- Hesai posted RMB 680M Q1 revenue, up 30% YoY, and returned to GAAP profitability with RMB 18.3M net profit.
- LiDAR shipments surged 141% YoY to 471,723 units, led by ADAS demand and 14 months of market-share leadership.
- Hesai won Mercedes Level‑3 LiDAR supply, unveiled Picasso SPAD‑SoC and ETX series with 600m range for H2 2026 production.
On May 19, Hesai Technology released its unaudited financial results for the first quarter of 2026.
Financial data showed the company generated revenue of RMB 680 million ($100.03 million) in Q1, up 30% year-on-year.
Under GAAP standards, Hesai posted a net profit of RMB 18.3 million ($2.69 million), returning to profitability, while gross margin reached 39.1%.
During the first quarter, Hesai’s total LiDAR deliveries reached 471,723 units, representing year-on-year growth of 140.9%.
Among them, ADAS LiDAR deliveries increased 141.9% to 353,441 units, accounting for the majority of shipments.
LiDAR deliveries related to robotics applications reached 118,282 units, up 137.8% year-on-year.
In addition to shipment growth, Hesai also unveiled its next-generation technology roadmap during the quarter.
The company introduced its “Picasso” SPAD-SoC chip, described as the world’s first 6D full-color ultra-sensitive LiDAR imaging chip.
The next-generation ETX series built on the chip offers a maximum detection range of 600 meters and supports up to 4,320 lines. Mass production is expected to begin in the second half of 2026.
The solution has already secured a design win from autonomous trucking company KargoBot and will initially be deployed in commercial vehicles.
At the same time, Hesai announced that it has become a strategic LiDAR partner for Mercedes-Benz and confirmed it will supply LiDAR systems for Mercedes Level 3 autonomous driving vehicles.
Notably, the Mercedes cooperation covers vehicles for both the European and Chinese markets, with production capacity supported by Hesai’s newly established manufacturing center in Thailand.
The move also reflects the accelerating globalization of China’s intelligent driving supply chain.
According to the latest report from Yole Group, Hesai ranked first globally in ADAS primary LiDAR shipments in 2025 with a 43% market share, while Chinese LiDAR companies collectively accounted for roughly 95% of the global market.
Separate data from Gasgoo Research Institute showed that in March this year, Hesai captured 55% of China’s passenger vehicle primary LiDAR installation market, exceeding the combined total of all other suppliers. Its market share leadership has now continued for 14 consecutive months.
As of now, Hesai has secured mass-production partnerships with more than 40 global automotive brands and over 160 vehicle models, including all of China’s top-10 automakers by sales volume.
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