Financial Performance - In Q1 2024, the company's total revenue reached RMB 360.969 million, a year-on-year increase of 149.1%[6] - Total revenue for Q1 2024 reached RMB 360.969 million, a significant increase of 149.1% compared to RMB 144.899 million in Q1 2023[16] - Revenue for the three months ended March 31, 2024, was RMB 360,965 thousand, a significant increase from RMB 144,850 thousand for the same period in 2023, representing a growth of approximately 149%[53] - Revenue from product sales was RMB 345.105 million in Q1 2024, up 200.8% from RMB 114.714 million in Q1 2023, primarily driven by increased sales of ADAS applications[17] - Sales of ADAS-related LiDAR products surged to RMB 305.859 million in Q1 2024, a 327.0% increase from RMB 71.632 million in Q1 2023, with unit sales rising from approximately 18,100 to 116,200[17] - The overall net loss for Q1 2024 was RMB 130.671 million, compared to a net loss of RMB 342.840 million in Q1 2023[6] - Net loss for Q1 2024 was RMB 130.7 million, a 61.9% reduction from a net loss of RMB 342.8 million in Q1 2023[27] - Adjusted net loss (non-IFRS measure) for Q1 2024 was RMB 84.1 million, compared to RMB 95.0 million in Q1 2023[28] Product Development and Sales - The sales volume of ADAS LiDAR products reached approximately 116,200 units, representing a year-on-year growth of 542.0%[4] - The company has secured production orders for 65 vehicle models from 22 automotive manufacturers and tier-one suppliers as of March 31, 2024[4] - The newly launched M3 LiDAR product features a measurement capability of 300m@10% reflectivity, breaking industry norms with its 940nm laser technology[5] - The MX LiDAR product, released in April 2024, integrates a full-stack system chip, aiming to lead the industry into a more cost-effective era[9] - As of Q1 2024, the cumulative sales of LiDAR products exceeded 460,000 units[8] - The company aims to make LiDAR technology accessible for vehicles priced at RMB 150,000, enhancing safety and convenience for consumers[9] Cost and Expenses - The overall gross margin improved from 8.4% in 2023 to 12.3% in Q1 2024[8] - Gross profit for Q1 2024 was RMB 44.482 million, compared to a gross loss of RMB 5.877 million in Q1 2023, resulting in a gross margin improvement from -4.1% to 12.3%[19] - The gross margin for ADAS products improved significantly to 10.6% in Q1 2024 from a gross loss margin of 58.5% in Q1 2023[20] - Total sales cost for Q1 2024 was RMB 316.487 million, an increase of 109.9% from RMB 150.776 million in Q1 2023, mainly due to higher sales volumes of ADAS products[18] - R&D expenses for Q1 2024 were RMB 148.6 million, a 97.4% increase from RMB 75.3 million in Q1 2023[23] - Sales and marketing expenses for Q1 2024 were RMB 28.4 million, up 52.1% from RMB 18.7 million in Q1 2023[24] - General and administrative expenses for Q1 2024 were RMB 38.3 million, an 11.7% increase from RMB 34.3 million in Q1 2023[25] Assets and Liabilities - Current assets increased to RMB 3,670.680 million as of March 31, 2024, compared to RMB 2,826.689 million as of December 31, 2023[14] - Total assets rose to RMB 4,108.931 million as of March 31, 2024, up from RMB 3,271.453 million as of December 31, 2023[14] - The company’s total liabilities decreased significantly to RMB 875.121 million as of March 31, 2024, from RMB 12,341.292 million as of December 31, 2023[14] - The company reported a total equity of RMB 3,233,810 thousand as of March 31, 2024, recovering from a deficit of RMB 9,069,839 thousand as of December 31, 2023[37] - Trade receivables decreased to RMB 557,918 thousand from RMB 678,265 thousand, a reduction of 17.7%[35] - Trade payables as of March 31, 2024, were RMB 554,617 thousand, an increase from RMB 490,202 thousand as of December 31, 2023, reflecting a growth of approximately 13.1%[63] Cash Flow and Financial Health - As of March 31, 2024, cash and cash equivalents totaled RMB 2.5 billion, up from RMB 1.8 billion as of December 31, 2023[31] - Cash and cash equivalents rose to RMB 2,503,709 thousand as of March 31, 2024, compared to RMB 1,826,413 thousand as of December 31, 2023, reflecting a growth of 37.0%[35] - Operating cash outflow for Q1 2024 was RMB 21.98 million, compared to RMB 16.77 million in Q1 2023[31] - The company did not declare or pay any dividends for the three months ended March 31, 2024, consistent with the same period in 2023[59] Management and Governance - The board of directors includes Dr. Chiu Chun-Hsin, Mr. Liu Le-Tian, and Mr. Chiu Chun-Tao as executive directors, with Dr. Zhu Xiao-Rui as a non-executive director, and Mr. Feng Jian-Feng, Mr. Liu Min, and Mr. Wu Yu-Qiang as independent non-executive directors[68] - The announcement contains forward-looking statements based on current information and beliefs, which are subject to risks and uncertainties that may cause actual results to differ significantly[68] - Shareholders and investors are advised not to overly rely on the forward-looking statements due to the inherent risks and uncertainties involved[68]
速腾聚创(02498) - 2024 Q1 - 季度业绩