Hesai Group (HSAI)

Hesai Group Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	-	-102.38	-475.97	-300.77	-244.83
Depreciation & Amortization	-	131.81	86.27	53.63	28.23
Stock-Based Compensation	-	116.06	234.62	105.22	54.28
Other Adjustments	-	54.33	65.46	67.31	22.64
Change in Receivables	-	-265.68	-97.84	-256.62	-140.43
Changes in Inventories	-	26.7	145.98	-305.55	-237.76
Changes in Accounts Payable	-	77.85	61.53	128.86	21.83
Changes in Accrued Expenses	-	88.91	80.3	-41.07	170.13
Changes in Income Taxes Payable	-	-	-	-	-0.01
Changes in Unearned Revenue	-	-46.94	39.55	-91.74	113.27
Changes in Other Operating Activities	-	-17.16	-82.63	-55.29	-15.74
Operating Cash Flow	116.99	63.5	57.26	-696.02	-228.39
Operating Cash Flow Growth	84.22%	10.90%	-	-	-
Capital Expenditures	-309.37	-259.54	-406.75	-231.21	-220.1
Sale of Property, Plant & Equipment	4.22	-	-	-	0.02
Purchases of Intangible Assets	-32.83	-11.82	-7.93	-9.18	-61.51
Proceeds from Sale of Intangible Assets	36.97	-	-	-	-
Purchases of Investments	-6,549	-2,549	-5,101	-5,617	-4,813
Proceeds from Sale of Investments	1,297	3,776	4,479	6,979	3,114
Payments for Business Acquisitions	-	-	-54.45	-	-
Proceeds from Business Divestments	-	-	14.41	-	-
Other Investing Activities	-	-	15.89	-1.96	-
Investing Cash Flow	-5,554	955.88	-1,060	1,120	-1,980
Short-Term Debt Issued	331.78	234.1	111.68	-	-
Short-Term Debt Repaid	-347.24	-117.68	-	-	-
Net Short-Term Debt Issued (Repaid)	-15.47	116.42	111.68	-	-
Long-Term Debt Issued	127.73	120.28	264.91	18.47	1,950
Long-Term Debt Repaid	-	-20.16	-	-	-
Net Long-Term Debt Issued (Repaid)	127.73	100.12	264.91	18.47	1,950
Issuance of Common Stock	4,570	34.14	1,246	-	961.6
Net Common Stock Issued (Repurchased)	4,570	34.14	1,246	-	961.6
Other Financing Activities	-336.41	-	-32.08	-3.3	-508.21
Financing Cash Flow	4,346	250.68	1,590	15.18	2,404
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-84.15	14.38	57.62	25.12	-2.44
Net Cash Flow	-1,091	1,270	587.22	438.81	195.1
Free Cash Flow	-192.38	-196.04	-349.49	-927.23	-448.48
FCF Margin	-6.35%	-9.44%	-18.62%	-77.10%	-62.22%
Free Cash Flow Per Share	-1.31	-1.52	-2.80	-9.97	-4.83
Levered Free Cash Flow	238.78	115.79	-175.14	-1,271	-645.97
Unlevered Free Cash Flow	-151.76	-205.57	-648.15	-920.5	-404.23

Updated Mar 24, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

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