Gasgoo Munich- On March 24, Hesai Technology released its unaudited financial results for the fourth quarter and full year of 2025, offering a detailed look at its rapid growth trajectory in the LiDAR sector.
Image source: Hesai Technology
For the full year, the company posted revenue of 3.03 billion yuan, marking a 45.8% surge year-on-year and setting a new record. More notably, Hesai achieved full-year profitability under GAAP, reporting net income of 440 million yuan, alongside a non-GAAP profit of 550 million yuan—becoming the first LiDAR manufacturer to reach this milestone on an annual basis.
In the fourth quarter alone, revenue exceeded 1 billion yuan, up 39% from a year earlier. The company has now delivered strong year-on-year growth for seven consecutive quarters, while maintaining GAAP profitability for three straight quarters and non-GAAP profitability for five.
Hesai has also sustained positive operating cash flow for three consecutive years, with its net assets expanding to 9 billion yuan, underscoring improved financial resilience.
This financial momentum has been driven by a sharp rise in shipments. In 2025, Hesai delivered over 1,620,406 LiDAR units, soaring 222.9% over the previous year. Fourth-quarter deliveries alone reached 631,095 units, surpassing the company’s total shipments for all of 2024.
Breaking down the business, ADAS applications remained the primary growth engine, with deliveries exceeding 1,381,133 units, up 202.6% year-on-year. Hesai has now secured production nominations across more than 160 vehicle models from 40 automobile brands, including all of China’s top 10 OEMs. Recent additions include BAIC Group and FAW Bestune, while new multi-LiDAR programs with Li Auto, Xiaomi EV, and Changan Automobile are scheduled to enter mass production between 2026 and 2027.
The robotics segment has also emerged as a high-growth frontier. Annual shipments in this category climbed to 239,273 units, representing a more than fourfold increase and outpacing other application areas.
A notable showcase came from Unitree Robotics, whose humanoid robots—featured during the 2026 Spring Festival Gala—were all equipped with Hesai’s JT128 LiDAR sensors, highlighting the technology’s expanding role beyond automotive use cases.
Building on this momentum, Hesai has recently been named the primary LiDAR partner for NVIDIA’s DRIVE Hyperion 10 platform. This positions the company as a preferred supplier for automakers developing autonomous driving systems on NVIDIA’s architecture. In addition, Hesai has entered an exclusive distribution agreement with Southeast Asian tech firm Grab, aiming to accelerate market penetration in the region through Grab’s established network.
In robotics, the company has deepened its partnership with Dreame Technology, securing a deal to exclusively supply 10 million units of its JT-series LiDAR sensors for lawn-mowing robots under Dreame and MOVA brands.
Hesai has also expanded into two-wheeler applications through a strategic partnership with Niu Technologies, with its fully solid-state blind-spot LiDAR (FTX) selected for integration into upcoming electric two-wheeler models.
Looking ahead, supported by newly secured programs and existing partnerships, Hesai expects its annual shipments to double again in 2026, reaching between 3 million and 3.5 million units, signaling continued rapid scaling across both automotive and robotics markets.
