EHang Holdings Limited (EH): Business Model Canvas [Dec-2025 Updated]

You're looking at a company, EHang Holdings Limited, that's finally moving from the drawing board to the tarmac, and honestly, the numbers from their current setup are compelling. As an analyst who's seen a few hype cycles, what stands out here is the shift to a high-margin hardware play, evidenced by that impressive gross margin of around 62.6% they hit in Q2 2025, all while sitting on about RMB 1.2 billion in cash as of June 30, 2025. Their entire model hinges on those hard-won CAAC certifications, which lets them sell the EH216-S as the world's first certified pilotless passenger eVTOL, aiming for roughly RMB 500 million in revenue this year. So, you've got a certified product, a strong cash buffer, and a high-margin sales focus-but what about the operational risks and the long-term partnership structure that underpins this whole thing? Dive into the full Business Model Canvas below to see the full picture.

EHang Holdings Limited (EH) - Canvas Business Model: Key Partnerships

You're looking at the critical alliances EHang Holdings Limited has locked in as of late 2025 to scale its autonomous aerial vehicle (AAV) business. These aren't just handshake deals; they involve specific technology integration and massive infrastructure plays.

Government Entities for Certification and Deployment

Regulatory alignment is everything in this space, and EHang Holdings Limited has secured key governmental milestones. The Civil Aviation Administration of China (CAAC) is central, having issued the world's first Type Certificate (TC), Production Certificate (PC), and Standard Airworthiness Certificate (AC) for the EH216-S pilotless eVTOL. Furthermore, in 2025, EH216-S operators received the first batch of Air Operator Certificates (OC) from the CAAC for mass consumer flight services. EHang Holdings Limited is targeting annual revenue of around RMB 900 million for the fiscal year 2025.

The partnership with the Hefei government is substantial, focusing on establishing a product hub for the next-generation VT35 series. This initiative is backed by comprehensive government support valued at approximately RMB 500 million, which covers orders, investments, and other collaborative efforts across the industry chain. On the certification front, EHang Holdings Limited reached a consensus with the CAAC on the certification basis for the two-seat EH216-S and formulated 13 compliance requirements.

Gotion High-Tech for Advanced Battery and Power System Development

The expanded strategic partnership with Gotion High-Tech, announced in June 2025, builds upon a framework agreement from December 2023. This collaboration is focused on power systems for the EH216 series and future models. Gotion is set to deliver a customized battery solution utilizing its newly developed 46-series cylindrical battery cell, which offers high energy density and robust power output. This is about building an integrated eVTOL energy ecosystem, aiming for safer, more efficient, and cost-effective solutions.

China Road and Bridge Corporation (CRBC) for Global Sales and Infrastructure

A strategic partnership was announced in September 2025 with China Road and Bridge Corporation (CRBC) to drive international expansion. CRBC brings a global presence, operating in over 70 countries, where it will act as an agent to market EHang Holdings Limited's products overseas. This alliance is also aimed at advancing international certification standards for eVTOLs. The partnership was highlighted during EHang Holdings Limited's first human-carrying flight of the EH216-S in Africa, marking its expansion to 21 countries globally. At the time of this announcement, EHang Holdings Limited's market capitalization stood at $1.18 billion.

Reignwood Aviation Group for Low-Altitude Tourism Deployment in Asia

EHang Holdings Limited entered a strategic partnership with Reignwood Aviation Group in July 2025 to advance Urban Air Mobility (UAM) in China and Southeast Asia. Reignwood Aviation Group is a private general aviation enterprise with a national network of five operational bases, a fleet exceeding 60 aircraft, and a total investment of RMB 2.0 billion. The initial focus is deploying the EH216-S at scale in key cultural and tourism destinations, including international spots like Bangkok and Phuket, for low-altitude tourism. They also plan to jointly establish a "Reignwood-EHang Flight Training Center".

Minth Group for Lightweight Airframe Systems and Component Manufacturing

A strategic partnership was established with Minth Group in July 2025, focusing on the value chain for low-altitude aircraft. Minth Group, a global leader in automotive parts, has 25,663 employees and a manufacturing network across 14 countries. The collaboration includes a five-year framework agreement to jointly develop high-safety airframe systems, lightweight cabin interior components, and intelligent cockpit human-computer interaction systems. They will also focus on developing rotor systems for high-reliability, low-noise, and high-efficiency operation.

The scope of these key partnerships can be summarized:

• Regulatory & Regional Deployment Partners: CAAC, Hefei Government, Qatar MoT (implied by global strategy).
• Power System Partner: Gotion High-Tech, focusing on the 46-series cylindrical battery cell.
• Global Sales & Infrastructure Partner: CRBC, with operations in over 70 countries.
• Tourism & Aviation Integration Partner: Reignwood Aviation Group, with a RMB 2.0 billion investment base.
• Manufacturing & Component Partner: Minth Group, with a five-year development agreement.

EHang Holdings Limited (EH) - Canvas Business Model: Key Activities

You're looking at the core engine driving EHang Holdings Limited's transition from a development-stage company to a commercial operator as of late 2025. The key activities are all about getting those EH216-S aircraft flying commercially and scaling up the next generation.

Manufacturing and delivery of EH216-S and VT35 eVTOL aircraft

The manufacturing pipeline is definitely ramping up, though the focus has shifted a bit toward operational readiness. EHang Holdings Limited delivered 68 units of the EH216 series in the second quarter of 2025, a nice jump from the 11 units delivered in the first quarter of 2025. Still, the company received new orders for over 150 units in the second quarter of 2025, suggesting strong backlog. The Yunfu Factory is targeted to hit a production capacity of 1,000 units per year by the end of 2025. The VT35 Series Product Hub is being established in Hefei, which is key for their longer-range product roadmap. Honestly, the estimated cost of an EHang aircraft around $330,000 is a major competitive factor against Western counterparts.

Here's a quick look at the delivery pace through the first half of 2025:

The company's focus in the second half of 2025 shifted to supporting customer operational preparations, which affected short-term delivery volume.

Research and development (R&D) for next-gen models and solid-state batteries

EHang Holdings Limited continues to invest in R&D to support future product lines, like the VT35, which has entered its Type Certification phase. The R&D spend reflects this ongoing development work. For example, the R&D expense in the second quarter of 2025 was RMB 57.6 million (US$8.0 million), up from RMB 37.3 million (US$5.1 million) in the first quarter of 2025. They are also expanding technology partnerships, including one with Gotion High-Tech, which is relevant for battery technology.

Key R&D Financials (2025):

• Q1 2025 R&D Expense: RMB 37.3 million
• Q2 2025 R&D Expense: RMB 57.6 million
• Focus Areas: VT35 development and testing for international certification.

Securing and maintaining global regulatory certifications and Air Operator Certificates

This is where EHang Holdings Limited has a clear lead. The EH216-S operators received the first batch of Air Operator Certificates (OC) from the Civil Aviation Administration of China (CAAC) in 2025, enabling paid commercial flights. As of the third quarter of 2025, the two certified operators conducted 1,147 flight missions, which included 359 human-carrying flights. The VT35 model has also progressed, with its Type Certificate Application accepted by the CAAC. Globally, as of March 31, 2025, the accumulated flight footprints reached more than 66,000 safe trial or demo flights across 19 countries. They are also actively working on bilateral airworthiness validation with local authorities in Saudi Arabia, the UAE, Thailand, Brazil, and South Africa.

Establishing and managing commercial eVTOL operational sites (vertiports)

The groundwork for widespread operations is being laid across China. In the first half of 2025, the company and its customers completed over 10,000 safe, autonomous eVTOL flights across more than 40 operational sites in China and overseas. EHang Holdings Limited is building out its physical infrastructure, reportedly focusing on establishing vertiports in about 20 Chinese cities. The initial commercial operations are centered in Guangzhou and Hefei, where the two certified operators launched trial services after receiving their OCs.

Providing operational support, training, and maintenance services

The business model is explicitly transitioning to a dual-engine approach combining manufacturing and operational services. This service component is critical for recurring revenue. The company maintained a gross margin of 62.6% in the second quarter of 2025, though it slightly dipped to 60.8% in the third quarter of 2025, partly due to the strategic focus on operational preparations over short-term delivery acceleration. The full-year 2025 revenue guidance is set at approximately RMB 500 million, up from RMB 446.2 million in 2024. Furthermore, the Hefei government is providing significant support for the VT35 hub, totaling RMB 500 million, which includes purchase orders, directly supporting the operational and service ecosystem.

Financial Snapshot (2025):

• FY 2025 Revenue Guidance: Approx. RMB 500 million
• Q2 2025 Revenue: RMB 147.2 million (US$20.5 million)
• Q3 2025 Gross Margin: 60.8%
• Hefei Government Support (incl. POs): RMB 500 million

Finance: draft 13-week cash view by Friday.

EHang Holdings Limited (EH) - Canvas Business Model: Key Resources

You're looking at the core assets EHang Holdings Limited is relying on to execute its urban air mobility vision. These aren't just ideas; they are certified hardware, established cash reserves, and protected technology.

The most tangible resource is the regulatory clearance for its flagship product. EHang Holdings Limited is the world's first eVTOL company to achieve the full suite of regulatory certifications from the Civil Aviation Administration of China (CAAC) for the EH216-S aircraft. This suite includes the Type Certificate (TC), the Production Certificate (PC), and the first batch of Air Operator Certificates (OC) issued for civil human-carrying pilotless aerial vehicles.

This regulatory achievement is underpinned by significant technological development. The proprietary autonomous flight control and command-and-control systems are validated by extensive testing. The EH216-S aircraft completed over 60,000 test flights during its certification process. The system utilizes sensors like LIDAR for obstacle detection and avoidance, and the aircraft is designed to carry two people at speeds up to 130km/h for ranges up to 30 kilometers. The EH216 model is powered by 16 motors, offering distributed propulsion for safety redundancy.

Manufacturing scale is a critical resource being actively developed. EHang Holdings Limited has plans to increase the annual production capacity at its Yunfu production base to 1,000 units/year by the end of 2025, following the expansion and upgrade of the factory space to 48,000 square meters. This is a key operational target for the near term.

Financially, the company maintains a solid liquidity position. As of June 30, 2025, EHang Holdings Limited reported cash and cash equivalents, restricted short-term deposits, and short-term investments balances of approximately RMB 1.2 billion, with the precise figure being RMB 1,149.8 million (US$160.5 million).

The intangible asset base, the intellectual property portfolio, is substantial, built up over years of R&D:

• Patents applied for domestically: 318
• Foreign patents applied for: 43
• International Patent Cooperation Treaty (PCT) applications filed: 76
• Trademarks applied for: Over 450
• Trademarks registered: 381

The company's operational structure is also supported by its growing sales pipeline, which secures future revenue visibility. As of Q2 2025, EHang Holdings Limited reported booking over 150 firm purchase agreements for the EH216 series.

Here is a summary of the key quantifiable resources as of mid-2025:

EHang Holdings Limited (EH) - Canvas Business Model: Value Propositions

EHang Holdings Limited offers the world's first certified pilotless eVTOL for commercial human-carrying flights, having secured the necessary regulatory approvals from the Civil Aviation Administration of China (CAAC) to legally conduct paid flights with the EH216-S model. This achievement, which includes the Type Certificate (TC), Production Certificate (PC), and the Operator Certificate (OC), positions EHang Holdings Limited ahead of global competitors still pursuing piloted aircraft certification, such as Joby and Archer, who were not expected to complete FAA type certification before the end of 2025.

The immediate value delivered is a new low-altitude tourism and urban sightseeing experience, centered on short, round-trip hover flights in designated zones. Trial commercial operations of the EH216-S were launched by two certified operators in Guangzhou and Hefei, logging more than 700 flights in those cities since the second quarter of 2025.

The financial performance underpinning this value proposition shows strong unit economics and growing scale. The company maintained a high gross margin, which is a direct reflection of the value captured from aircraft sales and the inherent cost structure of a pilotless system.

EHang Holdings Limited provides a safe, autonomous, and eco-friendly short-haul air mobility solution. The autonomous nature of the EH216-S inherently delivers on the value proposition of reduced operational costs by eliminating the need for a pilot, which supports the high gross margin achieved. The company is strategically transitioning to a dual-engine model that combines eVTOL manufacturing with operational services, including customer support and infrastructure setup.

The core product, the EH216-S, is designed for this urban air mobility role, offering specific performance characteristics that define its utility:

• Twin-seat, fully autonomous eVTOL configuration.
• Cruise speed of 100 km/h.
• Range of 35 km per charge.
• Payload capacity of 220 kg.
• Suggested retail price of US$410,000.

EHang Holdings Limited (EH) - Canvas Business Model: Customer Relationships

Dedicated operational support and training for commercial launch partners

• The first two certified operators, Guangdong EHang General Aviation Co., Ltd. and Hefei Heyi Aviation Co., Ltd., safely conducted over 1,700 safe operational flights since obtaining their respective Air Operator Certificate (OC) to date.
• Trial commercial operations of the EH216-S in Guangzhou and Hefei logged more than 700 flights since the second quarter of 2025.
• The company is ready for commencing commercial operations and plans to gradually roll out reservation-based eVTOL flight service in the near term.

Strategic, long-term collaboration with government and municipal clients

EHang Holdings Limited maintains deep ties with governmental bodies to facilitate technology deployment and ecosystem growth. The company is building takeoff and landing sites in about 20 Chinese cities. Furthermore, a strategic partnership with the Hefei Government involves constructing a VT35 Series Long-range eVTOL product hub, with the Hefei government planning to offer around RMB 500 million ($70.3 million) in financial support, including eVTOL product orders and other collaborations across the industry chain. The Civil Aviation Administration of China (CAAC) extended approval for unpiloted flights, limited to taking off and landing at the same vertiport, in March 2025. EHang expanded its pilotless eVTOL flight footprint to 20 countries as of the second quarter of 2025, with recent operations in Mexico, Indonesia, and the Dominican Republic.

Transactionalsales model for direct aircraft purchases

The customer relationship for aircraft acquisition follows a transactional sales model, evidenced by the delivery and order volumes. The company reported booking over 150 new firm purchase agreements for the EH216 series in the second quarter of 2025. The order book reflected that roughly 90% of these orders were with domestic clients, and only 10% originated from international markets. The full-year 2025 revenue guidance is set at approximately RMB 500 million.

Community building through demonstration flights and public awareness

• In the first half of 2025, EHang Holdings Limited and its customers completed over 10,000 safe, autonomous eVTOL flights.
• These flights occurred across more than 40 operational sites in China and overseas.
• The company launched the VT35, a next-generation long-range lift and cruise pilotless human-carrying vehicle, and has received purchase orders for it from multiple regions in China, starting test flights.
• Trial operations are advancing globally, with notable progress in Asia, the Middle East, and Africa, including trial operations in Thailand and Qatar.

EHang Holdings Limited (EH) - Canvas Business Model: Channels

You're looking at how EHang Holdings Limited moves its EH216-S autonomous aerial vehicles (AAVs) and services to customers as of late 2025. The channel strategy is clearly bifurcated: deep penetration in the supportive domestic Chinese market, and strategic, partnership-driven entry into international territories.

Direct sales team to regional governments and large commercial operators

Domestically, the channel is heavily reliant on direct engagement with local government entities and large enterprise operators who are the first wave of paying customers. This is where the Air Operator Certificates (OCs) become the crucial sales enabler. EHang's wholly-owned subsidiary, Guangdong EHang General Aviation, and its joint venture, Hefei HeYi Aviation, received their full set of regulatory certifications from the Civil Aviation Administration of China (CAAC) on March 28, 2025. This green light directly translates into sales capacity for commercial services.

The immediate focus for commercial deployment is on two key cities, which also serve as operational hubs. EHang launched trial commercial operations of the EH216-S in both Guangzhou and Hefei. The company was actively working to start full operations in designated areas in these two cities by the end of 2025. Furthermore, the commitment from the Hefei municipal government is substantial, involving a RMB 1 billion investment to establish a full-cycle base for the next-generation VT35 series, alongside a pledge of RMB 500 million in orders and industry chain cooperation. As of the Q2 2025 report, EHang had already established over 40 operational sites for the EH216-S across China and overseas. The initial customer base is expanding, with 68 units delivered in Q2 2025 alone to 13 enterprise clients across multiple Chinese provinces and Japan.

Here's a snapshot of the domestic commercial traction through Q3 2025:

Strategic partners (e.g., CRBC) for international promotion and sales

For global reach, EHang Holdings Limited is leaning heavily on established state-owned enterprises. A key move was the strategic partnership with China Road and Bridge Corporation (CRBC), announced on September 5, 2025. CRBC brings an established international platform, operating in over 70 countries and regions. Under this agreement, CRBC acts as an agent to promote and sell EHang's AAVs in overseas markets. This partnership was immediately leveraged to showcase the EH216-S at Aviation Africa 2025 in Kigali, Rwanda, on September 4-5, 2025. This demonstration expanded EHang's global flight footprint to 21 countries.

Dedicated operational sites/vertiports in cities like Guangzhou and Hefei

The physical infrastructure in Guangzhou and Hefei serves as both a direct sales channel fulfillment center and a proof-of-concept for other cities. The establishment of the VT35 Series Product Hub in Hefei is a concrete example of local government collaboration driving channel development. These sites are the initial locations where the company transitions from demonstration flights to paid commercial services, specifically for urban sightseeing tours and diverse commercial human-carrying flight services. The goal is to use these initial deployments to collect data and refine operations before scaling to other regions.

Global AAM Sandbox Initiatives (e.g., Thailand, UAE) for market entry

International market entry is being facilitated through regulatory sandboxes, which are designed to fast-track commercial operations. Thailand is a core overseas market for this strategy. EHang launched its Advanced Air Mobility (AAM) Sandbox Initiative in Thailand in October 2025, in collaboration with the Civil Aviation Authority of Thailand (CAAT). This follows a successful debut flight in Bangkok in November 2024. A major milestone occurred on November 24, 2025, when the Director General of CAAT, Air Chief Marshal Manat Chavanaprayoon, personally experienced an experimental flight on the EH216-S in Bangkok's central business district. EHang CFO Conor Yang noted that this sandbox model is intended to become a regional blueprint for Southeast Asia. Beyond Southeast Asia, EHang is seeing strong interest from the Middle East and Latin America as well.

The progress in these international channels can be summarized:

• Thailand AAM Sandbox launched in October 2025.
• CAAT Director General flew in the EH216-S on November 24, 2025.
• Global flight footprint expanded to 21 countries as of September 2025.
• Strong interest noted in the Middle East and Latin America.

The company's full-year 2025 revenue guidance was revised down to approximately RMB 500 million from an earlier projection of RMB 900 million. Finance: draft Q4 2025 delivery forecast based on the RMB 500 million guidance by next Tuesday.

EHang Holdings Limited (EH) - Canvas Business Model: Customer Segments

You're looking at the specific buyers EHang Holdings Limited is targeting with its pilotless electric vertical take-off and landing (eVTOL) aircraft as of late 2025. The customer base is clearly segmented, though the numbers show a heavy reliance on the domestic Chinese market right now.

The overall sales performance in 2025 provides context for the volume these segments are absorbing. For instance, EHang Holdings Limited delivered a total of 42 electric vertical take-off and landing (eVTOL) units in the third quarter ended September 30, 2025, comprising 41 units of the EH216 series and one unit of the VT35. This followed 68 units delivered in the second quarter of 2025.

The order book provides a forward look at customer commitments. As of the second quarter of 2025, EHang Holdings Limited reported receiving new orders for over 150 units of the EH216 series.

The customer segments are directly tied to the deployment strategy:

• Regional governments and municipal entities focused on low-altitude economy development
• Tourism and low-altitude sightseeing operators in China and Southeast Asia
• Commercial air mobility operators seeking pilotless eVTOL fleets
• Logistics and specialized service providers (e.g., aerial firefighting, cargo)

Regional governments and municipal entities focused on low-altitude economy development

This segment is critical for infrastructure and initial large-scale adoption, often involving direct government support or procurement. The Hefei government, for example, is establishing a VT35 Series Product Hub, with the Hefei government planning to offer around RMB 500 million ($70.3 million) in financial support and place eVTOL orders. EHang Holdings Limited has established operational sites in about 20 Chinese cities. The company also has a joint venture, Hefei Heyi Aviation Co., Ltd., which is one of the first two operators to receive an Air Operator Certificate (OC).

Tourism and low-altitude sightseeing operators in China and Southeast Asia

This group represents the initial commercial revenue stream, often utilizing the EH216-S model for short-range passenger transport. The first two operators with an OC, including EHang Holdings Limited's wholly-owned subsidiary, Guangdong EHang General Aviation Co., Ltd., have conducted over 1,700 safe operational flights since obtaining their certificates. The company also expanded its flight footprint to 20 countries globally, indicating international interest in sightseeing/tourism applications.

Commercial air mobility operators seeking pilotless eVTOL fleets

These are the enterprise clients purchasing aircraft for their own UAM service rollouts. In the second quarter of 2025, EHang Holdings Limited delivered 68 units of its EH216 series to 13 enterprise clients across multiple Chinese provinces and Japan. The estimated cost for an EHang aircraft is around $330,000, which is significantly lower than some Western counterparts estimated to sell for between $1.3 million and $5 million.

Logistics and specialized service providers (e.g., aerial firefighting, cargo)

While less detailed in the latest reports, this segment is addressed by newer product development. EHang Holdings Limited launched the VT20 logistics eVTOL, which initiated a long-distance intercity UAV logistics route in the Greater Bay Area. The introduction of the VT35 model, designed for intercity air mobility, also targets longer-range applications beyond the initial short-hop sightseeing missions.

EHang Holdings Limited (EH) - Canvas Business Model: Cost Structure

You're looking at the cost side of EHang Holdings Limited's business as they scale from initial deliveries to broader commercial operations in late 2025. The cost structure is heavily weighted toward future capability, meaning significant upfront investment in technology and capacity expansion.

High R&D expenditure to maintain technology lead and develop new models (VT35) is a major cost driver. For the second quarter of 2025, the adjusted research and development expenses were reported at RMB 38 million. This spending supports the ongoing development of next-generation platforms, like the VT35 Series Long-range eVTOL, which is central to their intercity mobility strategy. To build out the ecosystem for this new model, EHang is investing approximately RMB 1 billion into a comprehensive product hub in Hefei, covering R&D, manufacturing, and certification for the VT35 series.

The direct cost associated with producing the aircraft, the manufacturing costs of revenue, shows clear scaling. For Q2 2025, the costs of revenues were RMB 55.1 million, up significantly from RMB 38.4 million in the second quarter of 2024, tracking the increased sales volume of the EH216 series products.

Here's a quick look at the key operating cost components and cost of revenue from the Q2 2025 results:

Sales and marketing expenses for global expansion and commercial ramp-up are also increasing as EHang Holdings Limited pushes beyond its initial domestic base. The adjusted sales and marketing expenses in Q2 2025 reached RMB 22.5 million. This spending supports securing new orders and building out the operational footprint, including establishing takeoff and landing sites in about 20 Chinese cities.

For production capacity expansion, the company has set its full-year 2025 Capital expenditure (CapEx) guidance unchanged at US$40 million. This investment is aimed at scaling up existing facilities, such as the Yunfu site expansion to support 1,000 units per year, and establishing the new Hefei hub.

Finally, Regulatory compliance and certification costs are embedded within both operating expenses and major capital projects. The total operating expenses in Q2 2025 were RMB 172.9 million. Specifically, the massive RMB 1 billion investment in the Hefei product hub is earmarked to cover critical aspects like airworthiness certification for the VT35 series, which is a non-trivial, ongoing cost in this nascent industry.

EHang Holdings Limited (EH) - Canvas Business Model: Revenue Streams

The revenue streams for EHang Holdings Limited are currently dominated by hardware sales, but the company is actively building out a dual-engine model to incorporate services.

Sales of EH216-S and VT35 eVTOL aircraft remain the main driver. Inferred data suggests that EH216-S Sales accounted for approximately 95%+ of revenue during the first quarter of 2025 (Q1 2025) (cite: 6). The company has also secured purchase orders for its new long-range VT35 model at a unit price of RMB 6.5 million (cite: 4).

EHang Holdings Limited has maintained its full-year 2025 revenue guidance at approximately RMB 500 million (cite: 1, 2, 3, 4, 5), which is equivalent to about $70.3 million based on one analyst estimate (cite: 3). This guidance reflects a strategic pivot toward supporting operational ramp-up rather than just unit sales volume (cite: 1).

Here's a look at the reported quarterly revenue progression through Q3 2025, which shows the sequential ramp-up in the year:

The company is transitioning its revenue model to combine eVTOL manufacturing with operational services (cite: 1). The gross margin remained strong, reported at 62.4% in Q1 2025 (cite: 7, 11) and 60.8% in Q3 2025 (cite: 4).

Future and secondary revenue streams are being developed alongside the core manufacturing business:

• Revenue from operational services, which may include customer support and operator training (cite: 1, 6).
• Ticket sales from initial commercial low-altitude tourism flights, with plans to open sales to the general public in Phase 2 (cite: 9).
• Potential future revenue from logistics and specialized aerial services (cite: 13).

The company is building a foundation to capture stronger growth as a service provider (cite: 5). Finance: draft 13-week cash view by Friday.