Hesai Group Reports Third Quarter 2026 Unaudited Financial Results

Quarterly net revenues were RMB1,068.3 million (US$159.3 million)1

Quarterly lidar shipments were 729,673 units

Quarterly robotic actuation module shipments were 23,405 units

Quarterly net income was RMB80.8 million (US$12.1 million)

SHANGHAI, China, Nov. 10, 2026 (GLOBE NEWSWIRE) — Hesai Group (Nasdaq: HSAI; HKEX: 2525) (“Hesai” or the “Company“), a Physical AI infrastructure company, today announced its unaudited financial results for the three months and nine months ended September 30, 2026.

Management Remarks

“The third quarter of 2026 marked another step in Hesai’s evolution into a full-stack infrastructure platform for Robotics and Physical AI,” said Dr. Yifan “David” Li, Hesai’s Co-Founder and CEO. “Our lidar business remains a scaled, profitable cash engine, with growth fueled by premium ET-series lidar wins with five leading global OEMs, including a top European automaker and Cadillac; rising adoption of multi-lidar configurations in China and overseas; and new programs with Wuling and Chery that expand lidar into high-volume mass-market vehicles and export markets. Meanwhile, in robotics, Hesai ranked No.1 globally in the 2025 robotaxi lidar market with a 62% share, according to Yole Group. We also partnered with JD.com, China’s largest retailer by revenues, leveraging our 6D full-color lidar and advanced perception capabilities to support its ambition to build the world’s largest robotics fleet.”

Dr. Li continued, “Our Strategic Growth Initiatives (SGI) are rapidly taking shape as Hesai’s next growth engine, unlocking new opportunities across the data and hardware infrastructure layers of Robotics and Physical AI. Launched globally in October, Kosmo, our 3D world data engine, transforms real-world environments into high-fidelity, editable, AI-ready 3D assets. Within just months of demo shipments, this category-defining innovation has already begun generating revenues and securing real-world deployments with best-in-class global players, including Pixar’s RenderMan. Commercial traction spans robotics training, film and entertainment, cultural heritage, spatial navigation, and beyond. Our robotic actuation modules—the robotic motion engine—also ramped up in volume sharply, with full-body modules joining robotic hands in mass production and Q3 shipments surging 97% sequentially to 23,405 units. We’re just getting started in Physical AI.”

“The third quarter of 2026 marked further progress in our growth strategy, as our core lidar business continued to scale profitably and SGI gained commercial momentum. Third-quarter net revenues grew approximately 34% year-over-year to RMB1,068 million, supported by quarterly shipments of 729,673 lidar units and 23,405 robotic actuation modules, despite headwinds in the broader automotive market. SGI is scaling ahead of plan, with revenues for the first nine months already surpassing our original full-year target of RMB100 million,” said Mr. Andrew Fan, Hesai’s CFO. “Robotic actuation modules, which typically account for over 50% of a humanoid’s bill of materials, are ramping up rapidly, with cumulative shipments reaching 35,295 units by Q3 quarter-end. Together with the new revenue stream from Kosmo, this supports our reaffirmed 2026 SGI revenue guidance of RMB200 million to RMB300 million. As we gain further customer validation, we are stepping up investment in SGI while maintaining financial discipline. We delivered net income of RMB81 million and our sixth consecutive quarter of GAAP profitability. Our core lidar business, in particular, reported income from operations of RMB145 million in the third quarter, up 88% year-over-year. Our ambition is clear: to become a leading infrastructure platform for the era of Robotics and Physical AI.”

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1 All translations from RMB to USD for the third quarter of 2026 were made at the exchange rate of RMB6.7045 to US$1.00, the exchange rate on September 30, 2026, set forth in the H.10 statistical release of the Federal Reserve Board.

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2 As of October 2026, based on publicly available product information, Kosmo One is the world’s first AI spatial camera with an integrated 8K imaging system.

Operational Highlights

• Q3 2026 ADAS lidar shipments were 638,055 units, representing an increase of 67.6% from 380,759 units in the corresponding period of 2025.

• Q3 2026 Robotics lidar shipments were 91,618 units, representing an increase of 51.1% from 60,639 units in the corresponding period of 2025.

• Q3 2026 Total lidar shipments were 729,673 units, representing an increase of 65.3% from 441,398 units in the corresponding period of 2025.

• Q3 2026 Robotic actuation module shipments were 23,405 units, representing an increase of 96.8% from 11,890 units in the second quarter of 2026.

Financial Highlights for the Third Quarter of 2026

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

• Net revenues were RMB1,068.3 million (US$159.3 million) for the third quarter of 2026, representing an increase of 34.3% from RMB795.4 million for the same period of 2025. Net revenues from lidar segment were RMB977.8 million (US$145.8 million), representing an increase of 22.9% from RMB795.4 million for the same period of 2025. Net revenues from SGI segment were RMB90.5 million (US$13.5 million).

  Product revenues were RMB1,051.5 million (US$156.8 million) for the third quarter of 2026, representing an increase of 33.1% from RMB790.1 million for the same period of 2025. Product revenues from lidar segment were RMB973.5 million (US$145.2 million), representing an increase of 23.2% from RMB790.1 million for the same period of 2025. The year-over-year increase was mainly attributable to higher deliveries of both ADAS and Robotics lidar products, driven by robust demand in China and overseas, as well as contributions from the SGI business. Product revenues from SGI segment were RMB78.0 million (US$11.6 million).

  Service revenues were RMB16.8 million (US$2.5 million) for the third quarter of 2026, representing an increase of 217.0% from RMB5.3 million for the same period of 2025. Service revenues from lidar segment were RMB4.3 million (US$0.6 million), representing a decrease of 18.9% from RMB5.3 million for the same period of 2025. The year-over-year decrease was mainly driven by lower revenues from extended warranty services. Service revenues from SGI segment were RMB12.5 million (US$1.9 million) which was derived from revenues from manufacturing and support services.

• Cost of revenues was RMB630.1 million (US$94.0 million) for the third quarter of 2026, representing an increase of 36.8% from RMB460.5 million for the same period of 2025.

• Gross margin was 41.0% for the third quarter of 2026, compared with 42.1% 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 RMB53.0 million (US$7.9 million) for the third quarter of 2026, representing an increase of 21.4% from RMB43.6 million for the same period of 2025. The increase was mainly driven by an increase in payroll expenses of RMB5.6 million (US$0.8 million).

• General and administrative expenses were RMB93.6 million (US$14.0 million) for the third quarter of 2026, representing an increase of 27.5% from RMB73.4 million for the same period of 2025. The increase was mainly driven by an increase in professional service fees of RMB9.8 million (US$1.5 million) and an increase in payroll expenses of RMB6.9 million (US$1.0 million).

• Research and development expenses were RMB254.0 million (US$37.9 million) for the third quarter of 2026, representing an increase of 27.8% from RMB198.9 million for the same period of 2025. The year-over-year increase was mainly due to an increase in payroll expenses of RMB26.2 million (US$3.9 million), an increase in outsourcing development and testing expenses of RMB10.2 million (US$1.5 million), and an increase in cost of materials of RMB9.0 million (US$1.3 million), reflecting our incremental investment in SGI.

• Income from operations was RMB62.6 million (US$9.3 million) for the third quarter of 2026, compared with income from operations of RMB77.4 million for the same period of 2025. Excluding share-based compensation expenses, non-GAAP income from operations was RMB100.8 million (US$15.0 million) for the third quarter of 2026, compared with non-GAAP income from operations of RMB108.9 million for the same period of 2025. Income from operations of the lidar segment was RMB145.5 million (US$21.7 million) for the third quarter of 2026, representing an increase of 88.0% from RMB77.4 million for the same period of 2025.

• Net income was RMB80.8 million (US$12.1 million) for the third quarter of 2026, representing a decrease of 68.5% from RMB256.2 million for the same period of 2025. The decrease was mainly attributable to one-time income of RMB185.1 million (US$27.6 million) from the disposal of an equity investment and the transfer of intellectual properties in the third quarter of 2025. Excluding share-based compensation expenses, non-GAAP net income was RMB119.0 million (US$17.8 million) for the third quarter of 2026, representing a decrease of 58.6% from RMB287.7 million for the same period of 2025.

• Net income attributable to ordinary shareholders of the Company was RMB80.8 million (US$12.1 million) for the third quarter of 2026, representing a decrease of 68.5% from RMB256.2 million for the same period of 2025. Excluding share-based compensation expenses, non-GAAP net income attributable to ordinary shareholders of the Company was RMB119.0 million (US$17.8 million) for the third quarter of 2026, representing a decrease of 58.6% from RMB287.7 million for the same period of 2025.

• Basic and diluted net income per ordinary share were RMB0.06 (US$0.01) and RMB0.06 (US$0.01), respectively, for the third quarter of 2026. Excluding share-based compensation expenses, non-GAAP basic and diluted net income per ordinary share were RMB0.09 (US$0.01) and RMB0.09 (US$0.01), respectively, for the third quarter of 2026.

• Cash reserve5 was RMB6,977.1 million (US$1,040.7 million) as of September 30, 2026, compared with RMB7,050.6 million as of June 30, 2026.

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3 See “Use of Non-GAAP Financial Measures” included in this announcement for further details.
4 On July 10, 2026, the Company implemented share subdivision of the Company on the basis that every one existing issued and unissued share with a par value of US$0.0001 each be subdivided into eight subdivided shares with a par value of US$0.0000125 each (the “Share Subdivision”). The Company accounted for Share Subdivision on a retrospective basis pursuant to ASC 260, Earnings Per Share. All issued and outstanding common stock, stock option awards, restricted share units, exercise prices and per share data have been adjusted in these consolidated financial statements, on a retrospective basis, to reflect the Share Subdivision for all periods presented.
5 Cash reserve represents cash and cash equivalents, restricted cash, short-term investments (excluding stock investment) and long-term time deposits.

Business Outlook

For the fourth quarter of 2026, the Company expects net revenues to be between RMB1,100 million (US$164 million) and RMB1,150 million (US$172 million).

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 10, 2026 (8:00 PM Beijing/ Hong Kong Time on November 10, 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.

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 17, 2026, by dialing the following telephone numbers:

About Hesai

Hesai Technology (Nasdaq: HSAI; HKEX: 2525) is a Physical AI infrastructure company. With a product portfolio spanning lidar, Kosmo spatial intelligence platform, and robotic actuation modules, Hesai is the only company in the industry covering the full robotics chain of “see, understand, and act” while achieving commercialization at scale. Leveraging full-stack proprietary ASIC capabilities and an integrated R&D-manufacturing approach, Hesai has established industry-leading positions across core physical AI domains, including autonomous mobility, spatial intelligence, embodied AI, and commercial robots, and holds a leading share of the global lidar market. 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.

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 U.S. Securities and Exchange Commission (the “SEC“): income/loss from operations excluding share-based compensation expenses, net income excluding share-based compensation expenses, net income attributable to ordinary shareholders excluding share-based compensation, and per ordinary share net income 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.

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 RMB6.7045 to US$1.00, the exchange rate on September 30, 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. dollar 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 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: [email protected]

Christensen Advisory
Tel: +86-10-5900-1548
Email: [email protected]

Source: Hesai Group