Hesai Group (HSAI) Revenue History
Annual and quarterly revenue from 2019 to 2024
Compound Annual Growth Rate (CAGR)
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HSAI Revenue Growth
Revenue Breakdown (FY 2024)
HSAI's revenue distribution by segment and geography for fiscal year 2024
By Product/Segment
By Geography
HSAI Revenue Analysis (2019–2024)
As of May 8, 2026, Hesai Group (HSAI) generated trailing twelve-month (TTM) revenue of $2.74 billion, reflecting explosive growth of +46.7% year-over-year. The most recent quarter (Q3 2025) recorded $791.2 million in revenue, up 12.0% sequentially.
Looking at the longer-term picture, HSAI's 5-year compound annual growth rate (CAGR) stands at +42.9%, indicating outstanding long-term growth trajectory. The company achieved its highest annual revenue of $2.08 billion in 2024, representing a new all-time high.
Revenue diversification analysis shows HSAI's business is primarily driven by Revenue From Lidar Products (94%), Engineering Design, Development And Validation Service And Solution Revenue (5%), and Other Product Revenues (1%). With over half of revenue concentrated in Revenue From Lidar Products, the company maintains significant focus in this area while developing other growth vectors.
When compared to Consumer Cyclical sector peers including LAZR (+1.0% YoY), OUST (+57.3% YoY), and INVZ (+127.0% YoY), HSAI has underperformed the peer group in terms of 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 | $2.7B | +46.7% | +42.9% | -9.9% | |
 LAZR | $75M | +1.0% | +43.0% | -577.0% | |
 OUST | $169M | +57.3% | +55.0% | -43.7% | |
 INVZ | $55M | +127.0% | - | -123.0% | |
 AEVA | $18M | +103.1% | +30.1% | -705.8% | |
 LIDR | $233,000 | +15.3% | -31.8% | -13618.5% |
HSAI Historical Revenue Data (2019–2024)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 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% |
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Start ComparisonHSAI — Frequently Asked Questions
Quick answers to the most common questions about buying HSAI stock.
Is HSAI's revenue growth accelerating or slowing?
HSAI revenue is accelerating at +46.7% year-over-year, exceeding the 5-year CAGR of +42.9%. TTM revenue reached $2.7B. Growth momentum has increased versus prior periods.
What is HSAI's long-term revenue growth rate?
Hesai Group's 5-year revenue CAGR of +42.9% reflects the sustained expansion pattern. Current YoY growth of +46.7% is above this long-term average.
How is HSAI's revenue distributed by segment?
HSAI reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2019-2024 are available for download. Segment mix reveals concentration and diversification trends.