Hesai Group (HSAI) Revenue History
Annual and quarterly revenue from 2019 to present
HSAI Revenue Over Time (2019–2025)
HSAI Revenue Growth History
6 of 6 years with positive growth- FY2019 revenue growth
- N/A
- FY2020 revenue growth
- +19.4%
- FY2021 revenue growth
- +73.5%
- FY2022 revenue growth
- +66.9%
- FY2023 revenue growth
- +56.1%
- FY2024 revenue growth
- +10.7%
- FY2025 revenue growth
- +45.8%
| Quarter | Revenue | YoY |
|---|---|---|
| Q4 2025 | $1.00B | +39.0% |
| Q3 2025 | $795.4M | +47.5% |
| Q2 2025 | $706.4M | +53.9% |
| Q1 2025 | $525.3M | +46.3% |
| Q4 2024 | $719.8M | +28.3% |
| Q3 2024 | $539.4M | +21.1% |
| Q2 2024 | $458.9M | +4.2% |
| Q1 2024 | $359.1M | -16.5% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2025)
HSAI's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
HSAI Revenue Analysis (2019–2025)
Current Revenue & Growth
As of June 22, 2026, Hesai Group (HSAI) generated trailing twelve-month (TTM) revenue of $3.03 billion, reflecting explosive growth of +39.0% year-over-year. The most recent quarter (Q4 2025) recorded $1.00 billion in revenue, up 25.8% sequentially.
Historical Growth Trajectory
HSAI's 5-year compound annual growth rate (CAGR) stands at +48.8%, indicating outstanding long-term growth trajectory. The 3-year CAGR of +36.0% is below the 5-year average, signalling a growth deceleration in recent years. Hesai Group's highest annual revenue of $3.03 billion was recorded in 2025, an all-time high.
Revenue by Segment
HSAI's revenue is primarily driven by Revenue From Lidar Products (98%), Engineering Design, Development And Validation Service And Solution Revenue (1%), and Other Product Revenues (0%). With over half of revenue concentrated in Revenue From Lidar Products, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Consumer Cyclical sector peers — including LAZR (-12.4% YoY), OUST (+57.3% YoY), and INVZ (+29.6% YoY) — HSAI has outperformed the peer group in revenue growth. Compare HSAI vs LAZR →
HSAI Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| HSAICurrent | $3.0B | +39.0% | +48.8% | 4.1% | |
 LAZR | $66M | -12.4% | +36.5% | -449.6% | |
 OUST | $169M | +57.3% | +55.0% | -43.7% | |
 INVZ | $55M | +29.6% | - | -123.0% | |
 AEVA | $18M | +103.1% | +30.1% | -705.8% | |
 LIDR | $233,000 | +9.8% | -31.8% | -13618.5% |
HSAI Historical Revenue Data (2019–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $3.03B | +45.8% | $1.27B | 41.8% | $123.5M | 4.1% |
| 2024 | $2.08B | +10.7% | $884.6M | 42.6% | $-204,908,000 | -9.9% |
| 2023 | $1.88B | +56.1% | $661.4M | 35.2% | $-571,591,000 | -30.5% |
| 2022 | $1.20B | +66.9% | $472.0M | 39.2% | $-378,217,000 | -31.4% |
| 2021 | $720.8M | +73.5% | $381.8M | 53.0% | $-265,285,000 | -36.8% |
| 2020 | $415.5M | +19.4% | $238.9M | 57.5% | $-101,812,000 | -24.5% |
| 2019 | $348.1M | - | $244.7M | 70.3% | $-148,051,000 | -42.5% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
7+ years return with dividends reinvested.
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Peer Comparison
Compare growth, multiples, and margins vs sector.
HSAI — Frequently Asked Questions
Quick answers to the most common questions about buying HSAI stock.
Is HSAI's revenue growth accelerating or slowing?
HSAI revenue growth is accelerating. TTM revenue reached $3.0B, up +39.0% year-over-year — ahead of the 5-year CAGR of +48.8%. This indicates the business is expanding faster than its historical baseline.
What is HSAI's revenue history from 2019 to 2026?
Hesai Group (HSAI) revenue history spans 2019 to 2026. TTM revenue as of 2026 is $3.0B, growing at +39.0% YoY. The 5-year CAGR is +48.8%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is HSAI's long-term revenue growth rate (CAGR)?
Hesai Group's 5-year revenue CAGR of +48.8% reflects the sustained nature of its business expansion. As of 2026, the current YoY growth rate of +39.0% is above this long-term average. CAGR is the most reliable measure of sustained revenue momentum for HSAI.
Why does HSAI's quarterly revenue fluctuate?
HSAI quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Hesai Group's revenue data from 2019 to 2026 shows full historical quarterly detail on this page.
How is HSAI's revenue distributed by segment?
HSAI reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does HSAI's revenue compare to industry peers?
Hesai Group (HSAI) with TTM revenue of $3.0B and +39.0% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.