Hesai Group
- Open
- 16.84
- Day high
- 16.84
- Day low
- 16.08
- Prev close
- 17.42
- Volume
- 1.9M
- Mkt cap
- $2.5B
- P/E (TTM)
- 31.9
- EPS (TTM)
- $0.51
- P/B
- 1.9
- P/S
- 4.2
- Yield
- —
- Per share
- —
Hesai Group (HSAI) is a Consumer Cyclical company listed on NASDAQ. The stock is down 35% over the past year. Drillr has 1 published research article covering HSAI.
Hesai Group (HSAI) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
HSAI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 18, 2026 | $0.07 | $0.01 | -86.1% | $127M | +0.6% |
| May 19, 2026 | $0.01 | $0.02 | +119.5% | $99M | +1.7% |
| Mar 24, 2026 | $0.15 | $0.13 | -15.3% | $143M | -6.6% |
| Nov 11, 2025 | $0.22 | $0.25 | +15.6% | $112M | -26.6% |
| Aug 14, 2025 | $0.06 | $0.04 | -30.1% | $99M | +3.1% |
| May 26, 2025 | $-0.02 | $-0.02 | -10.7% | $72M | -23.7% |
| Mar 10, 2025 | $0.20 | $0.15 | -23.5% | $99M | +34.1% |
| Nov 25, 2024 | $-0.02 | $-0.05 | -150.0% | — | — |
| Aug 19, 2024 | $-0.06 | $-0.05 | +11.0% | $63M | -5.0% |
| May 20, 2024 | $-0.08 | $-0.08 | -5.4% | $79M | +63.5% |
| Mar 11, 2024 | $-0.11 | $-0.11 | +1.0% | $50M | -37.5% |
| Nov 13, 2023 | $-0.22 | $-0.11 | +49.0% | $61M | +21.4% |
HSAI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Mar 27, 2026 | Xiang Shaoqingdirector, 10 percent owner, officer: Chief Technology Officer | Grant | 157,000 | — |
| Mar 27, 2026 | Wang Hui (Jasmine)director | Grant | 6,565 | — |
| Mar 27, 2026 | Li Yifandirector, 10 percent owner, officer: Chief Executive Officer | Grant | 157,000 | — |
| Mar 27, 2026 | Sun Kaidirector, 10 percent owner, officer: Chief Scientist | Grant | 157,000 | — |
Source: HSAI SEC Form 4 filings, latest Mar 27, 2026. For informational purposes only — not investment advice.
See the full HSAI insider & 13F page →Hesai Group company profile
Overview
Hesai Group (NASDAQ:HSAI) is a Chinese technology company founded in 2014 and headquartered in Shanghai. The company went public on NASDAQ in February 2023, raising $192.4 million in its initial public offering. Hesai has established itself as a leading manufacturer of LiDAR (Light Detection and Ranging) technology, achieving the #1 position globally in automotive LiDAR market share for three consecutive years. The company has grown rapidly from shipping 80,000 LiDAR units in 2022 to over 500,000 units in 2024, marking its transition from a loss-making startup to the first LiDAR company to achieve full-year profitability.
Business
Hesai Group operates in the LiDAR technology sector, developing and manufacturing three-dimensional light detection and ranging solutions. LiDAR is a remote sensing technology that uses laser pulses to measure distances and create detailed 3D maps of surrounding environments. The technology works by emitting laser beams that bounce off objects and return to sensors, allowing precise calculation of distances, shapes, and spatial relationships in real-time. The company serves two primary market segments: 1. Advanced Driver Assistance Systems (ADAS) Segment - Representing approximately 60-65% of total revenue, this segment provides LiDAR sensors for passenger and commercial vehicles with autonomous driving capabilities. These sensors enable features like automatic emergency braking, lane keeping assistance, and adaptive cruise control by providing vehicles with precise environmental awareness. 2. Robotics and Autonomous Mobility Segment - Accounting for roughly 35-40% of revenue, this segment supplies LiDAR solutions for robotaxis, delivery robots, street sweeping robots, logistics robots, and other autonomous mobility applications. The company holds a dominant 74% market share in the global robotaxi LiDAR market. Hesai's product portfolio includes the ATX series for mass-market ADAS applications priced at $200, the AT512 ultra-high-performance LiDAR with 300-meter detection range for premium vehicles, and the OT128 360-degree mechanical LiDAR for robotics applications. The company also produces the JT Mini LiDAR for emerging robotics markets including humanoid robots and industrial automation.
Revenue model
Hesai generates revenue primarily through direct product sales of LiDAR hardware units to automotive OEMs, Tier 1 suppliers, and robotics companies. The company operates on a business-to-business model, selling directly to manufacturers who integrate LiDAR sensors into their vehicles or robotic systems. The company's customers include 22 automotive OEMs across 120 vehicle models, with secured design wins spanning both domestic Chinese manufacturers like Li Auto and international players including a major European OEM. In the robotics sector, Hesai serves as the exclusive LiDAR supplier for the top five robotaxi companies in China, along with various industrial robotics manufacturers. Revenue growth is driven by several factors: increasing LiDAR adoption rates in electric vehicles (expected to grow from 8% in 2023 to 20% in 2025 in China), expanding autonomous vehicle deployment, and growing demand for robotics applications. The company benefits from economies of scale as production volumes increase, allowing for cost reductions while maintaining gross margins around 40%. Margin pressures come from intense price competition in the automotive sector, with average selling prices declining as the technology commoditizes. However, Hesai mitigates this through vertical integration, in-house ASIC development, and manufacturing automation. The company's flywheel strategy focuses on achieving scale to drive down unit costs while maintaining technological leadership. Higher-margin opportunities exist in the robotics segment, where diverse applications and lower volumes support premium pricing compared to automotive applications.
Competitive moat
Hesai's competitive moat is moderately strong but faces significant challenges in a rapidly evolving technology landscape. The company's primary advantages include first-mover advantage in automotive LiDAR with established relationships across 22 OEMs, substantial scale advantages as the global market leader with 47% market share, and vertical integration capabilities including in-house ASIC development and 90% automated manufacturing. The company benefits from switching costs, as automotive OEMs typically commit to multi-year design cycles once they select a LiDAR supplier. Hesai's exclusive supplier relationships with major robotaxi companies and its comprehensive product portfolio spanning different price points and applications provide additional defensive positioning. However, the moat faces substantial threats from well-funded competitors including Huawei, which has developed its own LiDAR ecosystem for Chinese automotive manufacturers, and other established technology companies entering the space. The technology itself is becoming increasingly commoditized, with average selling prices declining significantly as the market matures. Additionally, alternative sensing technologies like cameras and radar continue to improve, potentially reducing LiDAR's necessity for certain applications. The company's position is further complicated by geopolitical tensions, as evidenced by its inclusion on the U.S. Department of Defense's restricted list, which limits its ability to expand in certain international markets. While Hesai continues to challenge this designation legally, it represents a significant competitive disadvantage in global expansion efforts.
Risks & safety
Hesai demonstrates a strong financial position with substantial cash reserves and improving profitability metrics. • Liquidity and Solvency: Cash and short-term investments of $390.5 million provide significant runway; current ratio of 2.87 indicates strong short-term liquidity; debt-to-equity ratio of 0.19 shows conservative capital structure with minimal leverage risk • Profitability Trajectory: Achieved first full-year non-GAAP profitability in 2024 with positive operating cash flow of $8.7 million; projecting GAAP profitability of $200-350 million for 2025 • Valuation Metrics: Trading at P/E ratio of 23.3x based on Q4 2024 earnings; EV/EBITDA of 22.7x reflects growth premium; price-to-book ratio of 3.49x suggests moderate valuation relative to asset base • Growth Trajectory: Revenue growing from $175 million in 2022 to $286 million in 2024, with 2025 guidance of $415-485 million representing 45-70% growth • Risk Factors: Concentration in Chinese market creates geographic risk; regulatory challenges with U.S. DOD listing; intense price competition pressuring margins
Recent development
Over the past few years, Hesai has executed a comprehensive strategy focused on market expansion and product diversification. The company successfully transitioned from primarily serving the robotaxi market to becoming a major supplier for automotive ADAS applications, with ADAS now representing 60-65% of total revenue compared to less than 40% in 2023. Key strategic developments include the launch of the ATX series LiDAR priced at $200 to drive mass market adoption, representing a significant shift toward affordable automotive solutions. The company expanded its product portfolio with the AT512 ultra-high-performance LiDAR for premium applications and the OT128 360-degree mechanical LiDAR targeting robotics markets. Manufacturing capabilities have been substantially enhanced through the completion of the highly automated Hertz Center in Hangzhou and expansion of the Shanghai Maxwell facility, bringing total annual production capacity to 2 million units. The company has also invested heavily in vertical integration, developing in-house ASICs to reduce costs and improve performance. Internationally, Hesai secured its first major European OEM design win for a global program spanning both ICE and EV platforms, marking a significant milestone in geographic diversification. However, the company continues to face challenges from its inclusion on the U.S. Department of Defense's restricted list, which it is actively contesting through legal channels. The company has also expanded into emerging robotics applications, launching the JT Mini LiDAR for humanoid robots and industrial automation, positioning itself for growth beyond traditional automotive and robotaxi markets.
HSAI company profile · for informational purposes only — not investment advice.
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