HSAI Hesai Group

NASDAQ
$18.89

Hesai Group Reports Second Quarter 2026 Unaudited Financial Results

Tuesday, August 18, 2026 · 4:30 AM ET GlobeNewswire

Quarterly net revenues were RMB860.8 million (US$126.9 million)1

Quarterly lidar shipments were 628,275 units

Quarterly net income was RMB70.6 million (US$10.4 million)

SHANGHAI, China, Aug. 18, 2026 (GLOBE NEWSWIRE) -- Hesai Group (“Hesai” or the “Company”) (NASDAQ: HSAI; HKEX: 2525), a global tech company and a leader in 3D perception, today announced its unaudited financial results for the three months ended June 30, 2026.

Management Remarks

“The second quarter of 2026 marked a defining milestone as Hesai has evolved into a full-stack infrastructure platform for Robotics and Physical AI — empowering them to see, understand, and act,” said Dr. Yifan “David” Li, Hesai’s Co-Founder and CEO. “We enable Robotics and Physical AI to see: lidar — our powerful and durable cash engine — is evolving from a ‘must-have’ toward ‘better and more’ in vehicles, the world’s most widely deployed robots. At the same time, demand for the same high-performance, robust, and reliable 3D sensing is rapidly expanding to humanoids and other intelligent machines, driving new orders from Unitree, Robbyant, Galbot, Galaxea, Dexmal, and others. Picasso, our full-color, ultra-sensitive 6D SPAD-SoC, on the other hand, represents a major leap forward in perception technology by enabling a unified 3D understanding of depth, semantics, and how environments evolve over time — delivering true multimodality, which is indispensable for world models and physical AI.”

Dr. Li continued, “We enable them to understand: Kosmo, our spatial intelligence platform, transforms the physical world into AI-ready, reusable 3D spatial assets. That gives robots one of the scarcest and most valuable inputs: geometrically accurate, physically grounded digital representations of the physical world, helping bridge the sim-to-real gap and unlock robotics scaling laws. After prototype deliveries in July 2026, we secured orders from a lineup of leading humanoid robotics companies, including Galbot, with initial revenues expected in the third quarter of 2026 as part of Strategic Growth Initiatives (“SGI”). And we enable them to act: high-performance joints represent another of robotics’ toughest bottlenecks. Leveraging our deep precision engineering expertise, we re-engineered actuation modules from first principles to deliver precise control, compact size, high force output, and true backdrivability in one design. Our proprietary modules are already showing commercial traction: modules began generating revenues in the second quarter, and Hesai is now supplying robotic actuation modules to Sharpa, a global frontrunner in AI robotics. Our production line is fully operational, with shipments underway for dexterous hands and full-body joints ramping soon. By empowering them to see, understand and act in a closed loop, Hesai is entering an exciting new chapter of growth — building the foundational infrastructure for a future shaped by Robotics and Physical AI.”

“Hesai’s performance in the 2026 second quarter provides strong validation of our next chapter of growth. Our core lidar business continued to deliver profitable scale and strong cash generation, while SGI began translating technological leadership into commercial momentum,” said Mr. Andrew Fan, Hesai’s CFO. “Net revenues reached RMB861 million for the three months ended June 30, 2026, with ADAS and Robotics lidar shipments growing 60% and 193% compared to the same period last year, respectively. Net income reached RMB71 million for the three months ended June 30, 2026, up 60% year-over-year despite continued investments in building SGI. The second quarter of 2026 marked our fifth consecutive quarter of GAAP profitability.”

Mr. Fan continued, “This quarter also marked SGI’s first revenue contribution, led by strong early commercial traction for our industry-leading robotic actuation modules. Driven by stronger-than-expected commercialization momentum and market demand across SGI, including Kosmo on track to begin contributing revenues in the third quarter of 2026, we are raising our full-year 2026 SGI revenue guidance from RMB100 million to a range of RMB200-300 million. We are particularly encouraged by SGI’s growth trajectory and expect the business to reach approximately US$100 million in revenues in 2027 and achieve breakeven in the same year.”

_________________________
1 All translations from RMB to USD for the second quarter of 2026 were made at the exchange rate of RMB6.7851 to US$1.00, the exchange rate on June 30, 2026, set forth in the H.10 statistical release of the Federal Reserve Board.

  • Lidar Business Updates:
    • Expanded JT128 adoption through collaborations with more than 50 embodied AI companies worldwide, including Unitree, Robbyant, Galbot, Galaxea, and Dexmal, reinforcing our leadership in robotics lidar. According to GGII, Hesai ranked No.1 in the lidar market for humanoid & quadruped robots in China.
    • Captured a 44% share of China’s long-range ADAS lidar market in June 2026, twice that of the second player, maintaining the No.1 position for the 17th consecutive month, according to Gasgoo.
      • Great Wall Motor: Secured a new design win for Hesai’s high-end ultra-long-range ETX lidar, with start of production (“SOP”) expected in late 2026.
      • Li Auto: Expanded multi-lidar adoption from the flagship L9 and L8 to the RMB250,000-class L6, supporting configurations of up to four Hesai lidars and accelerating the mainstream adoption of multi-lidar architectures.
      • GAC Toyota: Following the bZ3X model, secured another design win for the bZ7 model, further expanding partnerships with Japanese automotive brands.
    • Secured a major global design win with Volkswagen, covering multiple vehicle models under its China joint ventures.
    • Successfully transitioned “Picasso”, the full-color, ultra-sensitive 6D SPAD-SoC, from technology development into product integration, with the SoC now SOP-ready. The high-end, ultra-long-range Picasso-equipped ETX is undergoing customer validation and progressing into Request for Information (“RFI”) and Request for Quotation (“RFQ”) discussions with leading robotaxi operators and global automakers.
  • Strategic Growth Initiatives (SGI) Updates:
    • Kosmo
      • Kosmo is a spatial intelligence platform integrating an AI spatial camera, AI algorithms, 3D spatial assets, and cloud services into one unified system. By transforming real-world environments into high-fidelity 3D assets that are editable and interactive, Kosmo provides the foundation for next-generation spatial AI applications across robotics, cultural tourism, film & TV production, game development, advertising, and beyond.
      • For robotics, Kosmo’s continuously expanding 3D spatial asset library helps bridge the sim-to-real gap, supports robotics scaling laws, and creates a flywheel of hardware adoption, recurring cloud service revenues, and increasing platform value.
      • Delivered initial prototypes in July 2026 and secured orders from a lineup of leading humanoid robotics companies, including Galbot. Engagement with more than 200 prospective partners across industries validates Kosmo’s technology leadership and broad market demand, with initial revenues expected in the third quarter of 2026.
    • Robotic Actuation Modules
      • Re-engineered from first principles across materials science, structural design, and system integration, Hesai’s proprietary robotic actuation modules deliver a unique combination of precise control, compact size, high force output, and true backdrivability. Compared with leading products currently available, they achieve approximately three times both the torque density and the power density in a 37% smaller package, with transmission efficiency above 95%.
      • Supplying robotic actuation modules to Sharpa, a global frontrunner in AI robotics; Sharpa aims to achieve real-world commercial validation of AI robotics through the world’s first “zero-retrofit” deployment at a Dairy Queen store in Shanghai in August 2026, with its robots autonomously performing Dairy Queen’s signature Blizzard ice-cream workflow — a complex long-horizon task — while demonstrating the potential to generalize across diverse real-world tasks.2
      • Dedicated robotic actuation module production line is fully operational, delivering over 10,000 units by the end of the second quarter of 2026, and expanding from dexterous hands to full-body applications, with robotic actuation module shipments expected to reach six-digit level in 2027.

_______________________
2 “World’s first” means that, by August 2026, based on the parties’ records and a search of reasonably available public information, no earlier publicly launched commercial pilot has been identified in which a general-purpose humanoid robot independently completes a specified ice cream–making process in a real brand store and operates it for consumers. Public commercial pilots do not include laboratory tests, internal validation, or projects that are unpublished or cannot be verified. “Zero retrofitting” and “fully autonomous” refer only to the specified making process under certain predefined conditions; restocking, cleaning, maintenance, safety supervision, and exception handling still require human involvement.

  
Operational Highlights
 
 Three months ended
June 30, 2026
 Six months ended
June 30, 2026
ADAS lidar shipments485,904  839,345 
Robotics lidar shipments142,371  260,653 
Total lidar shipments628,275  1,099,998 
      
  • Q2 2026 ADAS lidar shipments were 485,904 units, representing an increase of 60.1% from 303,564 units in the corresponding period of 2025.
  • Q2 2026 Robotics lidar shipments were 142,371 units, representing an increase of 193.4% from 48,531 units in the corresponding period of 2025.
  • Q2 2026 Total lidar shipments were 628,275 units, representing an increase of 78.4% from 352,095 units in the corresponding period of 2025.
 
Financial Highlights for the Second Quarter of 2026
(in RMB millions, except for per ordinary share data and percentage)
      
 Q2 2026 Q2 2025 % Change
      
Net revenues860.8  706.4  21.9% 
Gross margin40.1%  42.5%  / 
Income from operations2.2  22.9  (90.4%) 
Non-GAAP3 income from operations33.0  52.1  (36.7%) 
Net income70.6  44.1  60.0% 
Non-GAAP net income101.3  73.3  38.3% 
Net income per ordinary share – basic40.06  0.04  50.0% 
Net income per ordinary share – diluted0.05  0.04  25.0% 
Non-GAAP net income per ordinary share0.08  0.07  14.3% 
Diluted non-GAAP net income per ordinary share0.08  0.07  14.3% 
         
  • Net revenues were RMB860.8 million (US$126.9 million) for the second quarter of 2026, representing an increase of 21.9% from RMB706.4 million for the same period of 2025. Product revenues were RMB859.7 million (US$126.7 million) for the second quarter of 2026, representing an increase of 22.9% from RMB699.4 million for the same period of 2025. The year-over-year increase was mainly attributable to increased deliveries of both ADAS and Robotics lidar products driven by robust demand, both in China and globally, partially offset by a decrease in average selling prices. Service revenues were RMB1.1 million (US$0.2 million) for the second quarter of 2026, representing a decrease of 84.3% from RMB7.0 million for the same period of 2025. The year-over-year decrease was mainly driven by lower revenues from non-recurring engineering services.

  • Cost of revenues was RMB515.6 million (US$76.0 million) for the second quarter of 2026, representing an increase of 27.0% from RMB405.9 million for the same period of 2025.

  • Gross margin was 40.1% for the second quarter of 2026, compared with 42.5% for the same period of 2025. The year-over-year decrease in gross margin was mainly attributable to a higher revenue contribution from products with relatively lower margins.

  • Sales and marketing expenses were RMB49.6 million (US$7.3 million) for the second quarter of 2026, representing an increase of 17.2% from RMB42.3 million for the same period of 2025. The increase was mainly driven by an increase in payroll expenses of RMB5.5 million (US$0.8 million).

  • General and administrative expenses were RMB67.0 million (US$9.9 million) for the second quarter of 2026, representing an increase of 5.1% from RMB63.7 million for the same period of 2025. The increase was mainly driven by an increase in professional service fees of RMB1.4 million (US$0.2 million).

  • Research and development expenses were RMB231.2 million (US$34.1 million) for the second quarter of 2026, representing an increase of 16.0% from RMB199.2 million for the same period of 2025. The year-over-year increase was mainly due to an increase in payroll expenses of RMB22.7 million (US$3.3 million) and an increase in cost of materials of RMB6.3 million (US$0.9 million), reflecting our incremental investment in SGI.

  • Income from operations was RMB2.2 million (US$0.3 million) for the second quarter of 2026, compared with income from operations of RMB22.9 million for the same period of 2025. Excluding share-based compensation expenses, non-GAAP income from operations was RMB33.0 million (US$4.9 million) for the second quarter of 2026, compared with non-GAAP income from operations of RMB52.1 million for the second quarter of 2025.

  • Net income was RMB70.6 million (US$10.4 million) for the second quarter of 2026, representing an increase of 60.0% from RMB44.1 million for the same period of 2025. Excluding share-based compensation expenses, non-GAAP net income was RMB101.3 million (US$14.9 million) for the second quarter of 2026, representing an increase of 38.3% from RMB73.3 million for the same period of 2025.

  • Net income attributable to ordinary shareholders of the Company was RMB70.6 million (US$10.4 million) for the second quarter of 2026, representing an increase of 60.0% from RMB44.1 million for the same period of 2025. Excluding share-based compensation expenses, non-GAAP net income attributable to ordinary shareholders of the Company was RMB101.3 million (US$14.9 million) for the second quarter of 2026, representing an increase of 38.3% from RMB73.3 million for the same period of 2025.

  • Basic and diluted net income per ordinary share were RMB0.06 (US$0.01) and RMB0.05 (US$0.01), respectively, for the second quarter of 2026. Excluding share-based compensation expenses, non-GAAP basic and diluted net income per ordinary share were RMB0.08 (US$0.01) and RMB0.08 (US$0.01), respectively, for the second quarter of 2026.

  • Cash reserve5 was RMB7,050.6 million (US$1,039.1 million) as of June 30, 2026, compared with RMB7,231.7 million as of March 31, 2026.

_____________________
3 See “Use of Non-GAAP Financial Measures” included in this announcement for further details.
4 On July 10, 2026, the Company implemented share subdivision of the Company on the basis of every one existing issued and unissued share into eight subdivided shares ("Share Subdivision"). The Company accounted for Share Subdivision on a retrospective basis pursuant to ASC 260, Earnings Per Share. All issued and outstanding common stock, stock option awards, restricted share units, exercise prices and per share data have been adjusted in these consolidated financial statements, on a retrospective basis, to reflect the Share Subdivision for all periods presented.
5 Cash reserve represents cash and cash equivalents, restricted cash, short-term investments (exclude stock investment) and long-term time deposits.

Business Outlook

For the third quarter of 2026, the Company expects net revenues to be between RMB1,100 million (US$162 million) and RMB1,150 million (US$169 million), representing a year-over-year increase of approximately 38% to 45%.

The above outlook is based on current market conditions and reflects the Company’s preliminary estimates of market and operating conditions and customer demand, which are all subject to change.

Conference Call

The Company’s management will host an earnings conference call at 8:00 AM U.S. Eastern Time on August 18, 2026 (8:00 PM Beijing/Hong Kong Time on August 18, 2026).

For participants who wish to join the call by phone, please access the link provided below to complete the pre-registration process and dial in 5 minutes prior to the scheduled call start time. Upon registration, each participant will receive dial-in details to join the conference call.

Event Title:        Hesai Group Second Quarter 2026 Earnings Conference Call
Pre-registration Link:https://s1.c-conf.com/diamondpass/10056124-5hw8f8.html
  

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://investor.hesaitech.com.

A replay of the conference call will be accessible approximately an hour after the conclusion of the call until August 25, 2026, by dialing the following telephone numbers:

United States:+1-855-883-1031
International:+61-7-3107-6325
Hong Kong, China:800-930-639
China Mainland:400-120-9216
Replay PIN:10056124
  

About Hesai

Hesai Technology (Nasdaq: HSAI; HKEX: 2525) is a global tech company and a leader in 3D perception. Leveraging full-stack proprietary ASIC capabilities and an integrated R&D-testing-manufacturing approach, Hesai has established industry-leading positions across core physical AI domains, including ADAS-equipped passenger vehicles, autonomous mobility, spatial intelligence, embodied AI, as well as industrial, agricultural, and service robots. Hesai has established offices in Shanghai, Palo Alto, and Stuttgart, and operates in-house factories in China and Thailand, with customers spanning more than 40 countries. As the AI-driven Fourth Industrial Revolution accelerates, Hesai is committed to becoming a key enabler of physical AI — digitizing the real world and redefining how humans and robots perceive and act.

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 U.S. Securities and Exchange Commission (the “SEC”): income/loss from operations excluding share-based compensation expenses, net income excluding share-based compensation expenses, net income attributable to ordinary shareholders excluding share-based compensation, and per ordinary share net income 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.

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 RMB6.7851 to US$1.00, the exchange rate on June 30, 2026, 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 to 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 “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,” “confident,” “potential,” “continue” or other similar expressions. Among other things, the business outlook and quotations from management in this announcement, as well as the Company’s 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 SEC, 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’s 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’s goals and strategies; the Company’s future business development, financial condition and results of operations; expected changes in the Company’s 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’s ability to produce high-quality products with wide market acceptance; the success of the Company’s customers in developing and commercializing products using its solutions, and the market acceptance of those products; the Company’s ability to introduce new products that meet its customers’ requirements; the Company’s expectations regarding the effectiveness of its marketing initiatives and the relationship with its third-party partners; competition in the Company’s industry; the Company’s ability to recruit and retain qualified personnel; relevant government policies and regulations relating to the Company’s industry; the Company’s 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’s filings with the SEC. All information provided in this announcement and in the attachments is as of the date of this announcement, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. In the event of any inconsistency between the English version of this earnings release and its Chinese translation, the English version of this document shall prevail unless otherwise stated.

For investor and media inquiries, please contact:

Hesai Group
Capital Markets Department
Email: ir@hesaitech.com

Christensen Advisory
Tel: +86-10-5900-1548
Email: hesai@christensencomms.com

Source: Hesai Group

 
HESAI GROUP

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except share and per share data or otherwise noted)
   
  As of
  December 31,
2025		 June 30,
2026
  RMB RMB US$
       
ASSETS      
Current assets:      
Cash and cash equivalents 1,663,492  1,510,094  222,560 
Restricted cash 4,014  13,441  1,982 
Short-term investments 3,091,856  5,139,710  757,500 
Notes receivables 94,697  84,542  12,460 
Accounts receivable, net 1,262,220  1,099,745  162,082 
Amounts due from related parties -  50,246  7,405 
Inventories 670,453  868,501  128,001 
Prepayments and other current assets, net 282,431  369,958  54,525 
Total current assets 7,069,163  9,136,237  1,346,515 
Non-current assets:      
Property and equipment, net 1,099,283  1,129,146  166,416 
Long-term investments 2,781,670  452,304  66,661 
Intangible assets, net 95,507  90,608  13,354 
Land-use rights, net 39,015  38,583  5,686 
Right-of-use assets 109,318  93,019  13,709 
Other non-current assets 67,322  64,265  9,472 
Total non-current assets 4,192,115  1,867,925  275,298 
TOTAL ASSETS 11,261,278  11,004,162  1,621,813 
          
LIABILITIES AND SHAREHOLDERS’ EQUITY      
Current liabilities:      
Short-term borrowings 448,233  395,490  58,288 
Note payable 150,199  92,533  13,638 
Accounts payable 592,560  658,114  96,994 
Contract liabilities 21,019  25,009  3,686 
Accrued warranty liability 77,672  85,328  12,576 
Income tax payable 27,157  27,517  4,056 
Accrued expenses and other current liabilities 578,495  418,539  61,685 
Total current liabilities 1,895,335  1,702,530  250,923 
Non-current liabilities      
Operating lease liabilities 85,555  68,187  10,050 
Long-term borrowings 278,727  242,006  35,667 
Other non-current liabilities 42,907  40,748  6,005 
Total non-current liabilities 407,189  350,941  51,722 
TOTAL LIABILITIES 2,302,524  2,053,471  302,645 
       
Shareholders’ equity      
Class A Ordinary shares 17  17  2 
Class B Ordinary shares 90  90  14 
Additional paid-in capital 11,925,963  11,992,137  1,767,422 
Accumulated other comprehensive income (loss) 6,529  (156,573) (23,076)
Accumulated deficit (2,973,845) (2,884,980) (425,194)
TOTAL SHAREHOLDERS’ EQUITY 8,958,754  8,950,691  1,319,168 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 11,261,278  11,004,162  1,621,813 
          


 
HESAI GROUP

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(All amounts in thousands, except share and per share data or otherwise noted)
   
  Three months ended June 30,
  2025
 2026
  RMB RMB US$
       
Net revenues 706,388  860,827  126,870 
Cost of revenues (405,910) (515,578) (75,987)
Gross profit 300,478  345,249  50,883 
Operating expenses:      
Sales and marketing expenses (42,311) (49,572) (7,306)
General and administrative expenses (63,720) (66,968) (9,870)
Research and development expenses (199,219) (231,173) (34,071)
Other operating income, net 27,624  4,659  688 
Total operating expenses (277,626) (343,054) (50,559)
Income from operations 22,852  2,195  324 
Interest income 20,967  58,950  8,689 
Interest expenses (6,545) (4,102) (605)
Investment income -  36,566  5,389 
Foreign exchange income/(loss), net 6,936  (23,182) (3,417)
Other (loss)/income, net (19) 126  18 
Net income before income tax and share of loss in equity method investments 44,191  70,553  10,398 
Income tax expense (94) (3) - 
Share of loss in equity method investment (11) -  - 
Net income 44,086  70,550  10,398 
Net income attributable to ordinary shareholders of the Company 44,086  70,550  10,398 
Netearningsper share:      
Basic 0.04  0.06  0.01 
Diluted 0.04  0.05  0.01 
Weighted average ordinary shares used in calculating net earnings per share:      
Basic 1,059,310,800  1,252,428,344  1,252,428,344 
Diluted 1,113,553,640  1,302,394,120  1,302,394,120 
Net income 44,086  70,550  10,398 
Other comprehensive loss, net of tax of nil:      
Foreign currency translation adjustments (1,653) (79,925) (11,780)
Comprehensive income/(loss), net of tax of nil 42,433  (9,375) (1,382)
          


 
HESAI GROUP

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(All amounts in thousands, except share and per share data or otherwise noted)
   
  Six months ended June 30,
  2025
 2026
  RMB RMB US$
       
Net revenues 1,231,690  1,541,382  227,172 
Cost of revenues (711,977) (930,113) (137,082)
Gross profit 519,713  611,269  90,090 
Operating expenses:      
Sales and marketing expenses (92,857) (91,075) (13,423)
General and administrative expenses (117,807) (119,744) (17,648)
Research and development expenses (382,525) (435,846) (64,236)
Other operating income, net 62,880  29,030  4,279 
Total operating expenses (530,309) (617,635) (91,028)
Loss from operations (10,596) (6,366) (938)
Interest income 41,488  115,779  17,064 
Interest expenses (11,552) (9,934) (1,464)
Investment income -  36,566  5,389 
Foreign exchange income/(loss), net 7,960  (47,372) (6,982)
Other (loss)/income, net (713) 197  29 
Net income before income tax and share of loss in equity method investments 26,587  88,870  13,098 
Income tax expense (27) (5) (1)
Share of loss in equity method investment (23) -  - 
Net income 26,537  88,865  13,097 
Net income attributable to ordinary shareholders of the Company 26,537  88,865  13,097 
Netearningsper share:      
Basic 0.03  0.07  0.01 
Diluted 0.02  0.07  0.01 
Weighted average ordinary shares used in calculating net earnings per share:      
Basic 1,055,503,080  1,251,081,328  1,251,081,328 
Diluted 1,111,618,112  1,303,746,620  1,303,746,620 
Net income 26,537  88,865  13,097 
Other comprehensive income/(loss), net of tax of nil:      
Foreign currency translation adjustments 30,245  (163,102) (24,038)
Comprehensive income/(loss), net of tax of nil 56,782  (74,237) (10,941)
          


 
HESAI GROUP

UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except share and per share data or otherwise noted)
  
 For the three months ended June 30,
 2025
 2026
 RMB
 RMB
 US$
         
Income from operations22,852  2,195  324 
Add: Share-based compensation expenses29,198  30,773  4,535 
Non-GAAP income from operations52,050  32,968  4,859 
         
Net income44,086  70,550  10,398 
Add: Share-based compensation expenses, net of tax of nil29,198  30,773  4,535 
Non-GAAP net income73,284  101,323  14,933 
         
Net income attributable to ordinary shareholders of the Company44,086  70,550  10,398 
Add: Share-based compensation expenses, net of tax of nil29,198  30,773  4,535 
Non-GAAP net income attributable to ordinary shareholders of the Company73,284  101,323  14,933 
         
Weighted average shares used in calculating net earnings per share        
Basic1,059,310,800  1,252,428,344  1,252,428,344 
Diluted1,113,553,640  1,302,394,120  1,302,394,120 
         
Non-GAAP net earnings per share        
Basic0.07  0.08  0.01 
Diluted0.07  0.08  0.01 
         


 
HESAI GROUP

UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except share and per share data or otherwise noted)
  
 For the six months ended June 30,
 2025
 2026
 RMB RMB US$
      
Loss from operations(10,596) (6,366) (938)
Add: Share-based compensation expenses55,384  60,206  8,873 
Non-GAAP income from operations44,788  53,840  7,935 
      
Net income26,537  88,865  13,097 
Add: Share-based compensation expenses, net of tax of nil55,384  60,206  8,873 
Non-GAAP net income81,921  149,071  21,970 
      
Net income attributable to ordinary shareholders of the Company26,537  88,865  13,097 
Add: Share-based compensation expenses, net of tax of nil55,384  60,206  8,873 
Non-GAAP net income attributable to ordinary shareholders of the Company81,921  149,071  21,970 
      
Weighted average shares used in calculating net earnings per share     
Basic1,055,503,080  1,251,081,328  1,251,081,328 
Diluted1,111,618,112  1,303,746,620  1,303,746,620 
      
Non-GAAP net earnings per share     
Basic0.08  0.12  0.02 
Diluted0.07  0.11  0.02 
         


 
HESAI GROUP

UNAUDITED FINANCIAL INFORMATION BY SEGMENT
(All amounts in thousands, except share and per share data or otherwise noted)
      
 For the three months ended June 30, 2026
 Lidar Strategic Growth Initiatives Total
 RMB RMB RMB
      
Net revenues815,884  44,943  860,827 
Cost of revenues and total operating expenses(749,648) (108,984) (858,632)
Income/(loss) from operations66,236  (64,041) 2,195 
Interest income    58,950 
Interest expenses    (4,102)
Investment income    36,566 
Foreign exchange loss, net    (23,182)
Other income, net    126 
Net income before income tax    70,553 
Income tax expense    (3)
Net income    70,550 
      


 
HESAI GROUP

UNAUDITED FINANCIAL INFORMATION BY SEGMENT
(All amounts in thousands, except share and per share data or otherwise noted)
      
 For the six months ended June 30, 2026
 Lidar Strategic Growth Initiatives Total
 RMB RMB RMB
      
Net revenues1,496,439  44,943  1,541,382 
Cost of revenues and total operating expenses(1,388,259) (159,489) (1,547,748)
Income/(loss) from operations108,180  (114,546) (6,366)
Interest income    115,779 
Interest expenses    (9,934)
Investment income    36,566 
Foreign exchange loss, net    (47,372)
Other income, net    197 
Net income before income tax    88,870 
Income tax expense    (5)
Net income    88,865 
       



Source: Hesai Group
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