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HSAI
Earnings call · Jun 2026 (Q2 FY26)

Hesai Group Q2 FY26 earnings call HSAI

Aug 18, 2026 Source

Executive summary

Hesai Group Q2 FY26 — Strong Lidar Growth and Rapid SGI Expansion

Hesai Group reported strong Q2 FY26 results, driven by continued growth in its core lidar business and the rapid commercialization of its Strategic Growth Initiatives (SGI). The company is transforming into a full-stack infrastructure platform for robotics and physical AI, with new revenue streams from actuation modules and spatial intelligence platform Cosmo.

Highlights

4

  • Total net revenues increased by approximately 22% year-over-year to RMB 861 million (USD 127 million).

  • GAAP net income increased by 60% year-over-year to RMB 71 million (USD 10 million), marking the fifth consecutive quarter of GAAP profitability.

  • Total lidar shipments reached over 628,000 units, up close to 80% year-over-year, with robotics lidar shipments growing approximately 193%.

  • Strategic Growth Initiatives (SGI) revenue guidance for FY26 raised from RMB 100 million to RMB 200-300 million, with breakeven expected in 2027.

Concerns

2

  • FCC Action on Foreign-Produced Robotics Devices

  • Industry-wide Pricing Pressure and Competition

Guidance & targets

CategoryTargetConfidence
Total Revenue
RMB 1.1 billion to RMB 1.15 billion
high materiality
High
Lidar Shipments
800,000 to 850,000 units
medium materiality
High
SGI Revenue
high 8 digits
medium materiality
High
SGI Revenue
RMB 200 million to RMB 300 million
high materiality
High
SGI Revenue
approximately USD 100 million
high materiality
High
SGI Breakeven
achieve breakeven
high materiality
High
Lidar Shipments
3 million to 3.5 million units
high materiality
High
Robotics Lidar Shipments
over 500,000 units
medium materiality
High
Overseas Volume (Chinese Automakers)
meaningful overseas volume
low materiality
Medium
Robotics Lidar Shipment Increase
2 to 3x shipment increase
medium materiality
High
Actuation Modules Monthly Production Capacity
roughly 10,000 modules per month
medium materiality
High
Actuation Modules Volume
6-digit volumes
medium materiality
High
Full Body Actuation Modules SOP
expected
low materiality
High

Segment performance

SegmentRevenueYoYQoQMargin
Core Lidar Business
Demonstrated strong profitability and cash-generating capacity. USD 120 million revenue, USD 10 million operating profit.
Total lidar shipments: 628,000 units (up ~80% year-over-year)ADAS lidar shipments: 485,000 units (up ~60% year-over-year)Robotics lidar shipments: 142,000 units (up ~193% year-over-year)
RMB 816 million——RMB 66 million
Strategic Growth Initiatives (SGI)
Marked the segment's first revenue contribution, driven by strong early demand for robotic actuation modules. Recorded an operating loss due to continued investment in product development, commercialization, and production capacity. USD 7 million revenue.
RMB 45 million——RMB -64 million

HSAI operating KPIs by quarter

HSAI operating KPIs stated on its earnings calls, by fiscal quarter
KPI Mar 2026 Q1 FY26This call Jun 2026 Q2 FY26Change vs prior quarter
LiDAR shipments
471K+ This performance was supported by total lidar shipments of over 471,000 units for the first quarter with both broad-based ADAS and Robotic shipments more than doubling year-over-year. Source transcript
628K+ Total lidar shipments reached over 628,000 units, up close to 80% year-over-year. Source transcript
—

Operating figures the company states on every call, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

Product announcements

ProductTypeDetails
ETX Lidarlaunch
FTX Blind Spot Lidarupdate
Picasso SOClaunch
Cosmo Spatial Intelligence Platformlaunch
Robotic Actuation Moduleslaunch
Full Body Actuation Modulesroadmap

Deals & partnerships

Great Wall Motor Design win for mass production programs using ETX lidar.

Secured a design win for mass production programs using Hesai's ultra long-range high-end ETX lidar, with SOP expected in late 2026.

Volkswagen Major design win covering multiple models from its China joint venture brands.

Won a major design win with Volkswagen covering multiple models from its China joint venture brands.

GAC Toyota Expanded collaboration.

Expanded collaboration with GAC Toyota.

Changan Picked Hesai for multi-lidar programs using FTX blind spot lidar.

Changan and other leading OEMs picked Hesai for multi-lidar programs, indicating strong momentum for FTX blind spot lidar.

Li Auto L8 and L9 models in mass production with 4 Hesai lidars; L6 model offers optional 4 lidar configuration.

Li Auto's L8 and L9 are in mass production, each equipped with 4 Hesai lidars. The newly launched L6 model, priced at RMB 250,000, now offers an optional 4-lidar configuration.

Unitree, Robbie And, Gauba, Galacia, Dexmal Recent orders for robotics lidar (JT128).

Working with more than 50 embody AI companies worldwide, with recent orders coming from these companies for the JT128 lidar, which has become a go-to for humanoid and quadruped robots.

Galbot Orders for Cosmo spatial intelligence platform.

Received initial orders for Cosmo from leading humanoid robotics companies, including Galbot, within 7 days of prototype shipments.

Sharpa Supplying robotic actuation modules; seeking to increase annual cap under supply agreement. RMB 300 million

Hesai is supplying actuation modules to Sharpa, a global front-runner in AI robotics. Hesai is seeking to increase the annual cap under the supply of products framework agreement with Sharpa from RMB 100 million to RMB 300 million, subject to shareholders' approval at the EGM.

Risks & headwinds

FCC Action on Foreign-Produced Robotics Devices Current

No material direct impact expected at this point.

Mitigation:Watching rules closely and will stay fully compliant. Most robotics lidar volume for lawnmowers is focused on Europe, where U.S. lawnmower penetration is still relatively low.

Industry-wide Pricing Pressure and Competition Ongoing

Not explicitly quantified as a negative impact on Hesai, rather as a market dynamic.

Mitigation:Hesai competes on brands, technology, and quality, not just price. Structural advantages (in-house ethics, system integration, automation, scale) help maintain healthy margins. Innovation like Picasso SOC is key to competition.

What to watch in Q3 FY26

SGI Revenue Contribution

Q3 FY26
Current RMB 45 million (Q2 FY26)
Target High 8 digits (RMB)

Why it matters

SGI is a new growth engine, and its rapid ramp-up is key to Hesai's dual-engine growth model and transformation into a full-stack platform.

SGI should be high 8 digits of that revenue in Q3.

Q&A highlights

Seeking more details on the raised SGI guidance, specific collaborations (NVIDIA, Google Gemini), long-term revenue potential for actuation modules, and the strategic synergy with Sharpa.

David Li explained Hesai's full-stack platform vision, highlighting Sharpa as a real-world proving ground for actuation modules. He detailed how the feedback loop from Sharpa helps refine products for the broader market and mentioned the increased annual cap for transactions with Sharpa to RMB 300 million.

“Sharpa gives us a way to sharpen those tools faster, validate them in the real world and understand what the market will need next. That is the strategic value of the flywheel.”

asked by Tina Hou · answered by Yifan Li

2 min read 6 chapters

Detailed narrative

Transformation to Full-Stack Infrastructure Platform

Hesai is expanding beyond lidar to become a full-stack infrastructure platform for robotics and physical AI, focusing on "see" (lidar), "understand" (Cosmo spatial intelligence), and "act" (robotic actuation modules). This strategy aims to address a significantly larger addressable market than previously envisioned, leveraging existing technology and manufacturing capabilities.

ADAS Lidar Market Leadership and Expansion

The company maintains its leadership in the ADAS lidar market, securing new design wins with Great Wall Motor for ETX lidar and Volkswagen (China JV), and expanding collaboration with GAC Toyota. Multi-lidar configurations are becoming mainstream, exemplified by Li Auto's L6 model offering an optional 4-lidar setup at a mainstream price point, driving content per vehicle.

Rapid Growth in Robotics Lidar

Demand for high-performance 3D sensing is expanding rapidly into humanoid and other intelligent machines. Robotics lidar shipments almost tripled year-over-year in Q2 2026, following strong growth in previous years, with expectations for a 2-3x increase for full-year 2026. Hesai is working with over 50 AI companies worldwide, with its JT128 becoming a go-to lidar for humanoid and quadruped robots.

Cosmo Spatial Intelligence Platform Launch

Cosmo, a spatial intelligence platform integrating an AI spatial camera, AI algorithms, 3D spatial assets, and cloud services, is designed to help robots understand and learn from their environments. Prototypes shipped in July 2026, securing initial orders within 7 days, and are on track to contribute revenues in Q3 2026. The platform features a flywheel business model with recurring revenues from cloud services and asset licensing.

Breakthrough in Robotic Actuation Modules

Hesai has developed robotic actuation modules with roughly 3x the torque and power density of leading products, in a package 37% smaller, with transmission efficiency above 95% and performance validated through 2 million operating cycles. These modules started generating revenues in Q2 2026, supplying Sharpa for the world's first 0-retrofit commercial deployment of a humanoid robot at a Dairy Queen store.

Strategic Synergy with Sharpa

Hesai's co-founder also founded Sharpa, a humanoid robotics company, which serves as a valuable real-world proving ground for Hesai's actuation modules. This relationship provides first-hand insights into real-world performance needs, creating a powerful feedback loop for product development and validation before broader market deployment. The annual cap for transactions with Sharpa is being increased to RMB 300 million.

AI-generated summary of the company's earnings call. Not investment advice.