Hesai Group Reports Fourth Quarter and Full Year 2024 Unaudited Financial Results
Hesai Group (NASDAQ: HSAI) reported strong Q4 and full-year 2024 results, with Q4 net revenues reaching RMB719.8 million (US$98.6 million) and quarterly lidar shipments of 222,054 units. Full-year 2024 revenues totaled RMB2,077.2 million (US$284.6 million) with 501,889 lidar units shipped.
The company achieved several milestones, including becoming the first lidar company to achieve full-year non-GAAP net profits of RMB14 million, a significant improvement from RMB241 million loss in 2023. Hesai secured a major exclusive design win with a top European OEM and expanded partnerships with major Chinese automakers including BYD, Chery, and Great Wall Motor.
For 2025, Hesai forecasts net revenues of RMB3.0-3.5 billion, with expected GAAP profitability of RMB200-350 million and non-GAAP profitability of RMB350-500 million. The company's production capacity is expected to reach 2 million units annually by end of 2025.
Hesai Group (NASDAQ: HSAI) ha riportato risultati solidi per il quarto trimestre e per l'intero anno 2024, con ricavi netti nel Q4 che hanno raggiunto i 719,8 milioni di RMB (98,6 milioni di USD) e spedizioni trimestrali di lidar pari a 222.054 unità. I ricavi totali per l'anno 2024 ammontano a 2.077,2 milioni di RMB (284,6 milioni di USD) con 501.889 unità di lidar spedite.
L'azienda ha raggiunto diversi traguardi, diventando la prima azienda di lidar a ottenere profitti netti non-GAAP per l'intero anno di 14 milioni di RMB, un miglioramento significativo rispetto alla perdita di 241 milioni di RMB nel 2023. Hesai ha ottenuto una vittoria di design esclusivo con un importante OEM europeo e ha ampliato le partnership con i principali produttori automobilistici cinesi, tra cui BYD, Chery e Great Wall Motor.
Per il 2025, Hesai prevede ricavi netti tra 3,0 e 3,5 miliardi di RMB, con una redditività GAAP attesa di 200-350 milioni di RMB e una redditività non-GAAP di 350-500 milioni di RMB. La capacità produttiva dell'azienda dovrebbe raggiungere 2 milioni di unità all'anno entro la fine del 2025.
Hesai Group (NASDAQ: HSAI) reportó resultados sólidos para el cuarto trimestre y para todo el año 2024, con ingresos netos en el Q4 que alcanzaron los 719,8 millones de RMB (98,6 millones de USD) y envíos trimestrales de lidar de 222,054 unidades. Los ingresos totales del año 2024 sumaron 2,077.2 millones de RMB (284.6 millones de USD) con 501,889 unidades de lidar enviadas.
La empresa logró varios hitos, convirtiéndose en la primera compañía de lidar en obtener ganancias netas no-GAAP de 14 millones de RMB para todo el año, una mejora significativa frente a la pérdida de 241 millones de RMB en 2023. Hesai aseguró una importante victoria de diseño exclusivo con un destacado OEM europeo y amplió asociaciones con importantes fabricantes de automóviles chinos, incluidos BYD, Chery y Great Wall Motor.
Para 2025, Hesai pronostica ingresos netos de entre 3.0 y 3.5 mil millones de RMB, con una rentabilidad GAAP esperada de 200-350 millones de RMB y una rentabilidad no-GAAP de 350-500 millones de RMB. Se espera que la capacidad de producción de la empresa alcance 2 millones de unidades anuales para finales de 2025.
Hesai Group (NASDAQ: HSAI)는 2024년 4분기 및 연간 실적이 강력하다고 보고했으며, 4분기 순수익이 7억 1,980만 RMB(9,860만 USD)에 달하고 분기 라이다 출하량이 222,054대에 이릅니다. 2024년 전체 수익은 20억 7,720만 RMB(2억 8,460만 USD)로, 501,889대의 라이다가 출하되었습니다.
회사는 여러 이정표를 달성했으며, 전체 연도 비GAAP 순이익이 1,400만 RMB에 달하여 2023년 2억 4,100만 RMB의 손실에서 크게 개선되었습니다. Hesai는 유럽의 주요 OEM과 독점 디자인 계약을 체결하고 BYD, Chery, Great Wall Motor와 같은 주요 중국 자동차 제조업체와의 파트너십을 확대했습니다.
2025년을 위해 Hesai는 순수익을 30억에서 35억 RMB로 전망하며, GAAP 기준 수익성은 2억에서 3억 5천만 RMB, 비GAAP 기준 수익성은 3억 5천만에서 5억 RMB로 예상하고 있습니다. 회사의 생산 능력은 2025년 말까지 연간 200만 대에 이를 것으로 예상됩니다.
Hesai Group (NASDAQ: HSAI) a annoncé des résultats solides pour le quatrième trimestre et pour l'année entière 2024, avec des revenus nets au Q4 atteignant 719,8 millions de RMB (98,6 millions de USD) et des expéditions trimestrielles de lidar de 222 054 unités. Les revenus totaux pour l'année 2024 se sont élevés à 2 077,2 millions de RMB (284,6 millions de USD) avec 501 889 unités de lidar expédiées.
L'entreprise a atteint plusieurs jalons, devenant la première entreprise de lidar à réaliser un bénéfice net non-GAAP de 14 millions de RMB pour l'année entière, une amélioration significative par rapport à une perte de 241 millions de RMB en 2023. Hesai a sécurisé une victoire de conception exclusive avec un grand OEM européen et a élargi ses partenariats avec de grands constructeurs automobiles chinois, notamment BYD, Chery et Great Wall Motor.
Pour 2025, Hesai prévoit des revenus nets de 3,0 à 3,5 milliards de RMB, avec une rentabilité GAAP attendue de 200 à 350 millions de RMB et une rentabilité non-GAAP de 350 à 500 millions de RMB. La capacité de production de l'entreprise devrait atteindre 2 millions d'unités par an d'ici la fin de 2025.
Hesai Group (NASDAQ: HSAI) hat starke Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet, mit Nettoumsätzen im Q4 von 719,8 Millionen RMB (98,6 Millionen USD) und vierteljährlichen Lidar-Lieferungen von 222.054 Einheiten. Die Gesamteinnahmen für das Jahr 2024 beliefen sich auf 2.077,2 Millionen RMB (284,6 Millionen USD) mit 501.889 gelieferten Lidar-Einheiten.
Das Unternehmen erreichte mehrere Meilensteine, darunter die erste Lidar-Firma zu sein, die für das gesamte Jahr einen nicht-GAAP Nettogewinn von 14 Millionen RMB erzielte, eine erhebliche Verbesserung gegenüber dem Verlust von 241 Millionen RMB im Jahr 2023. Hesai sicherte sich einen bedeutenden exklusiven Designgewinn mit einem führenden europäischen OEM und erweiterte Partnerschaften mit großen chinesischen Automobilherstellern wie BYD, Chery und Great Wall Motor.
Für 2025 prognostiziert Hesai Nettoumsätze von 3,0 bis 3,5 Milliarden RMB, mit einer erwarteten GAAP-Rentabilität von 200 bis 350 Millionen RMB und einer nicht-GAAP-Rentabilität von 350 bis 500 Millionen RMB. Die Produktionskapazität des Unternehmens wird voraussichtlich bis Ende 2025 2 Millionen Einheiten pro Jahr erreichen.
- First lidar company to achieve full-year non-GAAP net profits (RMB14 million)
- Secured major exclusive design win with top European OEM
- Q4 2024 lidar shipments increased 153.1% YoY to 222,054 units
- Strong 2025 guidance with projected revenues of RMB3.0-3.5 billion
- Production capacity expanding to 2 million units annually by end of 2025
- Partnerships with 22 OEMs across 120 vehicle models globally
- Q4 2024 gross margin declined to 39.0% from 41.2% YoY
- Service revenues decreased 40.7% YoY in Q4 2024
- Full-year 2024 operating loss of RMB204.9 million
- Net loss of RMB102.4 million for full-year 2024
Insights
Hesai's Q4 and FY2024 results mark a pivotal transition to profitability with impressive growth metrics. The company reported
Most notably, Hesai achieved non-GAAP net income of
The shipment metrics are particularly compelling: total lidar shipments surged
Cash position strengthened to
The 2025 guidance signals extraordinary growth, with projected revenues of
Hesai's record-breaking performance reveals a critical acceleration in lidar adoption across automotive and robotics markets. The company's achievement of 501,889 total shipments in 2024 represents more than just volume growth – it signals market validation that lidar is transitioning from a specialized technology to an essential component in intelligent systems.
The diversification across ADAS and robotics applications is particularly strategic. While ADAS shipments reached 456,386 units (a
Hesai's breakthrough JT series mini lidar represents a significant engineering achievement with its hyper-hemispherical 360° field of view and 0-meter minimum detection distance – technical specifications that enable entirely new use cases in humanoid robots, delivery systems, and industrial automation. The six-digit order for lawn mowers suggests we're approaching an inflection point for consumer robotics adoption.
On the automotive front, Hesai's ATX lidar is disrupting the cost equation by enabling lidar integration in vehicles as affordable as
The planned production capacity expansion to 2 million annual units by end-2025 isn't just ambitious – it's a calculated response to demonstrated market demand. With 22 global OEMs and 120 vehicle models already secured, Hesai has established the scale necessary to drive continued cost efficiencies through the technology learning curve.
Quarterly net revenues were RMB719.8 million (US
Quarterly lidar shipments were 222,054 units
Full Year 2024 net revenues were RMB2,077.2 million (US
Full Year 2024 lidar shipments were 501,889 units
SHANGHAI, China, March 10, 2025 (GLOBE NEWSWIRE) -- Hesai Group (“Hesai” or the “Company”), (NASDAQ: HSAI), the global leader in three-dimensional light detection and ranging (lidar) solutions, today announced its unaudited financial results for the three months and full year ended December 31, 2024.
Management Remarks
“In 2024, Hesai achieved a milestone year with record-breaking lidar shipments, more than doubling annually for four consecutive years, and achieving the industry’s highest revenues. We also made history as the world’s first lidar company to achieve full-year non-GAAP2 net profits, all while further strengthening our unmatched financial leadership with solid positive operating and net cash flows3,” said Yifan “David” Li, Hesai’s Co-Founder and CEO. “The lidar industry is undergoing an unprecedented transformation. Our ADAS lidars offer unbeatable value—making cars safer, smarter, and more desirable. Lidar is no longer optional; it has become as essential as the ‘seat belt’ for intelligent driving. We are beyond excited to be awarded a new groundbreaking, exclusive design win with a top European OEM. This multi-year program will last into the next decade across both ICE and EV platforms, marking it the largest global program for the automotive lidar industry. Domestic OEMs are also driving a lidar revolution, accelerating the adoption of intelligent driving for the mass market. At the forefront of this shift is our category-defining ATX lidar, which delivers unrivaled cost performance. We’re proud of the significant strides we’ve made, strengthening our partnership with BYD across 10+ models, securing exclusive design wins with Great Wall Motor and Changan, and forming new alliances with Chery and VOYAH. On top of that, we’re riding the wave of the booming, high-margin Robotics market with our JT, QT, XT, and Pandar series lidars, driving consumer robots, robotaxis, industrial automation, and countless other Robotics applications—a truly exciting and promising opportunity ahead! As we continue to push boundaries, we anticipate explosive growth, revolutionizing mobility while creating new opportunities for efficiency and sustainability.”
Mr. Andrew Fan, Hesai’s CFO, added, “Our record-breaking 2024 results showcase Hesai’s strength and ability to seize emerging opportunities in ADAS and Robotics. With net revenues exceeding RMB2 billion—the highest in the industry—our success was driven by the shipment of over 500,000 lidar units. We reached a groundbreaking milestone of 100,000 units shipped in December 2024 alone, with more than 20,000 of those units delivered for Robotics, underscoring the sector’s massive growth potential. Most importantly, in 2024, we became the world’s first lidar company to achieve full-year non-GAAP net profits of RMB14 million, marking a significant leap from our non-GAAP net loss of RMB241 million in 2023. At the same time, we further cemented our industry-leading financial strength with full-year positive operating cash flows of RMB63 million and net cash flows of RMB1.3 billion—making us the only company of our kind in the industry.
Mr. Andrew Fan continued, “Building on our momentum, we’re set for an exceptional 2025! We’re forecasting net revenues of RMB3.0 to 3.5 billion, with GAAP profitability expected to reach RMB200 to 350 million and non-GAAP profitability soaring to RMB350 to 500 million—an astounding 25 to 35 times our 2024 non-GAAP profits! This explosive growth not only sets the stage for unstoppable momentum, but also reinforces our path to long-term industry leadership!”
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1 All translations from RMB to USD for the fourth quarter of 2024 were made at the exchange rate of RMB7.2993 to US
2 See “Use of Non-GAAP Financial Measures” and “Unaudited Reconciliation of GAAP and Non-GAAP Results” included in this release for further details.
3 The Company defines net cash flows as the net changes in cash and cash equivalents.
- Business Updates:
- Global:
- Awarded a new groundbreaking, exclusive design win with a top European OEM. This multi-year program will last into the next decade across both ICE and EV platforms, marking it the largest global program for the automotive lidar industry.
- Domestic:
- The ATX long-range lidar delivers unbeatable cost-performance, equipping vehicle models as low as in the RMB100,000 range and providing OEMs a budget-friendly lidar solution that drives widespread adoption. Mass production has begun in Q1 2025, with design wins secured from 11 OEMs, including:
- BYD (the world’s largest EV maker)
- Chery (a Top 3 Chinese automaker)
- Great Wall Motor & Changan (both Top 10 Chinese automakers)
- VOYAH (from a major automotive group)
- The ATX long-range lidar delivers unbeatable cost-performance, equipping vehicle models as low as in the RMB100,000 range and providing OEMs a budget-friendly lidar solution that drives widespread adoption. Mass production has begun in Q1 2025, with design wins secured from 11 OEMs, including:
- Hesai has secured ADAS design wins with 22 OEMs globally across 120 vehicle models.
- Driven by strong demand, Hesai is launching new production lines in Q1 2025 which will begin production in Q3 2025. By the end of 2025, Hesai’s annualized production capacity is expected to reach 2 million units.
- Global:
- Product Updates:
- Launched the JT series mini 3D mechanical lidar for Robotics at CES 2025 in Las Vegas.
- The JT series offers high-resolution 3D imaging and a 0-meter minimum detection distance, featuring the world’s widest hyper-hemispherical 360° horizontal field of view (FOV) for robotics.
- Compact, lightweight, and versatile, the JT series is ideal for applications such as humanoid robots, delivery robots, cleaning robots, AGVs, port and yard automation, stationary applications, and many other possibilities the Company is exploring.
- Mass production began in December 2024, with over 20,000 units shipped in the first month. The JT series is forecasted to deliver a six-digit order in 2025 for MOVA robotic lawn mowers from a leading smart home robotics company. Additionally, it has also secured orders from Agtonomy, the autonomous agricultural vehicle solution partner to the world’s largest manufacturer of compact construction equipment.
- Launched the JT series mini 3D mechanical lidar for Robotics at CES 2025 in Las Vegas.
Operational Highlights
| Three months ended December 31, 2024 | Full Year 2024 | ||
| ADAS lidar shipments | 193,238 | 456,386 | |
| Robotics lidar4 shipments | 28,816 | 45,503 | |
| Total lidar shipments | 222,054 | 501,889 | |
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4 The Company redefined its Robotics business to include (i) Autonomous Mobility, which refers to autonomous vehicle fleets providing passenger and freight mobility services, and (ii) robotics and other non-automotive applications, such as automated guided vehicles/autonomous mobile robots, delivery robots, agricultural vehicles, wide industrial applications such as port and yard automation, and stationary applications. This redefinition underscores the Company’s commitment to expanding its lidar applications within the broader robotics industry. This change does not impact how the Company recognizes product revenues or shipments from the prior business categorizations.
- Q4 2024 ADAS lidar shipments were 193,238 units, representing an increase of
140.3% from 80,428 units in the corresponding period of 2023. - Q4 2024 Total lidar shipments were 222,054 units, representing an increase of
153.1% from 87,736 units in the corresponding period of 2023. - ADAS lidar shipments in the full year of 2024 were 456,386 units, representing an increase of
134.2% from 194,910 units in 2023. - Total lidar shipments in the full year of 2024 were 501,889 units, representing an increase of
126.0% from 222,116 units in 2023.
Financial Highlights for the Fourth Quarter of 2024
(in RMB millions, except for per ordinary share data and percentage)
| Q4 2024 | Q4 2023 | % Change | ||||
| Net revenues | 719.8 | 561.2 | ||||
| Gross margin | / | |||||
| Income/(loss) from operations | 106.6 | (162.8) | / | |||
| Non-GAAP2 income/(loss) from operations | 130.0 | (122.3) | / | |||
| Net income/(loss) | 147.0 | (140.9) | / | |||
| Non-GAAP net income/(loss) | 170.4 | (100.3) | / | |||
| Net income/(loss) per ordinary share | 1.13 | (1.11) | / | |||
| Diluted net income/(loss) per ordinary share | 1.08 | (1.11) | / | |||
| Non-GAAP net income/(loss) per ordinary share | 1.31 | (0.79) | / | |||
| Diluted non-GAAP net income/(loss) per ordinary share | 1.26 | (0.79) | / | |||
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2 See “Use of Non-GAAP Financial Measures” and “Unaudited Reconciliation of GAAP and Non-GAAP Results” included in this release for further details.
- Net revenues were RMB719.8 million (US
$98.6 million ) for the fourth quarter of 2024, representing an increase of28.3% from RMB561.2 million for the same period of 2023. Product revenues were RMB701.6 million (US$96.1 million ) for the fourth quarter of 2024, representing an increase of32.3% from RMB530.5 million for the same period of 2023. The year-over-year increase was mainly attributable to increased revenues from sales of ADAS lidar products due to robust demand in China, partially offset by decreased revenues from shipments to autonomous driving customers. Service revenues were RMB18.2 million (US$2.5 million ) for the fourth quarter of 2024, representing a decrease of40.7% from RMB30.7 million for the same period of 2023. The year-over-year decrease was driven by a decline in revenue from non-recurring engineering services. - Cost of revenues was RMB438.7 million (US
$60.1 million ) for the fourth quarter of 2024, representing an increase of33.1% from RMB329.7 million for the same period of 2023. - Gross margin was
39.0% for the fourth quarter of 2024, compared with41.2% for the same period of 2023. The slight year-over-year decrease was due to less high-margin non-recurring engineering services performed in this quarter. - Sales and marketing expenses were RMB49.1 million (US
$6.7 million ) for the fourth quarter of 2024, representing a decrease of1.1% from RMB49.7 million for the same period of 2023. - General and administrative expenses were RMB105.5 million (US
$14.5 million ) for the fourth quarter of 2024, representing a decrease of20.9% from RMB133.4 million for the same period of 2023. The decrease was mainly driven by the decrease in credit loss of RMB25.5 million (US$3.5 million ). - Research and development expenses were RMB242.4 million (US
$33.2 million ) for the fourth quarter of 2024, representing an increase of6.1% from RMB228.5 million for the same period of 2023. The year-over-year increase was mainly due to increased payroll expenses of RMB11.4 million (US$1.6 million ) attributable to increased headcount for research and development, and increased depreciation expenses amounting to RMB9.0 million (US$1.2 million ) due to increased capital expenditure on research and development activities. - Income from operations was RMB106.6 million (US
$14.6 million ) for the fourth quarter of 2024, compared with loss from operations of RMB162.8 million for the same period of 2023. The year-over-year increase in income from operations is mainly due to increased revenues and margin driven by higher LiDAR shipment volume and increase in other operating income. Excluding share-based compensation expenses, non-GAAP income from operations was RMB130.0 million (US$17.8 million ) for the fourth quarter of 2024, compared with non-GAAP loss from operations of RMB122.3 million for the same period of 2023. - Net income was RMB147.0 million (US
$20.1 million ) for the fourth quarter of 2024, compared with net loss of RMB140.9 million for the same period of 2023. Excluding share-based compensation expenses, non-GAAP net income was RMB170.4 million (US$23.3 million ) for the fourth quarter of 2024, compared with non-GAAP net loss of RMB100.3 million for the same period of 2023. - Net income attributable to ordinary shareholders of the Company was RMB147.0 million (US
$20.1 million ) for the fourth quarter of 2024, compared with net loss attributable to ordinary shareholders of the Company of RMB140.9 million for the same period of 2023. Excluding share-based compensation expenses, non-GAAP net income attributable to ordinary shareholders of the Company was RMB170.4 million (US$23.3 million ) for the fourth quarter of 2024, compared with non-GAAP net loss attributable to ordinary shareholders of the Company of RMB100.3 million for the same period of 2023. - Basic and diluted net income per ordinary share were RMB1.13 (US
$0.15) and RMB1.08 (US$0.15) , respectively, for the fourth quarter of 2024. Excluding share-based compensation expenses, non-GAAP basic and diluted net income per ordinary share were RMB1.31 (US$0.18) and RMB1.26 (US$0.17) , respectively, for the fourth quarter of 2024. - Cash and cash equivalents, restricted cash and short-term investments were RMB3,204.8 million (US
$439.1 million ) as of December 31, 2024, compared with RMB2,530.7 million as of September 30, 2024.
Financial Highlights for the Full Year of 2024
(in RMB millions, except for per ordinary share data and percentage)
| FY2024 | FY2023 | % Change | |||
| Net revenues | 2,077.2 | 1,877.0 | |||
| Gross margin | / | ||||
| Loss from operations | (204.9) | (571.6) | - | ||
| Non-GAAP2 loss from operations | (88.8) | (337.0) | - | ||
| Net loss | (102.4) | (476.0) | - | ||
| Non-GAAP net income/(loss) | 13.7 | (241.3) | / | ||
| Net loss per ordinary share | (0.79) | (3.81) | - | ||
| Diluted net loss per ordinary share | (0.79) | (3.81) | - | ||
| Non-GAAP net income/(loss) per ordinary share | 0.11 | (1.93) | / | ||
| Diluted non-GAAP net income/(loss) per ordinary share | 0.10 | (1.93) | / | ||
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2 See “Use of Non-GAAP Financial Measures” and “Unaudited Reconciliation of GAAP and Non-GAAP Results” included in this release for further details.
- Net revenues were RMB2,077.2 million (US
$284.6 million ) for the full year of 2024, representing an increase of10.7% from the prior year. Product revenues were RMB1,966.3 million (US$269.4 million ) for the full year of 2024, representing an increase of11.3% from RMB1,767.2 from the prior year. The year-over-year increase was mainly attributable to increased demand and shipments for both ADAS and Robotics lidar products. Service revenues were RMB110.8 million (US$15.2 million ) for the full year of 2024, representing an increase of0.9% from RMB109.8 million for the prior year. - Cost of revenues was RMB1,192.6 million (US
$163.4 million ) for the full year of 2024, representing a decrease of1.9% from RMB1,215.6 million for the prior year. The year-over-year decrease was due to a decrease in unit cost, partially offset by increased shipments of lidar products. - Gross margin was
42.6% for the full year of 2024, compared with35.2% for the prior year. The increase in gross margin was mainly attributable to effective cost and scale optimization on both Robotics lidars and ADAS lidars. - Sales and marketing expenses were RMB193.0 million (US
$26.4 million ) for the full year of 2024, representing an increase of29.7% from RMB148.8 million for the prior year. The year-over-year increase was mainly due to increased payroll and share-based compensation expenses of RMB21.0 million (US$2.9 million ) attributable to an expanded sales and marketing team, as well as an increase in marketing expenses of RMB9.5 million (US$1.3 million ) attributable to increased investment in branding and marketing activities. - General and administrative expenses were RMB316.9 million (US
$43.4 million ) for the full year of 2024, representing a decrease of1.0% from RMB320.1 million for the prior year. The year-over-year decrease was mainly due to a decrease in payroll and share-based compensation expenses of RMB27.7 million (US$3.8 million ), partially offset by an increase in professional service expenses of RMB19.9 million (US$2.7 million ). - Research and development expenses were RMB855.6 million (US
$117.2 million ) for the full year of 2024, representing an increase of8.2% from RMB790.5 million for the prior year. The year-over-year increase was mainly due to increased depreciation and amortization expenses of RMB46.0 million (US$6.3 million ), attributable to the launch of operations at the new research and development and intelligent manufacturing center (Maxwell Center) in the year. - Loss from operations was RMB204.9 million (US
$28.1 million ) for the full year of 2024, representing a decrease of64.2% from RMB571.6 million for the prior year. Excluding share-based compensation expenses, non-GAAP loss from operations was RMB88.8 million (US$12.2 million ) for the full year of 2024, compared with RMB337.0 million for the prior year. - Net loss was RMB102.4 million (US
$14.0 million ) for the full year of 2024, compared with RMB476.0 million for the prior year. Excluding share-based compensation expenses, non-GAAP net income was RMB13.7 million (US$1.9 million ) in the full year of 2024, compared with non-GAAP net loss of RMB241.3 million for the prior year. - Net loss attributable to ordinary shareholders of the Company was RMB102.4 million (US
$14.0 million ) for the full year of 2024, compared with RMB476.0 million for the prior year. Excluding share-based compensation expenses, non-GAAP net income attributable to ordinary shareholders of the Company was RMB13.7 million (US$1.9 million ) for the full year of 2024, compared with non-GAAP net loss attributable to ordinary shareholders of the Company of RMB241.3 million for the prior year. - Basic and diluted net loss per ordinary share were both RMB0.79 (US
$0.11) for the full year of 2024. Excluding share-based compensation expenses, non-GAAP basic and diluted net income per ordinary share were RMB0.11 (US$0.01) and RMB0.10 (US$0.01) , respectively, for the full year of 2024.
Business Outlook
For the full year of 2025, the Company expects net revenues to be between RMB3.0 billion (US
For the first quarter of 2025, the Company expects net revenues to be between RMB520 million (US
The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates of market and operating conditions and customer demand, which are all subject to change.
Conference Call
The Company’s management will host an earnings conference call at 9:00 PM U.S. Eastern Time on March 10, 2025 (9:00 AM Beijing/Hong Kong Time on March 11, 2025).
For participants who wish to join the call by phone, please access the link provided below to complete the pre-registration process and dial in 5 minutes prior to the scheduled call start time. Upon registration, each participant will receive dial-in details to join the conference call.
| Event Title: | Hesai Group Fourth Quarter and Full Year 2024 Earnings Conference Call |
| Pre-registration Link: | https://s1.c-conf.com/diamondpass/10044901-hn3agd.html |
Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://investor.hesaitech.com.
A replay of the conference call will be accessible approximately an hour after the conclusion of the call until March 18, 2025, by dialing the following telephone numbers:
| United States: | +1-855-883-1031 |
| International: | +61-7-3107-6325 |
| Hong Kong, China: | 800-930-639 |
| China Mainland: | 400-120-9216 |
| Replay PIN: | 10044901 |
About Hesai
Hesai Technology (Nasdaq: HSAI) is a global leader in lidar solutions. The company’s lidar products enable a broad spectrum of applications including passenger and commercial vehicles (“ADAS”), as well as autonomous driving vehicles and robotics and other non-automotive applications such as last-mile delivery robots and AGVs (“Robotics”). Hesai seamlessly integrates its in-house manufacturing process with lidar R&D and design, enabling rapid product iteration while ensuring high performance, high quality and affordability. The company’s commercially validated solutions are backed by superior R&D capabilities across optics, mechanics, and electronics. Hesai has established offices in Shanghai, Palo Alto and Stuttgart, with customers spanning more than 40 countries.
Use of Non-GAAP Financial Measures
To supplement Hesai’s consolidated financial results presented in accordance with GAAP, Hesai uses the following measures defined as non-GAAP financial measures by the SEC: income/loss from operation excluding share-based compensation expenses, net profit/loss excluding share-based compensation expenses, net profit/loss attributable to ordinary shareholders excluding share-based compensation, and per ordinary share net income/loss attributable to ordinary shareholders excluding share-based compensation. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the tables captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this release.
Hesai believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based compensation expenses that may not be indicative of its operating performance from a cash perspective. Hesai believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to Hesai’s historical performance and liquidity. Hesai believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that they exclude share-based compensation expenses that have been and will continue to be for the foreseeable future a significant recurring expense in our business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP financial measure. The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.2993 to US
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue” or other similar expressions. Among other things, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s goals and strategies; the Company’s future business development, financial condition and results of operations; expected changes in the Company’s revenues, costs or expenditures; the trends in, expected growth and the market size of the ADAS and Robotics industries; the market for and adoption of lidar and related technology; the Company’s ability to produce high-quality products with wide market acceptance; the success of the Company’s customers in developing and commercializing products using its solutions, and the market acceptance of those products; the Company’s ability to introduce new products that meet its customers’ requirement; the Company’s expectations regarding the effectiveness of its marketing initiatives and the relationship with its third-party partners; competition in the Company’s industry; the Company’s ability to recruit and retain qualified personnel; relevant government policies and regulations relating to the Company’s industry; the Company’s ability to protect its systems and infrastructures from cyber-attacks; general economic and business conditions globally and in China; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
Hesai Group
Yuanting “YT” Shi, Head of Capital Markets
Email: ir@hesaitech.com
Christensen Advisory
Tel: +86-10-5900-1548
Email: hesai@christensencomms.com
Source: Hesai Group
| HESAI GROUP | ||||||||
| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, except share and per share data and otherwise noted) | ||||||||
| As of | ||||||||
| December 31, 2023 | December 31, 2024 | |||||||
| RMB | RMB | US$ | ||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | 1,554,583 | 2,838,966 | 388,937 | |||||
| Restricted cash | 3,541 | 3,594 | 492 | |||||
| Short-term investments | 1,586,005 | 362,195 | 49,621 | |||||
| Notes receivables | - | 22,341 | 3,061 | |||||
| Accounts receivable, net | 524,818 | 765,027 | 104,808 | |||||
| Contract assets | 19,688 | 9,909 | 1,358 | |||||
| Amounts due from related parties | 5,015 | 5,039 | 690 | |||||
| Inventories | 495,877 | 482,137 | 66,052 | |||||
| Prepayments and other current assets, net | 208,082 | 193,448 | 26,502 | |||||
| Total current assets | 4,397,609 | 4,682,656 | 641,521 | |||||
| Non-current assets: | ||||||||
| Property and equipment, net | 871,611 | 944,218 | 129,357 | |||||
| Long-term investments | 31,811 | 31,798 | 4,356 | |||||
| Intangible assets, net | 78,730 | 76,554 | 10,488 | |||||
| Land-use rights, net | 40,743 | 39,879 | 5,463 | |||||
| Operating lease right-of-use assets | 151,871 | 114,260 | 15,654 | |||||
| Other non-current assets | 90,168 | 100,246 | 13,734 | |||||
| Total non-current assets | 1,264,934 | 1,306,955 | 179,052 | |||||
| TOTAL ASSETS | 5,662,543 | 5,989,611 | 820,573 | |||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Short-term borrowings | 111,682 | 345,253 | 47,299 | |||||
| Note payable | 7,255 | 10,096 | 1,383 | |||||
| Accounts payable | 269,439 | 345,011 | 47,266 | |||||
| Contract liabilities | 79,925 | 32,994 | 4,520 | |||||
| Amounts due to related parties | 340,051 | 335,253 | 45,929 | |||||
| Accrued warranty liability | 28,425 | 43,607 | 5,974 | |||||
| Accrued expenses and other current liabilities | 498,324 | 516,726 | 70,791 | |||||
| Total current liabilities | 1,335,101 | 1,628,940 | 223,162 | |||||
| Non-current liabilities | ||||||||
| Long-term borrowings | 285,898 | 269,438 | 36,913 | |||||
| Lease liabilities | 119,413 | 98,370 | 13,477 | |||||
| Other non-current liabilities | 59,813 | 61,132 | 8,375 | |||||
| Total non-current liabilities | 465,124 | 428,940 | 58,765 | |||||
| TOTAL LIABILITIES | 1,800,225 | 2,057,880 | 281,927 | |||||
| Shareholders’ equity | ||||||||
| Class A Ordinary shares | 19 | 19 | 2 | |||||
| Class B Ordinary shares | 67 | 70 | 10 | |||||
| Additional paid-in capital | 7,423,862 | 7,577,113 | 1,038,060 | |||||
| Subscription receivables | (292,721 | ) | (292,721 | ) | (40,103 | ) | ||
| Accumulated other comprehensive income | 38,440 | 56,975 | 7,807 | |||||
| Accumulated deficit | (3,307,349 | ) | (3,409,725 | ) | (467,130 | ) | ||
| TOTAL SHAREHOLDERS’ EQUITY | 3,862,318 | 3,931,731 | 538,646 | |||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 5,662,543 | 5,989,611 | 820,573 | |||||
| HESAI GROUP | ||||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (All amounts in thousands, except share and per share data and otherwise noted) | ||||||||
| Three months ended December 31, | ||||||||
| 2023 | 2024 | |||||||
| RMB | RMB | US$ | ||||||
| Net revenues | 561,184 | 719,758 | 98,606 | |||||
| Cost of revenues | (329,717 | ) | (438,725 | ) | (60,105 | ) | ||
| Gross profit | 231,467 | 281,033 | 38,501 | |||||
| Operating expenses: | ||||||||
| Sales and marketing expenses | (49,661 | ) | (49,105 | ) | (6,727 | ) | ||
| General and administrative expenses | (133,409 | ) | (105,477 | ) | (14,450 | ) | ||
| Research and development expenses | (228,476 | ) | (242,382 | ) | (33,206 | ) | ||
| Other operating income, net | 17,245 | 222,481 | 30,480 | |||||
| Total operating expenses | (394,301 | ) | (174,483 | ) | (23,903 | ) | ||
| Income/(loss) from operations | (162,834 | ) | 106,550 | 14,598 | ||||
| Interest income | 30,789 | 22,495 | 3,082 | |||||
| Interest expense | (833 | ) | (3,650 | ) | (500 | ) | ||
| Foreign exchange (loss) gain, net | (7,289 | ) | 23,234 | 3,183 | ||||
| Other loss, net | - | (1,070 | ) | (147 | ) | |||
| Net income/(loss) before income tax and share of loss in equity method investments | (140,167 | ) | 147,559 | 20,216 | ||||
| Income tax expense | (733 | ) | (583 | ) | (80 | ) | ||
| Share of loss in equity method investment | (11 | ) | (12 | ) | (2 | ) | ||
| Net income/(loss) | (140,911 | ) | 146,964 | 20,134 | ||||
| Net income/(loss) attributable to ordinary shareholders of the Company | (140,911 | ) | 146,964 | 20,134 | ||||
| Net income/(loss) per share: | ||||||||
| Basic | (1.11 | ) | 1.13 | 0.15 | ||||
| Diluted | (1.11 | ) | 1.08 | 0.15 | ||||
| Weighted average ordinary shares used in calculating net loss per share: | ||||||||
| Basic | 126,492,417 | 130,414,178 | 130,414,178 | |||||
| Diluted | 126,492,417 | 135,612,037 | 135,612,037 | |||||
| Net income/(loss) | (140,911 | ) | 146,964 | 20,134 | ||||
| Other comprehensive income/(loss), net of tax of nil: | ||||||||
| Foreign currency translation adjustments | (11,216 | ) | 21,404 | 2,932 | ||||
| Comprehensive income/(loss), net of tax of nil | (152,127 | ) | 168,368 | 23,066 | ||||
| HESAI GROUP | ||||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)-continued (All amounts in thousands, except share and per share data and otherwise noted) | ||||||||
| Year ended December 31, | ||||||||
| 2023 | 2024 | |||||||
| RMB | RMB | US$ | ||||||
| Net revenues | 1,876,989 | 2,077,157 | 284,569 | |||||
| Cost of revenues | (1,215,611 | ) | (1,192,572 | ) | (163,382 | ) | ||
| Gross profit | 661,378 | 884,585 | 121,187 | |||||
| Operating expenses: | ||||||||
| Sales and marketing expenses | (148,798 | ) | (193,032 | ) | (26,445 | ) | ||
| General and administrative expenses | (320,144 | ) | (316,913 | ) | (43,417 | ) | ||
| Research and development expenses | (790,547 | ) | (855,641 | ) | (117,222 | ) | ||
| Other operating income, net | 26,520 | 276,093 | 37,825 | |||||
| Total operating expenses | (1,232,969 | ) | (1,089,493 | ) | (149,259 | ) | ||
| Loss from operations | (571,591 | ) | (204,908 | ) | (28,072 | ) | ||
| Interest income | 99,813 | 104,401 | 14,303 | |||||
| Interest expense | (3,069 | ) | (12,827 | ) | (1,757 | ) | ||
| Foreign exchange gain/(loss), net | (452 | ) | 14,577 | 1,997 | ||||
| Other income/(loss), net | 34 | (2,476 | ) | (339 | ) | |||
| Net loss before income tax and share of loss in equity method investments | (475,265 | ) | (101,233 | ) | (13,868 | ) | ||
| Income tax expense | (658 | ) | (1,130 | ) | (155 | ) | ||
| Share of loss in equity method investment | (45 | ) | (13 | ) | (2 | ) | ||
| Net loss | (475,968 | ) | (102,376 | ) | (14,025 | ) | ||
| Net loss attributable to ordinary shareholders of the Company | (475,968 | ) | (102,376 | ) | (14,025 | ) | ||
| Net loss per share: | ||||||||
| Basic | (3.81 | ) | (0.79 | ) | (0.11 | ) | ||
| Diluted | (3.81 | ) | (0.79 | ) | (0.11 | ) | ||
| Weighted average ordinary shares used in calculating net loss per share: | ||||||||
| Basic | 124,783,013 | 129,188,125 | 129,188,125 | |||||
| Diluted | 124,783,013 | 129,188,125 | 129,188,125 | |||||
| Net loss | (475,968 | ) | (102,376 | ) | (14,025 | ) | ||
| Other comprehensive loss, net of tax of nil: | ||||||||
| Foreign currency translation adjustments | 42,048 | 18,535 | 2,539 | |||||
| Comprehensive loss, net of tax of nil | (433,920 | ) | (83,841 | ) | (11,486 | ) | ||
| HESAI GROUP | ||||||||
| UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except share and per share data and otherwise noted) | ||||||||
| Three months ended December 31, | ||||||||
| 2023 | 2024 | |||||||
| RMB | RMB | US$ | ||||||
| (Loss) Income from operations | (162,834 | ) | 106,550 | 14,597 | ||||
| Add: Share-based compensation expenses, net of tax | 40,567 | 23,406 | 3,207 | |||||
| Non-GAAP income/(loss) from operations | (122,267 | ) | 129,956 | 17,804 | ||||
| Net income/(loss) | (140,911 | ) | 146,964 | 20,134 | ||||
| Add: Share-based compensation expenses, net of tax | 40,567 | 23,406 | 3,207 | |||||
| Non-GAAP net income/(loss) | (100,344 | ) | 170,370 | 23,341 | ||||
| Net (loss) income attributable to ordinary shareholders of the Company | (140,911 | ) | 146,964 | 20,134 | ||||
| Add: Share-based compensation expenses, net of tax | 40,567 | 23,406 | 3,207 | |||||
| Non-GAAP net income/(loss) attributable to ordinary shareholders of the Company | (100,344 | ) | 170,370 | 23,341 | ||||
| Weighted average shares used in calculating net earnings/loss per share | ||||||||
| Basic | 126,492,417 | 130,414,178 | 130,414,178 | |||||
| Diluted | 126,492,417 | 135,612,037 | 135,612,037 | |||||
| Non-GAAP net earnings/loss per share attributable to ordinary shareholders of the Company | ||||||||
| Basic | (0.79 | ) | 1.31 | 0.18 | ||||
| Diluted | (0.79 | ) | 1.26 | 0.17 | ||||
| HESAI GROUP | ||||||||
| UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS-continued (All amounts in thousands, except share and per share data and otherwise noted) | ||||||||
| Year ended December 31, | ||||||||
| 2023 | 2024 | |||||||
| RMB | RMB | US$ | ||||||
| Loss from operations | (571,591 | ) | (204,907 | ) | (28,072 | ) | ||
| Add: Share-based compensation expenses, net of tax | 234,624 | 116,064 | 15,901 | |||||
| Non-GAAP loss from operations | (336,967 | ) | (88,843 | ) | (12,171 | ) | ||
| Net loss | (475,968 | ) | (102,376 | ) | (14,025 | ) | ||
| Add: Share-based compensation expenses, net of tax | 234,624 | 116,064 | 15,901 | |||||
| Non-GAAP net income/(loss) | (241,344 | ) | 13,688 | 1,876 | ||||
| Net loss attributable to ordinary shareholders of the Company | (475,968 | ) | (102,376 | ) | (14,025 | ) | ||
| Add: Share-based compensation expenses, net of tax | 234,624 | 116,064 | 15,901 | |||||
| Non-GAAP net income/(loss) attributable to ordinary shareholders of the Company | (241,344 | ) | 13,688 | 1,876 | ||||
| Weighted average shares used in calculating net earnings/loss per share | ||||||||
| Basic | 124,783,013 | 129,188,125 | 129,188,125 | |||||
| Diluted | 124,783,013 | 131,897,473 | 131,897,473 | |||||
| Non-GAAP net earnings/loss per share attributable to ordinary shareholders of the Company | ||||||||
| Basic | (1.93 | ) | 0.11 | 0.01 | ||||
| Diluted | (1.93 | ) | 0.10 | 0.01 | ||||
FAQ
What were Hesai's (HSAI) Q4 2024 financial results?
How many lidar units did Hesai (HSAI) ship in full-year 2024?
What is Hesai's (HSAI) revenue guidance for 2025?
Which major automotive partnerships did Hesai (HSAI) secure in 2024?
