Hesai Group Reports First Quarter 2026 Financial Results

Hesai Group announced its unaudited financial results for the first quarter ended March 31, 2026. The company reported net revenues of RMB680.6 million (US$98.7 million), a 29.6% increase year-over-year, driven by a 140.9% increase in total lidar shipments to 471,723 units. ADAS lidar shipments grew by 141.9% to 353,441 units, while Robotics lidar shipments increased by 137.8% to 118,282 units. The company achieved a GAAP net income of RMB18.3 million (US$2.7 million), marking its fourth consecutive quarter of GAAP profitability. Non-GAAP net income was RMB47.7 million (US$6.9 million), a 452.9% increase year-over-year. Hesai highlighted its strategic partnership with Mercedes-Benz for L3 autonomy and the upcoming debut of its 6D full-color lidar, Picasso, in the ETX model. The company also introduced Kosmo, a spatial intelligence device under its Strategic Growth Initiatives (SGI), expected to generate recurring revenue. For the second quarter of 2026, Hesai expects net revenues between RMB850 million and RMB900 million.