Hesai Technology raised its full-year net profit forecast to between RMB 350 million and RMB 450 million ($49 million–$63 million) after reporting record third-quarter earnings and achieving GAAP profitability one quarter ahead of schedule.
The lidar manufacturer reported unaudited third-quarter revenue of RMB 800 million ($110 million), up 47.5% year-on-year, marking its sixth consecutive quarter of growth. Gross margin remained steady at 42%, while operating expenses fell 23% from a year earlier. Net profit for the quarter reached RMB 260 million ($36 million), pushing cumulative profits for the first three quarters to RMB 280 million ($40 million).
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Hesai said the earnings improvement was driven by continued expansion in its automotive lidar business. Total lidar shipments climbed 228.9% year-on-year to 441,400 units, with advanced driver-assistance systems (ADAS) products accounting for 380,800 units — more than 80% of total shipments. The robotics segment also saw strong momentum, delivering 60,600 units, more than a thirteen-fold increase from last year.
The company maintained its top market share in the ADAS lidar segment and secured two additional customers for full-line model programs in 2026, both planning to adopt standard-fit lidar across vehicle lineups. In the OEM market, Hesai said it has ranked first in primary lidar installations for seven consecutive months, with Zeekr’s refreshed 001 and 7X models shipping with Hesai lidar across all configurations.
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Hesai’s new ETX + FTX lidar suite also secured its first passenger vehicle program, designed to integrate a main lidar unit with multiple blind-spot sensors for comprehensive perception coverage. Mass production is slated for late 2026 or early 2027.
In September, Hesai announced its one-millionth annual lidar unit had rolled off the production line, becoming the first global lidar manufacturer to exceed one million units per year. The company also completed a primary listing on the Hong Kong Stock Exchange, making it the first lidar firm with dual-primary listings in both the U.S. and Hong Kong — and the largest IPO in the lidar sector to date.
Hesai said it is expanding partnerships in robotics and autonomous mobility, including collaborations with Motional, Pony.ai, Hello, and JD Logistics, to support the commercial deployment of autonomous fleets across North America, Asia, and Europe.