Revenue growth accelerated to 39.0% year-over-year in 2025Q4, while the company maintained a resilient 41.0% gross margin despite broader industry pricing pressures.
| Sales/Revenue | 3.03B | 2.08B | 1.88B | 1.2B | 720.77M | 415.51M | 348.08M |
| Revenue Growth % | 45.76% | 10.66% | 56.07% | 66.86% | 73.46% | 19.37% | - |
| Cost of Goods Sold | 1.76B | 1.19B | 1.22B | 730.68M | 338.97M | 176.6M | 103.38M |
| COGS % of Revenue | 58.21% | 57.41% | 64.76% | 60.76% | 47.03% | 42.5% | 29.7% |
| Gross Profit | 1.27B | 884.59M | 661.38M | 471.99M | 381.8M | 238.91M | 244.71M |
| Gross Margin % | 41.79% | 42.59% | 35.24% | 39.24% | 52.97% | 57.5% | 70.3% |
| Gross Profit Growth % | 43.02% | 33.75% | 40.13% | 23.62% | 59.8% | -2.37% | - |
| Operating Expenses | 1.14B | 1.09B | 1.23B | 850.2M | 647.08M | 340.73M | 392.76M |
| OpEx % of Revenue | 37.71% | 52.45% | 65.69% | 70.69% | 89.78% | 82% | 112.83% |
| Selling, General & Admin | 480.82M | 509.94M | 468.94M | 305.84M | 305.98M | 126.46M | 93.85M |
| SG&A % of Revenue | 15.88% | 24.55% | 24.98% | 25.43% | 42.45% | 30.43% | 26.96% |
| Research & Development | 796.94M | 855.64M | 790.55M | 555.18M | 368.44M | 229.65M | 149.82M |
| R&D % of Revenue | 26.32% | 41.19% | 42.12% | 46.16% | 51.12% | 55.27% | 43.04% |
| Other Operating Expenses | -136.2M | -276.09M | -26.52M | -10.82M | -27.33M | -15.38M | 149.09M |
| Operating Income | 123.54M | -204.91M | -571.59M | -378.22M | -265.29M | -101.81M | -148.05M |
| Operating Margin % | 4.08% | -9.86% | -30.45% | -31.45% | -36.81% | -24.5% | -42.53% |
| Operating Income Growth % | 160.29% | 64.15% | -51.13% | -42.57% | -160.56% | 31.23% | - |
| EBITDA | 247.33M | -118.64M | -485.32M | -324.58M | -237.05M | -82.6M | -138.33M |
| EBITDA Margin % | 8.17% | -5.71% | -25.86% | -26.99% | -32.89% | -19.88% | -39.74% |
| EBITDA Growth % | 308.47% | 75.55% | -49.52% | -36.92% | -187% | 40.29% | - |
| D&A (Non-Cash Add-back) | 123.79M | 86.27M | 86.27M | 53.63M | 28.23M | 19.21M | 9.72M |
| EBIT | 485.71M | -88.42M | -472.2M | -300.79M | -245.86M | -101.81M | 12.05M |
| Net Interest Income | 108.28M | 91.57M | 96.74M | 58.73M | 32.58M | 20.93M | 19.11M |
| Interest Income | 126.69M | 104.4M | 99.81M | 58.73M | 32.58M | 20.93M | 19.11M |
| Interest Expense | 18.41M | 12.83M | 3.07M | 0 | 0 | 0 | 0 |
| Other Income/Expense | 343.17M | 103.66M | 96.28M | 77.39M | 19.34M | -5.6M | 28.76M |
| Pretax Income | 466.71M | -101.25M | -475.31M | -300.83M | -245.94M | -107.42M | -119.29M |
| Pretax Margin % | 15.42% | -4.87% | -25.32% | -25.01% | -34.12% | -25.85% | -34.27% |
| Income Tax | 30.84M | 1.13M | 658K | -66K | -1.11M | -199K | 930K |
| Effective Tax Rate % | 6.61% | -1.12% | -0.14% | 0.02% | 0.45% | 0.19% | -0.78% |
| Net Income | 435.88M | -102.38M | -475.97M | -300.76M | -244.83M | -107.22M | -120.22M |
| Net Margin % | 14.4% | -4.93% | -25.36% | -25.01% | -33.97% | -25.8% | -34.54% |
| Net Income Growth % | 525.76% | 78.49% | -58.25% | -22.85% | -128.35% | 10.82% | - |
| Net Income (Continuing) | 435.88M | -102.38M | -475.97M | -300.76M | -244.83M | -107.22M | -120.22M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 5.99B | 5.54B | 0 | 0 |
| EPS (Diluted) | 2.87 | -0.79 | -3.81 | -5.95 | -23.39 | -1.19 | -1.36 |
| EPS Growth % | 463.29% | 79.27% | 35.97% | 74.56% | -1865.55% | 12.5% | - |
| EPS (Basic) | 3.08 | -0.79 | -3.81 | -5.95 | -23.39 | -1.19 | -0.96 |
| Diluted Shares Outstanding | 146.44M | 129.19M | 124.78M | 125.53M | 125.53M | 95.18M | 88.53M |
| Basic Shares Outstanding | 139.15M | 129.19M | 124.78M | 125.53M | 125.53M | 95.18M | 88.53M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Geopolitical and regulatory exposure
According to recent financial disclosures, Hesai Group achieved a robust 39.0% year-over-year revenue growth in 2025Q4, signaling that the company is successfully transitioning from an R&D-heavy startup phase to a high-volume manufacturing entity capable of capturing significant market share within the competitive Chinese automotive sector.
The consistent double-digit revenue growth suggests that Hesai's ASIC-based LiDAR solutions are gaining traction with major OEMs, effectively moving beyond niche pilot programs. Investors should monitor whether this growth trajectory can be sustained as the company faces increasing pressure to lower unit prices in a maturing EV market.
As reported in quarterly filings, Hesai maintained a gross margin of 41.0% in 2025Q4, which appears to be a testament to the company's proprietary silicon integration strategy despite the broader industry trend of aggressive price erosion in the automotive sensor hardware space during recent periods.
The ability to sustain gross margins above 40% suggests a meaningful competitive moat derived from vertical integration, distinguishing the firm from peers who lack similar manufacturing scale. However, the slight compression from previous peaks warrants caution, as it may indicate that OEM pricing power is beginning to weigh on profitability.
Based on the income statement data, Hesai successfully achieved positive operating income of $56.8 million in 2025Q4, demonstrating that the company's fixed-cost manufacturing base is finally beginning to scale efficiently against rising revenue levels after several quarters of significant operating losses and heavy R&D investment.
The shift to positive operating margins suggests that the company has reached a critical inflection point where incremental revenue contributes more directly to the bottom line. This trend appears to validate the management's long-term strategy of prioritizing automated production capacity to drive down unit costs.
Analysis of recent financial statements reveals that Hesai's net income has been bolstered by fluctuating stock-based compensation expenses, which totaled $31.6 million in 2025Q3 before dropping to zero in 2025Q4, creating significant volatility in reported earnings that may obscure the underlying operational performance of the business.
The absence of stock-based compensation in the most recent quarter suggests a potential change in incentive structures or accounting recognition that investors should scrutinize. This volatility makes it difficult to assess the true recurring profitability of the firm without adjusting for these non-cash items.
While Hesai's recent performance appears strong, skeptics might argue that the company's heavy reliance on the Chinese domestic market and potential exposure to future trade restrictions could lead to a sudden deceleration in growth if geopolitical tensions escalate or if local EV demand softens.
The concentration of revenue in a single geographic market presents a binary risk that could overshadow the company's technological achievements. Investors should remain cautious regarding the potential for margin compression if the company is forced to compete solely on price to maintain its dominant market position.
Quick answers to the most common questions about buying HSAI stock.
For fiscal year 2025, Hesai Group (HSAI) reported total revenue of $3.03B. This represents a 769.8% increase compared to $348.1M in 2019.
Hesai Group (HSAI) is profitable, generating $435.9M in net income for the fiscal year ending 2025 with a net profit margin of 14.4%.
Hesai Group (HSAI) reported an operating income of $123.5M, resulting in an operating profit margin of 4.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Hesai Group (HSAI) generated $1.27B in gross profit for the year, representing a gross profit margin of 41.8%. This demonstrates the company's core pricing power and production efficiency.