Hesai Group Reports Third Quarter 2025 Unaudited Financial Results

Rhea-AI Summary

Hesai Group (NASDAQ: HSAI) reported Q3 2025 unaudited results on Nov 11, 2025: net revenues RMB795.4M (US$111.7M), total lidar shipments 441,398 units, and net income RMB256.2M (US$36.0M). Gross margin was 42.1%. ADAS shipments were 380,759 and Robotics shipments were 60,639 in Q3. Management raised full-year GAAP net income guidance to RMB350–450M and noted a successful Hong Kong dual-primary listing that raised US$614M (after greenshoe). Cash, restricted cash and short-term investments totaled RMB7,368.8M as of Sept 30, 2025. The company expects Q4 2025 revenues of RMB1,000–1,200M.

Positive

• Net revenues +47.5% YoY to RMB795.4M in Q3 2025
• Total lidar shipments 441,398 units (+228.9% YoY)
• Net income RMB256.2M vs loss of RMB70.4M in Q3 2024
• Raised full-year GAAP net income guidance to RMB350–450M
• Hong Kong IPO raised US$614M (after greenshoe)
• Cash and equivalents RMB7,368.8M as of Sept 30, 2025

Negative

• Gross margin down to 42.1% from 47.7% in Q3 2024
• Cost of revenues +63.3% YoY to RMB460.5M in Q3 2025
• Service revenues fell 85.4% YoY to RMB5.3M in Q3 2025

Insights

Equity Research Analyst

Strong quarter: rapid shipment growth, return to GAAP profit, and sizable Hong Kong raise materially strengthen Hesai's financial and commercial position.

Revenue rose to RMB795.4 million in Q3 2025, up 47.5% year‑over‑year, driven by total lidar shipments of 441,398 units and broad adoption across ADAS and Robotics. The company reported RMB256.2 million net income for the quarter and raised full‑year GAAP net income guidance to RMB350 million–RMB450 million, while cash and equivalents increased to RMB7,368.8 million, including US$614 million from the Hong Kong offering.

Key dependencies and risks include sustaining high shipment volumes, margin pressure from lower non‑recurring engineering revenue (gross margin fell to 42.1%), and execution of planned mass production for high‑end ETX units in late 2026 or early 2027. Watch quarterly shipment trends by segment (ADAS vs Robotics), gross margin trajectory, and the realization of confirmed design‑win revenue in the next 6–18 months; these will validate the raised guidance and the expanded per‑vehicle lidar content assumptions.

Quarterly net revenues were RMB795.4 million (US$111.7 million)¹
Quarterly lidar shipments were 441,398 units
Quarterly net income was RMB256.2 million (US$36.0 million)

SHANGHAI, China, Nov. 11, 2025 (GLOBE NEWSWIRE) -- Hesai Group (“Hesai” or the “Company”) (NASDAQ: HSAI; HKEX: 2525), the global leader in three-dimensional light detection and ranging (lidar) solutions, today announced its unaudited financial results for the three months ended September 30, 2025.

Management Remarks

“We’re thrilled to report another stellar quarter — hitting our full-year net income target a quarter ahead of schedule! We’ve also maintained our leadership in long-range automotive lidar for seven straight months, capturing an impressive 46% market share in August — 1.5 times the second player and 2.4 times the third, according to Gasgoo,” said Dr. Yifan “David” Li, Hesai’s Co-Founder and CEO. “For ADAS, lidar is rapidly becoming a standard feature. We secured design wins from both of our top 2 ADAS customers across all their 2026 models, achieving 100% lidar adoption. Meanwhile, the industry’s shift toward multi-lidar setups for L3, driven by safety redundancy and new regulations, is creating powerful tailwinds. Our high-end ETX lidar, featuring the world’s longest detection range, secured another design win — this time with a top 3 domestic NEV automaker, paired with multiple FTX blind-spot lidars. We now expect three to six lidars per L3 vehicle, worth roughly US$500–1,000 per car, massively expanding our addressable market. In Robotics, momentum is accelerating as autonomous fleets scale globally. We’re excited to have recently signed new lidar supply agreements with leading global robotaxi and robotruck players, including Pony.ai, Hello Inc., JD Logistics, Motional, and others across North America, Asia, and Europe. The successful completion of our Hong Kong IPO marks a bold new chapter for Hesai. Looking to the decade ahead, we’re excited to evolve into a full-spectrum technology infrastructure builder, pioneering the next wave of innovation that will redefine how cars and robots perceive and interact with the world!”

“Q3 was another outstanding quarter, with strong momentum in both scale and execution,” said Mr. Andrew Fan, Hesai’s CFO. “Net revenues surged 47% year-over-year to RMB795 million (US$112 million), driven by robust shipments and growing lidar adoption across both ADAS and Robotics. In September, we became the first lidar company globally to surpass one million units in annual production. Gross margin remained healthy at 42%, while operating expenses declined 23% year-over-year in Q3, reflecting the tangible benefits of our AI-driven improvements in cost, cycle, and quality.”

Mr. Fan added, “As a result, we delivered a record net income of RMB256 million (US$36 million) in Q3, bringing our nine-month total to RMB283 million (US$40 million), already achieving our full-year target a quarter earlier than planned. With that, we are raising our full-year GAAP net income guidance to a range of RMB350 million (US$49 million) to RMB450 million (US$63 million). Moreover, our successful dual-primary listing in Hong Kong raised US$614 million after the greenshoe option, further strengthening our financial foundation. With solid earnings and a robust balance sheet, we’re well-positioned to drive innovation and lead Hesai into its next chapter of growth.”

_____________________
_{¹ All translations from RMB to USD for the third quarter of 2025 were made at the exchange rate of RMB7.1190 to US$1.00, the exchange rate on September 30, 2025, set forth in the H.10 statistical release of the Federal Reserve Board.}

• Business Updates:
  • Global:
    • Signed new lidar supply agreements with leading global autonomous driving companies, including Motional and others across North America, Asia, and Europe. These large-scale programs represent deals worth tens of millions of dollars, with strong follow-on potential as deployments expand.
  • Domestic: 
    • Secured design wins from both of our top 2 ADAS customers across all their 2026 models, achieving 100% lidar adoption. Additionally, select facelifted versions of Zeekr’s flagship models are now equipped with Hesai’s lidar as a standard feature.
    • Hesai’s high-end ETX lidar secured a design win with a top 3 domestic NEV automaker, an existing customer of Hesai, paired with multiple FTX units. Mass production is slated for late 2026 or early 2027.
    • Signed new deals with top domestic robotaxi and robotruck players, including Pony.ai, Hello Inc., and JD Logistics, with select models featuring up to eight main and blind-spot lidars fully supplied by Hesai.
      

Operational Highlights

	Three months ended September 30, 2025		Nine months ended September 30, 2025
ADAS lidar shipments	380,759		830,410
Robotics lidar shipments	60,639		158,901
Total lidar shipments	441,398		989,311

• Q3 2025 ADAS lidar shipments were 380,759 units, representing an increase of 193.1% from 129,913 units in the corresponding period of 2024.
• Q3 2025 Robotics lidar shipments were 60,639 units, representing an increase of 1311.9% from 4,295 units in the corresponding period of 2024.
• Q3 2025 Total lidar shipments were 441,398 units, representing an increase of 228.9% from 134,208 units in the corresponding period of 2024.
  

Financial Highlights for the Third Quarter of 2025

(in RMB millions, except for per ordinary share data and percentage)

	Q3 2025		Q3 2024		% Change
Net revenues	795.4		539.4		47.5%
Gross margin	42.1%		47.7%		/
Income/(loss) from operations	77.4		(77.2	)	/
Non-GAAP income/(loss) from operations	108.9		(50.9	)	/
Net income/(loss)	256.2		(70.4	)	/
Non-GAAP net income/(loss)	287.7		(44.0	)	/
Net income/(loss) per ordinary share – basic	1.88		(0.54	)	/
Net income/(loss) per ordinary share – diluted	1.79		(0.54	)	/
Non-GAAP net income/(loss) per ordinary share	2.11		(0.34	)	/
Diluted non-GAAP net income/(loss) per ordinary share	2.00		(0.34	)	/

• Net revenues were RMB795.4 million (US$111.7 million) for the third quarter of 2025, representing an increase of 47.5% from RMB539.4 million for the same period of 2024. Product revenues were RMB790.1 million (US$111.0 million) for the third quarter of 2025, representing an increase of 57.0% from RMB503.1 million for the same period of 2024. The year-over-year increase was mainly attributable to increased revenues from sales of both ADAS and Robotics lidar products due to robust demand, both in China and globally. Service revenues were RMB5.3 million (US$0.7 million) for the third quarter of 2025, representing a decrease of 85.4% from RMB36.3 million for the same period of 2024. The year-over-year decrease was driven by lower revenues from non-recurring engineering services.
  
• Cost of revenues was RMB460.5 million (US$64.7 million) for the third quarter of 2025, representing an increase of 63.3% from RMB281.9 million for the same period of 2024.
  
• Gross margin was 42.1% for the third quarter of 2025, compared with 47.7% for the same period of 2024. The year-over-year decrease was due to a decrease in revenues from high-margin non-recurring engineering services, partially offset by effective cost and scale optimization on both ADAS and Robotics lidars.
  
• Sales and marketing expenses were RMB43.6 million (US$6.1 million) for the third quarter of 2025, representing a decrease of 5.6% from RMB46.2 million for the same period of 2024. The decrease was mainly driven by a decrease in payroll expenses of RMB2.4 million (US$0.3 million) and a decrease in marketing expenses of RMB1.6 million (US$0.2 million).
  
• General and administrative expenses were RMB73.4 million (US$10.3 million) for the third quarter of 2025, representing a decrease of 4.1% from RMB76.5 million for the same period of 2024. The decrease was mainly driven by a decrease in professional service fees of RMB3.6 million (US$0.5 million).
  
• Research and development expenses were RMB198.9 million (US$27.9 million) for the third quarter of 2025, representing a decrease of 9.7% from RMB220.2 million for the same period of 2024. The year-over-year decrease was mainly due to a decrease in payroll expenses of RMB15.6 million (US$2.2 million) and a decrease in material expenses of RMB8.2 million (US$1.1 million).
  
• Income from operations was RMB77.4 million (US$10.9 million) for the third quarter of 2025, compared with loss from operations of RMB77.2 million for the same period of 2024. Excluding share-based compensation expenses, non-GAAP income from operations was RMB108.9 million (US$15.3 million) for the third quarter of 2025, compared with non-GAAP loss from operations of RMB50.9 million for the third quarter of 2024.
  
• Other income was RMB172.9 million (US$24.3 million) for the third quarter of 2025, compared with other loss of RMB1.5 million for the same period of 2024. The other income was mainly derived from a gain on disposal of an equity investment in an early-stage tech company.
  
• Net income was RMB256.2 million (US$36.0 million) for the third quarter of 2025, compared with net loss of RMB70.4 million for the same period of 2024. Excluding share-based compensation expenses, non-GAAP net income was RMB287.7 million (US$40.4 million) for the third quarter of 2025, compared with non-GAAP net loss of RMB44.0 million for the same period of 2024.
  
• Net income attributable to ordinary shareholders of the Company was RMB256.2 million (US$36.0 million) for the third quarter of 2025, compared with net loss attributable to ordinary shareholders of the Company of RMB70.4 million for the same period of 2024. Excluding share-based compensation expenses, non-GAAP net income attributable to ordinary shareholders of the Company was RMB287.7 million (US$40.4 million) for the third quarter of 2025, compared with non-GAAP net loss attributable to ordinary shareholders of the Company of RMB44.0 million for the same period of 2024.
  
• Basic and diluted net income per ordinary share were RMB1.88 (US$0.26) and RMB1.79 (US$0.25), respectively, for the third quarter of 2025. Excluding share-based compensation expenses, non-GAAP basic and diluted net income per ordinary share were RMB2.11 (US$0.30) and RMB2.00 (US$0.28), respectively, for the third quarter of 2025.
  
• Cash and cash equivalents, restricted cash and short-term investments were RMB7,368.8 million (US$1,035.1 million) as of September 30, 2025, compared with RMB2,848.9 million as of June 30, 2025.
  

Business Outlook

For the fourth quarter of 2025, the Company expects net revenues to be between RMB1,000 million (US$140 million) and RMB1,200 million (US$169 million), representing a year-over-year increase of approximately 39% to 67%.

The above outlook is based on current market conditions and reflects the Company’s preliminary estimates of market and operating conditions and customer demand, which are all subject to change.

Conference Call

The Company’s management will host an earnings conference call at 7:00 AM U.S. Eastern Time on November 11, 2025 (8:00 PM Beijing/Hong Kong Time on November 11, 2025).

For participants who wish to join the call by phone, please access the link provided below to complete the pre-registration process and dial in 5 minutes prior to the scheduled call start time. Upon registration, each participant will receive dial-in details to join the conference call.

Event Title:	Hesai Group Third Quarter 2025 Earnings Conference Call
Pre-registration Link:	https://s1.c-conf.com/diamondpass/10050816-wmspy5.html

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://investor.hesaitech.com.

A replay of the conference call will be accessible approximately an hour after the conclusion of the call until November 18, 2025, by dialing the following telephone numbers:

United States:	+1-855-883-1031
International:	+61-7-3107-6325
Hong Kong, China:	800-930-639
China Mainland:	400-120-9216
Replay PIN:	10050816

About Hesai

Hesai Technology (Nasdaq: HSAI; HKEX: 2525) is a global leader in lidar solutions. The Company’s lidar products enable a broad spectrum of applications including passenger and commercial vehicles ("ADAS"), as well as autonomous driving vehicles and robotics and other non-automotive applications such as last-mile delivery robots and AGVs ("Robotics"). Hesai seamlessly integrates its in-house manufacturing process with lidar R&D and design, enabling rapid product iteration while ensuring high performance, high quality and affordability. The Company’s commercially validated solutions are backed by superior R&D capabilities across optics, mechanics, and electronics. Hesai has established offices in Shanghai, Palo Alto and Stuttgart, with customers spanning more than 40 countries.

Use of Non-GAAP Financial Measures

To supplement Hesai's consolidated financial results presented in accordance with GAAP, Hesai uses the following measures defined as non-GAAP financial measures by the SEC: income/loss from operation excluding share-based compensation expenses, net profit/loss excluding share-based compensation expenses, net profit/loss attributable to ordinary shareholders excluding share-based compensation, and per ordinary share net income/loss attributable to ordinary shareholders excluding share-based compensation. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the tables captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this release.

Hesai believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based compensation expenses that may not be indicative of its operating performance from a cash perspective. Hesai believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to Hesai's historical performance and liquidity. Hesai believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that they exclude share-based compensation expenses that have been and will continue to be for the foreseeable future a significant recurring expense in our business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP financial measure. The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.1190 to US$1.00, the exchange rate on September 30, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue” or other similar expressions. Among other things, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s goals and strategies; the Company’s future business development, financial condition and results of operations; expected changes in the Company’s revenues, costs or expenditures; the trends in, expected growth and the market size of the ADAS and Robotics industries; the market for and adoption of lidar and related technology; the Company’s ability to produce high-quality products with wide market acceptance; the success of the Company’s customers in developing and commercializing products using its solutions, and the market acceptance of those products; the Company’s ability to introduce new products that meet its customers’ requirement; the Company’s expectations regarding the effectiveness of its marketing initiatives and the relationship with its third-party partners; competition in the Company’s industry; the Company’s ability to recruit and retain qualified personnel; relevant government policies and regulations relating to the Company’s industry; the Company’s ability to protect its systems and infrastructures from cyber-attacks; general economic and business conditions globally and in China; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. In the event of any inconsistency between the English version of this earnings release and its Chinese translation, the English version of this document shall prevail unless otherwise stated.

For investor and media inquiries, please contact:

Hesai Group
Capital Markets Department
Email: ir@hesaitech.com

Christensen Advisory
Tel: +86-10-5900-1548
Email: hesai@christensencomms.com

Source: Hesai Group

HESAI GROUP UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, except share and per share data and otherwise noted)
		As of
		December 31, 2024		September 30, 2025
		RMB		RMB		US$
ASSETS
Current assets:
Cash and cash equivalents		2,838,966		2,563,508		360,094
Restricted cash		3,594		4,053		569
Short-term investments		362,195		4,801,274		674,431
Notes receivables		22,341		106,669		14,984
Accounts receivable, net		765,027		1,125,889		158,153
Contract assets		9,909		-		-
Amounts due from related parties		5,039		-		-
Inventories		482,137		642,760		90,288
Prepayments and other current assets		193,448		280,861		39,451
Total current assets		4,682,656		9,525,014		1,337,970
Non-current assets:
Property and equipment, net		944,218		1,059,393		148,812
Long-term investments		31,798		30,000		4,214
Intangible assets, net		76,554		93,224		13,095
Land-use rights, net		39,879		39,231		5,511
Right-of-use assets		114,260		86,488		12,149
Other non-current assets		100,246		79,352		11,147
Total non-current assets		1,306,955		1,387,688		194,928
TOTAL ASSETS		5,989,611		10,912,702		1,532,898
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term borrowings		345,253		448,230		62,962
Notes payable		10,096		145,679		20,463
Accounts payable		345,011		461,669		64,850
Contract liabilities		32,994		39,086		5,490
Amounts due to related parties		335,253		-		-
Accrued warranty liability		43,607		67,905		9,540
Income tax payable		-		27,552		3,870
Accrued expenses and other current liabilities		516,726		465,026		65,322
Total current liabilities		1,628,940		1,655,147		232,497
Non-current liabilities
Operating lease liabilities		98,370		71,729		10,076
Long-term borrowings		269,438		315,390		44,303
Other non-current liabilities		61,132		30,046		4,220
Total non-current liabilities		428,940		417,165		58,599
TOTAL LIABILITIES		2,057,880		2,072,312		291,096
Shareholders’ Equity
Class A Ordinary shares		19		17		2
Class B Ordinary shares		70		90		12
Additional paid-in capital		7,577,113		11,896,873		1,671,144
Subscription receivables		(292,721	)	-		-
Accumulated other comprehensive income		56,975		70,425		9,893
Accumulated deficit		(3,409,725	)	(3,127,015	)	(439,249	)
TOTAL SHAREHOLDERS’ EQUITY		3,931,731		8,840,390		1,241,802
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		5,989,611		10,912,702		1,532,898

HESAI GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (All amounts in thousands, except share and per share data and otherwise noted)
		Three months ended September 30,
		2024		2025
		RMB		RMB		US$
Net revenues		539,417		795,395		111,728
Cost of revenues		(281,913	)	(460,496	)	(64,685	)
Gross profit		257,504		334,899		47,043
Operating expenses:
Sales and marketing expenses		(46,218	)	(43,646	)	(6,131	)
General and administrative expenses		(76,523	)	(73,372	)	(10,307	)
Research and development expenses		(220,248	)	(198,862	)	(27,934	)
Other operating income, net		8,259		58,347		8,197
Total operating expenses		(334,730	)	(257,533	)	(36,175	)
(Loss)/ Income from operations		(77,226	)	77,366		10,868
Interest income		25,514		27,993		3,932
Interest expenses		(3,557	)	(3,234	)	(454	)
Foreign exchange (loss)/income, net		(13,695	)	8,732		1,227
Other income/(loss), net		(1,477	)	172,867		24,281
Net (loss)/income before income tax and share of income/(loss) in equity method investments		(70,441	)	283,724		39,854
Income tax benefits/(expenses)		68		(27,500	)	(3,863	)
Share of income/(loss) in equity method investment		18		(51	)	(7	)
Net (loss)/income		(70,355	)	256,173		35,984
Net (loss)/income attributable to ordinary shareholders of the Company		(70,355	)	256,173		35,984
Net (loss)/earnings per share:
Basic		(0.54	)	1.88		0.26
Diluted		(0.54	)	1.79		0.25
Weighted average ordinary shares used in calculating net (loss)/earnings per share:
Basic		129,897,736		136,387,504		136,387,504
Diluted		129,897,736		143,508,062		143,508,062
Net (loss)/income		(70,355	)	256,173		35,984
Other comprehensive loss:
Foreign currency translation adjustments		(8,960	)	(21,774	)	(3,058	)
Comprehensive (loss)/income		(79,315	)	234,399		32,926

HESAI GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (All amounts in thousands, except share and per share data and otherwise noted)
		Nine months ended September 30,
		2024		2025
		RMB		RMB		US$
Net revenues		1,357,399		2,027,085		284,743
Cost of revenues		(753,847	)	(1,172,473	)	(164,696	)
Gross profit		603,552		854,612		120,047
Operating expenses:
Sales and marketing expenses		(143,927	)	(136,503	)	(19,174	)
General and administrative expenses		(211,436	)	(191,179	)	(26,855	)
Research and development expenses		(613,259	)	(581,387	)	(81,667	)
Other operating income, net		53,613		121,227		17,028
Total operating expenses		(915,009	)	(787,842	)	(110,668	)
Loss from operations		(311,457	)	66,770		9,379
Interest income		81,906		69,481		9,760
Interest expenses		(9,177	)	(14,786	)	(2,077	)
Foreign exchange (loss)/income, net		(8,657	)	16,692		2,345
Other income/(loss), net		(1,406	)	172,154		24,182
Net (loss)/income before income tax and share of loss in equity method investments		(248,791	)	310,311		43,589
Income tax expense		(547	)	(27,527	)	(3,867	)
Share of loss in equity method investment		(1	)	(74	)	(10	)
Net (loss)/income		(249,339	)	282,710		39,712
Net (loss)/income attributable to ordinary shareholders of the Company		(249,339	)	282,710		39,712
Net (loss)/earnings per share:
Basic		(1.94	)	2.12		0.30
Diluted		(1.94	)	2.01		0.28
Weighted average ordinary shares used in calculating net (loss)/earnings per share:
Basic		128,775,472		133,437,390		133,437,390
Diluted		128,775,472		140,659,904		140,659,904
Net (loss)/income		(249,339	)	282,710		39,712
Other comprehensive (loss)/income:
Foreign currency translation adjustments		(2,939	)	8,471		1,190
Comprehensive(loss)/income		(252,278	)	291,181		40,902

HESAI GROUP UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except share and per share data and otherwise noted)
	For the three months ended September 30,
	2024		2025
	RMB		RMB		US$
(Loss)/income from operations	(77,226	)	77,366		10,868
Add: Share-based compensation expenses	26,353		31,550		4,432
Non-GAAP (loss)/income from operations	(50,873	)	108,916		15,300
Net (loss)/income	(70,355	)	256,173		35,984
Add: Share-based compensation expenses	26,353		31,550		4,432
Non-GAAP net (loss)/income	(44,002	)	287,723		40,416
Net (loss)/income attributable to ordinary shareholders of the Company	(70,355	)	256,173		35,984
Add: Share-based compensation expenses	26,353		31,550		4,432
Non-GAAP net (loss)/income attributable to ordinary shareholders of the Company	(44,002	)	287,723		40,416
Weighted average shares used in calculating net (loss)/earnings per share
Basic	(0.54	)	1.88		0.26
Diluted	(0.54	)	1.79		0.25
Non-GAAP net (loss)/earnings per share
Basic	(0.34	)	2.11		0.30
Diluted	(0.34	)	2.00		0.28

HESAI GROUP UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except share and per share data and otherwise noted)
	For the Nine months ended September 30,
	2024		2025
	RMB		RMB		US$
(Loss)/Income from operations	(311,457	)	66,770		9,379
Add: Share-based compensation expenses	92,657		86,933		12,211
Non-GAAP (loss)/income from operations	(218,800	)	153,703		21,590
Net (loss)/income	(249,339	)	282,710		39,712
Add: Share-based compensation expenses	92,657		86,933		12,211
Non-GAAP net (loss)/income	(156,682	)	369,643		51,923
Net (loss)/income attributable to ordinary shareholders of the Company	(249,339	)	282,710		39,712
Add: Share-based compensation expenses . . . . . .	92,657		86,933		12,211
Non-GAAP net (loss)/income attributable to ordinary shareholders of the Company	(156,682	)	369,643		51,923
Weighted average shares used in calculating net (loss)/earnings per share
Basic	(1.94	)	2.12		0.30
Diluted	(1.94	)	2.01		0.28
Non-GAAP net (loss)/earnings per share
Basic	(1.22	)	2.77		0.39
Diluted	(1.22	)	2.63		0.37

FAQ

What were Hesai (HSAI) Q3 2025 revenues and net income?

Q3 2025 net revenues were RMB795.4M (US$111.7M) and net income was RMB256.2M (US$36.0M).

How many lidars did Hesai (HSAI) ship in Q3 2025?

Hesai shipped 441,398 lidar units in Q3 2025 (ADAS 380,759; Robotics 60,639).

What guidance did Hesai (HSAI) give for full-year 2025 net income?

Hesai raised full-year GAAP net income guidance to RMB350–450M for 2025.

How much cash did Hesai (HSAI) hold as of Sept 30, 2025?

Cash, restricted cash and short-term investments totaled RMB7,368.8M as of Sept 30, 2025.

What is Hesai's revenue outlook for Q4 2025?

The company expects Q4 2025 net revenues of RMB1,000–1,200M (approx. US$140–169M).

Did Hesai (HSAI) complete a Hong Kong listing and how much was raised?

Yes; the dual-primary Hong Kong listing raised US$614M after the greenshoe option.