Hesai Annual Report Infographic: Revenue of 3 billion, becoming the first laser radar company in the industry to achieve full-year GAAP profit

What are the key factors that enabled Hesai to become the first profitable company in the industry?

Lei Di Network, Lei Jianping, March 24

Hesai Technology (NASDAQ:HSAI; HKEX:2525) today announced its unaudited financial data for the fourth quarter and the full year of 2025. The financial report shows that Hesai’s revenue in 2025 was 3.028 billion yuan, an increase of 45.8% from 2.077 billion yuan in the same period last year.

Hesai’s operating profit for 2025 was 168 million yuan, compared to an operating loss of 205 million yuan in the same period last year; the adjusted operating profit was 283 million yuan, compared to an adjusted operating loss of 88.8 million yuan in the same period last year.

Hesai’s net profit for 2025 was 436 million yuan, while the net loss in the same period last year was 102 million yuan; the adjusted net profit was 551 million yuan, an increase of 3922% compared to 13.7 million yuan in the same period last year.

Among them, Hesai’s revenue in the fourth quarter of 2025 exceeded 1 billion yuan, achieving substantial year-on-year growth for seven consecutive quarters. Hesai became the first company in the lidar industry to achieve annual GAAP profitability.

This marks Hesai’s third consecutive quarter of GAAP profitability and fifth consecutive quarter of Non-GAAP profitability.

Hesai delivered 1.62 million lidar units in 2025, a threefold increase from 631,000 units in the same period last year, and the shipment volume in 2026 is expected to double to 3 to 3.5 million units.

According to data from GaoGong, in 2025, Hesai maintained the industry’s top position in the forward-facing main lidar segment for passenger cars in the Chinese market with over 40% market share. According to data from Gaishi, Hesai’s annual market share reached 41.35%, with a single-month peak market share of over 47%, maintaining the top market share for four consecutive quarters.

According to Gaishi data, in 2025, the total installation of main lidar in the Chinese passenger car market was 2.756 million units, with Hesai contributing 1.143 million units. In 2025, Hesai maintained the number one market position for 11 consecutive months, with installation volumes nearly 1.5 times that of the second place and nearly 2 times that of the third place. Currently, Hesai’s total lidar installation volume has doubled for five consecutive years, with year-on-year installation volume in the Chinese passenger car market increasing nearly threefold.

Hesai co-founder and CEO Li Yifan stated: "2025 is a milestone year for us. Not only have we become the first lidar company in the world to achieve annual GAAP profitability, but we also maintain the leading position in the vehicle-mounted main lidar market with over 40% market share. As lidar becomes an indispensable ‘invisible airbag’ for ensuring ADAS safety, we have successfully secured partnerships with the top ten automakers in China and expanded our business into the mass consumer market with vehicles priced below 100,000 yuan.

At the same time, we have accurately grasped the industry inflection point for L3 autonomous driving equipped with multiple lidar units and accelerated global expansion through strategic partnerships with industry players like NVIDIA. These key advancements are structurally enhancing the value of lidar per vehicle, further broadening our potential market space.

Beyond the automotive field, vast opportunities are also continuously emerging; Hesai ranks first in major robotics segments such as humanoid and quadruped robots, autonomous taxis, unmanned logistics vehicles, and robotic lawnmowers. To meet the surging demand in the ADAS and robotics sectors, we plan to increase our annual production capacity to over 4 million units by 2026.

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. In the coming months, we will launch brand new flagship products, each targeting market opportunities worth trillions of yuan, turning our vision into reality and laying a solid foundation for development in the next decade."

Hesai CFO Fan Peng stated: “2025 is a milestone year for Hesai, achieving a dual breakthrough in financial scale and operational quality. Our annual revenue reached over 3 billion yuan (approximately 430 million USD), setting a historical high with a year-on-year growth of 46%; total shipment volume tripled year-on-year, exceeding 1.6 million units.”

Hesai Q4 Revenue 1 Billion, Year-on-Year Increase of 39%

Hesai’s revenue for the fourth quarter of 2025 was 1 billion yuan (approximately 143 million USD), an increase of 39.0% compared to 720 million yuan in the same period last year.

Hesai’s product revenue for the fourth quarter of 2025 was 983 million yuan (141 million USD), up 40.1% from 700 million yuan in the same period of 2024. The year-on-year increase was mainly driven by strong demand in the Chinese and global markets, boosting sales revenue of ADAS and robotics lidar products.

Hesai’s service revenue for the fourth quarter of 2025 was 17.8 million yuan.

Partnership with NVIDIA and Grab

In terms of global cooperation, Hesai has made significant progress. Recently, Hesai was selected as the main lidar partner for the NVIDIA DRIVE Hyperion 10 platform, meaning that when OEM manufacturers build autonomous driving systems based on the NVIDIA platform, Hesai will be their preferred lidar solution.

Hesai has also joined the NVIDIA Halos AI system testing laboratory—the first globally recognized project certified by the American National Standards Institute (ANAB)—to further enhance the safety of autonomous vehicles and robots in collaboration with NVIDIA.

Additionally, Hesai has established an exclusive distribution partnership with Southeast Asian tech giant Grab, leveraging its scale and distribution network advantages to rapidly expand Hesai’s lidar sales channels in Southeast Asia.

In the ADAS field, Hesai has accumulated over 160 models of front-mounted mass production contracts from 40 automotive brands, covering all the top ten OEM manufacturers in China. New clients in the fourth quarter and recently include BAIC and FAW Bestune, and Hesai has secured multiple lidar model contracts with Li Auto, Xiaomi Auto, and Changan Auto, set for mass production between 2026 and 2027. Multi-lidar models typically carry 3 to 6 lidar units per vehicle.

In the robotics field, Hesai has achieved multiple breakthroughs. All humanoid robots showcased by Yushutech during the 2026 Spring Festival Gala were equipped with Hesai JT128 lidar, demonstrating the application potential of lidar in embodied intelligence to a global audience.

Recently, Hesai deepened its strategic cooperation with Duzhimi Technology, exclusively supplying a total of 10 million JT series lidar for Duzhimi’s robotic lawnmowers under the Duzhimi brand and MOVA brand. This not only set a new record for the largest single order in the global consumer robotics field but also marked the official establishment of lidar technology as the “standard configuration” for high-end smart garden products.

Additionally, Hesai Technology and Niu Technologies announced a deep strategic cooperation, with the solid-state blind-spot radar FTX officially securing contracts for its new two-wheeled models, jointly exploring a new paradigm for intelligent safety in two-wheeled vehicles.

Hesai Q4 Costs 590 Million, Year-on-Year Increase of 34.5%

Hesai’s costs for the fourth quarter of 2025 were 590 million yuan (84.4 million USD), an increase of 34.5% compared to 439 million yuan in the same period of 2024.

Hesai Q4 Gross Profit 410 Million, Gross Margin 41%

Hesai’s gross profit for the fourth quarter of 2025 was 410 million yuan, with a gross margin of 41%, compared to 39.0% in the same period of 2024. The year-on-year increase in gross margin was mainly due to effective cost and scale optimization of robotics and ADAS lidar, although partially offset by the increased contribution from ADAS lidar revenue, which typically has a lower gross margin than robotics lidar.

Hesai’s sales and marketing expenses for the fourth quarter of 2025 were 55.5 million yuan, an increase of 13.0% from 49.1 million yuan in the same period of 2024; general and administrative expenses were 97.6 million yuan, a decrease of 7.4% from 106 million yuan in the same period of 2024.

Hesai’s R&D expenses for the fourth quarter of 2025 were 216 million yuan (30.8 million USD), a decrease of 11.1% from 242 million yuan in the same period of 2024.

Hesai Q4 Operating Profit 100 Million, Operating Profit Margin 10%

Hesai’s operating profit for the fourth quarter of 2025 was 102 million yuan. Excluding stock-based compensation expenses, the non-GAAP operating profit for the fourth quarter of 2025 was 130 million (18.5 million USD).

Hesai Q4 Net Profit 150 Million, Year-on-Year Increase of 4%

Hesai’s net profit for the fourth quarter of 2025 was 153 million yuan (21.9 million USD), an increase of 4.2% compared to 147 million yuan in the same period of 2024. Excluding stock-based compensation expenses, the non-GAAP net profit for the fourth quarter of 2025 was 181 million yuan (25.9 million USD), an increase of 6.2% compared to 170 million yuan in the same period of 2024.

As of December 31, 2025, Hesai’s cash reserves amounted to 7.511 billion yuan (1.074 billion USD), compared to 7.369 billion yuan as of September 30, 2025.

Hesai expects the net income for the first quarter of 2026 to be between 651 million yuan (93 million USD) and 700 million yuan (100 million USD), representing a year-on-year growth of approximately 24% to 33%.

————————————

Lei Di was founded by media person Lei Jianping. Please indicate the source if reprinted.