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Sep 30, 2025
Hesai Q3 2025 Earnings Report
Hesai posted strong Q3 results with record lidar shipments and a return to profitability.
Key Takeaways
Hesai delivered a solid Q3 2025, achieving $36 million in net income and surpassing its full-year income target ahead of schedule, driven by strong lidar adoption across ADAS and Robotics.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Hesai expects Q4 revenue to range between $140M and $169M, reflecting continued strong lidar demand.
Positive Outlook
- Expected Q4 revenue between $140M–$169M.
- Strong lidar adoption across ADAS and Robotics.
- New design wins for 2026 models with full lidar adoption.
- Multi-lidar setups driving average revenue per vehicle higher.
- New global deals with top robotaxi and logistics players.
Challenges Ahead
- Gross margin declined YoY due to reduced high-margin services.
- Service revenue dropped by 85% YoY.
- Regulatory and market risks as lidar adoption scales.
- Foreign currency translation losses impacted comprehensive income.
- High reliance on automotive sector may pose cyclicality risks.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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