{"id":823907,"date":"2025-03-10T17:04:34","date_gmt":"2025-03-10T21:04:34","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/hesai-group-reports-fourth-quarter-and-full-year-2024-unaudited-financial-results\/"},"modified":"2025-03-10T17:04:34","modified_gmt":"2025-03-10T21:04:34","slug":"hesai-group-reports-fourth-quarter-and-full-year-2024-unaudited-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/hesai-group-reports-fourth-quarter-and-full-year-2024-unaudited-financial-results\/","title":{"rendered":"Hesai Group Reports Fourth Quarter and Full Year 2024 Unaudited Financial Results"},"content":{"rendered":"
\n

\n Quarterly net revenues were RMB719.8<\/em>
\n million (US$98.6 million)<\/em>
\n
\n 1
<\/em>
\n <\/sup>
\n Quarterly<\/em>
\n lidar<\/em>
\n shipments were<\/em>
\n 222,054 units
<\/em>
\n Full Year 2024 net revenues were RMB2,077.2\u00a0million (US$284.6 million)
<\/em>
\n Full Year 2024\u00a0lidar\u00a0shipments were\u00a0501,889 units<\/em>\n <\/p>\n

SHANGHAI, China, March 10, 2025 (GLOBE NEWSWIRE) — Hesai Group (\u201cHesai\u201d or the \u201cCompany\u201d), (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.<\/p>\n

\n Management Remarks<\/strong>\n <\/p>\n

\u201cIn 2024, Hesai achieved a milestone year with record-breaking lidar shipments, more than doubling annually for four consecutive years, and achieving the industry\u2019s highest revenues. We also made history as the world\u2019s first lidar company to achieve full-year non-GAAP2<\/sup> net profits, all while further strengthening our unmatched financial leadership with solid positive operating and net cash flows3<\/sup>,\u201d said Yifan \u201cDavid\u201d Li, Hesai\u2019s Co-Founder and CEO. \u201cThe lidar industry is undergoing an unprecedented transformation. Our ADAS lidars offer unbeatable value\u2014making cars safer, smarter, and more desirable. Lidar is no longer optional; it has become as essential as the \u2018seat belt\u2019 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\u2019re proud of the significant strides we\u2019ve 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\u2019re 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\u2014a 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.\u201d<\/p>\n

Mr. Andrew Fan, Hesai\u2019s CFO, added, \u201cOur record-breaking 2024 results showcase Hesai\u2019s strength and ability to seize emerging opportunities in ADAS and Robotics. With net revenues exceeding RMB2 billion\u2014the highest in the industry\u2014our 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\u2019s massive growth potential. Most importantly, in 2024, we became the world\u2019s 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\u2014making us the only company of our kind in the industry.<\/p>\n

Mr. Andrew Fan continued, \u201cBuilding on our momentum, we\u2019re set for an exceptional 2025! We\u2019re 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\u2014an 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!\u201d<\/p>\n

____________________________________________
1<\/sup> All translations from RMB to USD for the fourth quarter of 2024 were made at the exchange rate of RMB7.2993 to US$1.00, the exchange rate on December 31, 2024, set forth in the H.10 statistical release of the Federal Reserve Board.<\/sub>
2<\/sup> See \u201cUse of Non-GAAP Financial Measures\u201d and \u201cUnaudited Reconciliation of GAAP and Non-GAAP Results\u201d included in this release for further details.<\/sub>
3<\/sup> The Company defines net cash flows as the net changes in cash and cash equivalents.<\/sub><\/p>\n