Hesai Group · Q1 2025 earnings

Briefing

Hesai Q1 2025: revenue RMB525M (+46%) as lidar shipments triple to 196K units; non-GAAP profitable

Hesai Group reported Q1 2025 net revenues of RMB525.3 million (US$72.4 million), up 46.3% from RMB359.1 million a year ago, driven by strong ADAS lidar demand in China. Total lidar shipments reached 195,818 units (+231% YoY), including 146,087 ADAS units and 49,731 robotics units. Gross margin improved to 41.7% from 38.8%. Net loss narrowed 84% to RMB17.5 million (US$2.4 million); non-GAAP net income was RMB8.6 million. Loss from operations was RMB33.4 million versus RMB138.5 million in Q1 2024. Cash, restricted cash and short-term investments totaled RMB2.86 billion. For Q2 2025, Hesai guided net revenues of RMB680–720 million (+48% to +57% YoY) and reaffirmed its full-year profitability target.

• Q1 net revenue RMB525.3M (+46%); product revenue RMB510.7M; gross margin 41.7% vs 38.8% YoY
• Shipped 195,818 lidar units (+231% YoY): 146,087 ADAS and 49,731 robotics units
• Net loss narrowed to RMB17.5M (-84% YoY); non-GAAP net income RMB8.6M vs non-GAAP loss RMB69.1M
• Secured ADAS design wins with Chery, Great Wall, Zeekr and Geely; ATX shipped ~40,000 units in Q1
• Q2 2025 revenue guidance RMB680M–720M (+48% to +57% YoY); on track for full-year profitability

Headline financials

Revenue & EPS history

For Q2 2025, Hesai expects net revenues of RMB680 million to RMB720 million, representing approximately 48% to 57% year-over-year growth, and remains on track for full-year profitability.