RoboSense’s Q1 2024 revenue surges 149.1% YoY

Beijing (Gasgoo)- RoboSense on May 20, released its unaudited financial results for the first quarter of 2024, highlighting a total revenue of 361 million yuan, marking a 149.1% surge year-on-year.

Revenue from LiDAR products for ADAS applications was approximately 310 million yuan, a significant 327% spike from around 70 million yuan in Q1 2023.

This growth was primarily driven by increased sales of LiDAR products. In Q1 2024, RoboSense sold around 120,000 units of LiDAR products (+457.4% YoY), with approximately 116,000 units (+542% YoY) designated for ADAS applications.

As of May 17, 2024, RoboSense had secured production orders for 71 vehicle models from 22 global automakers and Tier 1 suppliers. By the end of Q1, RoboSense had facilitated the mass production of 25 vehicle models for 12 clients, with cumulative LiDAR sales surpassing 460,000 units, including over 400,000 automotive LiDAR units.

According to Gasgoo Auto Research Institute, in the first three months of 2024, RoboSense installed 116,000 LiDAR units onto vehicles, capturing a market share of 51.6%, making it the leader among all LiDAR makers in China.

Thanks to the increased production of ADAS LiDAR products, RoboSense achieved a gross profit of 44.5 million yuan in Q1 2024, compared to a gross loss of 5.9 million yuan in Q1 2023.

In terms of profitability, RoboSense reported an adjusted net loss of 84.1 million yuan for Q1 2024, excluding share-based compensation, changes in the fair value of financial instruments issued to investors, and listing expenses. This is an 11.5% improvement compared to a net loss of 95 million yuan in Q1 2023.

Notably, RoboSense's R&D expenses for the quarter were approximately 150 million yuan, which shot up 97.4% from Q1 2023.