Hesai Group (HSAI) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 net revenue of RMB795.4 million, up 47.5% year-over-year, and produced over 1 million LiDAR units in 2023, a global first.

• Maintained profitability with Q3 GAAP net income of RMB256.2 million, reaching the full-year net income target a quarter early.

• Secured new design wins for 2026 ADAS models, ensuring 100% LiDAR adoption and expanding partnerships with major OEMs.

• Completed a dual primary listing on the Hong Kong Stock Exchange, raising RMB614 million (US$614 million) and enhancing financial strength.

• Maintained leadership in long-range automotive LiDAR with a 46% market share in August.

Financial highlights

• Q3 shipments reached 441,398 units, up 229% year-over-year; net revenue surged 47.5% to RMB795.4 million.

• Gross margin was 42.1% in Q3, supported by economies of scale and manufacturing productivity.

• Q3 net income included RMB148 million in equity investment gains; excluding these, net income was RMB108 million.

• Non-GAAP net income was RMB287.7 million, versus a non-GAAP net loss of RMB44.0 million a year earlier.

• Cash and equivalents stood at RMB7,368.8 million as of September 30, 2025.

Outlook and guidance

• Q4 2025 net revenues projected at RMB1.0-1.2 billion, up 39%-67% year-over-year.

• Full-year 2025 GAAP net income guidance raised to RMB350-450 million.

• 2026 expected to be an inflection point, with anticipated ADAS LiDAR shipments of at least 2-3 million units and double-digit revenue growth.

• Gross margins expected to remain stable in 2026, with multi-LiDAR adoption offsetting ASP pressure.