Hesai Group (NASDAQ:HSAI) Q1 2024 Results Conference Call May 21, 2024 9:00 PM ET Company Participants Yuanting Shi - Investor Relations Director Yifan Li - Co-Founder, CEO & Director Conference Call Participants Stanley Wang - Morgan Stanley Jeff Chung - Citi Tina Hou - Goldman Sachs Bin Wang - Deutsche Bank Jessie Lo - BofA Zhang Yu - Huatai Securities Michelle Jing - HTI Operator Hello, ladies and gentlemen. Thank you for standing by for Hesai Group's First Quarter 2024 Earnings Conference Call. [Operato ...

Core Insights - Hesai Group reported quarterly net revenues of RMB359.1 million (US$49.7 million) for Q1 2024, a decrease of 16.5% from RMB429.9 million in Q1 2023 [1][8] - Total lidar shipments reached 59,101 units in Q1 2024, marking a 69.7% increase from 34,834 units in the same period of 2023 [2][3] - The company aims to achieve profitability by Q4 2024, driven by effective cost management and strategic initiatives [3] Operational Highlights - ADAS lidar shipments were 52,462 units in Q1 2024, up 86.1% from 28,195 units in Q1 2023 [2] - Autonomous Mobility lidar shipments accounted for 6,639 units in Q1 2024 [2] - The company has launched the ATX, a new ultra-compact high-performance long-range ADAS lidar, expected to begin production in Q1 2025 [5] Business Developments - Hesai secured design wins with four prominent global automotive OEMs, including partnerships with a top global automotive OEM and a major global OEM's joint venture [6] - A strategic partnership was established with Marelli to integrate the ATX into innovative headlamp designs [6] - The company has secured ADAS design wins with 18 OEMs and Tier 1 suppliers globally across approximately 70 vehicle models [6] Financial Performance - Gross margin improved to 38.8% in Q1 2024, compared to 37.8% in Q1 2023 [9] - Loss from operations increased to RMB138.5 million (US$19.2 million) in Q1 2024, up 8.2% from RMB128.0 million in Q1 2023 [12] - Net loss for Q1 2024 was RMB106.9 million (US$14.8 million), a decrease of 10.1% from RMB118.9 million in Q1 2023 [13] Future Outlook - For Q2 2024, the company expects net revenues to be between RMB440 million (US$60.9 million) and RMB460 million (US$63.7 million), indicating a year-over-year increase of approximately 0% to 4.5% [14]

Core Insights - Hesai Group reported quarterly net revenues of RMB359.1 million (US$49.7 million) for Q1 2024, a decrease of 16.5% from RMB429.9 million in Q1 2023 [8][12] - Total lidar shipments reached 59,101 units in Q1 2024, marking a 69.7% increase from 34,834 units in the same period of 2023 [2][3] - The company aims to achieve profitability by Q4 2024, driven by effective cost management and strategic initiatives [3] Operational Highlights - ADAS lidar shipments were 52,462 units in Q1 2024, up 86.1% from 28,195 units in Q1 2023 [2] - Autonomous Mobility lidar shipments accounted for 6,639 units in Q1 2024 [2] - The company has secured design wins with four prominent global OEMs, including partnerships with a top global automotive OEM and a major global OEM's joint venture [6][4] Product Updates - The company launched the ATX, an ultra-compact high-performance long-range ADAS lidar, which features 7x optical zoom and a maximum detection range of 300 meters [5] - The ATX is expected to begin production in Q1 2025 and has already received design wins from four leading OEMs [5] Financial Performance - Gross margin improved to 38.8% in Q1 2024, compared to 37.8% in Q1 2023 [9] - Loss from operations increased to RMB138.5 million (US$19.2 million) in Q1 2024, up 8.2% from RMB128.0 million in Q1 2023 [12] - The net loss for Q1 2024 was RMB106.9 million (US$14.8 million), a decrease of 10.1% from RMB118.9 million in Q1 2023 [12][13] Business Outlook - For Q2 2024, the company expects net revenues to be between RMB440 million (US$60.9 million) and RMB460 million (US$63.7 million), indicating a year-over-year increase of approximately 0% to 4.5% [14]

PALO ALTO, Calif., May 13, 2024 /PRNewswire/ -- Hesai Group (NASDAQ: HSAI) ("Hesai" or the "Company"), the global leader in three-dimensional light detection and ranging (lidar) solutions, today announced that Louis T. Hsieh has resigned from his positions as the Global Chief Financial Officer (CFO) and Board Director of Hesai for personal and family reasons, effective today. The Company greatly appreciates Mr. Hsieh's significant contributions to Hesai's business, financial management, capital markets tran ...

SHANGHAI, China, April 29, 2024 (GLOBE NEWSWIRE) -- Hesai Group ("Hesai," "Hesai Technology" or the "Company") (NASDAQ:HSAI), the global leader in three-dimensional light detection and ranging (lidar) solutions, today announced that it will report its first quarter 2024 unaudited financial results on Monday, May 20, 2024, after the close of U.S. markets. The Company's management will host an earnings conference call at 9:00 PM U.S. Eastern Time on May 20, 2024 (9:00 AM Beijing/Hong Kong Time on May 21, 2024 ...

SHANGHAI, China, April 29, 2024 (GLOBE NEWSWIRE) -- Hesai Group (“Hesai,” “Hesai Technology” or the “Company”) (NASDAQ: HSAI), the global leader in three-dimensional light detection and ranging (lidar) solutions, today announced that it will report its first quarter 2024 unaudited financial results on Monday, May 20, 2024, after the close of U.S. markets. The Company’s management will host an earnings conference call at 9:00 PM U.S. Eastern Time on May 20, 2024 (9:00 AM Beijing/Hong Kong Time on May 21, 202 ...

SHANGHAI, China, April 25, 2024 (GLOBE NEWSWIRE) -- Hesai Group ("Hesai" or the "Company") (NASDAQ:HSAI), the global leader in three-dimensional light detection and ranging (lidar) solutions, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2023 with the Securities and Exchange Commission (the "SEC") on April 25, 2024. The annual report, which contains the Company's audited consolidate statements, can be accessed on the SEC's website at https://www.sec.gov ...

Table of Contents Title of Each Class Trading Symbol Name of Each Exchange On Which Registered American depositary shares, each representing one Class B ordinary share Class B ordinary share, par value US$0.0001 per share* HSAI The Nasdaq Stock Market LLC The Nasdaq Stock Market LLC UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION ...

PALO ALTO, Calif., April 24, 2024 /PRNewswire/ -- Marelli, a leading mobility technology supplier to the automotive sector, and Hesai Group (NASDAQ: HSAI), a global leader in automotive-grade lidar today announced a collaboration to integrate Marelli's innovative headlamp design with Hesai's next-generation lidar technology. Marelli and Hesai showcase lidar-integrated headlamps for enhanced automotive safety This unique integration seamlessly blends Hesai's new ATX lidar into Marelli's premium automotiv ...

Ultra-Compact High-Performance Long-Range Lidar Designed for ADAS Series Production Vehicles Intelligent Rain and Fog Identification  PALO ALTO, Calif, April 22, 2024 /PRNewswire/ -- Hesai Technology (Nasdaq: HSAI), the global leader in lidar technologies for autonomous mobility systems, ADAS, and industrial robotics applications, today released its new ultra-wide field of view (FOV), long-range lidar—the ATX.With a longer detection range, higher resolution, and wider FOV, ATX empowers intelligent vehicles ...