管理層發言
Good day, ladies and gentlemen. Thank you for standing by, and welcome to the EHang First Quarter 2026 Earnings Conference Call. Please note that the management's prepared remarks and the subsequent Q&A session will primarily be conducted in Chinese and the corresponding simultaneous or consecutive interpretation can be accessed on the English line. As a reminder, all translations are for convenient purposes only. In case of any discrepancy, the management statement in the original language will prevail. To listen to the original remarks by the management, please join the Chinese line. Additionally, both the Chinese and English lines are open for questions and today's call is being recorded. Now I will turn the call over to Anne Ji, EHang's Senior Director of Investor Relations. Ms. Anne, please proceed.
Hello, everyone. Thank you all for joining us on today's conference call to discuss the company's financial results for the first quarter of 2026. The earnings release is available on the company's IR website. Please note that the conference call is being recorded, and the audio replay will be posted on the company's IR website. On the call today, we have Mr. Huazhi Hu, our Founder, Chairman and Chief Executive Officer; Mr. Shuai Feng, Chief Technology Officer; Mr. Zhao Wang, Chief Operating Officer; Ms. Li Xiaona, China General Manager; and Mr. Conor Yang, Chief Financial Officer. Before we continue, please note that today's discussion will contain forward-looking statements made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's actual results may be materially different from the expectations expressed today.
Further information regarding this and other risks and uncertainties is included in the company's public filings with the SEC. The company does not assume any obligation to update any forward-looking statements, except as required under applicable law. Also, please note that all numbers presented are in RMB and are for the first quarter of 2026, unless stated otherwise. With that, let me now turn the call over to our CEO, Mr. Huazhi Hu. Please go ahead, Mr. Hu. Thank you.
Hello, everyone, and thank you for joining our earnings call. In the first quarter of 2026, EHang is navigating a critical transition from certification to commercial operation. We are fully committed to launching the world's first pilot-less human-carrying eVTOL into commercial service. Today, I'd like to share updates from two perspectives: the fundamental shift in the regulatory environment and progress on our four core strategies. First, policy and industry developments. The biggest change in Q1 was institutional. The low-altitude economy now has a solid legal foundation and policy anchor — we're moving from the policy concept stage to one truly governed by law. On the legal front, the newly revised Civil Aviation Law was passed in January and will take effect on July 1, formally recognizing the low-altitude economy for the first time. On the regulatory front, the CAAC has established a new low-altitude safety bureau while the NDRC and CAAC have formed a two-tier governance model with the NDRC providing top-level coordination and the CAAC handling industry-specific implementation.
Separately, China's State Administration for Market Regulation together with 10 government departments have jointly issued the low-altitude economy standard system development guide aiming to establish a basic standard system by 2027. Some worry that more regulations may slow the industry down. I believe the opposite: this is a positive development. A clear regulatory and standards framework helps everyone in the industry move faster and more properly. As a pioneer, EHang is turning our certification and talent development know-how into building blocks for industry standards. These first-mover advantages not only contribute to industry development, but also strengthen our long-term competitive moat. Meanwhile, state-owned enterprises and local governments are accelerating their deployment. The low-altitude economy has been featured in the government work report for three consecutive years and is now designated as one of the six emerging strategic pillar industries under China's 15th five-year plan.
More cities are actively planning aerospace initiatives, building vertiports and rolling out subsidy programs. The low-altitude industry ecosystem is accelerating toward maturity. Now let me turn to progress on our four core strategies for this year: routine commercial operations, global expansion, VT35 certification and industrial chain integration. First, routine and scale to commercial operations remain our top priority. We have cleared a certification hurdle and are now fully focused on the commercial operation hurdle. We have obtained TC, PC and AC and our two operators hold OCs. Over the past year, we have continued to refine the entire operational chain — ticketing, insurance, airspace approval, maintenance, charging infrastructure, crew training and command-and-control systems — to launch the world's first commercial pilot-less human-carrying eVTOL service. We are now working closely with the regulator to fine-tune our operational capabilities and make the final push from internal trial operations to public ticketed service.
That day will not be far away. The market demand is real. Take our RMB 299 experience ticket as an example. We continue to receive a large volume of inquiries asking "When can I buy a ticket and take a flight?" This reflects strong public enthusiasm for eVTOL commercial flights. Importantly, our operational capabilities extend beyond passenger vehicles. Our formation drone fleet has proven experience. In February, our new GD 4.0 drones completed 22,580 units of formation flights, setting a Guinness World Record. In Q1, the proportion of revenue from the aerial media solution increased noticeably. The experience, processes and teams we have built through these large-scale, highly reliable unmanned aircraft operations will directly benefit EH216 commercialization. As the same goes, the last leg of the journey marks the halfway point. Obtaining the four certificates was only the first half; the real second half is the commercial operation.
In the global eVTOL industry, EHang remains the only company with TC, PC, AC and the license for commercial operations. The first-mover advantage here is not a short sprint nor a manufacturing race. It is an operational race: who can run a safe, sustainable commercial model. Second, deepening our global footprint. We are making steady progress overseas. The Thailand AAM Sandbox program continues with routine validation flights to address hard weather conditions. We completed a battery cooling vehicle testing in Thailand and Guangzhou this month, adding independent cooling systems that significantly improved charging efficiency and passenger comfort. We are also actively working with the Civil Aviation Authority of Thailand to issue the EH216-S first overseas operating license. Our experience in the Thailand Sandbox has become an important reference for our global expansion. Third, accelerating VT35 certification and commercialization.
Certification for VT35, our new longer-range pilot-less human-carrying eVTOL, is progressing steadily. In Q1, we completed multiple system functions and flight performance tests and held in-depth discussions with the CAAC on the certification basis. Our VT35 is aimed for future intercity and regional air mobility, enriching our product portfolio. At the same time, we are developing non-human-carrying models, including firefighting and logistics, for more application scenarios to further expand our addressable market. Fourth, strengthening industrial chain integration. We are turning our first-mover certification and ecosystem experience into industry consensus. EHang is not only China's leader in pilot-less human-carrying eVTOL certification, but also the earliest practitioner and contributor to national and industry standards for unmanned aircraft in China. As the world's first mover about to enter routine commercial operation, we are taking steady steps to strengthen our operational capabilities and build a compliance model.
At the same time, we are integrating R&D, manufacturing, supply chain and quality systems to improve efficiency and scale delivery capabilities. In closing, I want to reiterate the low-altitude economy is a long-term strategic arena with deep potential. EHang will never lose sight of safety, compliance and operational quality. We're committed to being long-term players who shape the eVTOL industry with craftsmanship so that China-developed and China-operated pilot-less eVTOLs will continue to lead the global low-altitude mobility market. I will now turn the call over to our CTO, Shuai Feng. Thank you.
Thank you, Mr. Hu. Hello, everyone. Hi, I'm Shuai Feng. In Q1 2026, our work focused on three priorities: product R&D and upgrades, certification progress and commercial operation support. On one hand, we accelerated VT35 development and certification. On the other, we continued to optimize the EH216-S performance, operational efficiency and passenger experience to support upcoming operations, strengthening the foundation for scale deployment. Number one, VT35 progress. VT35 R&D and certification progressed steadily in Q1. The program has now entered a certification-basis definition stage where we are working closely with the CAAC to establish the safety evaluation framework. We're engaged in in-depth discussions on special conditions, safety objectives and performance requirements. On the engineering side, critical ground and flight tests are advancing as planned to validate system functionality, flight performance and safety redundancy.
Meanwhile, the VT35 avionics system has entered a detailed design stage, preparing for certification-prototype manufacturing and conformity verification. Building on the EH216-S certification experience and our eVTOL technical expertise, we are advancing VT35 efficiently, laying the groundwork for future intercity and regional air mobility. Number two, EH216-S performance upgrade. This quarter, we focused on hot-weather operational efficiency and passenger experience through targeted upgrades to better thermal management and cabin comfort systems. On operational efficiency, to address battery thermal management challenges during high-frequency takeoffs and landings, we developed a dedicated battery cooling vehicle. It has completed production testing and is undergoing further optimization. The cooling vehicle significantly shortens battery cooldown time from high temperatures to safe operating levels, increasing daily charging cycles and flight volume.
In field tests, the cooling vehicle doubled EH216-S utilization, directly supporting higher-frequency commercial flights. The unit can be quickly deployed across operational sites, providing flexible and reliable thermal management for large-scale, high-density operations. On passenger experience, we upgraded the cabin air-conditioning system. The new independent air-cooling system is separate from flight-control and avionics circuits, so it doesn't interfere with critical functions while improving comfort. In tests, the system quickly reduces cabin temperature after prolonged sun exposure and maintains a comfortable level throughout the flight. This upgrade directly addresses a key pain point in hot climates, improving passenger experience, commercial reputation and market acceptance. Number three, digital infrastructure for low-altitude operations. Our Guangzhou Command-and-Control Center is now fully operational, supporting passenger, firefighting, logistics and formation drones.
It provides integrated capabilities, including airspace management, flight planning, dispatch approval, real-time monitoring, operation records and risk alerts. In Hefei, the command-and-control system has been deployed and is connected to the city's low-altitude sensing network and EHang's operational data. Together, these platforms establish a solid foundation for regional scaled low-altitude operations management. Number four, new product development. We are also actively advancing the R&D and flight testing of new products, including logistics and firefighting aircraft, further expanding our product portfolio and low-altitude economy applications. Under Mr. Hu's leadership, I will continue to lead our team in advancing product iteration with aviation-grade standards, translating technological progress into commercial value efficiently and providing a strong foundation for EHang's long-term growth. I will now turn the call over to our COO, Zhao Wang, for sales and operations update. Thank you.
Thank you, Mr. Feng. Hello, everyone. I am Zhao Wang. As EHang enters a new phase of commercial operations, I want to introduce a new member of our management team: Ms. Li Xiaona, formerly our Vice President and General Manager of East China, has been promoted to China General Manager. She will lead our sales, operations and marketing teams overseeing business development and operations management in both China and overseas markets. Over the years, Li Xiaona has led our East China team to build our presence in Hefei from the ground up. She established Hefei Aviation, secured its operator certificate, built a highly effective operational system and team with strategic industrial layout covering R&D, manufacturing and commercial operations, and delivered outstanding results. I look forward to seeing the Hefei model scale further under her leadership. Now let me walk you through our Q1 business results and strategic plans.
In Q1 2026, we achieved revenues of RMB 25.7 million. We delivered four units of the EH216-S and 1,000 units of the GD 4.0 formation drones and completed 22 drone formation performances. The year-over-year and sequential decline in eVTOL deliveries was mainly due to the seasonal impact of the Chinese New Year holiday and customer delivery timing. Looking at our revenue mix, our Aerial Media business grew faster and contributed approximately 40% of the total revenue in Q1. The parallel development of our multiple business lines is driving revenue diversification, reflecting continued demand growth across low-altitude application scenarios. Looking ahead to the full year, we remain confident in our 2026 revenue target of RMB 600 million. This will be supported by the progress we have made on three strategic initiatives. First, diversified revenue streams beyond passenger eVTOL sales and operations: our non-human-carrying businesses, including Aerial Media, firefighting solutions and command-and-control systems, are expected to become new growth drivers.
Second, continued overseas expansion. We expect to replicate our overseas model that combines regulatory sandbox programs, local partners and our integrated operational capabilities to drive sales and operations in Thailand and other global markets. Third, advancing domestic commercial operations. Preparation for EH216-S commercial operations have entered the final stage. We're working with the CAAC on the last mile of commercial operation. We'll continue to prioritize both sales and operations, ensuring steady and compliant commercialization progress. I will now turn the call over to Li Xiaona for a detailed review of our Q1 execution. Thank you.
Thank you, Mr. Wang. Hello, everyone. I'm Li Xiaona, and I'm pleased to join the earnings call for the first time. Let me walk you through our Q1 results, operational strategy, and future plans. In February, we featured 16 EH216-S aircraft and 22,580 GD 4.0 formation drones in the CMG 2026 Spring Festival Gala in Hefei. We completed a flawless performance and set a new Guinness World Record. This appearance significantly enhanced our brand awareness and industry visibility, introduced the concept of low-altitude mobility to a broad audience, and demonstrated our leadership in fleet flight, remote dispatch, and communications integration, strengthening our brand foundation for commercial partnerships and market expansion both domestically and internationally. As of May 2026, the EH216-S Series has accumulated over 90,000 safe flight hours globally across 21 countries. This long-term, stable safety record is our core competitive advantage in global market expansion.
Overseas, we have achieved multiple milestones: completed the first human-carrying flight in Mexico and obtained trial flight permits in Thailand, Japan, South Korea, the Middle East, and Spain. For our overseas strategy, we made a strategic adjustment this year to prioritize VTC in order to fully open the commercial pathway in overseas markets. Given how civil aviation regulations work, we plan to leverage China’s existing bilateral airworthiness agreements with 32 countries for our certification applications. Thailand is our first flagship overseas market. Five vertiport locations have been identified and the first route survey has been completed. We have adapted our hardware, including batteries and external air-conditioning, for hot and humid tropical environments and are pushing hard on commercial operation permit progress. We have formed a dedicated overseas team integrating R&D, commercial airworthiness, and communications functions.
Going forward, we will systematically map out bilateral civil aviation policies globally and develop differentiated overseas deployment plans for human-carrying and cargo aircraft, targeting key markets one by one. On domestic human-carrying air mobility, the network continues to expand. To date, our customers have built over 40 eVTOL operational sites across China, some of which are already in routine operation. This year, we are shifting our business focus to high-demand tourism scenarios using light-asset models such as equipment leasing, joint operations, and direct sales to lower the barrier for partners while putting existing aircraft into service. We are prioritizing locations with high foot traffic and natural commercial appeal, such as Daoli, Wencheng, and Taishan, running small-scale trials to accumulate safety data and then progressively helping customers apply for operator certification.
To improve project execution efficiency, we have set up a dedicated sales support team that works alongside frontline teams to develop customized integrated operation plans based on local airspace conditions, tourism resources, and the commercial landscape. On commercial operation preparation, the CAAC has raised the requirements for the world’s first pilot-less human-carrying eVTOL commercial operation with higher and more detailed standards. At this stage, our two OC-certified operators in Hefei and Guangzhou continue to refine their operations systems, ground support, crew training, and emergency procedures while running internal trial operations routinely and accumulating flight data and service experience. Since obtaining their OCs in March 2025, both operators have maintained a perfect safety record: zero accidents and zero violations. As domestic benchmarks, EHang General Aviation and Hefei Aviation have completed over 3,000 EH216-S flights.
We have built a complete end-to-end service system covering ticket pricing, online and offline ticketing channels, customer service, and complaint handling. Service capacity is being expanded in phases. Going forward, we will continue to refine our standardized SOPs for passenger services, ticketing management, and vertiport operations and then export these proven models. Crew training progress is on track. We have completed internal instructor training for the EH216-S model and submitted all required materials. The plan has been reviewed by the Central and Southern Regional Administration of the CAAC, and once formally approved by the CAAC, officer training will begin. After internal instructor training wraps up in late June, we will begin full-scale crew training. Our non-human-carrying business is an important second growth driver. We focus on two areas: firefighting and inland waterway logistics.
On the firefighting side, based on real-world operational scenarios, we have identified clear product iteration directions. R&D of the new firefighting aircraft is on schedule and will be formally launched to the market upon product validation, together with supporting maintenance and training systems. In the second half of the year, we will showcase product performance through firefighting drills at various levels while actively working to get our products included in fire equipment procurement catalogs, tapping into the emergency response market. On the inland waterway logistics side, we have completed site selection for test routes at Guangzhou Port and the Pearl River main channel. The project will be rolled out in phases near-term, with continued test flights and routine safety reviews, medium-term routine delivery services on the Pearl River, and expansion into new application scenarios.
Long term, we aim to replicate the proven model, apply for government funding, and build a benchmark inland-waterway low-altitude logistics project in China. On formation drone performances, the industry is seeing increasingly intense low-price competition. We are avoiding price competition and have set a clear strategy to build benchmark projects, replicate profitable models, and expand both domestically and overseas. In overseas markets, we are simultaneously rolling out formation products, leveraging local tourism resources to create routine performance venues that complement our human-carrying business. Going forward, I will lead the sales, marketing, and operations team to execute our strategic plan steadily with dedication, efficiency, and safety as the first priority. I will now turn the call over to our CFO, Conor Yang. Thank you.
Hello, everyone. Before I go into the details, please note that all numbers presented are in RMB unless otherwise stated. A detailed analysis is available in our earnings press release on the IR site. Now let me walk you through the key financial data. In Q1 2026, revenues were RMB 25.7 million, on par with RMB 26.1 million in Q1 2025 but down from RMB 177.6 million in Q4 2025. The decline was mainly due to lower eVTOL deliveries, partly offset by growth from our non-human-carrying business. During the quarter, we delivered four units of the EH216 series compared to 11 units in Q1 2025 and 61 units of EH216 series plus five units of VT35 in Q4 2025. The lower deliveries were primarily due to seasonal factors at the beginning of the year and the customer delivery schedules. On a positive note, our revenue mix continues to diversify, benefiting from increased brand visibility and growing market demand.
Our aerial media business grew faster and contributed approximately 40% of the total revenue in Q1, highlighting the synergies across our diversified business lines. Gross margin in Q1 was 62.5%, and stable compared to 62.4% in Q1 2025 and up slightly from 61.6% in Q4 2025. Our consistently strong margin profile reflects continued improvement in manufacturing efficiency and supply chain management. Turning to operating expenses. Adjusted operating expenses, defined as total operating expenses excluding share-based compensation, were RMB 101.1 million in Q1, up 59% from RMB 63.6 million in Q1 2025 and up 7.9% from RMB 93.7 million in Q4 2025. The increase was driven by our continued commercialization efforts, R&D team expansion and increased technology investment. As our business scales, we have strengthened our operational, R&D and global expansion teams while continuing to invest in EH216 series upgrades, VT35 development and future generations of products and core technologies to enrich our product pipeline and reinforce our long-term competitive advantages.
As we continue to invest for future growth, our near-term profitability was impacted by lower revenue scale and higher R&D expenditure. Adjusted operating loss in Q1 was RMB 77.1 million compared to RMB 42.6 million in Q1 2025. Adjusted net loss was RMB 75.6 million compared to RMB 31.1 million in Q1 2025. As of March 31, 2026, our combined cash and cash equivalents, restricted short-term deposits and short-term treasury investments totaled RMB 1.03 billion. This healthy cash position provides solid support for the continued execution of our commercialization strategy, global expansion plans and technology development programs. While near-term financial performance was impacted by delivery timing and strategic investments, we remain committed to a long-term growth strategy and maintain our 2026 annual revenue guidance of RMB 600 million. Our confidence is supported by our diversified revenue mix, continued global market progress, including the commercial breakthrough target in Thailand, and the advancement of EH216-S commercial operations in China.
Meanwhile, we remain focused on improving our operational efficiency and capital allocation as we scale our business. We believe these efforts will strengthen our foundation for long-term growth and create sustainable value for our shareholders. Based on our confidence in the company's cash position, our Board of Directors has approved a share repurchase program. Over the next 12 months, the company may repurchase up to USD 30 million worth of its ADS. Repurchases will be funded from existing cash reserves and management will execute them flexibly based on market conditions. This initiative reflects our commitment to returning value to shareholders and demonstrating our long-term confidence. Thank you all.
分析師問答
Your first question comes from Pei-Chi Wang with MS.
I have two questions for the first quarter results. First, most investors are curious about what is the expected revenue mix for the remaining three quarters of 2026 because you have been exploring more revenue streams from products outside of eVTOL. Can management give more color on the revenue mix in the following quarters? And the second question is about the overseas business. How should we look at the contribution from overseas markets in the coming months?
Hello. Okay. Now I'll provide a translation for Conor. The key strategy for the company is to execute the revenue diversification strategy and the results have been shown in our Q1 results. We have projects both at home and overseas for our human-carrying business as well as our GD4 aerial business. The projects are scattered across both China and overseas. Some typical domestic examples are projects in Changsha and Xiamen, and an overseas example would be Thailand. We are going to increase the number of GD4 drone performances in the upcoming two quarters. We are also advancing the R&D for our logistics and firefighting models, and they will be rolled out to the market later this year. In terms of the revenue mix breakdown for our human-carrying business, specifically speaking, revenue will be contributed by the sales and deliveries of EH216-S and the VT35. Together, they will contribute about 60% of our full-year revenue, while non-human-carrying businesses are going to contribute roughly 40% of our revenue.
Regarding the second question, the proportion of overseas revenue will increase significantly. We have made obtaining overseas VTCs (Validation of Type Certificates) our top priority this year, relying on bilateral agreement channels and have established a dedicated team. Pioneer projects in Thailand and Mexico are progressing smoothly. In the medium to long term, overseas markets are expected to continuously contribute to revenue.
Your next question comes from Shen Wei with UBS.
My first question is on the gross profit margin. I noticed that 40% of the Q1 revenue was contributed by the media business or non-human-carrying related services. What is the gross profit margin for that segment, and what is the market and competition outlook for the segment? My second question is on your overseas business. Management has mentioned potential orders from overseas markets around 100 units previously. Is there any update to this number, and can you provide a timeline?
Regarding gross profit margin, the GD 4.0 drone sales and performance business has about a 50% margin. Margins for our human-carrying business are higher and are increasing this year. As a result, the overall mix remained above 60% in the first quarter, and we are maintaining that as our full-year target. For overseas orders, we expect overseas revenue to rise to about 10% of total revenue, though that depends heavily on our commercial development in Thailand. We have been focusing on communications with the CAAC. Our target is to launch official commercial operations by the end of the year, in time for the AAM conference in Bangkok. If commercial operations can start earlier, the overseas contribution would be higher.
Your next question comes from Alan Lau with Jefferies.
This is Alan. I'd like to follow up on the question regarding the gross margins. What are the major cost items for the non-eVTOL business, because the margin is around 50%? I would like to know what are the key cost of goods sold for that business line. And second, is there any operational data that management can share with investors regarding the operations in Hefei?
For the GD4 drone sales and performances, the contribution to margin is around 50%. To break it down: the majority of the costs for drone sales come from the drone units themselves plus the batteries and assembly-line costs. For performances, the majority of cost depends on the size and the number of drones deployed. Because these drones are company-owned fixed assets, costs also include depreciation plus personnel costs for sending staff to operate and fly these drones at different venues. Together, these form the costs of operations and sales. For our non-human-carrying business, specifically the firefighting models, it has a relatively high gross margin. Roughly one-third of the cost is carbon-fiber material used in building the model, another one-third comes from the powertrain and batteries, and the remaining one-third comes from other components used to build the model.
This is Zhao Wang. I'll take your second question about Hefei operations. The Hefei and Guangzhou sites are still preparing for commercial operations. Because this is the world's first pilot-less human-carrying eVTOL commercial operation project, the CAAC has set higher and stricter operational standards. Since we obtained the OC in March 2025, we have maintained close communication with the CAAC, accumulated valuable trial flight data, and ensured there have been no accidents or violations of the standards. Since obtaining the OC, the two sites have operated stably with a safety record of zero accidents and zero violations, completing more than 3,000 flights. As disclosed, the early-bird price for the Hefei site was set at RMB 299. There are currently four EH216-S units at the site, scheduled to fly 14 flights per day. The mini-app for ticket booking is live. We are fully ready for commercial operations and will roll out service once we receive CAAC approval.
Your next question comes from Xinran Li with Deutsche Bank.
Could you provide more color on order intake so far in 2026? Are the new orders mainly from existing customers or are you seeing demand from new clients as well? And could you update the expected timeline for the operator training? Once your program is approved, how long does it take for the first group of ground crew to complete the training?
On the revenue and orders question, we remain confident in our full-year revenue target of RMB 600 million. This confidence stems from the diversified revenue mix achieved in Q1, the predictability of overseas market breakthroughs, and domestic commercial operations entering their final sprint. The majority of orders will arrive in the second half of the year, with many orders progressing in parallel. Because most orders come from government-related institutions or enterprises, budget approvals are predominantly scheduled for the second half of the year. We have also seen many new customers expressing strong interest in purchasing our models, and we expect more than 50% of this year’s revenue will come from new customers.
Let me explain the crew training process. Crew training is broken down into three stages. First, the CAAC has officially stipulated the large-scale civil eVTOL pilot-training mechanism and standards. We have been deeply involved in that process. We submitted all related documents and teaching materials and participated in formulating the test requirements for training personnel. In May this year, the CAAC formally published requirements for civil eVTOL training-related standards, which provide a key compliance reference for the industry. EHang has been deeply involved and contributed our experience to that process. The second stage is the internal training of the instructors. This process has kicked off and is about to wrap up. We have submitted associated plans, which have been reviewed by the CAAC. We expect the instructor-training program to wrap up by the end of the month. The third stage is to kick off official training for ground crew and flight crew, which is expected to start in the following quarters. Once all stages are complete, EHang will be in a good position to launch batch trainings. Each training group can train five to ten personnel, and multiple classes can run in parallel. By that time, we will be ready to supply a sufficient number of qualified ground crew to the market.
Thank you all. Given the time is limited, let me turn the call back to Ms. Anne for closing remarks.
Okay. Thank you, operator, and thank you all for participating in today's call. We understand that there are many analysts and investors still waiting on the line, but due to the time limit, if you have any further questions, please contact our IR team by e-mail or participate in our following investor events using the calendar information provided on our IR site. We appreciate your interest and look forward to our next earnings call. Thank you.
That does conclude our conference for today. Thank you for participating. You may now disconnect. Portions of this transcript that are marked Interpreted were spoken by an interpreter present on the live call.