The Mercedes-Benz L3 supply agreement is a transformative catalyst, opening a premium OEM channel in Europe and China. Q2 guidance indicates continued momentum. Watch for Kosmo SGI orders and ETX lidar SOP in H2 2026 as the next catalysts. The strong cash position ($1.05B) supports growth investments.
Price Chart
Executive Summary
Hesai Group reported Q1 2026 net revenues of RMB680.6M ($98.7M), up 29.6% YoY, with GAAP net income of RMB18.3M for a fourth consecutive profitable quarter. Lidar shipments surged 141% YoY to 471,723 units, driven by ADAS and robotics demand. The company announced a Mercedes-Benz L3 supply partnership and guided Q2 revenue of RMB850-900M, representing 20-27% YoY growth.
Key Financial Metrics
Key Facts
- Q1 2026 net revenues of RMB680.6M, up 29.6% YoY from RMB525.3M
- GAAP net income of RMB18.3M vs net loss of RMB17.5M in Q1 2025 — fourth consecutive GAAP-profitable quarter
- Total lidar shipments of 471,723 units, up 140.9% YoY (ADAS: +141.9%, Robotics: +137.8%)
- Mercedes-Benz confirmed as strategic lidar partner for L3 autonomy programs in Europe and China
- Q2 2026 guidance: net revenues of RMB850-900M, implying 20-27% YoY growth
- Non-GAAP net income of RMB47.7M, up 452.9% YoY from RMB8.6M
- Cash reserve of RMB7.23B ($1.05B) as of March 31, 2026
Financial Impact
Revenue grew 29.6% YoY to RMB680.6M; net income swung from -RMB17.5M to +RMB18.3M; Q2 guidance midpoint of ~RMB875M implies ~23% YoY growth
Risk Factors
- Gross margin compressed from 41.7% to 39.1% YoY due to product mix shift toward lower-margin products
- SGI segment (Kosmo) is pre-revenue — contribution to 2026 is only ~RMB100M guided, with execution risk
- Foreign exchange translation losses of RMB83.2M impacted comprehensive income; USD-denominated exposure via Nasdaq listing
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3297198 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 6d ago | 6-K | $13.99 | awaiting T+5 | — | $13.69 (−2.14%) |
Sep 22, 2026 4w ago | Institutional Cluster | $17.10 $15.52 | ▲ +9.24% | ▲ +8.05% | $13.69 (+19.94%) |
Sep 17, 2026 5w ago | 6-K | $16.92 $16.37 | ▼ −3.22% | ▼ −3.82% | $13.69 (−19.07%) |
Aug 28, 2026 8w ago | 6-K | $17.42 $18.89 | ▲ +8.44% | ▲ +8.33% | $13.69 (−21.41%) |
Aug 18, 2026 9w ago | 6-K | $17.11 $18.30 | ▲ +6.96% | ▲ +7.16% | $13.69 (−19.99%) |
Aug 18, 2026 10w ago | Press Release | $17.11 $18.30 | ▲ +6.96% | ▲ +7.16% | $13.69 (−19.99%) |
Jul 31, 2026 12w ago | 6-K | $16.90 $19.22 | ▲ +13.73% | ▲ +10.22% | $13.69 (−18.99%) |
Jul 27, 2026 13w ago | 6-K | $15.43 $16.90 | ▲ +9.53% | ▲ +8.45% | $13.69 (−11.28%) |
Jul 27, 2026 13w ago | Press Release | $15.43 $16.90 | ▲ +9.53% | ▲ +8.45% | $13.69 (−11.28%) |
Jul 10, 2026 15w ago | 6-K | $16.16 $15.65 | ▼ −3.16% | ▼ −2.60% | $13.69 (−15.28%) |
US Market Status
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