Hesai Group balance sheet

At the end of fiscal 2025, Hesai Group had total assets of $1.61bn, total liabilities of $329m and shareholders' equity of $1.28bn. It held $238m in cash against $104m of debt: net cash of $134m.

Balance sheet

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Hesai Group: balance sheet, annual
Fiscal year	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash and equivalents	39	71	132	219	389	238
Receivables	9	13	70	74	105	180
Inventory	—	59	94	70	66	96
Total current assets	—	548	455	619	642	1,011
Goodwill	—	1	1	0	—	—
Total assets	—	620	557	798	821	1,610
Accounts payable	—	12	30	38	47	85
Deferred revenue (current)	1	19	6	11	5	3
Total current liabilities	—	140	139	188	223	271
Short-term debt	—	—	0	16	47	64
Long-term debt	—	—	3	40	37	40
Total debt	0	0	3	56	84	104
Total liabilities	—	142	145	254	282	329
Shareholders' equity	174	−391	−456	544	539	1,281
Non-controlling interests and other (assets − liabilities − equity)	—	869	868	—	—	—
Net debt (negative = net cash)	−39	−71	−130	−163	−305	−134

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from Hesai Group's SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Hesai Group.