Hesai achieves profitability for the full year, and Sudeng turns losses into profits in a single quarter. The LiDAR industry is entering the harvest season, and the 2026 installed base is expected to surge dramatically—are these facts already set in stone?

1. What happened? Demand is high, the overall competitive landscape is favorable—laser radar leader crosses the profitability inflection point

After a long period of technical iteration and production capacity ramp-up, the laser radar industry officially entered a historic convergence of fundamentals and financials in 2025. With the acceleration of high-level intelligent driving adoption, industry leaders have not only achieved a surge in scale, but also crossed the “survival line” in terms of profitability.

1. Laser radar listed companies disclose 2025 operating performance:

Recently, the three major core players in the industry—Hesai Group, Hesai’s sector peer Suzhou LeddarTech (Suteng Juchuang), and Tudatong (Tuddalec)—successively released their 2025 results, showing an exceptionally strong signal of a fundamental turnaround.

Hesai Group: In 2025, Hesai Group achieved operating revenue of 3.03B yuan, a year-over-year increase of 45.8%. More importantly, full-year GAAP net profit attributable to ordinary shareholders reached 436 million yuan (compared with a loss of 102 million yuan in the same period last year). Non-GAAP net profit was even higher at 551 million yuan, making it the first and only laser radar company globally to achieve full-year profitability. This fully proves the intrinsic “self-sustaining cash generation” capability of its business model.

LeddarTech: In 2025, LeddarTech likewise saw a financial inflection point. Full-year net loss narrowed significantly to 145 million yuan, and under the Non-IFRS basis, the loss was only 53 million yuan. In the fourth quarter, driven by strong shipment volumes and investment income, the company achieved net profit of 1.04 million yuan in a single quarter, successfully turning loss into profit—indicating that its scale-effect advantage is moving beyond the break-even point of profitability and loss.

Tudatong: In 2025, laser radar sales reached 332k units, up 45.0% year over year. Operating revenue was about 10.4k yuan. The gross margin turned positive from the loss in 2024 to 7.9%, and its operating loss situation has shown a clearly improved year-over-year trend.

2. Industry characteristics: high growth + a favorable market competition landscape

The prerequisite for a significant improvement in industry profitability is scale expansion and optimization of the market competitive landscape. In 2025, the laser radar industry achieved the key leap from “burning cash” to “profitability,” driven by two major factors:

① Scale expansion: dual-wheel drive from ADAS and general-purpose robotics

Shipment volume is the only yardstick to test a laser radar company’s commercialization capability. In 2025, the shipments of leading companies surged explosively, and the driving force evolved from a single automotive business model to a “dual-wheel drive” of “ADAS + general-purpose robotics.”

In 2025, Hesai Group’s total shipments reached a record 1.6204 million units, up 222.9% year over year. Among them, ADAS laser radar shipments were 332k units (up 203% year over year), while robotics laser radar shipments were 239.3k units (up a striking 425.8% year over year).

In 2025, LeddarTech’s total shipments reached 912k units, up 67.6% year over year. In particular, its shipments in the fourth quarter alone reached 450k units. In its core automotive ADAS customer base, the company achieved full-year sales of 609k units, up 17.2% (for example, Xiaopeng switched to pure vision, and Huawei switched to self-supply). Sales of robotics and other laser radars totaled 303k units, with a year-over-year growth rate of an astonishing 11.4 times.

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