Hesai(US:HSAI) globenewswire.comยท2024-05-20 21:00Core 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]