Q1 2026 Hesai Group Earnings Call Transcript
Key Points
- Hesai Group (HSAI) announced a strategic partnership with Mercedes-Benz to supply LiDAR for Level 3 autonomous vehicles, marking a significant milestone in their technology leadership.
- The company expects to double its LiDAR shipments this year, reaching between 3 to 3.5 million units, reinforcing its leadership position in the global LiDAR industry.
- Hesai Group (HSAI) introduced Picasso, the world's first 6D full-color ultra-sensitive SPAD SOC, which enhances LiDAR capabilities by fusing RGB color and precise 3D geometry.
- The company reported strong financial performance with total net revenues reaching RMB681 million, a 30% increase year-over-year, and maintained a healthy gross margin of over 39%.
- Hesai Group (HSAI) is expanding its market presence with new design wins in the Japanese automotive ecosystem and overseas engagements with major clients like Xiaomi.
- The SGI segment, including the new AI algorithm-integrated spatial intelligence device COSMO, recorded an operating loss of RMB51 million, reflecting high investment costs.
- Despite strong revenue growth, the company faces challenges in maintaining profitability in its new strategic growth initiatives.
- The LiDAR industry is experiencing a decline in ASP (average selling price) due to market expansion and product mix shifts, which could impact revenue growth.
- The competitive landscape in the LiDAR industry is intensifying, with a focus on performance improvements and cost reductions, posing challenges for maintaining market leadership.
- Hesai Group (HSAI) is in the early stages of commercialization for its new products, which may lead to uncertainties in revenue projections and market adoption.
Hello, ladies and gentlemen.
Thank you for standing by. Welcome to Hessai Group's first quarter 2026 earnings conference call.
This time, all participants are in listen-only mode.
Please note that today's conference call is being recorded.
I will now turn the call over to our first speaker today, Wan Ting Shi, the company's head of Capital Markets. Please go ahead.
Thank you, operator.
Hello, everyone.
Thank you for joining Hartside Group's first quarter 2026 earnings conference call.
Our earnings release is now available on our IR website at investor.herstitech.com, as well as via Newswire services.
Today, you will hear from our CEO, Dr. David Lee, who will provide an overview of our recent updates.
Next, our GFO, Mr. Andrew Fan, will address our financial results before we open the call for questions.
Before we continue, I refer you to the safe harbor statement in our earnings press release, which applies to
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