Hesai's Lidar Dominance.
Hesai Group Reports Strong Q2 Growth as Lidar Shipments Surge and Profit Jumps 60%.
Key Points
In the first half of 2026, Hesai reported net revenues of RMB1.54 billion, up 25.1% year over year, with ADAS lidar shipments reaching 839,345 units and robotics lidar volumes up more than 160%, pushing total lidar shipments to just under 1.1 million; gross margin was 39.7% and net income reached RMB88.9 million as the company narrowed its operating loss.
In Q2 2026, Hesai reported ADAS lidar shipments of 485,904 units and robotics lidar shipments of 142,371 units (total 628,275), with product revenues of RMB859.7 million and services of RMB1.1 million; gross margin declined to 40.1%.
Despite a GAAP operating income of only RMB2.2 million in Q2, Hesai posted non-GAAP net income of RMB101.3 million, with the outsized bottom-line gain driven by non-operating income such as interest of RMB58.9 million and investment income of RMB36.6 million.
CEO Yifan Li described Hesai as evolving into a full-stack infrastructure platform for Robotics and Physical AI, citing orders from humanoid robotics players (including Galbot, Unitree, Robbyant, Galaxea, Dexmal) and July 2026 prototype deliveries with initial SGI-related revenues expected in Q3 2026; he also highlighted Picasso, a 6D SPAD-SoC, and Kosmo, the spatial intelligence platform, as core technology for multimodal perception and robotics scaling.
Hesai Group posted record lidar shipments in Q2 2026, shipping 628,275 units as revenue climbed 21.9% year over year to RMB860.8 million. Net income rose 60% to RMB70.6 million, according to Quiver Quantitative.
The results capped a strong first half: Hesai shipped just under 1.1 million lidars in H1 2026, with net revenues of RMB1.54 billion — up 25.1% — and net income of RMB88.9 million, according to TipRanks.
Robotics Lidar Demand Triples, ADAS Volumes Surge
Hesai's robotics lidar segment was the breakout story. Robotics shipments surged 193.4% in Q2 alone, reaching 142,371 units. ADAS lidar shipments — units installed in driver-assistance systems — rose 60.1% to 485,904 units in the quarter, Quiver Quantitative reported.
For the full first half, robotics lidar volumes were up more than 160% and ADAS shipments hit 839,345 units, per TipRanks. Product revenues in Q2 reached RMB859.7 million. Services contributed just RMB1.1 million.
Margins Dip but Profits Jump on Non-Operating Income
Gross margin slipped to 40.1% in Q2, down from 42.5% a year earlier. The drop came from a shift in product mix. Despite that, net income still jumped 60% to RMB70.6 million, Grafa noted.
GAAP operating income was thin — just RMB2.2 million for the quarter. The bigger profit gains came from non-operating sources: interest income of RMB58.9 million and investment income of RMB36.6 million. Non-GAAP net income hit RMB101.3 million. Hesai held RMB7.05 billion in cash reserves, per Quiver Quantitative.
CEO Frames Hesai as Full-Stack Robotics AI Platform
CEO Yifan Li said Hesai is becoming "a full-stack infrastructure platform for Robotics and Physical AI." The company has orders from humanoid robotics makers including Galbot, Unitree, Robbyant, Galaxea, and Dexmal. Prototype deliveries began in July 2026, Quiver Quantitative reported.
Hesai also highlighted two key new technologies: Picasso, a 6D SPAD-SoC chip for advanced perception, and Kosmo, a spatial intelligence platform for robotics. The company cited collaborations with Mercedes-Benz and Grab as part of its expanding ecosystem.
Q3 Guidance Points to Accelerating Revenue Growth
Hesai guided Q3 2026 revenue to RMB1.10–1.15 billion — roughly $162–$169 million — a sharp jump from Q2's RMB860.8 million. Benzinga and ScanX Trade both flagged the guidance as a sign of strong near-term demand.
The company also raised its full-year SGI revenue forecast to RMB200–300 million. SGI — its strategic growth initiative — is expected to start generating revenue in Q3 2026, with the first SGI-related income tied to its new robotics platform offerings, per Quiver Quantitative.
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