Hesai (NASDAQ:HSAI) reported a GAAP net profit of 153 million yuan for the fourth quarter, in line with market expectations. The company also delivered its first full-year GAAP profit, totaling 436 million yuan, within its projected range of 350 million to 450 million yuan.
The lidar manufacturer shipped 631,000 units during the fourth quarter, a 43% increase compared with the previous quarter. Shipments of ADAS lidar units reached 551,000, rising 45% quarter over quarter, supported by higher production volumes from automakers including Xiaomi and Leapmotor. For the full year, lidar shipments exceeded 1.6 million units, more than triple the level recorded a year earlier and in line with the company’s guidance.
Fourth-quarter revenue climbed 26% from the prior quarter to reach 1 billion yuan. The average selling price declined by a low-teens percentage compared with the previous quarter, mainly due to a higher proportion of ATX products in the sales mix. For the full year, revenue increased 46% year over year to 3 billion yuan.
Gross margin in the fourth quarter was 41%, down 1.1 percentage points from the preceding quarter but still remaining above the 40% mark.
Operating expenses increased 17% quarter over quarter in the fourth quarter. However, for the full year operating costs declined by 88 million yuan compared with the prior year, indicating improved operating leverage.
Looking ahead to the first quarter, Hesai expects revenue between 650 million and 700 million yuan, representing a quarter-over-quarter decline of 30% to 35%, as domestic automotive demand remains subdued. The company also raised its full-year 2026 lidar shipment forecast to between 3 million and 3.5 million units, up from its previous target range of 2 million to 3 million units.