977			3,507
Costs of revenues		(7,664	)		(22,145	)		(8,451	)		(1,290	)
Gross profit		11,154			32,450			14,526			2,217
Operating expenses:
Sales and marketing expenses		(5,776	)		(13,848	)		(9,486	)		(1,448	)
General and administrative expenses		(10,608	)		(18,613	)		(46,059	)		(7,030	)
Research and development expenses		(16,660	)		(50,945	)		(27,854	)		(4,251	)
Total operating expenses		(33,044	)		(83,406	)		(83,399	)		(12,729	)
Other operating income		769			1,750			2,667			407
Operating loss		(21,121	)		(49,206	)		(66,206	)		(10,105	)
Other income/(expense):
Interest and investment income		1,412			671			1,957			299
Interest expenses		(488	)		(692	)		(394	)		(60	)
Foreign exchange loss		(271	)		(107	)		(306	)		(47	)
Other income		81			224			2,876			439
Other expense		—			(1,382	)		(335	)		(51	)
Total other income/(expense)		734			(1,286	)		3,798			580
Loss before income tax and share of net loss from an equity investee		(20,387	)		(50,492	)		(62,408	)		(9,525	)
Income tax expenses		—			(351	)		(117	)		(18	)
Loss before share of net loss from an equity investee		(20,387	)		(50,843	)		(62,525	)		(9,543	)
Share of net loss from an equity investee		(19	)		—			—			—
Net loss		(20,406	)		(50,843	)		(62,525	)		(9,543	)
Net loss		(20,406	)		(50,843	)		(62,525	)		(9,543	)
Net loss attributable to non-controlling interests		856			1,657			361			55
Net loss attributable to ordinary shareholders		(19,550	)		(49,186	)		(62,164	)		(9,488	)
Net loss per Class A and Class B ordinary share:
Basic and diluted		(0.18	)		(0.45	)		(0.56	)		(0.09	)
Shares used in net loss per Class A and Class B ordinary share computation (in thousands of shares):
Basic and diluted		109,066			109,627			110,475			110,475
Loss per ADS (2 ordinary shares equal to 1 ADS) Basic and Diluted		(0.36	)		(0.90	)		(1.12	)		(0.18	)

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EHANG HOLDINGS LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))

	Three Months Ended
	March 31, 2020			December 31, 2020			March 31, 2021
	RMB			RMB			RMB			US$
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss		(20,406	)		(50,843	)		(62,525	)		(9,543	)
Adjustments to reconcile net loss to net cash (used in)/provided by operating activities:
Depreciation and amortization		1,481			1,452			1,211			185
Deferred income tax expenses		89			184			108			16
Share-based compensation		1,936			38,571			48,871			7,459
Gain on disposal of intangible assets		—			(5	)		—			—
Loss on disposal of property and equipment		—			228			—			—
Share of net loss from an equity investee		19			—			—			—
Investment income from short-term investments		—			—			(1,729	)		(264	)
Allowance for doubtful accounts		142			4,794			505			77
Changes in operating assets and liabilities:
Accounts receivable		(9,091	)		(29,370	)		54,542			8,325
Unbilled revenue		1,481			2,800			—			—
Cost and estimated earnings in excess of billings		10,490			3,005			—			—
Inventories		(11,153	)		9,596			318			49
Prepayments and other current assets		(1,761	)		(2,206	)		(7,127	)		(1,088	)
Other non-current assets		22			(16,220	)		—			—
Amount due from a related party		—			(2,639	)		—			—
Accounts payable		2,696			660			(17,789	)		(2,716	)
Contract liabilities		(3,343	)		986			1,613			246
Income taxes payable		(5	)		—			—			—
Deferred income		—			(360	)		1,730			264
Deferred government subsidies		(20	)		(20	)		(20	)		(3	)
Unrecognized tax benefits		(29	)		166			—			—
Accrued expenses and other liabilities		(1,603	)		3,287			(3,534	)		(540	)
Net cash (used in)/provided by operating activities		(29,055	)		(35,934	)		16,174			2,467

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EHANG HOLDINGS LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONT’D)

(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))

	Three Months Ended
	March 31, 2020			December 31, 2020			March 31, 2021
	RMB			RMB			RMB			US$
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment		(292	)		(7,414	)		(8,322	)		(1,270	)
Acquisition of intangible assets		(9	)		(59	)		(9	)		(1	)
Proceeds from maturity of short-term investments		13,000			35,596			49,271			7,520
Purchase of short-term investments		(17,200	)		(2,000	)		(18,000	)		(2,747	)
Loans to third parties		(53,900	)		—			—			—
Repayment of loan from a third party		10,000			—			—			—
Others		(54	)		—			—			—
Net cash flow (used in)/provided by investing activities		(48,455	)		26,123			22,940			3,502
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from a short-term bank loan		5,000			—			5,000			763
Repayment of a short-term bank loan		(5,000	)		—			(5,000	)		(763	)
Proceeds from long-term bank loans		—			—			20,000			3,053
Repayment of loans from a third party		—			(2,000	)		—			—
Proceeds from issuance of Class A ordinary shares pursuant to underwriters’ exercise of over-allotment option		6,797			—			—			—
Proceeds from issuance of Class A ordinary shares pursuant to a private placement		—			—			258,836			39,506
Payment of issuance of Class A ordinary shares pursuant to underwriters’ exercise of over-allotment option’s issuance costs		—			(35	)		—			—
Payment of issuance costs for initial public offering		(9,119	)		(2,075	)		—			—
Net cash (used in)/provided by financing activities		(2,322	)		(4,110	)		278,836			42,559
Effect of exchange rate changes on cash, cash equivalents and restricted cash		3,185			(3,710	)		4,351			664
Net (decrease)/increase in cash, cash equivalents and restricted cash		(76,647	)		(17,631	)		322,301			49,192
Cash, cash equivalents and restricted cash at the beginning of the period/year		321,662			157,804			140,173			21,395
Cash, cash equivalents and restricted cash at the end of the period/year		245,015			140,173			462,474			70,587

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EHANG HOLDINGS LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONT’D)

(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))

	Three Months Ended
	March 31, 2020		December 31, 2020		March 31, 2021
	RMB		RMB		RMB		US$
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Non-cash financing activities:
Unpaid Issuance costs for Series C redeemable convertible preferred shares included in Accrued expenses and other liabilities		743		48		48		7
Unpaid Issuance costs for initial public offering included in Accrued expenses and other liabilities		5,608		821		821		125
Unpaid issuance costs for issuance of Class A ordinary shares pursuant to underwriters’ exercise of over-allotment option included in Accrued expenses and other liabilities		1,046		812		812		124
Unpaid Issuance costs for issuance of Class A ordinary shares pursuant to a private placement included in Accrued expenses and other liabilities		—		—		1,891		289

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EHANG HOLDINGS LIMITED

CONDENSED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for number of shares and per share data)

	Three Months Ended
	March 31, 2020			December 31, 2020			March 31, 2021
	RMB			RMB			RMB			US$
	(Unaudited)			(Unaudited)			(Unaudited)
Gross profit		11,154			32,450			14,526			2,217
Plus: Share-based compensation		—			2,363			—			—
Adjusted gross profit		11,154			34,813			14,526			2,217
Adjusted gross margin		59.3	%		63.8	%		63.2	%		63.2	%
Sales and marketing expenses		(5,776	)		(13,848	)		(9,486	)		(1,448	)
Plus: Share-based compensation		—			5,601			4,626			706
Adjusted sales and marketing expenses		(5,776	)		(8,247	)		(4,860	)		(742	)
General and administrative expenses		(10,608	)		(18,613	)		(46,059	)		(7,030	)
Plus: Share-based compensation		1,445			5,390			36,331			5,545
Adjusted general and administrative expenses		(9,163	)		(13,223	)		(9,728	)		(1,485	)
Research and development expenses		(16,660	)		(50,945	)		(27,854	)		(4,251	)
Plus: Share-based compensation		491			25,217			7,914			1,208
Adjusted research and development expenses		(16,169	)		(25,728	)		(19,940	)		(3,043	)
Operating expenses		(33,044	)		(83,406	)		(83,399	)		(12,729	)
Plus: Share-based compensation		1,936			36,208			48,871			7,459
Adjusted operating expenses		(31,108	)		(47,198	)		(34,528	)		(5,270	)
Adjusted operating expenses percentage		165.3	%		86.5	%		150.3	%		150.3	%
Operating loss		(21,121	)		(49,206	)		(66,206	)		(10,105	)
Plus: Share-based compensation		1,936			38,571			48,871			7,459
Adjusted operating loss		(19,185	)		(10,635	)		(17,335	)		(2,646	)
Adjusted operating margin		(102.0	%)		(19.5	%)		(75.4	%)		(75.4	%)
Net loss		(20,406	)		(50,843	)		(62,525	)		(9,544	)
Plus: Share-based compensation		1,936			38,571			48,871			7,459
Adjusted net loss		(18,470	)		(12,272	)		(13,654	)		(2,084	)
Adjusted net margin		(98.2	%)		(22.5	%)		(59.4	%)		(59.4	%)
Net loss attributable to ordinary shareholders		(19,550	)		(49,186	)		(62,164	)		(9,489	)
Plus: Share-based compensation		1,936			38,571			48,871			7,459
Adjusted net loss attributable to ordinary shareholders		(17,614	)		(10,615	)		(13,293	)		(2,029	)
Adjusted net loss attributable to ordinary shareholders margin		(93.6	%)		(19.4	%)		(57.9	%)		(57.9	%)
Adjusted basic and diluted net loss per Class A and Class B ordinary share		(0.16	)		(0.10	)		(0.12	)		(0.02	)
Adjusted basic and diluted net loss per ADS		(0.32	)		(0.20	)		(0.24	)		(0.04	)

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