HESAI-W (02525) has released its second-quarter financial results for the three months ended June 30, 2026, reporting net revenue of RMB 860.8 million, a year-over-year increase of 21.9%. Net profit reached RMB 70.6 million, up 60% compared to the same period last year, with basic earnings per share of RMB 0.06.
Dr. Li Yifan, Co-founder and CEO of Hesai Group, described the quarter as a milestone turning point, noting the company has evolved into a full-stack infrastructure platform for robotics and physical AI, enabling perception, understanding, and execution. In the perception domain, Li highlighted that lidar remains the company's robust and reliable "cash cow" business, with the automotive sector—the most widely deployed robot carrier globally—experiencing a shift from lidar being a "must-have" toward demand for "better performance and more units per vehicle." Meanwhile, the need for equally high-performance and dependable 3D perception is rapidly extending to humanoid robots and other intelligent terminals, securing new orders from clients including Unitree Robotics, Ant Lingbo, Galaxy General, Xinghaitu, and Yuanli Lingji. Additionally, the 6D full-color ultra-sensitive lidar SPAD-SoC "Picasso" represents a major leap in perception technology, delivering true multimodal information by driving unified 3D understanding of depth, semantics, and spatiotemporal features—essential foundations for world models and physical AI.
Dr. Li added that in the understanding domain, the company's spatial intelligence platform "Kosmo" transforms the physical world into reusable 3D spatial assets for AI, providing robots with one of the most scarce and valuable input resources: geometrically precise, physically authentic digital representations of the real world. This bridges the gap between simulation and reality, unlocking scaling laws for the robotics sector. Following sample deliveries in July 2026, the company has secured orders from multiple leading humanoid robot companies, including Galaxy General, with related revenue expected to be recognized starting in the third quarter of this year and recorded under Strategic Growth Initiatives (SGI). In the execution domain, Li noted that high-performance joints represent another core bottleneck in robotics technology. Leveraging deep expertise in precision engineering, the company has redesigned its power modules from first principles, balancing precise control, compact size, powerful output, and excellent back-drivability in a single design. The self-developed modules have achieved commercial progress: the business began generating revenue in the second quarter, and Hesai Group is now supplying power modules to Sharpa, a global leader in AI robotics. Production lines are fully operational, dexterous hand modules have commenced shipping, and full-body joint modules are set to enter mass production. By closing the complete loop from perception and understanding to real-world execution, the company is opening an exciting new growth chapter, building the underlying infrastructure for a future dominated by robotics and physical AI.
Mr. Fan Peng, CFO of Hesai Group, stated that the second-quarter performance strongly validates the success of the company's next-phase growth strategy. The core lidar business continues to deliver substantial profitability and strong cash flow, while the SGI business is beginning to translate technological leadership into commercial momentum. Net revenue reached RMB 861 million this quarter, with ADAS and robotics lidar shipments growing 60% and 193% year-over-year, respectively. Despite continued investment in building out the SGI business, net profit still reached RMB 71 million, up 60% year-over-year, marking the fifth consecutive quarter of GAAP profitability.
Mr. Fan added that this quarter also marked the first revenue contribution from the SGI business, driven primarily by strong early commercialization of the company's industry-leading robot power modules. Benefiting from better-than-expected commercialization progress and market demand for SGI, along with Kosmo expected to begin contributing revenue in the third quarter as planned, the company has raised its full-year 2026 SGI revenue guidance from RMB 100 million to a range of RMB 200 million to RMB 300 million. With exciting growth momentum in the SGI business, the company expects it to achieve approximately USD 100 million in revenue by 2027 and reach breakeven in the same year.
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