Hesai Group released unaudited interim results for the six months ended 30 June 2026, showing strong volume growth in its core lidar business and the first revenue contribution from Strategic Growth Initiatives (SGI).
Operational performance • ADAS lidar shipments surged 86.7 % year on year to 839,345 units. • Robotics lidar shipments jumped 165.3 % to 260,653 units. • Total lidar deliveries reached 1.10 million units, up 100.8 % from the prior-year period, underpinning market-share gains that included a 44 % share of China’s long-range ADAS lidar market in June. • New design wins were secured with Great Wall Motor, Li Auto, GAC Toyota and Volkswagen, while the JT128 model is now adopted by more than 50 embodied-AI companies worldwide.
Financial results (RMB) • Net revenue rose 25.1 % to 1.54 billion (US 227.2 million). • Gross margin slipped to 39.7 % from 42.2 % on a richer mix of lower-margin products. • Loss from operations narrowed to 6.40 million; on a non-GAAP basis the Group recorded operating income of 53.80 million, up 20 % year on year. • Net income climbed 234.9 % to 88.87 million; non-GAAP net income increased 82.1 % to 149.06 million. • Basic and diluted EPS stood at RMB0.07; non-GAAP basic EPS was RMB0.12.
Balance-sheet highlights • Cash reserve totalled 7.05 billion (US 1.04 billion) at 30 June 2026 versus 7.51 billion at end-2025. • Net cash used in operations improved to 102.56 million from 265.43 million a year earlier. • Gearing ratio eased to 18.7 % from 20.4 %.
Strategic Growth Initiatives gaining traction • Robotic actuation modules generated initial revenue in Q2; over 10,000 units shipped. • Kosmo spatial intelligence platform delivered first prototypes in July with initial sales expected in Q3. • Full-year 2026 SGI revenue guidance lifted to 200–300 million (previously 100 million), with a target of about US 100 million revenue and breakeven in 2027.
Outlook For Q3 2026, Hesai guides for revenue between 1.10 billion and 1.15 billion, implying 38 %–45 % year-on-year growth. The Group reports five consecutive quarters of GAAP profitability.
Dividend No interim dividend was declared.
Legal and corporate updates Class-action litigation in the United States continues following a partial denial of the company’s motion to dismiss, and the appeal against inclusion on the U.S. Department of Defense Section 1260H List is ongoing. A previously approved 8-for-1 share subdivision and board-lot size change became effective on 10 July 2026.
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