Hesai Group (HSAI) Q2 2025 earnings summary

Executive summary

• Net revenues for Q2 2025 reached RMB706.4 million ($98.6 million), up 53.9% year-over-year, with net income of RMB44.1 million ($6.2 million) versus a net loss in Q2 2024.

• Lidar shipments surged to 352,095 units in Q2 2025, a 306.9% increase year-over-year, driven by strong ADAS and Robotics demand.

• Achieved significant ADAS design wins, including with Toyota and a top European OEM, and led the drafting of China's first national automotive lidar standard.

• Robotics business ranked No.1 in China for lidar shipments in H1 2025, with JT series surpassing 100,000 units in cumulative deliveries.

Financial highlights

• Product revenues rose 71.1% year-over-year to RMB699.4 million, while service revenues declined 86.1% due to lower non-recurring engineering services.

• Gross margin was 42.5% in Q2 2025, down from 45.1% in Q2 2024, mainly due to a shift in revenue mix.

• Operating income reached RMB22.9 million, compared to a loss of RMB95.8 million a year ago; non-GAAP operating income was RMB52.1 million.

• Net income was RMB44.1 million, reversing a net loss of RMB72.1 million in Q2 2024; non-GAAP net income was RMB73.3 million.

• Basic and diluted EPS were RMB0.33 and RMB0.32, respectively; non-GAAP basic and diluted EPS were RMB0.55 and RMB0.53.

Outlook and guidance

• Management expects continued growth, citing robust order book from new ADAS design wins and mass-market adoption of lidar.

• Full-scale production and commercial launch with a top European OEM and Toyota targeted for 2026.