VANCOUVER, BRITISH COLUMBIA – TheNewswire - November 24, 2025 (TSXV: PINN, OTC: PSGCF, Frankfurt: P9J) – Pinnacle Silver and Gold Corp. ("Pinnacle" or the “Company") is pleased to announce that an airborne LiDAR survey has been flown over the high-grade El Potrero gold-silver project in Durango, Mexico.  The survey covered the entire 11 km2 property and was flown by Eagle Mapping Ltd. of Langley, British Columbia.  Reprocessing and interpretation of the data will be conducted by GeoCloud Analytics of Melbo ...

Innoviz Technologies (NasdaqCM:INVZ) FY Conference November 20, 2025 10:45 AM ET Company ParticipantsOmer Keilaf - Founder and CEOConference Call ParticipantsNone - AnalystNoneOh, LinkedIn is much better.Omer KeilafOh, actually, yeah, I think LinkedIn is something I've really dealt with when COVID, when I couldn't travel. Now I can travel and talk to people.You can talk to people, and you can still post your videos on LinkedIn.Right, you're right.All right.I do that on Twitter, actually.Twitter. It is looki ...

Core Insights - Volvo has decided to discontinue its partnership with Luminar Technologies and will not include LiDAR technology in its 2026 ES90 and EX90 models due to supply chain issues and Luminar's failure to meet contractual obligations [1] - Elon Musk's long-standing criticism of LiDAR technology is gaining traction as major automakers like Volvo move away from it, suggesting a potential shift in the industry [1][3] - Tesla continues to advocate for a vision-only approach for its Full Self-Driving (FSD) technology, despite scrutiny from regulatory bodies like NHTSA [4][5] Company Developments - Volvo will not offer LiDAR in its upcoming models and has officially ended its relationship with Luminar Technologies [1] - Luminar's stock has reached an all-time low of $0.9018, indicating market concerns about its future following the loss of Volvo as a partner [2] - Tesla's FSD system is under investigation by NHTSA, which is reviewing incidents involving 2.88 million vehicles [5] Industry Trends - Elon Musk has consistently criticized LiDAR, labeling it as "stupid" for automotive applications, while emphasizing the importance of solving vision technology [3] - Despite Tesla's stance, other companies like Waymo and Hesai Technology are still pursuing LiDAR technology for their autonomous vehicle solutions [6] - Tesla's stock performance shows a decline, with a 1.88% drop to $401.25 at market close, reflecting investor sentiment amidst ongoing scrutiny [7]

Flash | 13 Nov 2025 07:57:10 ET │ 11 pages Hesai Group (HSAI.O) What's New from Citi 2025 China Conference: 2026E Upside Catalysts CITI'S TAKE We hosted mgmt. update meeting with Hesai on Nov 13, with key takeaways as below. (1) 2026E upside catalyst: Mgmt. anticipate L3 legislation potentially to be released in 1H26E. L3 vehicle deployments in China will likely accelerate LiDAR content per car. The company now expects three to six LiDAR per L3 vehicle, worth roughly US$500–1,000 per car in the long run (ET ...

Core Insights - Hesai Group reported a record profit of 256 million yuan ($36 million) in Q3, exceeding its profit target for 2025 one quarter ahead of schedule due to strong performance in LiDAR technology [3][4] - The company raised its full-year net income guidance to between 350 million yuan and 450 million yuan following the stronger-than-expected profit [4] Financial Performance - Q3 revenue increased by 47% year-on-year to 795 million yuan, driven by robust shipments and growing adoption of LiDAR in advanced driver-assistance systems (ADAS) and robotics [4] - Total LiDAR shipments grew 228.9% year-on-year to 441,398 units, with ADAS LiDAR shipments nearly tripling to 380,759 units and robotics LiDAR shipments increasing almost 14 times to 60,639 units [8] - The company's gross margin for the quarter was 42%, while operating expenses declined by 23% year-on-year [8] Market Position - Hesai has maintained its leadership in long-range LiDAR for seven consecutive months, capturing 46% of the market share in August, significantly ahead of its competitors [5] - The company secured key design wins from top ADAS customers for all their 2026 models and signed new LiDAR supply agreements with leading global robotaxi and robotruck companies [6] Industry Trends - The shift towards multi-LiDAR setups for Level 3 driving is creating favorable conditions for product makers, with each L3 vehicle expected to adopt three to six LiDARs, expanding Hesai's addressable market [7] - The company's high-end ETX lidar, featuring the longest detection range, secured a design win with a top NEV automaker in China, with mass production expected in late 2026 or early 2027 [7]

Summary of Hesai Group (HSAI/2525.HK) Conference Call Company Overview - **Company**: Hesai Group - **Ticker**: HSAI/2525.HK - **Industry**: LiDAR solutions provider, focusing on advanced driver assistance systems (ADAS), autonomous mobility, and robotics Key Financial Highlights - **3Q25 Results**: - Operating profit and net profit exceeded Goldman Sachs estimates by 125% and 200% respectively [1] - LiDAR shipment volume increased by 10% compared to estimates, with ADAS and Robotics volumes up by 8% and 22% respectively [1] - Market share in LiDAR increased to 41% in 3Q25 from 27% in 2Q25 [1] - Gross margin improved to 42.1%, up 1.4 percentage points from estimates, attributed to cost reductions and improved utilization [1] - Total operating expenses decreased by 15% compared to estimates, mainly due to lower R&D and administrative expenses [1] - Non-operating income of Rmb173 million primarily from a non-recurring gain on equity investment disposal [1] - Management raised 2025 full-year guidance for GAAP net income to Rmb350-450 million, up from Rmb200-350 million [1] Revenue and Profitability Metrics - **Revenue**: Rmb795 million, down 4% YoY but up 47% from the previous year [6] - **Gross Profit**: Rmb335 million, with a gross margin of 42.1% [6] - **Net Income (GAAP)**: Rmb256 million, representing a 327% increase YoY [6] - **EBIT Margin**: 9.7%, up 5.6 percentage points from estimates [6] - **Net Margin**: 36.2%, up 24.6 percentage points from estimates [6] Market Position and Growth Opportunities - **Market Share**: Hesai holds a 33% revenue market share in the global LiDAR market as of 2024 [7] - **Growth Drivers**: - Anticipated acceleration in the adoption of navigation on autopilot (NOA) in the China NEV market starting in 2025 [7] - New design wins from global OEMs with mass production expected to begin in 2026/2027 [9] - Significant share in the global robotaxi market, projected at 61% in 2024 [9] - Introduction of next-generation ATX products with a three-year product cycle starting in 2025 [9] Risks and Challenges - **Key Risks**: - Slower adoption of LiDAR technology [10] - Increased competition and pricing pressure [10] - Regulatory and policy risks [10] Investment Thesis - **Rating**: Buy - **Price Target**: US$36.0 for ADR and HK$281.0 for H share, implying an upside of 56% and 60% respectively [11] - **Valuation**: Currently trading at 30x 2026 P/E with expected earnings growth of over 100% in 2026 [9] Additional Insights - **Cash Position**: Ended 3Q25 with Rmb6.6 billion in net cash, significantly improved from Rmb2.1 billion in 2Q25 [5] - **Cash Conversion Cycle**: Increased to 148 days, with stable receivable days and shorter inventory days [5] - **Design Wins**: Secured 100% LiDAR adoption from top ADAS customers for all 2026 models [4] This summary encapsulates the key points from the conference call, highlighting Hesai Group's strong financial performance, market position, growth opportunities, and associated risks.

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Financial Data and Key Metrics Changes - In Q3 2025, the company achieved a net revenue increase of nearly 50% year-over-year, reaching RMB 795 million, with total shipments of 441,398 units, up 229% year-over-year [4][15] - The company reported a record quarterly GAAP net income of RMB 256 million, exceeding its full-year target of RMB 200-350 million ahead of schedule [5][17] - Gross margin remained healthy at 42%, supported by economies of scale and improved manufacturing productivity [16] Business Line Data and Key Metrics Changes - The ADAS market saw significant growth, with LiDAR becoming a standard feature in vehicles, achieving 100% adoption from top ADAS customers for their 2026 models [6][7] - The robotics business is also expanding, with strong demand from autonomous driving fleets and new deals signed with companies like Pony.ai and JD Logistics [10][11] Market Data and Key Metrics Changes - The company captured a 46% market share in the long-range automotive LiDAR market as of August 2025, significantly outpacing competitors [4] - The introduction of new regulations in China for higher-level autonomous driving is expected to drive demand for LiDAR systems [8] Company Strategy and Development Direction - The company aims to evolve into a full-spectrum technology infrastructure builder, focusing on innovation and capturing new market opportunities [12] - The successful dual primary listing on the Hong Kong Stock Exchange is seen as a pivotal moment, enhancing the company's financial foundation for future growth [14][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued growth of the LiDAR market, anticipating strong demand for ADAS LiDAR in passenger vehicles and robotics applications [24][25] - The company expects to ship 2-3 million LiDAR units in 2026, driven by the adoption of L3 vehicles and expanding global partnerships [24][25] Other Important Information - The company has integrated AI across its operations, leading to significant cost savings and improved efficiency [16] - The company is exploring new growth engines beyond LiDAR, including advanced sensing technologies and AI capabilities [72][73] Q&A Session Summary Question: Pricing strategy and volume expectations for next year - Management indicated that Q4 revenues are expected to reach RMB 1.0 to RMB 1.2 billion, with a full-year revenue increase of nearly 50% anticipated [22][23] Question: Competition and product advantages - Management acknowledged strong competition but emphasized the superior performance and reliability of their products, particularly the ATX LiDAR [30][32] Question: Level 3 legislation and product improvements - Management highlighted the rapid evolution of regulations in China and Europe, which are expected to drive demand for higher-level autonomous driving solutions [41][42] Question: Robotics business growth and shipment expectations - Management noted that the robotics segment is expected to see significant growth, with shipments anticipated to double in 2026 compared to 2025 [56][58] Question: Key customers and demand scale for ADAS products - Management identified key OEMs such as BYD and Li Auto as major customers, with expectations for increased LiDAR adoption across their vehicle lines [62][63] Question: Updates on overseas projects and contributions - Management confirmed ongoing projects with top European OEMs and expressed optimism about future contributions from international markets [65][68]

Financial Data and Key Metrics Changes - The company reported Q3 2025 total revenue of $53.7 million, consistent with expectations and showing solid quarter-over-quarter performance [6][15] - Non-GAAP gross margin was 49.6%, while non-GAAP operating loss was $11.3 million, improving from $14.5 million in the previous quarter and $16.8 million a year ago [15] - The company exited the quarter with total cash of $171.2 million, down from $202.9 million in Q2 2025, which included $17.7 million related to a recent M&A transaction [15][16] Business Line Data and Key Metrics Changes - The strategic backlog increased to $7.4 billion from $7.1 billion a year ago, with a stronger product mix contributing to higher gross margins [8][15] - The radar segment saw significant advancements, including the launch of a next-generation radar solution by a tier one partner, enhancing long-range detection capabilities [9] - The power group reported broader market adoption of the 10-watt Qi 2.0 wireless charging platform, with production starting at Ford in Q1 2026 [11] Market Data and Key Metrics Changes - The automotive market is expected to grow by 0.46% in 2026, with production projected at approximately 91 million vehicles, driven by increased semiconductor content per vehicle [5] - China's automotive market continues to dominate global production, representing over one-third of worldwide vehicle production, where the company's ADAS solutions are gaining traction [10] Company Strategy and Development Direction - The company is expanding into adjacent markets such as quantum computing and humanoid robotics, indicating a diversification strategy [6][8] - The acquisition of Emotion3D aims to enhance the company's capabilities in AI perception software for automotive applications, expected to contribute positively to revenue in the future [16][19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged short-term supply chain disruptions due to substrate shortages but expects resolution by Q1 2026, with revenue recovery anticipated [18][24] - The company remains optimistic about growth in 2026, driven by radar and vision programs, despite current operational challenges [27][39] Other Important Information - The company is actively working on second sourcing strategies to mitigate supply chain risks and enhance production capabilities [20][46] - The divestment of Wuxi is expected to improve the company's margin profile and lower the break-even revenue threshold [17][19] Q&A Session Summary Question: Can you explain the supply shortages and their resolution timeline? - Management indicated that the supply shortage was unexpected and is anticipated to resolve by Q1 2026, with revenue recovery expected [24] Question: What is causing the gross margin declines into Q4? - The decline is attributed to a mix of products, with higher-margin products being affected by the inability to meet market demand [25] Question: What is the visibility on radar ramp and customer engagement? - The company is preparing for a significant ramp in radar production, with strong customer engagement and expectations for high-volume market share [38] Question: Can you provide insights on the quantum laser market and design wins? - The company has begun shipping production in the quantum laser market, with rapid acceleration expected [31] Question: What are the primary contributors to backlog growth? - The backlog growth is primarily driven by expansions in radar and vision programs, along with some contributions from quantum-related optics products [32][36] Question: How will the acquisition of Emotion3D impact revenue and gross margin? - While immediate revenue synergies are not expected in Q4, contributions are anticipated to increase in 2026 [39]

Core Insights - The autonomous driving industry is transitioning from a "Spring and Autumn" period to a "Warring States" phase, indicating a shift from competitive acknowledgment to a struggle for dominance, where only leading players will survive [2][3]. Technical Route Dispute - The competition in autonomous driving has evolved from a ranking system to a life-and-death battle, with losers losing access to resources for continuous R&D [3]. - The 2022 Tesla AI Day II has significantly influenced the development direction of autonomous driving technology, leading to a divergence in technical paths among companies [4]. - Companies are exploring differentiated technical routes, with some abandoning LiDAR in favor of pure vision solutions, while others are experimenting with various mapping and planning algorithms [4][5]. Supplier Model Counterattack - As the technology experience reaches a plateau, the gap between leading autonomous driving teams is narrowing, leading to a price war in the automotive industry [6]. - Traditional automakers and smaller brands are increasingly opting for supplier solutions to reduce costs and enhance product capabilities, indicating a trend of "handing over their soul" to survive [6]. Data Barrier as a Key to Reversal - The current plateau in autonomous driving technology is attributed to the immaturity of data-driven solutions, with a heavy reliance on rule-based algorithms [7][9]. - The release of Tesla's FSD V14 highlights the importance of real-world data in enhancing autonomous driving AI, despite advancements in generative AI technologies [7][9].