← Hesai Group
| Annual Trend | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | $449.4m | $913.3m | $1.6b | $2.8b | $1.7b | |
| Short-term investments | $2.3b | $945.9m | $1.6b | $362.2m | $3.1b | |
| Notes receivable | — | — | $0 | $22.3m | $94.7m | |
| Accounts receivable, net (net of allowance of RMB 54,972 and RMB 79,952 as of December 31, 2024 and 2025, respectively) | $85.8m | $485.0m | $524.8m | $765.0m | $1.3b | |
| Inventories | $376.2m | $646.9m | $495.9m | $482.1m | $670.5m | |
| Prepayments and other current assets | $89.1m | $126.5m | $208.1m | $193.4m | $282.4m | |
| Subscription receivables | ($310.2m) | ($310.2m) | ($292.7m) | ($292.7m) | $0 | |
| Total current assets | $3.5b | $3.1b | $4.4b | $4.7b | $7.1b | |
| Long-term investments | $1.9m | $31.9m | $31.8m | $31.8m | $2.8b | |
| Property and equipment, net | $321.6m | $505.0m | $871.6m | $944.2m | $1.1b | |
| Intangible assets, net | $19.6m | $20.6m | $78.7m | $76.6m | $95.5m | |
| Operating lease right-of-use assets | — | $44.3m | $151.9m | $114.3m | $109.3m | |
| Restricted cash | — | $0 | $3.5m | $3.6m | $4.0m | |
| Contract assets, net (net of allowance of RMB 9,901 and RMB 19,810 as of December 31, 2024 and 2025, respectively) | $146.5m | $12.6m | $19.7m | $9.9m | $0 | |
| Amounts due from related parties | $3.5m | $5.0m | $5.0m | $5.0m | $0 | |
| Land-use rights, net | $42.5m | $41.6m | $40.7m | $39.9m | $39.0m | |
| Other non-current assets | $70.0m | $57.1m | $90.2m | $100.2m | $67.3m | |
| Short-term borrowings | — | $0 | $111.7m | $345.3m | $448.2m | |
| Notes payable | — | $0 | $7.3m | $10.1m | $150.2m | |
| Contract liabilities | $122.6m | $40.4m | $79.9m | $33.0m | $21.0m | |
| Amounts due to related parties | $307.5m | $334.3m | $340.1m | $335.3m | $0 | |
| Income tax payable | — | — | — | $0 | $27.2m | |
| Accrued expenses and other current liabilities | $370.9m | $356.5m | $498.3m | $516.7m | $578.5m | |
| Operating lease liabilities | — | $10.1m | $119.4m | $98.4m | $85.6m | |
| Long-term borrowings | — | $18.5m | $285.9m | $269.4m | $278.7m | |
| Other non-current liabilities | $9.9m | $13.1m | $59.8m | $61.1m | $42.9m | |
| Ordinary shares | $39k | $39k | $86k | $89k | $107k | |
| Total non-current assets | $459.0m | $704.3m | $1.3b | $1.3b | $4.2b | |
| Total non-current liabilities | $10.4m | $42.1m | $465.1m | $428.9m | $407.2m | |
| Total Shareholders' equity | ($2.5b) | ($3.1b) | $3.9b | $3.9b | $9.0b | |
| TOTAL ASSETS | $4.0b | $3.8b | $5.7b | $6.0b | $11.3b | |
| Accounts payable | $77.3m | $206.7m | $269.4m | $345.0m | $592.6m | |
| Accrued warranty liability | $13.9m | $17.7m | $28.4m | $43.6m | $77.7m | |
| Total current liabilities | $892.2m | $955.5m | $1.3b | $1.6b | $1.9b | |
| TOTAL LIABILITIES | $902.5m | $997.7m | $1.8b | $2.1b | $2.3b | |
| Additional paid-in capital | — | $0 | $7.4b | $7.6b | $11.9b | |
| Accumulated other comprehensive income | $8.5m | ($3.6m) | $38.4m | $57.0m | $6.5m | |
| Accumulated deficit | ($2.2b) | ($2.8b) | ($3.3b) | ($3.4b) | ($3.0b) | |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $4.0b | $3.8b | $5.7b | $6.0b | $11.3b |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.