Hesai Group Reports Second Quarter 2024 Unaudited Financial Results
For the second quarter of 2024, Hesai Group recorded net revenues of RMB458.9 million (US$63.1 million) and shipped a total of 86,526 lidar units.
Today, Hesai Group (NASDAQ: HSAI), a global leader in three-dimensional light detection and ranging (lidar) solutions, announced its unaudited financial results for the three-month period ending June 30, 2024.
Operational Highlights
- Q2 2024 ADAS lidar shipments totaled 80,773 units, marking a substantial increase of 76.8% compared to the previous year.
- Q2 2024 Total lidar shipments reached 86,526 units, reflecting a year-over-year growth of 66.1%.
- ADAS lidar shipments for the first half of 2024 amounted to 133,235 units, which is an increase of 80.3% from last year.
- Total lidar shipments for the first half of 2024 hit 145,627 units, representing a 67.5% rise year-over-year.
Management Remarks
Yifan "David" Li, Co-Founder and CEO of Hesai, expressed his satisfaction with the strong results for the second quarter, stating, "We are pleased to report revenues at the high end of our guidance. Our total lidar shipments increased by 66.1% year-over-year, and we maintained a solid gross margin of 45.1%. Our effective cost management and the growth in service revenues have been key to our success. Additionally, we are proud to be recognized as the leading automotive lidar company by market share for the third consecutive year by Yole Intelligence. This acknowledgment inspires us to pursue further achievements in the ADAS and autonomous mobility sectors. As a prominent player in China's robotaxi market, we are excited to supply top companies, including Baidu’s Apollo Go, as we expect a significant demand for our next-generation lidar solutions. Moreover, we anticipate substantial growth in our outreach across both domestic and international markets in the coming years."
Hesai's recent Environmental, Social, and Governance (ESG) report showcases their dedication to sustainable development in their business practices, strategically aligning their objectives with ESG best practices to generate long-term value for stakeholders and society.
Business Outlook
Looking ahead to the third quarter of 2024, the Company projects net revenues to be between RMB450 million (US$61.9 million) and RMB500 million (US$68.8 million), indicating a year-over-year growth of approximately 1.0% to 12.2% based on current market conditions.
Frequently Asked Questions
What were the net revenues for Hesai Group in Q2 2024?
Net revenues for Q2 2024 were RMB458.9 million (US$63.1 million).
How much did lidar shipments increase year-over-year in Q2 2024?
Lidar shipments in Q2 2024 increased by 66.1% compared to the same period in 2023.
Who is Hesai Group recognized by in the lidar market?
Hesai Group has been recognized as the No. 1 automotive lidar company by market share for three consecutive years by Yole Intelligence.
What is the expected revenue range for Q3 2024?
The expected revenue range for Q3 2024 is between RMB450 million (US$61.9 million) and RMB500 million (US$68.8 million).
What strategic initiatives is Hesai Group undertaking for sustainability?
Hesai Group is actively publishing ESG reports that highlight their commitment to sustainable development while aligning their business strategies with ESG best practices.
