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HSAI

Hesai Group

HSAI

Hesai Group • NASDAQ
$19.23 ▲ 2.67% (+0.50)
Market Cap $2.55 B
52w High $30.85
52w Low $7.10
Dividend Yield 0%
P/E 42.73
Volume 960.24K
Outstanding Shares 132.68M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $795.395M ▲ $257.533M ▼ $256.173M ▲ 32.207% ▲ $1.88 ▲ $316.625M ▲
Q2-2025 $706.388M ▲ $277.626M ▲ $44.086M ▲ 6.241% ▲ $0.33 ▲ $89.475M ▲
Q1-2025 $525.302M ▼ $252.682M ▲ $-17.548M ▼ -3.341% ▼ $-0.13 ▼ $-494.75K ▼
Q4-2024 $719.758M ▲ $174.484M ▼ $146.963M ▲ 20.418% ▲ $1.13 ▲ $151.208M ▲
Q3-2024 $539.417M $334.73M $-70.355M -13.043% $-0.54 $-66.884M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $7.365B ▲ $10.913B ▲ $2.072B ▲ $8.84B ▲
Q2-2025 $2.845B ▼ $6.262B ▲ $1.907B ▲ $4.355B ▲
Q1-2025 $2.857B ▼ $5.827B ▼ $1.55B ▼ $4.277B ▲
Q4-2024 $3.201B ▲ $5.99B ▲ $2.058B ▲ $3.932B ▲
Q3-2024 $2.527B $5.557B $1.835B $3.723B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $256.173M ▲ $0 $0 $0 $0 $0
Q2-2025 $44.085M ▲ $0 $0 $0 $0 $0
Q1-2025 $-17.548M ▼ $0 $0 $0 $0 ▼ $0
Q4-2024 $20.442M ▲ $0 $0 $0 $80.72M ▲ $0
Q3-2024 $-70.355M $0 $0 $0 $0 $0

Five-Year Company Overview

Income Statement

Income Statement Hesai’s revenue has been growing quickly each year, showing strong demand for its LiDAR products. The company is still losing money, but the size of those losses has been shrinking over time, which suggests operating efficiency is improving. Gross profit has risen steadily, although profit margins have come down from early levels and only recently started to recover. Overall, the business looks to be scaling well on the top line but has not yet converted that growth into consistent profitability.

Balance Sheet

Balance Sheet The balance sheet has strengthened meaningfully in recent years. Total assets and cash balances have both expanded, helped by capital raising around the listing and business growth. Debt has increased but remains relatively modest compared with the company’s equity and cash, so leverage does not look excessive at this stage. Notably, equity has swung from a deficit in the past to a solid positive position, indicating that prior balance sheet stress has been repaired. The company now appears to have a reasonable financial cushion to support ongoing investment, provided losses and spending remain under control.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations has recently turned slightly positive, despite the accounting losses, which is a constructive sign for the underlying business model. However, heavy investment in manufacturing capacity and technology means overall free cash flow remains negative. In simple terms, the company is still spending more cash than it brings in, but the gap has been narrowing over time. The combination of a growing cash balance and a declining cash burn suggests Hesai has some runway, though sustained high investment would eventually require either stronger internal cash generation or new funding.

Competitive Edge

Competitive Edge Hesai holds a leading position in the global LiDAR market, with a particularly strong presence in passenger vehicles and robotaxis. Its scale, deep relationships with many auto makers, and record of winning design slots in new vehicle models give it meaningful commercial momentum. In‑house, highly automated manufacturing supports cost and quality advantages, reinforcing this position. That said, the industry remains intensely competitive, with many rivals and alternative sensor technologies vying for adoption. Hesai also faces risks from customer concentration, pricing pressure as LiDAR becomes more of a mass‑market component, and its heavy reliance on the Chinese auto ecosystem, which may expose it to regulatory and geopolitical uncertainties.

Innovation and R&D

Innovation and R&D The company is highly innovation‑driven, with substantial internal R&D focused on custom chips, proprietary optical designs, and a broad range of LiDAR products. Its self‑developed control chips and photon‑isolation technology are clear technical differentiators aimed at improving performance while cutting costs. Hesai has also built a wide portfolio that serves both advanced driver‑assistance systems and various robotics applications, giving it multiple growth avenues. The flip side is that this high level of R&D and product development is expensive and weighs on current profitability, and there is always the risk that rapid technological change could erode today’s advantages if the company misjudges future requirements.

Summary

Hesai is a fast‑growing LiDAR leader with clear technological strengths, strong relationships with auto makers, and a reinforced balance sheet. The business has made progress moving from heavy losses toward a more sustainable profile, although it remains unprofitable and continues to consume cash due to large investments in capacity and R&D. Margins have compressed compared with earlier years but show signs of stabilizing as the company scales. The main opportunities lie in wider adoption of LiDAR in vehicles and robotics and in expanding beyond its home market, while the key risks include intense competition, pricing pressure, customer concentration, and the need to carefully manage cash and investment until the business can consistently fund itself from operations.

NEWS

November 11, 2025 · 6:00 AM UTC

Hesai Secures Exclusive Lidar Design Wins for Li Auto's New-Generation Assisted Driving Platform

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November 11, 2025 · 3:30 AM UTC

Hesai Group Reports Third Quarter 2025 Unaudited Financial Results

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October 24, 2025 · 4:30 AM UTC

Hesai Group to Report Third Quarter 2025 Financial Results on Tuesday, November 11, 2025

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October 3, 2025 · 8:00 AM UTC

Hesai Becomes the World's First Lidar Company to Produce 1 Million Units in 2025

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September 25, 2025 · 9:00 AM UTC

Hesai Recognized on Fortune's 2025 Change the World List for Redefining Road Safety

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