Quarterly ResultMay 19, 2026, 04:32 AM
Hesai Q1 Revenue $98.7M, Net Income $2.7M; Mercedes-Benz Lidar Partner
AI Summary
Hesai Group reported strong Q1 2026 financial results, with net revenues increasing 29.6% to RMB680.6 million ($98.7 million) and achieving GAAP net income of RMB18.3 million ($2.7 million), marking its fourth consecutive quarter of GAAP profitability. The company announced a strategic partnership with Mercedes-Benz as a confirmed lidar supplier for L3 autonomy models and maintained its No.1 position in China's long-range automotive lidar market. Hesai also unveiled Picasso, a 6D full-color ultra-sensitive SPAD-SoC lidar, and Kosmo, a spatial intelligence device under its new Strategic Growth Initiatives, signaling a shift towards 'Spatial Intelligence'.
Key Highlights
- Announced as strategic lidar partner and confirmed supplier for Mercedes-Benz L3 autonomy models.
- Q1 2026 Net revenues: RMB680.6 million ($98.7 million), up 29.6% year-over-year.
- Q1 2026 Net income: RMB18.3 million ($2.7 million), marking fourth consecutive GAAP profitability.
- Total lidar shipments: 471,723 units, representing a 140.9% increase year-over-year.
- Introduced Picasso, the world's first 6D full-color ultra-sensitive SPAD-SoC lidar.
- Unveiled Kosmo, an AI algorithm-integrated spatial intelligence device under Strategic Growth Initiatives (SGI).
- Q2 2026 revenue guidance: RMB850-900 million ($123-130 million), representing 20-27% YoY increase.
- Cash reserve was RMB7,231.7 million ($1,048.4 million) as of March 31, 2026.
Price Impact
More from HSAI