HSAI Hesai Group

Overview and Growth

In fiscal 2025, Hesai Group recorded $432.94M of revenue, net income of $62.33M, and an operating cash inflow of $16.73M. Revenue of $432.94M sets the scale for evaluating how effectively sales translated into profit and cash during the year. The top line expanded 52.1% from $284.57M in fiscal 2024, increasing the company’s operating scale. The company reported diluted EPS of $0.43, adding a shareholder-level measure to the absolute income figures considered below. The revenue-to-assets relationship was 0.27x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

After reported cost of revenue, the company retained $180.91M as gross profit before recognizing operating expenses and other items. Gross margin was 41.8%, so that share of each revenue unit remained after the cost of revenue reported for the period. Operating income was $24.13M, the earnings remaining from reported operations after the company’s recognized operating cost structure. The operating result equaled 5.6% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. The bottom-line result was net income of $62.33M, after the operating, financing, tax, and other items recognized for the period. The final earnings result represented 14.4% of revenue, connecting the absolute net income figure with the company’s top-line scale. The company recognized $4.41M of income tax for the period, completing the transition from pretax income to net income. Return on period-end equity was 4.9%, relating annual net income to the equity capital on the balance sheet. Return on period-end assets was 3.9%, connecting net income with the company’s total asset base.

Liquidity and Capital Structure

At period end, the $1.61B asset base was financed through $329.26M of liabilities and $1.28B of equity. Current assets were $1.01B against $271.03M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. Current assets covered current liabilities by 3.73x, leaving a positive buffer for near-term obligations. Cash and equivalents totaled $237.88M, identifying the most liquid reported component available within the broader current-asset balance. The cash balance equaled 87.8% of current liabilities, showing how much near-term coverage came from cash alone. Borrowings totaled $103.95M, adding a fixed financing obligation alongside the company’s equity capital. Against book equity, debt measured 0.08x, placing the company’s financial leverage in clear balance-sheet terms. Relative to total assets, debt measured 6.5%, showing how much of the asset base was matched by borrowing. The liabilities-to-assets relationship was 20.4%, placing reported obligations against the full positive asset balance. The cash-to-assets relationship was 14.8%, comparing reported cash and equivalents with the full positive asset balance. The asset base changed 96.2% from $820.57M in fiscal 2024, leaving current total assets higher year over year. Against $538.65M of equity in fiscal 2024, the current book-equity balance moved 137.8% and ended higher.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $16.73M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. The operating-cash-flow-to-net-income relationship was 0.27x, comparing cash generated by operations with the bottom-line earnings result. Capital spending was $44.24M, absorbing part of the cash generated from operations before free cash flow. Relative to operating cash flow, capital expenditures measured 264.4%, connecting investment intensity with the company’s cash-generation base. Operating cash flow and capital spending combined to leave a $27.51M cash deficit after capital spending. Free-cash-flow margin was -6.4%, reflecting a cash deficit equal to 6.4% of revenue after capital spending. The free-cash-flow deficit equaled 1.7% of total assets, placing the cash shortfall against the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.