Hesai Group Q4 Earnings Call Highlights

Hesai Group (NASDAQ:HSAI) reported a grounds 2025 and raised its 2026 shipment outlook, pointing to accelerating adoption of LiDAR successful some rider vehicles and robotics portion outlining plans to commercialize 2 caller non-LiDAR merchandise lines opening arsenic aboriginal arsenic 2026.

Chief Executive Officer Dr. David Li said 2025 was a “defining year” for the company, highlighted by what helium described arsenic the LiDAR industry’s archetypal full-year GAAP nett income. Chief Financial Officer Andrew Fan reported full-year GAAP nett income of RMB 436 million, alongside grounds nett revenues of over RMB 3 billion (or $433 million), up 46% twelvemonth implicit year.

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Fan said full shipments exceeded 1.6 cardinal units successful 2025—more than tripling from the anterior year—including nearly 240,000 robotics LiDAR units. He added that gross borderline stayed “healthy” astatine over 40%, portion operating expenses excluding different operating income decreased by RMB 88 million contempt the gross increase, which helium attributed to operating leverage, disciplined outgo management, and AI-enabled ratio gains crossed R&D, manufacturing, and operations.

On currency and equilibrium expanse metrics, Fan said Hesai generated affirmative operating currency travel of RMB 117 million successful 2025, marking its 3rd consecutive twelvemonth of affirmative operating currency flow, and that nett assets grew to astir RMB 9 billion. Li besides highlighted a $614 million dual superior listing successful Hong Kong arsenic strengthening the equilibrium expanse and semipermanent capableness for growth.

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Li said Hesai maintained enactment successful automotive long-range LiDAR, citing Gasgoo information indicating that its flagship ATX merchandise contributed to a number one presumption successful 2025 with over 40% stock of the long-range automotive LiDAR market. He added that Hesai achieved afloat LiDAR adoption connected best-selling models from partners including Li Auto and Xiaomi, and entered the sub-RMB 100,000 conveyance conception with Leapmotor, framing LiDAR’s determination from premium enactment to mainstream information feature.

Li said Hesai had secured 2,026 plan wins with partners including Li Auto, Xiaomi, BYD, Leapmotor, Great Wall Motor, and Changan—“many connected an exclusive basis”—and that BAIC and FAW Bestune were joining its start-of-production (SOP) roster. He added that the institution has secured ADAS orders from every 1 of the apical 10 OEMs successful China and plan wins with 40 automotive brands crossed much than 160 conveyance models. Li besides said cumulative ADAS LiDAR deliveries exceeded 2 million, capturing over 40% of ADAS long-range LiDAR demand.