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Mar 31, 2025
Hesai Q1 2025 Earnings Report
Hesai reported strong Q1 2025 results with record lidar shipments and narrowed losses.
Key Takeaways
Hesai Group delivered significant year-over-year improvements in Q1 2025, including nearly tripling lidar unit shipments, growing revenue by 46%, and turning a Non-GAAP profit. Losses narrowed substantially, and the company remains confident about full-year profitability.
Forward Guidance
Hesai expects Q2 2025 revenue to be between $93.7M and $99.2M, representing 48%–57% year-over-year growth.
Positive Outlook
- Strong demand from ADAS and Robotics markets
- Secured new design wins with major OEMs including Chery and Zeekr
- Expanded partnership in Robotics with a 300,000-unit lidar order
- Increased gross margin due to cost and scale optimization
- Q1 Non-GAAP profitability exceeded prior guidance
Challenges Ahead
- Q1 still closed with a net loss under GAAP
- Cash and equivalents decreased slightly from prior quarter
- Ongoing tariff environment introduces uncertainty
- R&D expenses remain substantial despite minor reduction
- Pressure on free cash flow not yet addressed explicitly
Historical Earnings Impact
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Avg. Return Before/After Earnings
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