Financial ChallengesThe 1Q25 non-GAAP net loss was worse than estimated, highlighting financial challenges for the company.
Regulatory RisksDownside risks include slower-than-expected regulation relaxation in China and the risk of aircraft mechanical failure.
Revenue GuidanceManagement lowered its full year revenue guidance from RMB900mn to RMB500mn, as it prioritizes on helping its existing clients to ensure safe flight and successful commercialization instead of quickly ramping up eVTOL delivery.