Liquidity remains robust with a current ratio of 3.73, although the absence of reported operating cash flow data warrants caution regarding the quality of earnings.
| Cash from Operations | 113.8M | 63.5M | 57.26M | -696.01M | -228.39M | -352.01M | 46.17M |
| Operating CF Margin % | 3.76% | 3.06% | 3.05% | -57.87% | -31.69% | -84.72% | 13.26% |
| Operating CF Growth % | 79.2% | 10.9% | 108.23% | -204.75% | 35.12% | -862.5% | - |
| Net Income | 424M | -102.38M | -475.97M | -300.76M | -244.83M | -107.22M | -120.22M |
| Depreciation & Amortization | 0 | 131.81M | 86.27M | 53.63M | 28.23M | 19.21M | 9.72M |
| Stock-Based Compensation | 0 | 116.06M | 234.62M | 105.22M | 54.28M | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -310.2M | 54.33M | 65.46M | 67.31M | 22.64M | 32.77M | -6.11M |
| Working Capital Changes | 0 | -136.32M | 146.88M | -621.41M | -88.72M | -296.78M | 162.77M |
| Change in Receivables | 0 | -265.68M | -97.84M | -256.62M | -115.64M | -82.44M | 6.96M |
| Change in Inventory | 0 | 26.7M | 145.98M | -305.55M | -237.75M | -83.61M | -32.39M |
| Change in Payables | 0 | 75.01M | 61.53M | 128.86M | 21.83M | 36.26M | -8.48M |
| Cash from Investing | -5.4B | 955.88M | -1.06B | 1.12B | -1.98B | 179.03M | -779.5M |
| Capital Expenditures | -332.87M | -259.54M | -406.75M | -231.21M | -220.1M | -66M | -39.58M |
| CapEx % of Revenue | 10.99% | 12.5% | 21.67% | 19.22% | 30.54% | 15.88% | 11.37% |
| Acquisitions | 4.11M | 0 | -40.05M | 0 | 0 | 0 | -14.93M |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 35.96M | -11.82M | 7.97M | -11.14M | -61.49M | -10.56M | 0 |
| Cash from Financing | 4.23B | 250.68M | 1.59B | 15.18M | 2.4B | 323.44M | 739.74M |
| Debt Issued (Net) | 109.21M | 216.54M | 376.59M | 18.47M | 1.95B | 0 | 0 |
| Equity Issued (Net) | 4.4B | 0 | 1.23B | 0 | 453.98M | 317.15M | 739.74M |
| Dividends Paid | 0 | 0 | -17.51M | 0 | -507.62M | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -284.75M | 34.14M | 5.8M | -3.3M | 507.03M | 6.29M | 0 |
| Net Change in Cash | -1.05B | 1.28B | 644.85M | 463.93M | 192.66M | 143.95M | 8.4M |
| Free Cash Flow | -187.14M | -207.85M | -357.41M | -936.4M | -509.99M | -428.59M | 6.59M |
| FCF Margin % | -6.18% | -10.01% | -19.04% | -77.86% | -70.76% | -103.15% | 1.89% |
| FCF Growth % | 9.97% | 41.84% | 61.83% | -83.61% | -18.99% | -6603.7% | - |
| FCF per Share | -1.28 | -1.61 | -2.86 | -7.46 | -4.06 | -4.50 | 0.07 |
| FCF Conversion (FCF/Net Income) | 0.26x | -0.62x | -0.12x | 2.31x | 0.93x | 3.28x | -0.38x |
| Interest Paid | 0 | 8.05M | 3.07M | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 425K | 0 | 1.23M | 213K | 8.66M | 8.66M |
Geopolitical and regulatory exposure
As reported in recent financial statements, Hesai Group's net income has shown significant volatility, swinging from a $106.9 million loss in 2024Q1 to a $153.2 million profit by 2025Q4, yet the absence of reported operating cash flow data prevents a direct assessment of earnings quality.
The lack of granular cash flow data makes it difficult to determine if the recent shift to profitability is driven by sustainable operational cash generation or accounting adjustments. Investors should monitor whether the reported net income aligns with cash inflows once the company provides more transparent disclosures regarding its working capital and non-cash charges.
Based on the provided financial data, Hesai Group consistently utilized stock-based compensation, peaking at $40.6 million in 2023Q4, which suggests that reported net income figures may be significantly influenced by non-cash equity expenses rather than pure operational cash flow performance.
The reliance on stock-based compensation as a primary adjustment to earnings warrants further investigation into the company's long-term dilution profile. Without clear operating cash flow figures, it remains unclear how much of the company's recent profitability is attributable to core business execution versus the management of equity-based incentive structures.
According to the provided data, Hesai Group has not reported any dividends, share repurchases, or net acquisitions over the last ten quarters, indicating a strategy focused on internal cash retention rather than direct capital returns to shareholders during this high-growth phase.
The absence of capital deployment activity suggests that management is prioritizing the preservation of liquidity to fund ongoing R&D and manufacturing scale-up. This defensive posture appears consistent with the company's need to navigate geopolitical uncertainties and the capital-intensive nature of the LiDAR industry.
Quick answers to the most common questions about buying HSAI stock.
Hesai Group (HSAI) generated $113.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Hesai Group (HSAI) reported negative free cash flow of $187.1M in 2025, indicating capital requirements exceeded cash from operations.
Hesai Group (HSAI) spent $332.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.