Hesai (02525) released its Q2 financial report: over 10,000 power modules delivered, and the spatial intelligence platform received orders from embodiment companies.

On August 18, Hesai Group Sponsored ADR (HSAI.US; 02525) announced its unaudited financial results for the second quarter of 2026. In the second quarter, Hesai's revenue reached 860 million RMB, with a GAAP net profit of 70.55 million RMB, a year-on-year increase of 60.0%. Thus, Hesai has achieved GAAP profitability for five consecutive quarters. Hesai has structured its product matrix around LiDAR, the Kosmo spatial intelligence platform, and Siasun Robot & Automation power modules, establishing an infrastructure platform aimed at Siasun Robot & Automation and physical AI. It is the only company in the industry that covers the entire "perception-understanding-execution" chain while simultaneously achieving commercialization. This quarter, the Strategic Growth Initiatives (SGI) business contributed revenue for the first time, primarily due to early commercialization breakthroughs in the power module business. The power module segment began contributing revenue this quarter, with cumulative deliveries exceeding 10,000 units by the end of the second quarter. The product range is expanding from dexterous hand modules to full-body joint modules. The Kosmo spatial intelligence platform has completed the delivery of its first batch of prototypes and has received orders from several leading humanoid Siasun Robot & Automation companies, including Galaxy Universal, with revenue expected to start in the third quarter. Based on the unexpected commercialization progress and market demand of the SGI business, Hesai has raised its full-year revenue guidance for SGI in 2026 to 200-300 million RMB; it is anticipated that SGI revenue will reach approximately 700 million RMB in 2027, achieving breakeven. At the same time, Hesai's LiDAR business continues to maintain market leadership. Over 50 prominent intelligent enterprises, including Yushu Technology, Ant Lingbo, Honor Siasun Robot & Automation, Galaxy Universal, Starry Sky Map, and Yuanli Lingji, are accelerating the integration of the JT128 LiDAR, promoting the large-scale application of Siasun Robot & Automation. The 6D full-color super-sensitive SPAD-SoC chip "Picasso" has progressed from technical development to the product integration stage and is ready for mass production.