The complete absence of operating cash flow and free cash flow data for all reported periods makes it impossible to assess the quality of Hesai's reported net income or its cash generation trajectory.
Hesai Group (HSAI) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | 0 | 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 % | 0% | 79.2% | 10.9% | 108.23% | -204.75% | 35.12% | -862.5% | - |
| Net Income | 498.21M | 424M | -102.38M | -475.97M | -300.76M | -244.83M | -107.22M | -120.22M |
| Depreciation & Amortization | 0 | 0 | 131.81M | 86.27M | 53.63M | 28.23M | 19.21M | 9.72M |
| Stock-Based Compensation | 91.76M | 0 | 116.06M | 234.62M | 105.22M | 54.28M | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -587.85M | -310.2M | 54.33M | 65.46M | 67.31M | 22.64M | 32.77M | -6.11M |
| Working Capital Changes | 0 | 0 | -136.32M | 146.88M | -621.41M | -88.72M | -296.78M | 162.77M |
| Change in Receivables | 0 | 0 | -265.68M | -97.84M | -256.62M | -115.64M | -82.44M | 6.96M |
| Change in Inventory | 0 | 0 | 26.7M | 145.98M | -305.55M | -237.75M | -83.61M | -32.39M |
| Change in Payables | 0 | 0 | 75.01M | 61.53M | 128.86M | 21.83M | 36.26M | -8.48M |
| Cash from Investing | 0 | -5.4B | 955.88M | -1.06B | 1.12B | -1.98B | 179.03M | -779.5M |
| Capital Expenditures | 0 | -332.87M | -259.54M | -406.75M | -231.21M | -220.1M | -66M | -39.58M |
| CapEx % of Revenue | 0% | 10.99% | 12.5% | 21.67% | 19.22% | 30.54% | 15.88% | 11.37% |
| Acquisitions | 0 | 4.11M | 0 | -40.05M | 0 | 0 | 0 | -14.93M |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 35.96M | -11.82M | 7.97M | -11.14M | -61.49M | -10.56M | 0 |
| Cash from Financing | 0 | 4.23B | 250.68M | 1.59B | 15.18M | 2.4B | 323.44M | 739.74M |
| Debt Issued (Net) | 0 | 109.21M | 216.54M | 376.59M | 18.47M | 1.95B | 0 | 0 |
| Equity Issued (Net) | 0 | 4.4B | 0 | 1.23B | 0 | 453.98M | 317.15M | 739.74M |
| Dividends Paid | 0 | 0 | 0 | -17.51M | 0 | -507.62M | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | -284.75M | 34.14M | 5.8M | -3.3M | 507.03M | 6.29M | 0 |
| Net Change in Cash | -853.6M | -1.05B | 1.28B | 644.85M | 463.93M | 192.66M | 143.95M | 8.4M |
| Free Cash Flow | 0 | -187.14M | -207.85M | -357.41M | -936.4M | -509.99M | -428.59M | 6.59M |
| FCF Margin % | 0% | -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 | 0.00 | -1.28 | -1.61 | -2.86 | -7.46 | -4.06 | -4.50 | 0.07 |
| FCF Conversion (FCF/Net Income) | 0.00x | 0.26x | -0.62x | -0.12x | 2.31x | 0.93x | 3.28x | -0.38x |
| Interest Paid | 0 | 0 | 8.05M | 3.07M | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 425K | 0 | 1.23M | 213K | 8.66M | 8.66M |
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.
Key Metrics
Top Statement Risk
Geopolitical and trade restrictions
Earnings Quality Masked by Data Gaps
The complete absence of operating cash flow data for all ten quarters makes it impossible to assess the quality of Hesai's reported net income, which has swung from a $106.9M loss to a $256.2M profit.
Without operating cash flow figures, analysts cannot evaluate the critical gap between accrual-based net income and actual cash generation, a key indicator of earnings quality. The reported net income volatility, including a $256.2M profit in 2025Q3, could be driven by non-cash items or working capital swings that are not visible. This data unavailability prevents any meaningful judgment on whether the company's profitability is translating into tangible cash for shareholders.
FCF Trajectory Fundamentally Unknowable
Free cash flow data is unavailable for all reported periods, rendering the analysis of Hesai's cash generation trajectory and its relationship to the reported $70.5M net income in 2026Q2 impossible.
The inability to calculate free cash flow (Operating Cash Flow minus CapEx) means investors cannot assess the company's ability to self-fund operations, growth, or returns to shareholders. This is a critical blind spot for a capital-intensive manufacturer scaling production. The prior finding of accelerating revenue growth and emerging operating leverage cannot be validated from a cash perspective without this data.
Capital Intensity Cannot Be Assessed
With capital expenditure data reported as zero for all periods, the analysis of Hesai's investment in its 'Maxwell' manufacturing facility and its capital intensity relative to revenue is not possible.
The reported zero CapEx is inconsistent with the company's described business model of operating advanced automated manufacturing facilities. This suggests the data is either not being reported in the standard format or is being classified differently. Without CapEx figures, it is impossible to evaluate maintenance versus growth spending, asset replacement cycles, or the true cash cost of scaling production.
Working Capital Dynamics Are Invisible
The working capital change is reported as zero for all quarters, preventing any analysis of inventory management, receivables collection, or payables efficiency for this hardware manufacturer.
For a company shipping physical LiDAR units to automotive OEMs, working capital management is a core operational driver. The absence of this data means analysts cannot assess potential cash tied up in inventory builds for new model launches or the efficiency of collecting payments from customers. This gap obscures a key component of operational cash flow and liquidity risk.
Capital Allocation Strategy Is Opaque
Data for dividends, share repurchases, and acquisitions are all zero or unavailable, making it impossible to analyze how Hesai is deploying its reported $1.67B cash position.
The company's substantial cash balance suggests a defensive or opportunity-driven posture, but without data on capital deployment, the strategic intent is unclear. The absence of buybacks or dividends could indicate a focus on funding future growth or preserving liquidity for geopolitical risks. However, the lack of acquisition data also prevents assessment of inorganic growth strategies.
Cash Flow Statement Obscures Core Operations
The cash flow statement provides no meaningful data on core operations, with all key metrics—operating cash flow, CapEx, and working capital—reported as zero, creating a complete analytical void.
This reporting pattern suggests either a significant data formatting issue or that the company's cash flow statement is not being parsed correctly. For an institutional analysis, this is a critical failure, as the cash flow statement is the primary tool for validating the income statement and assessing financial health. The prior analysis of margin resilience and operating leverage remains uncorroborated from a cash perspective, and investors should treat all profitability metrics with heightened skepticism until cash flow data is available.