SHANGHAI, Nov. 25, 2024 (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 ended September 30, 2024.
Operational Highlights
| Three months ended September 30, 2024 | Nine months ended September 30, 2024 | ||
| ADAS lidar shipments | 129,913 | 263,148 | |
| Autonomous Mobility lidar shipments | 4,295 | 16,687 | |
| Total lidar shipments | 134,208 | 279,835 | |
Management Remarks
“We are thrilled to share that our business continues to thrive and advance on a strong growth path,” said Yifan “David” Li, Hesai’s Co-Founder and CEO. “This quarter, we have made significant strides in the ADAS market, securing new design wins, partnerships, and development programs with key players, including a Top 3 OEM in Japan, SAIC Volkswagen, Leapmotor, and a premium EV brand backed by a leading Chinese automotive group. We also have reached a key milestone in our global expansion by successfully delivering B-sample units for our worldwide shipping programs with a leading global automotive OEM. OEMs at home and abroad have widely recognized lidar's essential safety features as a critical component in their holistic safety systems, similar to an ‘active’ seat belt or airbag. Furthermore, lidar’s versatility, with applications in emerging areas such as industrial robotics, smart factories and logistics, continues to garner attention. Our latest flagship product, OT128, a 360° mechanical, automotive-grade long-range lidar, is designed for scalable deployment in robotaxi and industrial applications. We are actively exploring new use cases and engaging with customers across both ADAS and AM sectors, leveraging our full lineup of versatile lidars.
“I am also delighted to announce that Andrew Fan has joined us as our Chief Financial Officer. Andrew brings a wealth of experience in financial strategy and corporate finance, as well as an impressive track record of driving growth and operational efficiency in dynamic industries. His insights and leadership will be invaluable as we navigate the evolving landscape and continue to strengthen our position in the global lidar industry,” Dr. Li continued. “Andrew's strategic vision aligns seamlessly with our goals, and I believe his commitment to innovation and financial rigor will help us unlock new levels of success. I am confident that with his expertise and dedication, we are well-positioned for another exciting chapter of growth and accomplishment.”
Mr. Andrew Fan, Hesai’s CFO, added, “Our strong third quarter financial performance was highlighted by robust operational execution across all key metrics. Quarterly shipment volume reached 134,208 units, marking our second consecutive quarter of nearly 50% sequential growth and propelling net revenues to RMB539.4 million (US$76.9 million), surpassing the upper range of our guidance. We maintained a robust blended gross margin of 47.7%, driven by effective cost management and our flywheel approach to cost and scale optimization. The margin was further bolstered by NRE revenues from our L4 lidar, which is being prepared for potential large-scale deployment by a leading global robotaxi player in the coming years. Our strong commitment to operational efficiency and financial discipline has also enabled us to consistently reduce our GAAP net loss for four consecutive quarters. Looking ahead, we’re expecting a record-breaking fourth quarter, with lidar shipments projected to reach 200,000 units—an astounding volume nearly matching our total shipments in 2023. Based on our current estimates, fourth quarter net revenues are expected to soar to nearly US$100 million, delivering an estimated net profit of US$20 million and a positive operating cash flow. Additionally, we anticipate achieving full-year profitability on a non-GAAP basis for 2024, positioning us to become the first automotive lidar company worldwide to achieve this remarkable milestone. This anticipated explosive growth underscores our robust momentum as we drive toward a landmark fiscal year finish!”
Financial Highlights for the Third Quarter of 2024
(in RMB millions, except for per ordinary share data and percentage)
| Q3 2024 | Q3 2023 | % Change | ||||
| Net revenues | 539.4 | 445.6 | 21.1 | % | ||
| Gross margin | 47.7% | 30.6% | ||||
| Loss from operations | (77.2) | (167.2) | -53.8 | % | ||
| Non-GAAP2 loss from operations | (50.9) | (127.4) | -60.1 | % | ||
| Net loss | (70.4) | (141.8) | -50.4 | % | ||
| Non-GAAP net loss | (44.0) | (101.9) | -56.8 | % | ||
| Net loss attributable to ordinary shareholders of the Company | (70.4) | (141.8) | -50.4 | % | ||
| Net loss per ordinary share-basic and diluted | (0.54) | (1.13) | -52.2 | % | ||
| Non-GAAP net loss per ordinary share – basic and diluted | (0.34) | (0.81) | -58.2 | % | ||
Business Outlook
For the fourth quarter of 2024, the Company expects net revenues to approach US$100 million (RMB702 million).
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 8:00 PM U.S. Eastern Time on November 25, 2024 (9:00 AM Beijing/Hong Kong Time on November 26, 2024).
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 Third Quarter 2024 Earnings Conference Call |
| Pre-registration Link: | https://s1.c-conf.com/diamondpass/10043265-yghrf.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 December 3, 2024, 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: | 10043265 |
About Hesai
Hesai is the global leader in three-dimensional light detection and ranging (lidar) solutions. The Company’s lidar products enable a broad spectrum of applications across passenger and commercial vehicles with advanced driver assistance systems (ADAS) and autonomous vehicle fleets (autonomous mobility). Hesai's technology also empowers robotics applications such as last-mile delivery robots and logistics robots in restricted areas. The Company’s commercially validated solutions are backed by superior R&D capabilities across optics, mechanics, and electronics. Hesai integrates lidar designs with an in-house manufacturing process, facilitating rapid product development while ensuring high performance, consistent quality and affordability. Hesai has established strong relationships with leading automotive OEMs, autonomous vehicle, and robotics companies worldwide, covering over 40 countries as of December 31, 2023.
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: loss from operation excluding share-based compensation expenses, net loss excluding share-based compensation expenses, net loss attributable to ordinary shareholders excluding share-based compensation, and per ordinary share net 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 RMB7.0176 to US$1.00, the exchange rate on September 30, 2024, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.
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, autonomous mobility 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:
In China:
Hesai Group
Yuanting “YT” Shi, Investor Relations Director
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Piacente Financial Communications
Jenny Cai
Tel: +86 (10) 6508-0677
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
| 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 | September 30, 2024 | |||||||||||
| RMB | RMB | US$ | ||||||||||
| ASSETS | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | 1,554,583 | 2,162,451 | 308,147 | |||||||||
| Restricted cash | 3,541 | 3,504 | 499 | |||||||||
| Short-term investments | 1,586,005 | 364,758 | 51,978 | |||||||||
| Notes receivables | - | 77,932 | 11,105 | |||||||||
| Accounts receivable, net | 524,818 | 787,882 | 112,272 | |||||||||
| Contract assets | 19,688 | 18,227 | 2,597 | |||||||||
| Amounts due from related parties | 5,015 | 4,959 | 707 | |||||||||
| Inventories | 495,877 | 591,615 | 84,304 | |||||||||
| Prepayments and other current assets | 208,082 | 239,101 | 34,072 | |||||||||
| Total current assets | 4,397,609 | 4,250,429 | 605,681 | |||||||||
| Non-current assets: | ||||||||||||
| Property and equipment, net | 871,611 | 936,944 | 133,513 | |||||||||
| Long-term investments | 31,811 | 31,811 | 4,533 | |||||||||
| Intangible assets, net | 78,730 | 83,541 | 11,904 | |||||||||
| Land-use rights, net | 40,743 | 40,095 | 5,713 | |||||||||
| Right-of-use assets | 151,871 | 120,003 | 17,100 | |||||||||
| Other non-current assets | 90,168 | 94,361 | 13,446 | |||||||||
| Total non-current assets | 1,264,934 | 1,306,755 | 186,209 | |||||||||
| TOTAL ASSETS | 5,662,543 | 5,557,184 | 791,890 | |||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
| Current liabilities: | ||||||||||||
| Short-term borrowings | 111,682 | 218,457 | 31,130 | |||||||||
| Notes payable | 7,255 | 48,560 | 6,920 | |||||||||
| Accounts payable | 269,439 | 235,706 | 33,588 | |||||||||
| Contract liabilities | 79,925 | 58,161 | 8,288 | |||||||||
| Amounts due to related parties | 340,051 | 331,420 | 47,227 | |||||||||
| Accrued warranty liability | 28,425 | 37,710 | 5,374 | |||||||||
| Accrued expenses and other current liabilities | 498,324 | 448,220 | 63,865 | |||||||||
| Total current liabilities | 1,335,101 | 1,378,234 | 196,392 | |||||||||
| Non-current liabilities | ||||||||||||
| Operating lease liabilities | 119,413 | 103,662 | 14,772 | |||||||||
| Long-term borrowings | 285,898 | 298,892 | 42,592 | |||||||||
| Other non-current liabilities | 59,813 | 53,766 | 7,662 | |||||||||
| Total non-current liabilities | 465,124 | 456,320 | 65,026 | |||||||||
| TOTAL LIABILITIES | 1,800,225 | 1,834,554 | 261,418 | |||||||||
| Shareholders’ Equity | ||||||||||||
| Class A Ordinary shares | 19 | 19 | 3 | |||||||||
| Class B Ordinary shares | 67 | 69 | 10 | |||||||||
| Additional paid-in capital | 7,423,862 | 7,536,450 | 1,073,936 | |||||||||
| Subscription receivables | (292,721 | ) | (292,721 | ) | (41,712 | ) | ||||||
| Accumulated other comprehensive income | 38,440 | 35,501 | 5,059 | |||||||||
| Accumulated deficit | (3,307,349 | ) | (3,556,688 | ) | (506,824 | ) | ||||||
| TOTAL SHAREHOLDERS’ EQUITY | 3,862,318 | 3,722,630 | 530,472 | |||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 5,662,543 | 5,557,184 | 791,890 | |||||||||
| HESAI GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (All amounts in thousands, except share and per share data and otherwise noted) | ||||||||||||
| Three months ended September 30, | ||||||||||||
| 2023 | 2024 | |||||||||||
| RMB | RMB | US$ | ||||||||||
| Net revenues | 445,562 | 539,417 | 76,866 | |||||||||
| Cost of revenues | (309,429 | ) | (281,913 | ) | (40,172 | ) | ||||||
| Gross profit | 136,133 | 257,504 | 36,694 | |||||||||
| Operating expenses: | ||||||||||||
| Sales and marketing expenses | (36,848 | ) | (46,218 | ) | (6,586 | ) | ||||||
| General and administrative expenses | (80,496 | ) | (76,523 | ) | (10,904 | ) | ||||||
| Research and development expenses | (192,574 | ) | (220,248 | ) | (31,386 | ) | ||||||
| Other operating income, net | 6,542 | 8,259 | 1,177 | |||||||||
| Total operating expenses | (303,376 | ) | (334,730 | ) | (47,699 | ) | ||||||
| Loss from operations | (167,243 | ) | (77,226 | ) | (11,005 | ) | ||||||
| Interest income | 28,899 | 25,514 | 3,636 | |||||||||
| Interest expenses | (1,166 | ) | (3,557 | ) | (507 | ) | ||||||
| Foreign exchange loss, net | (2,260 | ) | (13,695 | ) | (1,952 | ) | ||||||
| Other loss, net | (24 | ) | (1,477 | ) | (210 | ) | ||||||
| Net loss before income tax and share of loss in equity method investments | (141,794 | ) | (70,441 | ) | (10,038 | ) | ||||||
| Income tax benefit | 40 | 68 | 10 | |||||||||
| Share of income/(loss) in equity method investment | (11 | ) | 18 | 3 | ||||||||
| Net loss | (141,765 | ) | (70,355 | ) | (10,025 | ) | ||||||
| Net loss attributable to ordinary shareholders of the Company | (141,765 | ) | (70,355 | ) | (10,025 | ) | ||||||
| Net loss per share: | ||||||||||||
| Basic and diluted | (1.13 | ) | (0.54 | ) | (0.08 | ) | ||||||
| Weighted average ordinary shares used in calculating net loss per share: | ||||||||||||
| Basic and diluted | 125,797,264 | 129,897,736 | 129,897,736 | |||||||||
| Net loss | (141,765 | ) | (70,355 | ) | (10,025 | ) | ||||||
| Other comprehensive loss: | ||||||||||||
| Foreign currency translation adjustments | (10,874 | ) | (8,960 | ) | (1,277 | ) | ||||||
| Comprehensive loss | (152,639 | ) | (79,315 | ) | (11,302 | ) | ||||||
| HESAI GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (All amounts in thousands, except share and per share data and otherwise noted) | ||||||||||||
| Nine months ended September 30, | ||||||||||||
| 2023 | 2024 | |||||||||||
| RMB | RMB | US$ | ||||||||||
| Net revenues | 1,315,805 | 1,357,399 | 193,428 | |||||||||
| Cost of revenues | (885,894 | ) | (753,847 | ) | (107,423 | ) | ||||||
| Gross profit | 429,911 | 603,552 | 86,005 | |||||||||
| Operating expenses: | ||||||||||||
| Sales and marketing expenses | (99,137 | ) | (143,927 | ) | (20,509 | ) | ||||||
| General and administrative expenses | (186,735 | ) | (211,436 | ) | (30,129 | ) | ||||||
| Research and development expenses | (562,071 | ) | (613,259 | ) | (87,389 | ) | ||||||
| Other operating income, net | 9,275 | 53,613 | 7,640 | |||||||||
| Total operating expenses | (838,668 | ) | (915,009 | ) | (130,387 | ) | ||||||
| Loss from operations | (408,757 | ) | (311,457 | ) | (44,382 | ) | ||||||
| Interest income | 69,024 | 81,906 | 11,672 | |||||||||
| Interest expenses | (2,236 | ) | (9,177 | ) | (1,308 | ) | ||||||
| Foreign exchange income/(loss) | 6,837 | (8,657 | ) | (1,234 | ) | |||||||
| Other income/(loss), net | 34 | (1,406 | ) | (200 | ) | |||||||
| Net loss before income tax and share of loss in equity method investments | (335,098 | ) | (248,791 | ) | (35,452 | ) | ||||||
| Income tax benefit/(expense) | 75 | (547 | ) | (78 | ) | |||||||
| Share of loss in equity method investment | (34 | ) | (1 | ) | (1 | ) | ||||||
| Net loss | (335,057 | ) | (249,339 | ) | (35,531 | ) | ||||||
| Net loss attributable to ordinary shareholders of the Company | (335,057 | ) | (249,339 | ) | (35,531 | ) | ||||||
| Net loss per share: | ||||||||||||
| Basic and diluted | (2.70 | ) | (1.94 | ) | (0.28 | ) | ||||||
| Weighted average ordinary shares used in calculating net loss per share: | ||||||||||||
| Basic and diluted | 124,206,950 | 128,775,472 | 128,775,472 | |||||||||
| Net loss | (335,057 | ) | (249,339 | ) | (35,531 | ) | ||||||
| Other comprehensive loss: | ||||||||||||
| Foreign currency translation adjustments | 57,563 | (2,939 | ) | (419 | ) | |||||||
| Comprehensive loss | (277,494 | ) | (252,278 | ) | (35,950 | ) | ||||||
| HESAI GROUP UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except share and per share data and otherwise noted) | ||||||||||||
| For the three months ended September 30, | ||||||||||||
| 2023 | 2024 | |||||||||||
| RMB | RMB | US$ | ||||||||||
| Loss from operations | (167,243 | ) | (77,226 | ) | (11,005 | ) | ||||||
| Add: Share-based compensation expenses | 39,820 | 26,353 | 3,755 | |||||||||
| Non-GAAP loss from operations | (127,423 | ) | (50,873 | ) | (7,250 | ) | ||||||
| Net loss | (141,765 | ) | (70,355 | ) | (10,025 | ) | ||||||
| Add: Share-based compensation expenses | 39,820 | 26,353 | 3,755 | |||||||||
| Non-GAAP net loss | (101,945 | ) | (44,002 | ) | (6,270 | ) | ||||||
| Net loss attributable to ordinary shareholders of the Company | (141,765 | ) | (70,355 | ) | (10,025 | ) | ||||||
| Add: Share-based compensation expenses | 39,820 | 26,353 | 3,755 | |||||||||
| Non-GAAP net loss attributable to ordinary shareholders of the Company | (101,945 | ) | (44,002 | ) | (6,270 | ) | ||||||
| Loss per share: Basic and diluted | (1.13 | ) | (0.54 | ) | (0.08 | ) | ||||||
| Add: Share-based compensation expenses per ordinary share | 0.32 | 0.20 | 0.03 | |||||||||
| Non-GAAP net loss per ordinary share – basic and diluted | (0.81 | ) | (0.34 | ) | (0.05 | ) | ||||||
| HESAI GROUP UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except share and per share data and otherwise noted) | ||||||||||||
| For the Nine months ended September 30, | ||||||||||||
| 2023 | 2024 | |||||||||||
| RMB | RMB | US$ | ||||||||||
| Loss from operations | (408,757 | ) | (311,457 | ) | (44,382 | ) | ||||||
| Add: Share-based compensation expenses | 194,057 | 92,657 | 13,204 | |||||||||
| Non-GAAP loss from operations | (214,700 | ) | (218,800 | ) | (31,178 | ) | ||||||
| Net loss | (335,057 | ) | (249,339 | ) | (35,531 | ) | ||||||
| Add: Share-based compensation expenses | 194,057 | 92,657 | 13,204 | |||||||||
| Non-GAAP net loss | (141,000 | ) | (156,682 | ) | (22,327 | ) | ||||||
| Net loss attributable to ordinary shareholders of the Company | (335,057 | ) | (249,339 | ) | (35,531 | ) | ||||||
| Add: Share-based compensation expenses | 194,057 | 92,657 | 13,204 | |||||||||
| Non-GAAP net loss attributable to ordinary shareholders of the Company | (141,000 | ) | (156,682 | ) | (22,327 | ) | ||||||
| Loss per share: Basic and diluted | (2.70 | ) | (1.94 | ) | (0.28 | ) | ||||||
| Add: Share-based compensation expenses per ordinary share | 1.56 | 0.72 | 0.11 | |||||||||
| Non-GAAP net loss per ordinary share – basic and diluted | (1.14 | ) | (1.22 | ) | (0.17 | ) | ||||||
_______________________________________
1 All translations from RMB to USD for the third quarter of 2024 were made at the exchange rate of RMB7.0176 to US$1.00, the exchange rate on September 30, 2024, set forth in the H.10 statistical release of the Federal Reserve Board.
2 See “Use of Non-GAAP Financial Measures” and “Unaudited Reconciliation of GAAP and Non-GAAP Results” included in this release for further details.
| Last Trade: | US$6.85 |
| Daily Change: | 2.10 44.21 |
| Daily Volume: | 36,256,558 |
| Market Cap: | US$667.460M |
October 22, 2024 October 01, 2024 September 09, 2024 July 29, 2024 | |
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