Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Exhibit 99.1
Hesai
Group Reports First Quarter 2026 Unaudited Financial Results
Quarterly
net revenues were RMB680.6 million (US$98.7 million) 1
Quarterly
lidar shipments were 471,723 units
Quarterly
net income was RMB18.3 million (US$2.7 million)
SHANGHAI,
China, May. 19, 2026 (GLOBE NEWSWIRE) － Hesai Group (“Hesai” or the “Company”) (NASDAQ:
HSAI; HKEX: 2525), a global tech company and a leader in 3D perception, today announced its unaudited financial results for the three
months ended March 31, 2026.
Management Remarks
“We are incredibly
honored and excited to announce that Hesai serves as strategic lidar partner and confirmed supplier for Mercedes-Benz models enabling
L3 autonomy. Meanwhile, the first quarter of 2026 marked a transformative chapter for Hesai as we began our strategic evolution from
‘Spatial Perception’ to ‘Spatial Intelligence.’ We are no longer just a global leader in lidar; we are building
the foundational infrastructure for the Physical AI frontier,” said Dr. Yifan “David” Li, Hesai’s Co-Founder
and CEO. “We continue to solidify the leadership in our core lidar business during the quarter. According to Gasgoo, we have maintained
the No.1 position in China’s long-range automotive lidar market for 14 consecutive months, reaching 55% share in March 2026.
Furthermore, our latest ASIC breakthrough, Picasso, represents a step-change for the industry. As the world’s first 6D full-color
ultra-sensitive lidar SPAD-SoC, it integrates RGB color information with precise XYZ spatial data at the chip level, fundamentally bridging
the gap between lidars and cameras. This next-generation technology will debut in our high-end ETX lidar model, offering configurations
of up to 4,320 channels, with SOP expected in the second half of 2026. We believe our in-house developed full-color 6D SPAD-SoC has the
potential to enable a unified perception paradigm not only for vehicles, but for any application where cameras are used today.”
Dr. Li continued,
“Hesai is a deep-tech company committed to pushing the boundaries of what is possible. Built on our core sensing and systems expertise,
we are scaling from ‘1 to 10.’ Beyond our lidar business, we are driving our next decade of growth through Strategic Growth
Initiatives (SGI), spanning the ‘eyes’ and ‘muscles’ of Physical AI. Our ambition is to digitize the real world
and redefine how humans and robots perceive and act. At our Tech Day in April 2026, we showcased our first product under SGI, Kosmo,
an AI algorithm-integrated spatial intelligence device designed to build real-world 3D data infrastructure for the Physical AI era. More
importantly, Kosmo represents the entry point to a scalable new business model, expected to unlock recurring revenue streams and trillion-RMB
downstream opportunities across robotics simulation and training, immersive media, 4D entertainment, and beyond. We are extremely excited
about the next chapter of Hesai as we build transformative businesses to empower the Physical AI revolution.”
| 1 | All
translations from RMB to USD for the first quarter of 2026 were made at the exchange rate
of RMB6.8980 to US$1.00, the exchange rate on March 31, 2026, set forth in the H.10
statistical release of the Federal Reserve Board. |
“We kicked
off 2026 with strong momentum, delivering another quarter of robust growth with year-over-year gains in scale and profitability,”
said Mr. Andrew Fan, Hesai’s CFO. “Net revenues reached RMB681 million, up 30% year-over-year. This was driven by total
shipments of 471,723 lidar units for the first quarter, reflecting strong, broad-based demand across both ADAS and Robotics. Our lidar
business generated a solid operating profit of approximately RMB42 million, contributing to overall GAAP net income of RMB18 million
for the quarter. This marks our fourth consecutive quarter of GAAP profitability and sixth consecutive quarter of non-GAAP profitability.”
Mr. Fan added,
“To enhance transparency and better reflect our strategic evolution, we have refined our reporting structure into two segments:
‘Lidar Business’ and ‘Strategic Growth Initiatives.’ This framework highlights the self-sustained profitability
of our lidar business alongside the long-term upside of our new initiatives. Supported by early traction, we expect SGI to contribute
approximately RMB100 million in net revenues this year, with contributions expected to start in the second quarter of 2026. Looking ahead,
we expect our financial performance to strengthen progressively through 2026, driven by the continued expansion of our lidar business
and the ramp-up of SGI.”
· Lidar
Business Updates:
| o | Announced as
strategic lidar partner and confirmed supplier for Mercedes-Benz models enabling L3 autonomy.
The new supply agreement supports Mercedes-Benz programs in Europe and China, with lidar
production supported by Hesai’s new Galileo manufacturing center in Thailand. |
| o | Ranked No.1
globally in long-range ADAS lidar with a 43% market share in 2025 (Yole Group), and achieved
a 55% market share in China in March 2026 – roughly triple that of the second-ranked
player (Gasgoo). |
| o | Hesai ATX lidar
was selected for GAC Toyota’s 2026 bZ3X model, marking Hesai’s first entry into
the Japanese automotive ecosystem. |
| o | At the recent
Beijing Auto Show, Hesai’s lidar solutions were featured across 56 vehicle models from
24 leading automotive brands, ranking No.1 in lidar presence across exhibited models, further
reinforcing our deep integration within China’s core automotive ecosystem. Key highlights
include: |
| ⮚ | Li
Auto Livis: Supported multi-lidar configurations of up to 4 Hesai lidars, marking the
first mass production deployment of our FTX blind-spot lidar and enabling true 360° perception
with high safety redundancy for intelligent driving systems. |
| ⮚ | Xiaomi:
Secured new design wins for overseas models, further expanding our international footprint,
with SOP expected from 2027 onward. |
| ⮚ | Geely:
Deployed across multiple models from flagship brands including Geely Galaxy, Zeekr, and Smart,
with additional models from other brands scheduled for SOP in the second half of 2026, strengthening
our penetration across premium and mass-market EV segments. |
| ⮚ | Cadillac
VISTIQ: Enabled the industry’s first mass-produced in-cabin lidar, co-developed
to deliver seamless design and robust perception performance across all driving conditions. |
| ⮚ | Other
customers: Deployed across leading automotive brands and autonomous driving players at
the auto show, including Audi, Lotus, BYD, Leapmotor, Great Wall Motor, Changan, Chery, Pony.ai,
and WeRide, among many others. |
| o | Hesai lidar
is powering new robotics applications across diversified emerging use cases: |
| ⮚ | Powered
Honor’s humanoid robot “Lightning” with our JT128 lidar, to deliver a championship-winning
performance that broke the human world record at the world’s first humanoid robot half
marathon. |
| ⮚ | Secured
an exclusive design win with Zelos to supply 200,000 lidar units and strengthened partnership
with Neolix as its largest lidar supplier. |
| ⮚ | Entered
the electric two-wheeler segment with NIU Technologies, where our FTX lidar powers its next-generation
smart mobility platforms. |
| o | Hesai pioneers
the “6D full-color lidar” era: |
| ⮚ | Introduced
Picasso, our in-house developed, world-first 6D full-color ultra-sensitive SPAD-SoC. It achieves
native chip-level fusion of color (RGB) and depth (XYZ) information, enabling direct generation
of colorized point clouds to significantly enhance the spatial intelligence of ADAS and Robotics
smart systems. With industry-leading performance, it delivers over 40% photon detection efficiency
(PDE). |
| ⮚ | Powered
by Picasso SPAD-SoC, the next-generation ETX series lidar delivers a maximum 600-meter range
with up to 4,320 channels, making it the world’s first 6D full-color ultra-high-channel-count
lidar. ETX is targeted for SOP in the second half of 2026, with broad global adoption expected
in 2027-2028, delivering the industry’s first real-time chip-level fusion of color
and 3D distance sensing. |
| ⮚ | Secured
an exclusive design win with KargoBot for its Space 2.0 transport robots, marking the first
mass-production deployment of our 6D full-color, 4,320-channel ETX as the primary lidar,
alongside FTX blind-spot lidar on commercial vehicles. Additional customer engagements are
currently underway. |
| · | Strategic
Growth Initiatives (SGI) Updates: |
| o | Unveiled Kosmo,
the first product under SGI, a revolutionary and industry-first spatial intelligence device
integrating Hesai’s custom lidar, multi-sensor inputs, and proprietary 3DGS and AIGC
algorithms to seamlessly capture and reconstruct high-fidelity 3D environments. It transforms
spatial data capture from a complex, high-cost process into a standardized, scalable infrastructure
layer. |
| o | Received early
orders for Kosmo. As the entry point to a scalable new business model built around hardware,
AI software, spatial data, and future platform services, Kosmo is expected to create recurring
revenue streams and unlock a huge addressable market across robotics simulation and training,
immersive media, 4D entertainment, and beyond. |
Operational
Highlights
| | |
Three
months ended | |
| | |
March 31,
2026 | |
| ADAS lidar shipments | |
| 353,441 | |
| Robotics lidar shipments | |
| 118,282 | |
| Total lidar shipments | |
| 471,723 | |
| · | Q1
2026 ADAS lidar shipments were 353,441 units, representing an increase of 141.9% from
146,087 units in the corresponding period of 2025. |
| · | Q1
2026 Robotics lidar shipments were 118,282 units, representing an increase of 137.8%
from 49,731 units in the corresponding period of 2025. |
| · | Q1
2026 Total lidar shipments were 471,723 units, representing an increase of 140.9% from
195,818 units in the corresponding period of 2025. |
Financial Highlights for the First
Quarter of 2026
(in RMB millions, except for per ordinary
share data and percentage)
| | |
Q1
2026 | | |
Q1
2025 | | |
%
Change | |
| Net
revenues | |
| 680.6 | | |
| 525.3 | | |
| 29.6 | % |
| Gross
margin | |
| 39.1 | % | |
| 41.7 | % | |
| / | |
| Loss
from operations | |
| (8.6 | ) | |
| (33.4 | ) | |
| (74.4 | )% |
| Non-GAAP
income/(loss) from operations | |
| 20.9 | | |
| (7.3 | ) | |
| / | |
| Net
income/(loss) | |
| 18.3 | | |
| (17.5 | ) | |
| / | |
| Non-GAAP
net income | |
| 47.7 | | |
| 8.6 | | |
| 452.9 | % |
| Net
income/(loss) per ordinary share – basic | |
| 0.12 | | |
| (0.13 | ) | |
| / | |
| Net
income/(loss) per ordinary share – diluted | |
| 0.11 | | |
| (0.13 | ) | |
| / | |
| Non-GAAP
net income per ordinary share | |
| 0.31 | | |
| 0.07 | | |
| 365.3 | % |
| Diluted
non-GAAP net income per ordinary share | |
| 0.29 | | |
| 0.06 | | |
| 370.0 | % |
| · | Net
revenues were RMB680.6 million (US$98.7 million) for the first quarter of 2026, representing
an increase of 29.6% from RMB525.3 million for the same period of 2025. Product revenues
were RMB679.7 million (US$98.6 million) for the first quarter of 2026, representing an increase
of 33.1% from RMB510.7 million for the same period of 2025. The year-over-year increase was
mainly attributable to increased deliveries of both ADAS and Robotics lidar products due
to robust demand, both in China and globally, partially offset by a decrease in average selling
prices. Service revenues were RMB0.9 million (US$0.1 million) for the first quarter of 2026,
representing a decrease of 93.9% from RMB14.6 million for the same period of 2025. The year-over-year
decrease was mainly driven by lower revenues from non-recurring engineering services. |
| · | Cost
of revenues was RMB414.5 million (US$60.1 million) for the first quarter of 2026, representing
an increase of 35.4% from RMB306.1 million for the same period of 2025. |
| · | Gross
margin was 39.1% for the first quarter of 2026, compared with 41.7% for the same period
of 2025. The year-over-year decrease in gross margin was mainly attributable to a higher
revenue contribution from products with relatively lower margins. |
| · | Sales
and marketing expenses were RMB41.5 million (US$6.0 million) for the first quarter of
2026, representing a decrease of 17.9% from RMB50.5 million for the same period of 2025.
The decrease was mainly driven by a decrease in payroll expenses of RMB9.2 million (US$1.3
million). |
| · | General
and administrative expenses were RMB52.8 million (US$7.7 million) for the first quarter
of 2026, representing a decrease of 2.4% from RMB54.1 million for the same period of 2025.
The decrease was mainly driven by a decrease in professional service fees of RMB5.4 million
(US$0.8 million), partially offset by an increase in expected credit losses of RMB2.0 million
(US$0.3 million). |
| · | Research
and development expenses were RMB204.7 million (US$29.7 million) for the first quarter
of 2026, representing an increase of 11.7% from RMB183.3 million for the same period of 2025.
The year-over-year increase was mainly due to an increase in payroll expenses of RMB13.6
million (US$2.0 million) and an increase in cost of materials of RMB2.8 million (US$0.4 million),
reflecting our incremental investment in strategic growth initiatives. |
| · | Loss
from operations was RMB8.6 million (US$1.2 million) for the first quarter of 2026, compared
with loss from operations of RMB33.4 million for the same period of 2025. Excluding share-based
compensation expenses, non-GAAP income from operations was RMB20.9 million (US$3.0 million)
for the first quarter of 2026, compared with non-GAAP loss from operations of RMB7.3 million
for the first quarter of 2025. |
| · | Net
income was RMB18.3 million (US$2.7 million) for the first quarter of 2026, compared with
net loss of RMB17.5 million for the same period of 2025. Excluding share-based compensation
expenses, non-GAAP net income was RMB47.7 million (US$6.9 million) for the first quarter
of 2026, representing an increase of 452.9% from RMB8.6 million for the same period of 2025. |
| · | Net
income attributable to ordinary shareholders of the Company was RMB18.3 million (US$2.7
million) for the first quarter of 2026, compared with net loss attributable to ordinary shareholders
of the Company of RMB17.5 million for the same period of 2025. Excluding share-based compensation
expenses, non-GAAP net income attributable to ordinary shareholders of the Company was RMB47.7
million (US$6.9 million) for the first quarter of 2026, representing an increase of 452.9%
from RMB8.6 million for the same period of 2025. |
| · | Basic
and diluted net income per ordinary share were RMB0.12 (US$0.02) and RMB0.11 (US$0.02),
respectively, for the first quarter of 2026. Excluding share-based compensation expenses,
non-GAAP basic and diluted net income per ordinary share were RMB0.31 (US$0.04) and RMB0.29
(US$0.04), respectively, for the first quarter of 2026. |
| · | Cash
reserve2 was RMB7,231.7 million (US$1,048.4 million) as of March 31,
2026, compared with RMB7,511.0 million as of December 31, 2025. |
Business Outlook
For the second
quarter of 2026, the Company expects net revenues to be between RMB850 million (US$123 million) and RMB900 million (US$130 million),
representing a year-over-year increase of approximately 20% to 27%.
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 8:00 AM U.S. Eastern Time on May 19, 2026 (8:00 PM Beijing/Hong Kong Time on
May 19, 2026).
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 First
Quarter 2026 Earnings Conference Call |
| |
|
| Pre-registration Link: |
https://s1.c-conf.com/diamondpass/10054272-8nlxqj.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 May 26, 2026, 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: |
10054272 |
| 2 | Cash
reserve represents cash and cash equivalents, restricted cash, short-term investments and
long-term time bank deposits. |
About Hesai
Hesai Technology
(Nasdaq: HSAI; HKEX: 2525) is a global tech company and a leader in 3D perception. Leveraging full-stack proprietary ASIC capabilities
and an integrated R&D-testing-manufacturing approach, Hesai has established industry-leading positions across core physical AI domains,
including ADAS-equipped passenger vehicles, autonomous mobility, spatial intelligence, embodied AI, as well as industrial, agricultural,
and service robots. Hesai has established offices in Shanghai, Palo Alto, and Stuttgart, and operates in-house factories in China and
Thailand, with customers spanning more than 40 countries. As the AI-driven Fourth Industrial Revolution accelerates, Hesai is committed
to becoming a key enabler of physical AI － digitizing the real world and redefining how humans and robots perceive and act.
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 RMB6.8980 to US$1.00, the exchange
rate on March 31, 2026, 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 to 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’ requirements; 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 announcement and in the attachments is as of the date of this announcement, 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 or otherwise noted)
| | |
As
of | |
| | |
December 31, | | |
| | |
| |
| | |
2025 | | |
March 31,
2026 | |
| | |
RMB | | |
RMB | | |
US$ | |
| ASSETS | |
| | |
| | |
| |
| Current assets: | |
| | | |
| | | |
| | |
| Cash
and cash equivalents | |
| 1,663,492 | | |
| 1,237,870 | | |
| 179,453 | |
| Restricted
cash | |
| 4,014 | | |
| 3,960 | | |
| 574 | |
| Short-term
investments | |
| 3,091,856 | | |
| 4,478,825 | | |
| 649,293 | |
| Notes
receivables | |
| 94,697 | | |
| 215,426 | | |
| 31,230 | |
| Accounts
receivable, net | |
| 1,262,220 | | |
| 950,471 | | |
| 137,789 | |
| Inventories | |
| 670,453 | | |
| 721,739 | | |
| 104,630 | |
| Prepayments
and other current assets, net | |
| 282,431 | | |
| 348,678 | | |
| 50,549 | |
| | |
| | | |
| | | |
| | |
| Total current assets | |
| 7,069,163 | | |
| 7,956,969 | | |
| 1,153,518 | |
| Non-current assets: | |
| | | |
| | | |
| | |
| Property
and equipment, net | |
| 1,099,283 | | |
| 1,091,126 | | |
| 158,180 | |
| Long-term
investments | |
| 2,781,670 | | |
| 1,541,069 | | |
| 223,408 | |
| Intangible
assets, net | |
| 95,507 | | |
| 92,967 | | |
| 13,477 | |
| Land-use
rights, net | |
| 39,015 | | |
| 38,799 | | |
| 5,625 | |
| Right-of-use
assets | |
| 109,318 | | |
| 101,058 | | |
| 14,650 | |
| Other
non-current assets | |
| 67,322 | | |
| 80,213 | | |
| 11,629 | |
| | |
| | | |
| | | |
| | |
| Total
non-current assets | |
| 4,192,115 | | |
| 2,945,232 | | |
| 426,969 | |
| | |
| | | |
| | | |
| | |
| TOTAL
ASSETS | |
| 11,261,278 | | |
| 10,902,201 | | |
| 1,580,487 | |
| | |
As
of | |
| | |
December 31, | | |
| | |
| |
| | |
2025 | | |
March 31,
2026 | |
| | |
RMB | | |
RMB | | |
US$ | |
| LIABILITIES AND SHAREHOLDERS’
EQUITY | |
| | | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | | |
| | |
| Short-term
borrowings | |
| 448,233 | | |
| 482,171 | | |
| 69,900 | |
| Note
payable | |
| 150,199 | | |
| 146,017 | | |
| 21,168 | |
| Accounts
payable | |
| 592,560 | | |
| 449,019 | | |
| 65,094 | |
| Contract
liabilities | |
| 21,019 | | |
| 23,810 | | |
| 3,452 | |
| Accrued
warranty liability | |
| 77,672 | | |
| 87,928 | | |
| 12,747 | |
| Income
tax payable | |
| 27,157 | | |
| 27,517 | | |
| 3,989 | |
| Accrued
expenses and other current liabilities | |
| 578,495 | | |
| 383,279 | | |
| 55,564 | |
| | |
| | | |
| | | |
| | |
| Total current liabilities | |
| 1,895,335 | | |
| 1,599,741 | | |
| 231,914 | |
| Non-current liabilities | |
| | | |
| | | |
| | |
| Operating
lease liabilities | |
| 85,555 | | |
| 76,823 | | |
| 11,137 | |
| Long-term
borrowings | |
| 278,727 | | |
| 258,164 | | |
| 37,426 | |
| Other
non-current liabilities | |
| 42,907 | | |
| 41,822 | | |
| 6,063 | |
| | |
| | | |
| | | |
| | |
| Total
non-current liabilities | |
| 407,189 | | |
| 376,809 | | |
| 54,626 | |
| | |
| | | |
| | | |
| | |
| TOTAL LIABILITIES | |
| 2,302,524 | | |
| 1,976,550 | | |
| 286,540 | |
| | |
| | | |
| | | |
| | |
| Shareholders’ equity | |
| | | |
| | | |
| | |
| Class A
Ordinary shares | |
| 17 | | |
| 17 | | |
| 2 | |
| Class B
Ordinary shares | |
| 90 | | |
| 90 | | |
| 14 | |
| Additional
paid-in capital | |
| 11,925,963 | | |
| 11,957,722 | | |
| 1,733,506 | |
| Accumulated
other comprehensive income | |
| 6,530 | | |
| (76,647 | ) | |
| (11,113 | ) |
| Accumulated
deficit | |
| (2,973,846 | ) | |
| (2,955,531 | ) | |
| (428,462 | ) |
| | |
| | | |
| | | |
| | |
| TOTAL
SHAREHOLDERS’ EQUITY | |
| 8,958,754 | | |
| 8,925,651 | | |
| 1,293,947 | |
| | |
| | | |
| | | |
| | |
| TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| 11,261,278 | | |
| 10,902,201 | | |
| 1,580,487 | |
HESAI
GROUP
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(All
amounts in thousands, except share and per share data or otherwise noted)
| | |
Three
months ended March 31, | |
| | |
2025 | | |
2026 | |
| | |
RMB | | |
RMB | | |
US$ | |
| Net revenues | |
| 525,302 | | |
| 680,555 | | |
| 98,660 | |
| Cost
of revenues | |
| (306,067 | ) | |
| (414,535 | ) | |
| (60,095 | ) |
| | |
| | | |
| | | |
| | |
| Gross profit | |
| 219,235 | | |
| 266,020 | | |
| 38,565 | |
| Operating expenses: | |
| | | |
| | | |
| | |
| Sales
and marketing expenses | |
| (50,546 | ) | |
| (41,503 | ) | |
| (6,017 | ) |
| General
and administrative expenses | |
| (54,087 | ) | |
| (52,776 | ) | |
| (7,651 | ) |
| Research
and development expenses | |
| (183,306 | ) | |
| (204,673 | ) | |
| (29,671 | ) |
| Other
operating income, net | |
| 35,256 | | |
| 24,371 | | |
| 3,533 | |
| | |
| | | |
| | | |
| | |
| Total
operating expenses | |
| (252,683 | ) | |
| (274,581 | ) | |
| (39,806 | ) |
| | |
| | | |
| | | |
| | |
| Loss from operations | |
| (33,448 | ) | |
| (8,561 | ) | |
| (1,241 | ) |
| Interest
income | |
| 20,521 | | |
| 56,829 | | |
| 8,238 | |
| Interest
expenses | |
| (5,007 | ) | |
| (5,832 | ) | |
| (845 | ) |
| Foreign
exchange income/(loss), net | |
| 1,024 | | |
| (24,190 | ) | |
| (3,507 | ) |
| Other
(loss)/income, net | |
| (694 | ) | |
| 71 | | |
| 10 | |
| |
| | | |
| | | |
| | |
| Net (loss)/income before
income tax and share of loss in equity method investments | |
| (17,604 | ) | |
| 18,317 | | |
| 2,655 | |
| Income
tax benefit/(expense) | |
| 67 | | |
| (2 | ) | |
| – | |
| Share
of loss in equity method investment | |
| (12 | ) | |
| – | | |
| – | |
| | |
| | | |
| | | |
| | |
| Net
(loss)/income | |
| (17,549 | ) | |
| 18,315 | | |
| 2,655 | |
| |
| | | |
| | | |
| | |
| Net
(loss)/income attributable to ordinary shareholders of the Company | |
| (17,549 | ) | |
| 18,315 | | |
| 2,655 | |
| | |
Three
months ended March 31, | |
| | |
2025 | | |
2026 | |
| | |
RMB | | |
RMB | | |
US$ | |
| Net
(loss)/earnings per share: | |
| | |
| | |
| |
| Basic | |
| (0.13 | ) | |
| 0.12 | | |
| 0.02 | |
| Diluted | |
| (0.13 | ) | |
| 0.11 | | |
| 0.02 | |
| | |
| | | |
| | | |
| | |
| Weighted
average ordinary shares used in calculating net (loss)/earnings per share: | |
| | | |
| | | |
| | |
| Basic | |
| 131,456,631 | | |
| 156,214,918 | | |
| 156,214,918 | |
| Diluted | |
| 131,456,631 | | |
| 163,155,519 | | |
| 163,155,519 | |
| | |
| | | |
| | | |
| | |
| Net
(loss)/income | |
| (17,549 | ) | |
| 18,315 | | |
| 2,655 | |
| | |
| | | |
| | | |
| | |
| Other
comprehensive income/(loss), net of tax of nil: | |
| | | |
| | | |
| | |
| Foreign
currency translation adjustments | |
| 31,898 | | |
| (83,177 | ) | |
| (12,058 | ) |
| Comprehensive
income/(loss), net of tax of nil | |
| 14,349 | | |
| (64,862 | ) | |
| (9,403 | ) |
HESAI
GROUP
UNAUDITED
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(All
amounts in thousands, except share and per share data or otherwise noted)
| | |
For
the three months ended March 31, | |
| | |
2025 | | |
2026 | |
| | |
RMB | | |
RMB | | |
US$ | |
| Loss
from operations | |
| (33,448 | ) | |
| (8,561 | ) | |
| (1,241 | ) |
| Add:
Share-based compensation expenses | |
| 26,185 | | |
| 29,433 | | |
| 4,267 | |
| | |
| | | |
| | | |
| | |
| Non-GAAP
(loss)/income from operations | |
| (7,263 | ) | |
| 20,872 | | |
| 3,026 | |
| | |
| | | |
| | | |
| | |
| Net
(loss)/income | |
| (17,549 | ) | |
| 18,315 | | |
| 2,655 | |
| Add:
Share-based compensation expenses | |
| 26,185 | | |
| 29,433 | | |
| 4,267 | |
| | |
| | | |
| | | |
| | |
| Non-GAAP
net income | |
| 8,636 | | |
| 47,748 | | |
| 6,922 | |
| | |
| | | |
| | | |
| | |
| Net
(loss)/income attributable to ordinary shareholders of the Company | |
| (17,549 | ) | |
| 18,315 | | |
| 2,655 | |
| Add:
Share-based compensation expenses | |
| 26,185 | | |
| 29,433 | | |
| 4,267 | |
| | |
| | | |
| | | |
| | |
| Non-GAAP
net income attributable to ordinary shareholders of the Company | |
| 8,636 | | |
| 47,748 | | |
| 6,922 | |
| | |
| | | |
| | | |
| | |
| Weighted
average shares used in calculating net earnings per share | |
| | | |
| | | |
| | |
| Basic | |
| 131,456,631 | | |
| 156,214,918 | | |
| 156,214,918 | |
| Diluted | |
| 138,705,035 | | |
| 163,155,519 | | |
| 163,155,519 | |
| | |
| | | |
| | | |
| | |
| Non-GAAP
net earnings per share | |
| | | |
| | | |
| | |
| Basic | |
| 0.07 | | |
| 0.31 | | |
| 0.04 | |
| Diluted | |
| 0.06 | | |
| 0.29 | | |
| 0.04 | |
HESAI
GROUP
UNAUDITED
FINANCIAL INFORMATION BY SEGMENT
(All
amounts in thousands, except share and per share data or otherwise noted)
| | |
| | |
Strategic | | |
| |
| | |
Lidar | | |
Growth | | |
| |
| | |
Business | | |
Initiatives | | |
Total | |
| | |
| RMB | | |
| RMB | | |
| RMB | |
| Net revenues | |
| 680,555 | | |
| – | | |
| 680,555 | |
| | |
| | | |
| | | |
| | |
| Cost of
revenues and total operating expenses | |
| (638,611 | ) | |
| (50,505 | ) | |
| (689,116 | ) |
| | |
| | | |
| | | |
| | |
| Income/(loss)
from operations | |
| 41,944 | | |
| (50,505 | ) | |
| (8,561 | ) |
| | |
| | | |
| | | |
| | |
| Non-operating
income, net | |
| | | |
| | | |
| 26,876 | |
| | |
| | | |
| | | |
| | |
| Net
income | |
| | | |
| | | |
| 18,315 | |
