Hesai Group’s net revenue drops 16.5% YoY in Q1 2024

Beijing (Gasgoo)- On May 20, 2024, global LiDAR solution provider Hesai Group reported its unaudited financial results for the quarter ended March 31, 2024 (Q1 2024).

In the first quarter of 2024, Hesai shipped 52,462 units of ADAS LiDAR, marking an 86.1% soar from the same period of 2023. Total LiDAR shipments for Q1 2024 were 59,101 units, surging 69.7% year on year.

Net revenues during the quarter were 359.1 million yuan (US$49.7 million), reflecting a 16.5% decrease from the 429.9 million yuan for the same quarter of 2023. Meanwhile, Hesai’s gross margin stood at 38.8%, up one percentage points from a year ago.

The net loss for the first quarter was 106.9 million yuan (US$14.8 million), compared to a net loss of 118.9 million yuan in the same period last year. Excluding share-based compensation expenses, the company’s non-GAAP net loss reached 69.1 million yuan (US$9.6 million) for Q1 2024, compared to a non-GAAP net income of 1.6 million yuan in Q1 2023.

In the first quarter of this year, Hesai’s R&D expenses amounted to 194.4 million yuan (US$26.9 million).

For the second quarter of 2024, Hesai expects net revenues to range between 440 million yuan (US$60.9 million) and 460 million yuan (US$63.7 million), representing a year-on-year rise of roughly 0% to 4.5%.