Hesai (HSAI) Research & Development (2021 - 2026)
Hesai (HSAI) posted Research & Development of $37.89 million for Q3 2026, up 35.6% from $27.93 million a year earlier and up 11.2% from the prior quarter.
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Analysis
Hesai (HSAI) Research & Development (2021 - 2026) Analysis & Trends
For the trailing twelve months through Sep 30, 2026, Research & Development at Hesai was $132.46 million, up 16.0% year-over-year; for FY2025, it was $113.96 million, down 2.8% from FY2024.
- Annual Research & Development shows a five-year compound annual growth rate of 27.9% (FY2020 to FY2025).
- In prior years, Hesai's Research & Development was $117.22 million in FY2024 (+5.3%), $111.35 million in FY2023 (+38.3%), $80.49 million in FY2022 (+40.9%) and $57.12 million in FY2021 (+71.5%).
- The Q3 2026 figure stands as the highest quarterly Research & Development in data going back to Q4 2021.
- On a year-over-year basis, Research & Development has increased in each of the last three quarters, with growth averaging 7.0% over the last eight quarters.
- The strongest year-over-year quarter for Research & Development in the past five years was Q1 2023, with growth of 84.1%; the weakest was Q1 2024, with a decline of 11.3%.
- According to Business Quant data, Research & Development for the three prior quarters was $34.07 million (Q2 2026), $29.67 million (Q1 2026) and $30.82 million (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Apple | 5,177.41 Bn | 4,922.87 Bn | 54.82 Bn | 11.73 Bn |
| 2 | Cisco Systems | 377.40 Bn | 377.40 Bn | 11.79 Bn | 2.42 Bn |
| 3 | Arista Networks | 249.38 Bn | 198.58 Bn | 2.33 Bn | 486.90 Mn |
| 4 | Dell Technologies | 220.34 Bn | 176.10 Bn | 9.83 Bn | 1.11 Bn |
| 5 | Sony | 166.48 Bn | 103.89 Bn | 7.96 Bn | - |
| 6 | Sandisk | 127.44 Bn | 112.27 Bn | 9.38 Bn | 384.00 Mn |
| 7 | Seagate Technology Holdings | 121.35 Bn | 116.20 Bn | 2.43 Bn | 200.00 Mn |
| 8 | Western Digital | 110.67 Bn | 100.50 Bn | 2.53 Bn | 283.00 Mn |
| 9 | Hewlett Packard Enterprise | 64.15 Bn | 42.09 Bn | 4.93 Bn | 1.16 Bn |
| 10 | Hesai | 2.25 Bn | -1.27 Bn | 65.36 Mn | 37.89 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 37.89 Mn |
| Jun 30, 2026 | 34.07 Mn |
| Mar 31, 2026 | 29.67 Mn |
| Dec 31, 2025 | 30.82 Mn |
| Sep 30, 2025 | 27.93 Mn |
| Jun 30, 2025 | 27.81 Mn |
| Mar 31, 2025 | 25.26 Mn |
| Dec 31, 2024 | 33.21 Mn |
| Sep 30, 2024 | 31.39 Mn |
| Jun 30, 2024 | 27.33 Mn |
| Mar 31, 2024 | 26.92 Mn |
| Dec 31, 2023 | 32.18 Mn |
| Sep 30, 2023 | 26.39 Mn |
| Jun 30, 2023 | 22.20 Mn |
| Mar 31, 2023 | 30.36 Mn |
| Dec 31, 2022 | 25.93 Mn |
| Sep 30, 2022 | 23.93 Mn |
| Jun 30, 2022 | 16.38 Mn |
| Mar 31, 2022 | 16.49 Mn |
| Dec 31, 2021 | 24.68 Mn |
API Access
Hesai Research & Development API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=research-and-development&ticker=HSAI&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "research-and-development", "ticker": "HSAI", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=research-and-development&ticker=HSAI&period=max&api_key=YOUR_API_KEY");
const data = await res.json();