Hesai Technology logs annual revenue of 2.08 billion yuan in 2024

Beijing (Gasgoo)- On March 11, LiDAR company Hesai Technology announced its unaudited financial results for the fourth quarter (Q4) and full year of 2024. With record-breaking revenue and strong market performance, Hesai saw its annual LiDAR shipments double year-on-year for the fourth consecutive year.

It claimed to be the world's first and only publicly listed LiDAR company to achieve full-year profitability, as well as the first to report positive operating and net cash flow for the entire year.

In 2024, Hesai recorded annual revenue of 2.08 billion yuan, with its Q4 revenue reaching 720 million yuan. The company delivered a total of 501,889 units of LiDAR product for the year, representing a 126% year-on-year soar. In the fourth quarter of last year, Hesai Technology shipped 222,054 units of LiDAR, reflecting a 153.1% spike from a year ago.  

In Q4, Hesai secured a large overseas OEM production order, signing a multi-year exclusive supply agreement with a top European automaker covering multiple oil-fueled and new energy vehicle models. In China, Hesai's ATX LiDAR series is set to become standard in several mass-produced vehicle models in 2025. The company has now secured mass production agreements for 120 vehicle models with 22 automakers worldwide.

Looking ahead, Hesai expects its revenue to range between 3 billion yuan and 3.5 billion yuan in 2025, with GAAP net income projected at 200 million yuan to 350 million yuan. Non-GAAP net income is anticipated to skyrocket 25 to 35 times compared to 2024, reaching 350 million yuan to 500 million yuan this year. Moreover, Hesai's annual LiDAR shipments are forecasted to increase 2 to 3 times from that of 2024, reaching 1.2 million to 1.5 million units.