Hesai Group (HSAI) investor relations material

Executive summary

• Q2 2026 marked a pivotal shift, expanding from LiDAR to a full-stack robotics and physical AI infrastructure platform, integrating sensing, spatial intelligence, and actuation.

• Achieved net revenues of RMB 861 million (US$127 million) in Q2 2026, up 22% year-over-year, driven by robust demand for ADAS and robotics LiDAR products.

• Net income reached RMB 71 million (US$10 million), a 60% increase year-over-year, marking the fifth consecutive quarter of GAAP profitability.

• Commercial momentum is strong across all layers: LiDAR, Kosmo spatial intelligence, and actuation modules, with each contributing to revenue and market expansion.

• The company leads China's long-range ADAS LiDAR market for 17 consecutive months and is rapidly growing in robotics and global automotive sectors.

Financial highlights

• Q2 2026 net revenues reached RMB 861 million (US$127 million), up 22% year-over-year, marking the ninth consecutive quarter of revenue growth.

• Gross margin was 40% in Q2 2026, down from 42.5% in Q2 2025, due to higher revenue from lower-margin products.

• GAAP net income was RMB 71 million (US$10 million), up 60% year-over-year; non-GAAP net income was RMB 101 million (US$15 million), up 38.3% year-over-year.

• LiDAR segment revenues were RMB 816 million (US$120 million) with operating profits of RMB 66 million (US$10 million); total LiDAR shipments exceeded 628,000 units, up nearly 80% year-over-year.

• Robotics LiDAR shipments grew 193% to over 142,000 units; ADAS LiDAR shipments rose 60% to over 485,000 units.

Outlook and guidance

• Q3 2026 revenue expected between RMB 1.1 billion–1.15 billion, with LiDAR shipments of 800,000–850,000 units, representing 38%–45% year-over-year growth.

• Full-year 2026 LiDAR shipment guidance reiterated at 3–3.5 million units; robotics LiDAR expected to exceed 500,000 units.

• SGI full-year 2026 revenue guidance raised to RMB 200–300 million, with break-even targeted in 2027 and US$100 million revenue expected that year.