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Hesai Group Reports Second Quarter 2025 Unaudited Financial Results

Quarterly net revenues were RMB706.4 million (US$98.6 million)¹
Quarterly lidar shipments were 352,095 units
Quarterly net income was RMB44.1 million (US$6.2 million)

SHANGHAI, China, Aug. 14, 2025 (GLOBE NEWSWIRE) -- Hesai Group (鈥淗esai鈥� or the 鈥淐ompany鈥�), (NASDAQ: HSAI), the global leader in three-dimensional light detection and ranging (lidar) solutions, today announced its unaudited financial results for the three months ended June 30, 2025.

Management Remarks

鈥淭he second quarter marked a surge in our growth momentum with net revenues soaring over 50% year-over-year and net income exceeding RMB40 million, beating our GAAP breakeven target鈥攑owered by strong customer demand and sharp operational execution,鈥� said Yifan 鈥淒avid鈥� Li, Hesai鈥檚 Co-Founder and CEO. 鈥淚n ADAS, the 鈥楬esai Inside鈥� label is now widely recognized as a mark of advanced perception and safety in intelligent vehicles. Throughout the quarter and in recent weeks, we secured a substantial number of new design wins through 2026 for 20 models from 9 leading OEMs. Notably, we achieved a platform win for multiple 2026 models with one of our top 2 ADAS customers, further cementing lidar as a standard feature across this customer鈥檚 model lineups. These ADAS design wins will supercharge our order book, highlighting how lidars have emerged as a standard feature and are fueling mass-market adoption. Globally, we entered the C-sample stage with a top European OEM, keeping us on track for full-scale production and commercial launch expected in 2026. We also secured a new design win with Toyota, one of the world's largest automakers, with mass production targeted for 2026, underscoring our expanding global footprint and world-class competitiveness. In the Robotics space, we ranked No.1 in lidar shipments in China for the first half of 2025, according to Gaogong Industry Research Institute (鈥淕GII鈥�). Our Robotics business is riding the wave of Physical AI as lidars become essential for AI to perceive the dynamic world and the best sensor for robotic mobility. This evolution will unlock vast new market opportunities ahead, which we鈥檙e uniquely positioned to capitalize on and lead鈥攍everaging our automotive-grade expertise, global scale, and proven deployments across diverse industries. The stage is set. The lidar is on. The future鈥攄igital, physical, and AI-driven鈥攈as never looked sharper.鈥�

鈥淲e are pleased to report another outstanding quarter, highlighted by strong revenue growth and a remarkable improvement in profitability,鈥� said Mr. Andrew Fan, Hesai鈥檚 CFO. 鈥淪econd-quarter net revenues increased by 54% year-over-year to RMB706.4 million (US$98.6 million), marking our fifth consecutive quarter of year-over-year growth and reflecting sustained momentum across both our ADAS and Robotics businesses. Our bottom line significantly outperformed our GAAP breakeven target, delivering net income of RMB44.1 million (US$6.2 million), compared to a net loss of RMB72.1 million in the same period last year. In the first six months of 2025, total shipments have already surpassed those of full-year 2024. According to Gasgoo, we ranked first in installation volume among long-range lidar suppliers during this period. Net income for the first six months reached RMB26.5 million (US$3.7 million), again beating our expectations.This substantial progress demonstrates our disciplined execution, effective cost control, and the powerful operating leverage inherent in our business model. Together, these results reinforce our confidence in driving sustainable growth and creating long-term value for our shareholders.鈥�

• Business Updates:
  • Global:
    • Achieved the C-sample milestone for Hesai鈥檚 long-range lidar sensor with a top European OEM, marking key progress under the series production contract. The transition from B- to C-sample stage confirms advanced product maturity and successful completion of reliability and validation testing, keeping the Company on track for full-scale production and commercial launch expected in 2026.
    • Secured an ADAS design win for a new energy vehicle model to be manufactured by a Toyota joint venture based in China, with mass production targeted for 2026.
    • Featured at the 2025 Shanghai Auto Show, Hesai鈥檚 long-range lidar debuted on SAIC Audi鈥檚 sports car and became the industry鈥檚 first in-cabin lidar installed behind the windshield in SAIC-GM鈥檚 all-electric Cadillac VISTIQ SUV.
  • Domestic:
    • Serving as the lead drafting organization, Hesai led over 50 industry partners in developing China鈥檚 first national automotive lidar standard (GB/T 45500-2025), which took effect in April 2025 and unifies lidar performance and testing methods to enable safe, scalable ADAS and autonomous driving.
    • Powered blockbuster model launches from Hesai鈥檚 top ADAS customers, including a high-performance luxury SUV from a leading domestic tech ecosystem giant鈥攚hich received 289,000 orders within just one hour of launch鈥攆eaturing lidar as a standard configuration. Additionally, Hesai has also secured a platform win for multiple 2026 models with this prominent customer, further cementing lidar as a standard feature across its model lineups.
    • Secured ADAS design wins with 24 OEMs globally. Throughout the quarter and in recent weeks, Hesai earned a substantial number of new design wins through 2026 for 20 models from 9 leading OEMs, featuring a prestigious customer lineup including one of the Company鈥檚 top 2 ADAS customers, Geely, Great Wall Motor, and Changan, among others.
    • Ranked No.1 in China for Robotics lidar shipments in the first half of 2025, according to GGII. By the end of the second quarter, Hesai鈥檚 JT series lidar鈥攏ow in mass production for applications such as robotic lawnmowers鈥攕urpassed 100,000 units in cumulative deliveries, the fastest ramp-up on record in the Robotics sector.

Operational Highlights

• Q2 2025 ADAS lidar shipments were 303,564 units, representing an increase of 275.8% from 80,773 units in the corresponding period of 2024.
• Q2 2025 Total lidar shipments were 352,095 units, representing an increase of 306.9% from 86,526 units in the corresponding period of 2024.

Financial Highlights for the Second Quarter of 2025
(in RMB millions, except for per ordinary share data and percentage)

• Net revenues were RMB706.4 million (US$98.6 million) for the second quarter of 2025, representing an increase of 53.9% from RMB458.9 million for the same period of 2024. Product revenues were RMB699.4 million (US$97.6 million) for the second quarter of 2025, representing an increase of 71.1% from RMB408.7 million for the same period of 2024. The year-over-year increase was mainly attributable to increased shipments and revenues from sales of ADAS lidar products driven by robust demand in China. Service revenues were RMB7.0 million (US$1.0 million) for the second quarter of 2025, representing a decrease of 86.1% from RMB50.2 million for the same period of 2024. The year-over-year decrease was attributable to a decrease in revenue from non-recurring engineering services.

• Cost of revenues was RMB405.9 million (US$56.7 million) for the second quarter of 2025, representing an increase of 61.1% from RMB252.0 million for the same period of 2024.
  

• Gross margin was 42.5% for the second quarter of 2025, compared with 45.1% for the same period of 2024. The year-over-year decrease was mainly due to a decrease in revenue of high margin non-recurring engineering services, partially offset by effective cost and scale optimization on both ADAS and Robotics lidars.
  

• Sales and marketing expenses were RMB42.3 million (US$5.9 million) for the second quarter of 2025, representing a decrease of 24.1% from RMB55.7 million for the same period of 2024. The decrease was mainly driven by a decrease in payroll expenses of RMB6.5 million (US$0.9 million) and a decrease in marketing expenses of RMB3.0 million (US$0.4 million).
  

• General and administrative expenses were RMB63.7 million (US$8.9 million) for the second quarter of 2025, representing a decrease of 3.7% from RMB66.1 million for the same period of 2024. The decrease was mainly driven by a decrease in professional service fees of RMB9.0 million (US$1.3 million), partially offset by an increase in expected credit loss of RMB7.6 million (US$1.1 million).
  

• Research and development expenses were RMB199.2 million (US$27.8 million) for the second quarter of 2025, representing an increase of 0.3% from RMB198.6 million for the same period of 2024.
  

• Income from operations was RMB22.9 million (US$3.2 million) for the second quarter of 2025, compared with loss from operations of RMB95.8 million for the same period of 2024. Excluding share-based compensation expenses, non-GAAP income from operations was RMB52.1 million (US$7.3 million) for the second quarter of 2025, compared with non-GAAP loss from operations of RMB67.3 million for the second quarter of 2024.
  

• Net income was RMB44.1 million (US$6.2 million) for the second quarter of 2025, compared with net loss of RMB72.1 million for the same period of 2024. Excluding share-based compensation expenses, non-GAAP net income was RMB73.3 million (US$10.2 million) for the second quarter of 2025, compared with non-GAAP net loss of RMB43.6 million for the same period of 2024.
  

• Net income attributable to ordinary shareholders of the Company was RMB44.1 million (US$6.2 million) for the second quarter of 2025, compared with net loss attributable to ordinary shareholders of the company of RMB72.1 million for the same period of 2024. Excluding share-based compensation expenses, non-GAAP net income attributable to ordinary shareholders of the Company was RMB73.3 million (US$10.2 million) for the second quarter of 2025, compared with non-GAAP net loss attributable to ordinary shareholders of the Company of RMB43.6 million for the same period of 2024.
  

• Basic and diluted net income per ordinary share were RMB0.33 (US$0.05) and RMB0.32 (US$0.04), respectively, for the second quarter of 2025. Excluding share-based compensation expenses, non-GAAP basic and diluted net income per ordinary share were RMB0.55 (US$0.08) and RMB0.53 (US$0.07), respectively, for the second quarter of 2025.
  

• Cash and cash equivalents, restricted cash and short-term investments were RMB2,848.9 million (US$397.7 million) as of June 30, 2025, compared with RMB2,860.7 million as of March 31, 2025.
  

About Hesai

Hesai Technology (Nasdaq: HSAI) is a global leader in lidar solutions. The company鈥檚 lidar products enable a broad spectrum of applications including passenger and commercial vehicles ("ADAS"), as well as autonomous driving vehicles and robotics and other non-automotive applications such as last-mile delivery robots and AGVs ("Robotics"). Hesai seamlessly integrates its in-house manufacturing process with lidar R&D and design, enabling rapid product iteration while ensuring high performance, high quality and affordability. The company鈥檚 commercially validated solutions are backed by superior R&D capabilities across optics, mechanics, and electronics. Hesai has established offices in Shanghai, Palo Alto and Stuttgart, with customers spanning more than 40 countries.

Use of Non-GAAP Financial Measures

To supplement Hesai's consolidated financial results presented in accordance with GAAP, Hesai uses the following measures defined as non-GAAP financial measures by the SEC: income/loss from operation excluding share-based compensation expenses, net profit/loss excluding share-based compensation expenses, net profit/loss attributable to ordinary shareholders excluding share-based compensation, and net income/loss per ordinary share attributable to ordinary shareholders excluding share-based compensation. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the tables captioned 鈥淯naudited Reconciliations of GAAP and Non-GAAP Results鈥� set forth at the end of this release.

Hesai believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based compensation expenses that may not be indicative of its operating performance from a cash perspective. Hesai believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to Hesai's historical performance and liquidity. Hesai believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that they exclude share-based compensation expenses that have been and will continue to be for the foreseeable future a significant recurring expense in our business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP financial measure. The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.1636 to US$1.00, the exchange rate on June 30, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the 鈥渟afe harbor鈥� provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as 鈥渨ill,鈥� 鈥渆xpects,鈥� 鈥渁nticipates,鈥� 鈥渁ims,鈥� 鈥渇uture,鈥� 鈥渋ntends,鈥� 鈥減lans,鈥� 鈥渂elieves,鈥� 鈥渆stimates,鈥� 鈥渃onfident,鈥� 鈥減otential,鈥� 鈥渃ontinue鈥� or other similar expressions. Among other things, the business outlook and quotations from management in this announcement, as well as the Company鈥檚 strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the 鈥淪EC鈥�), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about the Company鈥檚 beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company鈥檚 goals and strategies; the Company鈥檚 future business development, financial condition and results of operations; expected changes in the Company鈥檚 revenues, costs or expenditures; the trends in, expected growth and the market size of the ADAS and Robotics industries; the market for and adoption of lidar and related technology; the Company鈥檚 ability to produce high-quality products with wide market acceptance; the success of the Company鈥檚 customers in developing and commercializing products using its solutions, and the market acceptance of those products; the Company鈥檚 ability to introduce new products that meet its customers鈥� requirement; the Company鈥檚 expectations regarding the effectiveness of its marketing initiatives and the relationship with its third-party partners; competition in the Company鈥檚 industry; the Company鈥檚 ability to recruit and retain qualified personnel; relevant government policies and regulations relating to the Company鈥檚 industry; the Company鈥檚 ability to protect its systems and infrastructures from cyber-attacks; general economic and business conditions globally and in China; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company鈥檚 filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

Hesai Group
Yuanting 鈥淵T鈥� Shi, Head of Capital Markets
Email: [email protected]

Christensen Advisory
Tel: +86-10-5900-1548
Email: [email protected]

Source: Hesai Group