Hesai Group cash flow statement

In fiscal 2025, Hesai Group's operations generated $16.3m of cash; it spent $43.0m on capital projects, leaving free cash flow of −$26.8m.

Cash flow statement

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

Hesai Group: cash flow statement, annual
Fiscal year	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	−51	−35	−104	8	9	16
Depreciation and amortisation	3	4	8	12	18	17
Stock-based pay	—	8	16	33	16	16
Capital spending	10	34	34	57	36	43
Free cash flow	−61	−70	−138	−49	−27	−27
Free cash flow after stock pay	—	−78	−154	−83	−43	−43
Shares issued	—	70	0	173	0	591

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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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.