Gasgoo Munich-Hesai Technology (NASDAQ: HSAI; HKEX: 2525) released unaudited financial results for the fourth quarter and full year of 2025 on March 24.
Hesai generated 3.03 billion yuan in revenue for 2025, up 45.8% year-over-year and a record high. The company posted a GAAP net income of 440 million yuan and a non-GAAP net income of 550 million yuan, making it the first lidar maker to achieve a full-year GAAP profit.
In the fourth quarter alone, revenue surpassed 1 billion yuan, climbing 39% annually. That marked the seventh consecutive quarter of significant year-over-year growth, the third straight quarter of GAAP profitability, and the fifth quarter in a row of non-GAAP profits.
Meanwhile, Hesai has maintained positive operating cash flow for three years running, with net assets expanding to 9 billion yuan.
Image source: Hesai Technology
Driving that financial performance is a surge in deliveries. Hesai delivered 1.62 million lidar units in 2025, a 222.9% jump from the previous year. In the fourth quarter, shipments hit 631,095 units — up 184.2% year-over-year and exceeding the company's total volume for all of 2024.
By sector, ADAS lidar deliveries reached 1.38 million units in 2025, surging 202.6%. To date, Hesai has secured production design wins from 40 automakers across more than 160 vehicle models, covering all of China's top ten OEMs. Recent additions include BAIC and Bestune, while the company also won multi-lidar design wins from Li Auto, Xiaomi, and Changan, with production slated for 2026 through 2027.
The robotics sector also saw major breakthroughs. Full-year deliveries in this category hit 239,273 units, soaring 425.8% and outpacing the entire industry in growth.
Image source: CCTV Spring Festival Gala livestream screenshot
Notably, every humanoid robot from Unitree Robotics that took the stage during the 2026 Spring Festival Gala was equipped with Hesai's JT128 lidar.
Building on that momentum, Hesai was recently selected as the primary lidar partner for the NVIDIA DRIVE Hyperion 10 platform. This positions the company as the go-to lidar solution for OEMs building autonomous driving systems on NVIDIA's architecture. Separately, Hesai struck an exclusive distribution partnership with Southeast Asian tech giant Grab, leveraging its scale and network to rapidly expand sales channels in the region.
In robotics, Hesai deepened its strategic alliance with Dreame Technology. The company will exclusively supply 10 million JT-series lidars for robotic lawnmowers under the Dreame and MOVA brands.
Additionally, Hesai announced a deep strategic partnership with Niu Technologies. Its solid-state blind-spot lidar, the FTX, has officially secured a design win for Niu's new two-wheeler models.
Buoyed by these new design wins and existing partnerships, Hesai expects its 2026 shipments to double, reaching 3 million to 3.5 million units.
