Hesai Group reported unaudited first-quarter 2026 revenue of RMB 680.60 million (USD 98.66 million), up 29.6% year on year, driven by a 140.9% increase in total lidar shipments to 471,723 units.

Net income reached RMB 18.30 million, reversing a RMB 17.55 million loss in the prior-year period and marking a fourth straight quarter of GAAP profitability. Excluding share-based compensation, non-GAAP net income expanded more than five-fold to RMB 47.75 million.

Gross margin slipped to 39.1% from 41.7% a year earlier, reflecting a higher mix of lower-margin products. Operating loss narrowed to RMB 8.56 million; on a non-GAAP basis, operating income was RMB 20.87 million.

Segment disclosure shows the core Lidar Business generated RMB 680.56 million in revenue and RMB 41.94 million in operating profit, while the new Strategic Growth Initiatives (SGI) segment recorded an operating loss of RMB 50.51 million ahead of planned revenue contributions from Q2 2026.

ADAS lidar shipments climbed 141.9% to 353,441 units, and Robotics lidar shipments rose 137.8% to 118,282 units. Management highlighted 55% share of China’s long-range automotive lidar market in March 2026 and confirmed selection as Mercedes-Benz’s lidar supplier for Level-3 autonomous models.

Research and development spending increased 11.7% to RMB 204.67 million, supporting rollout of the Picasso 6D full-color SPAD-SoC and forthcoming ETX lidar series. Sales and marketing expenses fell 17.9% to RMB 41.50 million, while general and administrative costs edged down 2.4% to RMB 52.78 million.

Cash reserves, comprising cash, equivalents, restricted cash, short-term investments and long-term deposits, stood at RMB 7.23 billion as of 31 March 2026, versus RMB 7.51 billion at year-end 2025. Total assets were RMB 10.90 billion against total liabilities of RMB 1.98 billion.

For Q2 2026, Hesai forecasts revenue between RMB 850.00 million and RMB 900.00 million, implying year-on-year growth of 20%-27%.