In the first quarter of 2024, Hesai Group, a leading LiDAR technology company, reported strong financial results with net revenue reaching RMB 359.1 million ($49.7 million).
The company's total LiDAR shipments surpassed expectations and it is on track to achieve profitability by the fourth quarter of the fiscal year. Hesai introduced new products such as the AT512 high-performance LiDAR and the ATX compact long-range ADAS LiDAR, which have secured design wins from global and domestic automotive OEMs. The company also announced strategic partnerships with major automotive manufacturers and suppliers, signaling its commitment to innovation in the global transportation system.
Hesai anticipates net revenue for the second quarter to be between RMB 440 million ($60.9 million) and RMB 460 million ($63.7 million), with full-year revenue projected to range from RMB 2.
5 billion ($350 million) to RMB 2.8 billion ($400 million). Key Takeaways Hesai Group's Q1 2024 net revenue stood at RMB 359.
1 million ($49.7 million). The company exceeded LiDAR shipment expectations and is on course for Q4 profitability.
New product launches include the AT512 and ATX LiDARs, with OEM design wins. Partnerships with automotive leaders like Li Auto (NASDAQ: LI ), Xiaomi (OTC: XIACF ), Changan, and Great Wall are in place. Q2 revenue forecasted between RMB 440 million and RMB 460 million; full-year revenue expected to be RMB 2.
5 billion to RMB 2.8 billion. Robotaxi business projected to make up about half .
