Hesai Hits $420M Revenue in 2025, Becomes World’s First GAAP-Profitable LiDAR Company

Hesai Group (NASDAQ: HSAI; HKEX: 2525) released its 2025 financial results: full-year revenue reached RMB 3.03 billion, up 45.8% year-over-year; GAAP net profit was RMB 440 million, and Non-GAAP net profit was RMB 550 million, making Hesai the first company in the LiDAR industry to achieve full-year GAAP profitability. In 2025, the company delivered over 1.62 million LiDAR units, a 222.9% year-over-year increase, including 1.38 million units for ADAS applications and nearly 240,000 units for robotics—a 425.8% surge. Hesai has secured design wins from 40 automotive brands across more than 160 vehicle models, covering all of China’s top ten OEMs. Recent new design wins include Li Auto, Xiaomi, and Changan Automobile, and the company has also entered into strategic partnerships with NVIDIA, Grab, Dreame Technology, and NIU Technologies. Hesai forecasts shipments of 3.0 to 3.5 million units in 2026.