Hesai Group (HSAI) Q4 FY25 earnings call: guidance and Q&A

Details on robotaxi, robovan, humanoid robot segments, and their expected performance in 2026 and beyond.

Management detailed leadership positions in humanoid/quadruped robots (expecting 5-digit shipments in 2026), robotaxis (world's largest supplier, 5-10 lidars per vehicle), robovans (core supplier, 2-6 lidars per vehicle, market scaling to 6 digits in 2026), and robotic lawn mowers (secured 10 million JT lidar units agreement). Robotics lidar volumes are expected to at least double in 2026 from 240,000 units in 2025.

“After shipping 200,000 Robotics lidar units in 2025, accelerating momentum across these segments gives us full confidence that volumes will at least double in 2026.”

asked by Tina Hou · answered by Peng Fan

Clarification on the relationship between Hesai and Sharpa (founded by Hesai founders), potential business cooperation, and technology/supply chain synergies.

Hesai and Sharpa are fully independent operating entities. Hesai founders hold strategic guidance roles at Sharpa but remain full-time at Hesai. Future collaborations are possible on fair, market-based terms, such as Sharpa using Hesai products or Hesai deploying humanoid robots. Such collaborations are expected to be a small portion of Hesai's business.

“Hesai and Sharpa are two fully independent operating entities. There is no relationship of equity subordination or operational control between them.”

asked by Tim Hsiao · answered by Yifan Li

Request for Q1 volume guidance and more color on Q1 and full-year gross profit and operating margin guidance.

Q1 FY26 total shipments are guided to 400,000-450,000 units (including ~100,000 Robotics). Blended ASP is expected to decrease in 2026 due to product mix shift towards lower-priced ADAS products and volume-based pricing. Gross margins are expected to remain resilient due to cost optimization, chip technology (FMC500 SoC), and in-house manufacturing. Profitability momentum is expected to continue.

“On the volume side, we anticipate total shipments to be in the range of 400,000 to 450,000 lidar units, including around 100,000 units from Robotics.”

asked by Jeff Chung · answered by Peng Fan

Whether the company will provide full-year net income guidance for 2026, similar to last year.

The company will not provide specific full-year net income guidance for 2026 due to differences in compliance requirements and listing rules between the U.S. and Hong Kong markets, aligning with best disclosure practices for dual-listed companies. This does not reflect a lack of confidence.

“Given the differences in compliance requirements and listing rules between the U.S. and Hong Kong market, as you know, we just listed in Hong Kong, and to align with the best disclosure practices for dual listed companies; we have decided not to provide specific full year net income guidance at this time.”

asked by Aaron Wang · answered by Peng Fan

Request for more details on the timeline, progress, and nature of the new "eyes" and "muscles" products.

The new products are aimed at empowering physical AI, with "eyes" enhancing perception and "muscles" delivering motion control. They target multi-trillion RMB markets. Initial revenue is expected in 2026, with the business potentially rivaling lidar in 5 years and scaling tenfold in a decade. Hesai leverages its lidar mass production expertise, ASIC design, and software/algorithm capabilities for these new ventures.

“In the next few months, we will launch two groundbreaking products, each targeting a mass trillion RMB market. First, the eyes, enhancing perception and situational awareness beyond what is currently possible; and second, the muscles, delivering precise, powerful motion control for robots and autonomous systems.”

asked by Nora Min · answered by Peng Fan

Next steps for NVIDIA DRIVE AGX Hyperion 10 partnership, expected outcomes, and Hesai's differentiation.

NVIDIA's platform is a full-stack solution (hardware, software, data). Hesai's selection as the primary lidar partner simplifies OEM integration, leveraging NVIDIA's existing models and data trained with Hesai lidar. This makes it inefficient for OEMs to choose other lidar vendors. Hesai is working closely with NVIDIA to promote this unified solution globally.

“It's the full stack solution, meaning it's the hardware, the software and the data. And then we are the selected partner for lidar. What that means is that, obviously, in the end, NVIDIA has customers and the customers will ultimately decide the vendor. But as we are already selected by NVIDIA. It just makes this process a lot easier...”

asked by Jessie Lo · answered by Yifan Li

Outlook on ASP decline and methods for further cost reduction.

Blended ASP decline is mainly due to product mix shift towards lower-priced ADAS lidars (e.g., ATX at ~$150 in 2026) and blind-spot FTX lidars. Future declines are expected to narrow. Cost reduction is driven by scale (3M-3.5M units in 2026), proprietary chip technology (FMC500 SoC replacing discrete components), and highly automated in-house manufacturing (improving yields, fab integration by 2026).

“That said, ADAS lidars follow the typical annual automotive price declines. For example, ATX is expected to carry a price tag around $150 in 2026, which is already near an optimized cost structure. So we expect the future declines to narrow.”

asked by Unknown Analyst · answered by Peng Fan

Management's outlook for operating expenses in 2026.

Overall OpEx is expected to increase by a modest mid-teen percentage in 2026, primarily due to RMB 200 million investment in R&D for new "eyes and muscles" products. Excluding this new business spend, OpEx is expected to be flat or down in single digits, reflecting strong operating leverage and AI adoption for efficiency.

“Looking ahead to 2026, we anticipate a modest mid-teen increase in overall OpEx, primarily due to RMB 200 million invested in new eyes and muscles products in R&D. Otherwise, excluding new business spend, OpEx is expected to be well managed, flat or even down in single digits in 2026, demonstrating our discipline and AI adoption.”

asked by Ye Tao · answered by Peng Fan