Hesai's 2025 revenue reaches 3 billion: delivery volume triples, with full-year GAAP profit of 440 million

Ask AI · Robot delivery volume surges—what’s Hesai’s next-step strategy?

Lei Di Network, by Le Dianle, March 24

Hesai Technology (NASDAQ:HSAI; HKEX:2525) today released its unaudited financial results for the fourth quarter of 2025 and the full year. In 2025, Hesai’s full-year revenue reached RMB 3.03 billion, up 45.8% year over year.

Of this, fourth-quarter revenue exceeded RMB 1 billion, achieving substantial year-over-year growth for seven consecutive quarters. More importantly, Hesai became the first laser radar company in the lidar industry to achieve full-year GAAP profitability. Full-year GAAP net profit was RMB 440 million, and Non-GAAP net profit was RMB 550 million. This marks its third consecutive quarter of GAAP profitability and fifth consecutive quarter of Non-GAAP profitability.

Hesai’s full-year lidar delivery volume in 2025 grew to triple year over year, exceeding 1.6 million units. In 2026, shipment volume is expected to double to 3.0 million–3.5 million units, and its mass-production advantages continue to expand.

In 2025, in China’s passenger-vehicle front-mounted forward-looking lidar segment, Hesai maintained the #1 position with over 40% market share. Its total installed units have doubled for five consecutive years in China’s passenger vehicle market, with year-over-year installed volume increasing by nearly three times. In the robotics sector, Hesai achieved multiple breakthroughs, with market share ranking #1 in all major robot sub-segments. Notably, all humanoid robots showcased on the stage of Yushu Technology’s 2026 Lunar Year Spring Festival Gala were equipped with Hesai JT128 lidars, demonstrating the application potential of lidar in embodied intelligence to a global audience.

Seven consecutive quarters of year-over-year growth

In 2025, Hesai achieved revenue of RMB 3.03 billion, up 45.8% year over year. Hesai has achieved strong year-over-year growth for seven consecutive quarters, including fourth-quarter revenue exceeding RMB 1 billion, up 39.0% year over year.

Hesai’s 2025 full-year GAAP profitability reached RMB 440 million, making it the first lidar company globally to achieve full-year GAAP profitability.

Hesai’s 2025 full-year Non-GAAP net profit reached RMB 550 million. It has achieved GAAP profitability for three consecutive quarters and Non-GAAP profitability for five consecutive quarters. At the same time, Hesai has maintained positive operating cash flow for three consecutive years, with net asset size growing to RMB 9.0 billion.

Full-year delivery volume surges to triple

In 2025, full-year lidar delivery volume was 1,620,406 units, up 222.9% year over year. In 2026, shipment volume is expected to double to 3.0 million to 3.5 million units. Of this, fourth-quarter total lidar deliveries were 631,095 units, up 184.2% year over year, exceeding 2024’s full-year deliveries.

ADAS deliveries up to triple year over year, explosive growth in robotics

Lidar has shifted from being a core intelligent hardware for automobiles to a required safety component, becoming a “standard safety feature” for an increasing number of new vehicle models. In 2025, Hesai’s ADAS lidar delivery volume reached 1,381,133 units, soaring 202.6% year over year. With market share of over 40%, it remained #1 in China’s in-vehicle main lidar market.

Driven by the wave of physical AI, the robotics industry is accelerating toward large-scale deployment. As a key enabler of physical AI, Hesai lidar is committed to providing robots with essential sensing capabilities, helping continuously expand the boundaries of their applications. In 2025, full-year lidar delivery volume in the robotics sector reached 239,273 units, up 425.8% year over year, with growth rate leading across the entire industry.

Multiple breakthroughs in global expansion, upgraded collaboration with NVIDIA and Grab

On the global collaboration front, Hesai has achieved a series of key breakthroughs. Recently, Hesai was selected as the main lidar partner for NVIDIA DRIVE Hyperion 10 platform. This means that when OEMs build autonomous driving systems based on the NVIDIA platform, Hesai will be their preferred lidar solution. Moreover, Hesai also joined the NVIDIA Halos AI system detection laboratory— the first global program to obtain certification from the U.S. National Accreditation Board (ANAB)—and, together with NVIDIA, further enhances the safety of autonomous vehicles and robots.

In addition, Hesai has also reached an exclusive distribution partnership with Southeast Asian tech giant Grab. Leveraging its scale and distribution network advantages, Hesai will rapidly expand its sales channels for lidar across Southeast Asia.

Leading mass-production scaling capabilities

In the ADAS segment, Hesai has cumulatively secured pre-install mass-production design wins for more than 160 models from 40 automobile brands, covering all OEMs among the top ten in China by ranking. Fourth quarter and recent new customers include BAIC and FAW Pentium, and Hesai also secured multiple lidar model design wins for Li Auto, Xiaomi Auto, and Changan Automobile, with plans for mass production in 2026 to 2027. Multi-lidar models typically carry 3 to 6 lidars per vehicle.

According to data from the GII (GaoGong Intelligent Vehicles Research Institute) and Gaisi Auto Research Institute, in China’s passenger vehicle front-mounted forward-looking main lidar segment, Hesai ranked #1 with over 40% market share, and its total installed units have doubled for five consecutive years. In China’s passenger vehicle market, installed volume increased nearly threefold year over year.

Robotics business blossoms across the board

In the robotics sector, Hesai has achieved multiple breakthroughs. All humanoid robots showcased by Unitree Technology on the 2026 Lunar New Year Spring Festival Gala are equipped with Hesai JT128 lidars, showcasing the application potential of lidar in embodied intelligence to audiences worldwide.

Recently, Hesai and Ecovacs Technology deepened their strategic cooperation. Hesai will exclusively supply a total of 10 million JT-series lidars to the mowing robot products under Ecovacs’ ecosystem brands—both the Ecovacs brand and MOVA brand. This not only refreshes the single-order record in the global consumer robotics field, but also marks that lidar technology has officially become a “standard configuration” for high-end intelligent garden products.

In addition, Hesai Technology and NIU Electric have announced a deep strategic partnership. The pure-solid-state blind-spot supplementing radar, FTX, has formally received design wins for their new two-wheeler models, and the two sides will jointly explore a new paradigm for intelligent safety in two-wheelers.

Explosive growth in the second growth curve

According to data from Gasgoo, GGII (GaoGong Industry Research), YoleGroup, and Frost&Sullivan, Hesai holds the #1 market share position in both the in-vehicle main lidar market and in major robot sub-segments. Hesai is seeing explosive growth in the robotics field, including:

• Humanoid and quadruped robots: new orders from Unitree Technology, Honor Robotics, Galaxy General, Magic Atomic, Viti Power, and others;

• Unmanned taxis: new orders from Pony.ai, WeRide, Baidu Luobo KuaiPao, Didi, Hello, as well as other new orders from global enterprises in North America, Asia, and Europe;

• Unmanned logistics vehicles: new orders from NineSense, New Stone, Meituan, and others;

• Lawn-mowing robots: new orders from Ecovacs, MOVA, Nexlawn, and others.

Breakthroughs in both self-developed chips and patented technologies—building a technological moat

On the technology front, Hesai’s core technology achievements are accelerating toward real deployment and achieving milestone breakthroughs. In November 2025, Hesai launched a high-performance intelligent main control chip for lidar—Fermi C500. One single chip integrates an MCU, FPGA, and ADC, and also integrates dual certifications for functional safety and cybersecurity. The upgraded ATX lidar (up to 256 channels) powered by this chip is set to achieve mass production in April 2026. Its currently held order backlog already exceeds 6 million units.

Hesai’s globally first photon isolation technology ensures that photons received by each lidar channel do not interfere with one another. It has already been fully applied in Hesai’s flagship lidar products, providing customers with industry-leading safety and reliability.

Hesai co-founder and CEO Li Yifan said, “2025 was a landmark year. Not only did we become the world’s first lidar company to achieve full-year GAAP profitability, but we also maintained the #1 position in China’s in-vehicle main lidar market with over 40% market share. As lidar becomes an indispensable ‘invisible safety airbag’ for ensuring ADAS safety, we have successfully secured design wins from China’s top ten automakers and expanded our business into the mass consumer market where vehicles cost under RMB 100,000 per unit.

At the same time, we precisely captured the industry inflection point for L3-level autonomous driving, which involves multiple lidar units, and accelerated our global expansion through strategic collaborations with industry partners such as NVIDIA. These key progress points are structurally increasing the value of per-vehicle lidar and further widening our potential market space.

Beyond the automotive sector, broad opportunities continue to emerge. Hesai ranks #1 in major robot sub-segments including humanoid and quadruped robots, unmanned taxis, unmanned logistics vehicles, and lawn-mowing robots. To meet the surge in demand in ADAS and robotics, we plan to increase annual production capacity to more than 4 million units in 2026.

As the AI-driven fourth industrial revolution accelerates, Hesai is committed to becoming a key enabler of physical AI—digitalizing the real world and redefining how humans and robots perceive and act. Over the next few months, we will launch a brand-new flagship product lineup. Each product targets market opportunities on the scale of trillions of RMB, turning our vision into reality and laying a solid foundation for the next decade of development.”

Hesai CFO Fan Peng said, “2025 was a milestone year for Hesai, delivering dual breakthroughs in both financial scale and operating quality. Our full-year revenue reached more than RMB 3.0 billion (about USD 430 million), setting a record high and growing 46% year over year. Our total shipments grew to triple year over year, exceeding 1.6 million units.

Even more noteworthy is that, driven by strong revenue growth, strict cost control, and AI-driven improvements across end-to-end efficiency in R&D, manufacturing, and operations, Hesai’s operating leverage has improved significantly. In 2025, we became the first company in the industry to achieve full-year GAAP profitability. Full-year GAAP net profit reached RMB 440 million (about USD 62 million), while Non-GAAP net profit reached RMB 550 million (about USD 79 million). We have achieved GAAP profitability for three consecutive quarters and Non-GAAP profitability for five consecutive quarters. Meanwhile, we have maintained positive operating cash flow for three consecutive years, and our net asset value grew to RMB 9.0 billion (about USD 1.3 billion).

Hesai has raised its 2026 full-year lidar shipment guidance to 3.0 million to 3.5 million units, and will release a groundbreaking new product lineup soon.

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