Hesai Group ADR's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Hesai Group ADR reported revenue of $3.0B (+45.8% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net revenues | $3.0B | $2.1B | $1.9B | $1.2B |
| Cost of revenues | ($1.8B) | ($1.2B) | ($1.2B) | ($730.7M) |
| Gross Profit | $1.3B | $884.6M | $661.4M | $472.0M |
| Sales and marketing expenses | ($192.0M) | ($193.0M) | ($148.8M) | ($104.8M) |
| General and administrative expenses | ($288.8M) | ($316.9M) | ($320.1M) | ($201.0M) |
| Research and development expenses | ($796.9M) | ($855.6M) | ($790.5M) | ($555.2M) |
| Other operating income, net | $181.4M | $276.1M | $26.5M | $10.8M |
| Total operating expenses | ($1.1B) | ($1.1B) | ($1.2B) | ($850.2M) |
| (Loss) income from operations | $168.8M | ($204.9M) | ($571.6M) | ($378.2M) |
| Interest income | $130.2M | $104.4M | $99.8M | $58.7M |
| Interest expenses | ($18.9M) | ($12.8M) | ($3.1M) | — |
| Foreign exchange (loss) gain, net | $2.2M | $14.6M | ($452.0K) | $20.9M |
| Other income (loss), net | $184.6M | ($2.5M) | $34.0K | ($2.2M) |
| Net (loss) income before income tax and share of loss in equity method investments | $466.8M | ($101.2M) | ($475.3M) | ($300.8M) |
| Income tax expense | ($30.8M) | ($1.1M) | ($658.0K) | $66.0K |
| Share of loss in equity method investment | ($74.0K) | ($13.0K) | ($45.0K) | ($45.0K) |
| Net (loss) income | $435.9M | ($102.4M) | ($476.0M) | ($300.8M) |
| Net (loss) income attributable to ordinary shareholders of the Company | $435.9M | ($102.4M) | ($476.0M) | ($747.2M) |
| Basic (amounts per share) | $3.13 | -$0.79 | -$3.81 | -$6.47 |
| Diluted (amounts per share) | $2.98 | -$0.79 | -$3.81 | -$6.47 |
| Basic (in shares) | 139.1M | 129.2M | 124.8M | 115.5M |
| Diluted (in shares) | 146.4M | 129.2M | 124.8M | 115.5M |
| Foreign currency translation adjustments | ($50.4M) | $18.5M | $42.0M | ($12.1M) |
| Comprehensive (loss) income | $385.4M | ($83.8M) | ($433.9M) | ($312.8M) |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $1.7B | $2.8B | $1.6B | $913.3M |
| Restricted cash | $4.0M | $3.6M | $3.5M | — |
| Short-term investments | $3.1B | $362.2M | $1.6B | $945.9M |
| Notes receivable | $94.7M | $22.3M | — | — |
| Accounts receivable, net (net of allowance of RMB 54,972 and RMB 79,952 as of December 31, 2024 and 2025, respectively) | $1.3B | $765.0M | $524.8M | $485.0M |
| Contract assets, net (net of allowance of RMB 9,901 and RMB 19,810 as of December 31, 2024 and 2025, respectively) | $0 | $9.9M | $19.7M | $12.6M |
| Amounts due from related parties | $0 | $5.0M | $5.0M | — |
| Inventories | $670.5M | $482.1M | $495.9M | $646.9M |
| Prepayments and other current assets | $282.4M | $193.4M | $208.1M | $126.5M |
| Total current assets | $7.1B | $4.7B | $4.4B | $3.1B |
| Property and equipment, net | $1.1B | $944.2M | $871.6M | $505.0M |
| Intangible assets, net | $95.5M | $76.6M | $78.7M | $20.6M |
| Land-use rights, net | $39.0M | $39.9M | $40.7M | $41.6M |
| Long-term investments | $2.8B | $31.8M | $31.8M | $31.9M |
| Operating lease right-of-use assets | $109.3M | $114.3M | $151.9M | $44.3M |
| Other non-current assets | $67.3M | $100.2M | $90.2M | $57.1M |
| Total non-current assets | $4.2B | $1.3B | $1.3B | $704.3M |
| TOTAL ASSETS | $11.3B | $6.0B | $5.7B | $3.8B |
| Short-term borrowings | $448.2M | $345.3M | $111.7M | — |
| Notes payable | $150.2M | $10.1M | $7.3M | — |
| Accounts payable | $592.6M | $345.0M | $269.4M | $206.7M |
| Contract liabilities | $21.0M | $33.0M | $79.9M | $40.4M |
| Amounts due to related parties | $0 | $335.3M | $340.1M | $334.3M |
| Accrued warranty liability | $77.7M | $43.6M | $28.4M | $17.7M |
| Income tax payable | $27.2M | — | — | — |
| Accrued expenses and other current liabilities | $578.5M | $516.7M | $498.3M | $356.5M |
| Total current liabilities | $1.9B | $1.6B | $1.3B | $955.5M |
| Operating lease liabilities | $85.6M | $98.4M | $119.4M | $10.1M |
| Long-term borrowings | $278.7M | $269.4M | $285.9M | $18.5M |
| Other non-current liabilities | $42.9M | $61.1M | $59.8M | $13.1M |
| Total non-current liabilities | $407.2M | $428.9M | $465.1M | $42.1M |
| TOTAL LIABILITIES | $2.3B | $2.1B | $1.8B | $997.7M |
| Ordinary shares | 107.0K | 89.0K | 86.0K | 39.0K |
| Additional paid-in capital | $11.9B | $7.6B | $7.4B | — |
| Subscription receivables | $0 | ($292.7M) | ($292.7M) | ($310.2M) |
| Accumulated other comprehensive income | $6.5M | $57.0M | $38.4M | ($3.6M) |
| Accumulated deficit | ($3.0B) | ($3.4B) | ($3.3B) | ($2.8B) |
| Total Shareholders' equity | $9.0B | $3.9B | $3.9B | ($3.1B) |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $11.3B | $6.0B | $5.7B | $3.8B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net Income | $435.9M | ($102.4M) | ($476.0M) | ($300.8M) |
| Depreciation and amortization | $123.8M | $131.8M | $86.3M | $53.6M |
| Share-based compensation | $114.7M | $116.1M | $234.6M | $105.2M |
| Provision for allowance for credit loss | $34.9M | $15.6M | — | — |
| Loss from disposal of property and equipment | $6.6M | $1.9M | — | $369.0K |
| Gain from transfer of an intellectual property | ($37.0M) | — | — | — |
| Fair value change of financial instruments | ($877.0K) | ($195.0K) | ($15.1M) | $4.9M |
| Share of loss in equity method investee | $74.0K | $13.0K | $45.0K | $45.0K |
| Foreign exchange (gain) loss, net | $2.5M | ($2.6M) | ($9.0K) | ($5.9M) |
| Non-cash lease expenses | $24.4M | $37.4M | $34.4M | $30.3M |
| Impairment of property and equipment | $21.8M | — | — | — |
| Inventory write-down | $39.9M | $2.2M | $9.3M | $39.4M |
| Gain from disposal of a subsidiary | $0 | $0 | ($6.1M) | — |
| Gain from disposal of equity securities | ($175.6M) | — | — | — |
| Loss from disposal of one long-term investment | $1.7M | — | — | — |
| Notes receivable | ($72.4M) | ($22.3M) | — | — |
| Accounts receivable | ($524.8M) | ($243.3M) | ($90.8M) | ($390.9M) |
| Contract assets | $0 | $0 | ($7.1M) | $134.2M |
| Inventories | ($231.5M) | $26.7M | $146.0M | ($305.6M) |
| Prepayments and other current assets | ($150.6M) | $17.0M | ($82.6M) | ($33.6M) |
| Amounts due from related parties | $5.0M | — | — | — |
| Other non-current assets | ($3.4M) | $2.2M | ($3.2M) | $2.9M |
| Amounts due to related parties | ($6.0M) | ($5.0M) | — | — |
| Contract liabilities | ($12.0M) | ($46.9M) | $39.5M | ($91.7M) |
| Deferred tax liabilities | $0 | $0 | ($35.0K) | ($27.0K) |
| Accounts payable | $248.6M | $75.0M | $61.5M | $128.9M |
| Notes payable | $140.1M | $2.8M | — | — |
| Accrued expenses and other current liabilities | $166.0M | $88.9M | $80.3M | ($41.1M) |
| Operating leases liabilities | ($16.6M) | ($33.8M) | ($34.6M) | ($30.1M) |
| Other non-current liabilities | ($18.2M) | $2.5M | $37.8M | $5.5M |
| Net cash provided by operating activities | $117.0M | $63.5M | $57.3M | ($696.0M) |
| Purchases of short-term investments | ($3.7B) | ($2.5B) | ($5.1B) | ($5.6B) |
| Maturity of short-term investments | $1.0B | $3.8B | $4.5B | $7.0B |
| Purchases of long-term investments | ($2.7B) | — | — | — |
| Purchases of property and equipment | ($309.4M) | ($259.5M) | ($406.7M) | ($231.2M) |
| Purchases of intangible assets | ($32.8M) | ($11.8M) | ($7.9M) | ($9.2M) |
| Proceeds from government subsidies after capital expenditure | $0 | $0 | $15.9M | — |
| Purchases of equity securities | $100.0M | $0 | — | ($30.0M) |
| Proceeds from disposal of equity securities | $275.6M | — | — | — |
| Proceeds from disposal of property and equipment | $4.2M | — | — | — |
| Proceeds from disposal of an intellectual property licensing | $37.0M | — | — | — |
| Cash inflow from disposal of subsidiary | $0 | $0 | $14.4M | — |
| Cash outflow from acquisition of subsidiary, net of cash acquired of RMB 571 | $0 | $0 | ($54.5M) | — |
| Net cash (used in) provided by investing activities | ($5.6B) | $955.9M | ($1.1B) | $1.1B |
| Cash distribution to shareholders of Shanghai Hesai in connection with the 2021 Reorganization | ($292.7M) | $0 | ($17.5M) | — |
Hesai Group ADR score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.