Hesai

HSAI · Nasdaq

General Industrial Machinery & Equipment, NEC · Fiscal year ends Dec 31 · Reports in CNY

Hesai reported revenue of CNY 3B in the fiscal year ended Dec 2025, up 45.8% from the year before. Operating income was CNY 169M, an operating margin of 5.6%, and net income was CNY 436M. Operating cash flow of CNY 117M less capital expenditure of CNY 309M left free cash flow of −CNY 192M. It held more cash than debt (net cash CNY 1.3B).

Last 5 fiscal years

Revenue and net income

RevenueNet income

Income statement

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	CNY 721M	CNY 1.2B	CNY 1.9B	CNY 2.1B	CNY 3B
Cost of revenue	CNY 339M	CNY 731M	CNY 1.2B	CNY 1.2B	CNY 1.8B
Gross profit	CNY 382M	CNY 472M	CNY 661M	CNY 885M	CNY 1.3B
Research & development	CNY 368M	CNY 555M	CNY 791M	CNY 856M	CNY 797M
Operating income	−CNY 265M	−CNY 378M	−CNY 572M	−CNY 205M	CNY 169M
Interest expense	–	CNY 0	CNY 3M	CNY 13M	CNY 19M
Pre-tax income	−CNY 246M	−CNY 301M	−CNY 475M	−CNY 101M	CNY 467M
Income tax	−CNY 1M	−CNY 66,000	CNY 658,000	CNY 1M	CNY 31M
Net income	−CNY 245M	−CNY 301M	−CNY 476M	−CNY 102M	CNY 436M
Diluted EPS	−23.39	−6.47	−3.81	−0.79	2.98
Diluted shares	105M	116M	125M	129M	146M

Balance sheet

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash & equivalents	CNY 449M	CNY 913M	CNY 1.6B	CNY 2.8B	CNY 1.7B
Receivables	CNY 86M	CNY 485M	CNY 525M	CNY 765M	CNY 1.3B
Inventory	CNY 376M	CNY 647M	CNY 496M	CNY 482M	CNY 670M
Current assets	CNY 3.5B	CNY 3.1B	CNY 4.4B	CNY 4.7B	CNY 7.1B
Net PP&E	CNY 322M	CNY 505M	CNY 337M	CNY 879M	CNY 1B
Goodwill	CNY 3M	CNY 4M	CNY 0	–	–
Total assets	CNY 4B	CNY 3.8B	CNY 5.7B	CNY 6B	CNY 11.3B
Payables	CNY 77M	CNY 207M	CNY 269M	CNY 345M	CNY 593M
Deferred revenue	CNY 123M	CNY 40M	CNY 80M	CNY 33M	CNY 21M
Current liabilities	CNY 892M	CNY 956M	CNY 1.3B	CNY 1.6B	CNY 1.9B
Short-term debt	–	CNY 0	CNY 2M	CNY 116M	CNY 116M
Long-term debt	–	CNY 18M	CNY 286M	CNY 269M	CNY 279M
Total liabilities	CNY 903M	CNY 998M	CNY 1.8B	CNY 2.1B	CNY 2.3B
Shareholders' equity	−CNY 2.5B	−CNY 3.1B	CNY 3.9B	CNY 3.9B	CNY 9B

Cash flow

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating cash flow	−CNY 228M	−CNY 696M	CNY 57M	CNY 64M	CNY 117M
Capital expenditure	CNY 220M	CNY 231M	CNY 407M	CNY 260M	CNY 309M
Free cash flow	−CNY 448M	−CNY 927M	−CNY 349M	−CNY 196M	−CNY 192M
Depreciation & amortisation	CNY 28M	CNY 54M	CNY 86M	CNY 132M	CNY 124M
Stock-based compensation	CNY 54M	CNY 105M	CNY 235M	CNY 116M	CNY 115M
Acquisitions	–	CNY 0	CNY 54M	CNY 0	CNY 0

Key ratios

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue growth (YoY)	–	66.9%	56.1%	10.7%	45.8%
Gross margin	53.0%	39.2%	35.2%	42.6%	41.8%
Operating margin	−36.8%	−31.4%	−30.5%	−9.9%	5.6%
Net margin	−34.0%	−25.0%	−25.4%	−4.9%	14.4%
Return on equityBlank when equity is negative	–	–	−12.3%	−2.6%	4.9%
ROCEEBIT ÷ (assets − current liabilities)	−8.7%	−13.1%	−13.2%	−4.7%	1.8%
Free cash flow margin	−62.2%	−77.1%	−18.6%	−9.4%	−6.4%
Cash conversion (CFO ÷ net income)	0.93x	2.31x	−0.12x	−0.62x	0.27x
Receivable days	43	147	102	134	152
Inventory days	405	323	149	148	139
Payable days	83	103	81	106	123
Interest cover	–	–	−186x	−16.0x	8.92x
Debt ÷ equity	–	–	0.07x	0.10x	0.04x
Net debtDebt − cash & equivalents; excludes investments; negative = net cash	–	−CNY 895M	−CNY 1.3B	−CNY 2.5B	−CNY 1.3B
Current ratio	3.92x	3.28x	3.29x	2.87x	3.73x

Recent filings

20-F2026-04-24 ↗

More in General Industrial Machinery & Equipment, Nec

Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.