Hesai Group’s U.S.-listed shares fell 6.09% in pre-market trading after the lidar maker reported second-quarter revenue that exceeded estimates but posted a wider-than-expected loss.
The Shanghai-based company posted revenue of RMB860.8 million ($126.9 million) for the three months ended June 30, up 21.9% from RMB706.4 million in the same period a year earlier. Net income rose 60% year-over-year to RMB70.6 million ($10.4 million), marking the fifth consecutive quarter of GAAP profitability.
Adjusted earnings per share came in at RMB0.08 ($0.01). Gross margin declined to 40.1% from 42.5% a year ago, reflecting a higher share of lower-margin products in total revenue.
Lidar shipments totaled 628,275 units, with ADAS lidar deliveries up 60% year-over-year to 485,904 units. Robotics lidar shipments surged 193% to 142,371 units, underscoring demand in autonomous systems.
Hesai raised its full-year 2026 strategic growth initiative revenue guidance to a range of RMB200-300 million, up from a prior target of RMB100 million. The midpoint implies a 150% increase and aligns with expectations for approximately $100 million in SGI revenue in 2027, with a path to breakeven.
For the third quarter, the company expects net revenues between RMB1.1 billion ($162 million) and RMB1.15 billion ($169 million), representing 38% to 45% year-over-year growth.
CEO Dr. Yifan "David" Li said the quarter represented a milestone as Hesai transitioned into a full-stack infrastructure platform for robotics and physical AI, enabling systems to "see, understand, and act."
