Aug 18, 2026 earnings call — Hesai expands into full-stack robotics platform
Raised full-year 2026 SGI revenue guidance to RMB 200 million to RMB 300 million.
Revenue $0.1B (est $0.1B) · EPS $0.01 (est $0.07)
Key quotes
"Our lidar lets intelligent machines see the physical world, what things are, where they are, how fast they are moving and how the scene changes around them."
"This quarter, we won a design win with Great Wall Motor for mass production programs using our ultra-long-range high-end ETX lidar with SOP expected in late 2026."
"Given this strong momentum, we are raising our full year 2026 SGI revenue guidance from RMB 100 million to a range of RMB 200 million to RMB 300 million."
Analyst Q&A 8
Sharpa partnership and actuation modules
Q (Tina Hou · Goldman Sachs): She asked for details on Sharpa's collaborations and other potential partners, the long-term revenue potential for actuation, and how Hesai and Sharpa achieve strategic synergies.
A: They said Hesai is building a full-stack robotics and physical AI platform and that Sharpa serves as a real-world proving ground. They supply products and manufacturing to Sharpa as a high-signal test bed and are seeking to raise the annual cap from RMB 100 million to RMB 300 million, with most of this year's transactions expected in actuation modules.
"Our supply of products and provision of manufacturing services to Sharpa act as a high-signal test bed and learning platform before bringing our products to the broader market." — Yifan Li (CEO)
Humanoid actuation modules and margins
Q (Tim Hsiao · Morgan Stanley): He asked for more details on Hesai's humanoid actuation modules, how they fit the broader robot strategy, their expected financial profile, and whether they are shipping beyond Sharpa.
A: They said actuation can be a large part of a robot's bill of materials and one humanoid may need over 100 modules. They expect very large long-term demand and said the margin profile is currently around 40%. They also said the market is ready and many suppliers lack the firsthand experience top robot makers need.
"Actuation can be more than half a robot's BOM." — Yifan Li (CEO)
SGI guidance and revenue mix
Q (Ming Chung · Citi): He asked what drove the increase in SGI revenue guidance and how revenue should be thought of between actuation modules and Kosmo.
A: They said they raised full-year 2026 SGI revenue guidance from RMB 100 million to RMB 200 million–RMB 300 million and are looking at roughly USD 100 million (about RMB 700 million) for 2027, with SGI expected to reach breakeven in 2027. They said actuation is the main SGI driver in 2026, driven largely by Sharpa, while Kosmo prototypes shipped in July with initial orders within 7 days and will contribute low 8-digit revenue this year. They will not break out exact splits now but expect Kosmo's contribution and recurring cloud revenue to rise meaningfully in 2027.
"We actually raised the full year 2026 SGI revenue guidance from RMB 100 million to a range of RMB 200 million to RMB 300 million." — Peng Fan (CFO)
Kosmo business model and customers
Q (Nora Min · UBS): She asked for a brief on Kosmo's business model, who its customers are or could be, and the delivery schedule.
A: They described Kosmo as a spatial intelligence platform combining an AI spatial camera, algorithms, 3D assets and cloud services. They started shipping prototypes in July, received strong feedback and initial orders within 7 days, and said early demand clusters in robotics and media/content (gaming, film, tourism, advertising). They said the device is the front door and recurring revenue will come from cloud usage and asset licensing as the platform scales.
"Kosmo is a spatial intelligence platform, AI spatial camera, algorithms, 3D assets and cloud services, one system." — Yifan Li (CEO)
Q3 and 2026 lidar guidance
Q (CICC): They asked for updates to Q3 and full-year 2026 guidance and whether the 3 million to 3.5 million lidar shipment guidance still holds.
A: They guided Q3 revenue of RMB 1.1 billion to RMB 1.15 billion with lidar shipments around 800,000 to 850,000 units and said SGI should be high 8 digits in Q3, with actuation nearing 10,000 modules monthly capacity. They reiterated full-year 2026 lidar shipment guidance of 3 million to 3.5 million units and noted they shipped about 1.1 million units in the first half.
"For Q3, we expect that the total revenue of between RMB 1.1 billion to RMB 1.15 billion with lidar shipments around 800,000 to 850,000 units." — Peng Fan (CFO)
Robotics lidar shipments and market risks
Q (Jia Lou · BOCI): He asked if there is any upside or downside risk to the 2026 robotics lidar shipment outlook, where penetration is accelerating beyond listed categories, and whether the FCC action affects their robotics business.
A: They said they are still expecting full-year robotics lidar over 500,000 units and that Q2 robotics lidar shipments almost tripled year-over-year. They said demand is broad across categories and that the FCC action does not have a material direct impact today, though they are watching rules closely and will stay compliant. They added JT128 is becoming a go-to lidar for humanoids and quadrupeds and that robotics lidar can be substantially larger over time.
"We are still expecting the full year outlook for our robotics lidar over 500,000 units." — Peng Fan (CFO)
Xiaomi share and competition pricing
Q (Yu Jie Lo · BofA): He asked how Hesai's share at Xiaomi may develop after RoboSense was added, and how competition will affect pricing and supplier shares.
A: They said Xiaomi adding lidars is encouraging because multi-lidar per vehicle expands the market and that they do not comment on allocation for individual models. They cited Gasgoo showing Hesai #1 in China's long-range ADAS lidar market for 17 straight months with roughly 40% to 50% share, and said they prefer competing on technology and value rather than engaging in a disruptive price war. They also highlighted investment in Picasso, a full color 6D SPAD-SoC, on track for the second half of 2026.
"According to Gasgoo, Hesai has been #1 in China's long-range ADAS lidar market for 17 straight months with roughly 40% to 50% share." — Peng Fan (CFO)
Lidar ASP trend and margins
Q (Weijie Wang · Jefferies): He asked about LiDAR ASP trends over the next quarters given pricing pressure and how to think about margin profile going forward.
A: They said the full-year 2026 gross margin outlook is unchanged, close to 40%, and they expect to keep a healthy margin profile. They explained total lidar content per vehicle is rising (pushing per-vehicle value to roughly USD 500 to USD 1,000 in advanced setups) and that robotics lidar and overseas business generally run higher margins, supporting group margins. They added SGI is too early to judge near-term results but they expect SGI margins above 40% long term and Kosmo with cloud services to be structurally higher than pure hardware.
"Full year 2026 outlook is unchanged, close to 40%, and we expect to keep a healthy margin profile going forward." — Peng Fan (CFO)