Hesai Group Achieves Historic Financial Milestones In 2024
$HSAI
Hesai Group (NASDAQ:HSAI), a global leader in three-dimensional light detection and ranging (lidar) solutions, has announced its unaudited financial results for the fourth quarter and the full year ended December 31, 2024. The Shanghai-based company reported a significant year of growth, marked by record-breaking lidar shipments and the achievement of the industry’s highest revenues.
In 2024, Hesai’s quarterly net revenues reached RMB719.8 million (US$98.6 million), with lidar shipments totaling 222,054 units. For the full year, net revenues soared to RMB2,077.2 million (US$284.6 million), with total lidar shipments of 501,889 units. This performance represents a substantial increase from the previous year.
Its non-GAAP net profit of RMB14 million for 2024, a significant turnaround from a non-GAAP net loss of RMB241 million in 2023. This profitability was supported by operating and net cash flows, with full-year positive operating cash flows of RMB63 million and net cash flows of RMB1.3 billion.
Yifan “David” Li, Co-Founder and CEO of Hesai, highlighted the company’s milestone achievements, noting, “In 2024, Hesai achieved a milestone year with record-breaking lidar shipments, more than doubling annually for four consecutive years and achieving the industry’s highest revenues.” He also emphasized the transformative impact of Hesai’s ADAS lidars in making vehicles safer and more desirable, likening their importance to that of seat belts in vehicles.
Andrew Fan, CFO of Hesai, expressed optimism about the company’s future, stating, “Our record-breaking 2024 results showcase Hesai’s strength and ability to seize emerging opportunities in ADAS and Robotics.” He projected net revenues for 2025 to range between RMB 3.0 billion and RMB3.5 billion, with GAAP profitability expected to reach RMB200 to 350 million and non-GAAP profitability soaring to RMB350 to 500 million.
Hesai’s operational highlights for 2024 included a groundbreaking, exclusive design win with a top European OEM, which is set to last into the next decade across both ICE and EV platforms. This marks the largest global program for the automotive lidar industry.
Domestically, Hesai’s ATX long-range lidar, known for its cost-performance, has begun mass production with design wins secured from 11 OEMs, including major players like BYD and Chery. The company also launched the JT series mini 3D mechanical lidar for Robotics at CES 2025, which features the world’s widest hyper-hemispherical 360° horizontal field of view. This product has already seen significant demand, with over 20,000 units shipped in its first month of mass production.
Looking ahead, Hesai is poised for continued innovation in the lidar and ADAS sectors. As it continues to expand its product offerings and market reach, the implications for the automotive and robotics industries are profound, promising enhanced safety, efficiency and sustainability in mobility solutions.
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