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Jun 30
Hesai Q2 2025 Earnings Report
Hesai posted strong Q2 results with record lidar shipments and a return to profitability.
Key Takeaways
Hesai delivered a profitable Q2 2025 with $98.6M in revenue and $6.2M in net income, driven by surging demand for ADAS lidar systems and robust operational execution.
Achieved net revenues of $98.6 million, up from $64.1 million in Q1 2025
Returned to profitability with $6.2 million in net income, compared to a $10.5 million loss in Q1
Shipped 352,095 lidar units in Q2 2025, surpassing full-year 2024 total shipments in just six months
Non-GAAP net income reached $10.2 million, reflecting improved margins and cost efficiency
Hesai
Hesai
Hesai Revenue by Segment
Hesai Revenue by Geographic Location
Revenue by Segment
ADAS Revenue
CapyFin.comServices Revenue
CapyFin.comRevenue by Geographic Location
China Revenue
CapyFin.com Forward Guidance
Hesai expects to build on strong Q2 momentum with accelerating ADAS design wins, expanding global partnerships, and sustained profitability.
Positive Outlook
- Secured ADAS platform wins for 2026 with top OEMs
- Achieved C-sample milestone with top European OEM
- Won design contract with Toyota for mass production in 2026
- Ranked #1 in China for Robotics lidar shipments in H1 2025
- JT series lidar surpassed 100,000 cumulative units shipped
Challenges Ahead
- Gross margin declined slightly YoY due to service revenue drop
- Service revenue fell by over 85% YoY
- Still reliant on Chinese market for majority of revenue
- No updated employee count disclosed in report
- Free cash flow not disclosed
Revenue & Expenses
Visualization of income flow from segment revenue to net income