Hesai reports Q4 net income RMB 147M vs. RMB (140.9M) last year

Reports Q4 revenue RMB 719.8M, up 28.3% from last year. Q4 2024 ADAS lidar shipments were 193,238 units, representing an increase of 140.3% from 80,428 units in the corresponding period of 2023. Q4 2024 Total lidar shipments were 222,054 units, representing an increase of 153.1% from 87,736 units in the corresponding period of 2023. ADAS lidar shipments in the full year of 2024 were 456,386 units, representing an increase of 134.2% from 194,910 units in 2023. Total lidar shipments in the full year of 2024 were 501,889 units, representing an increase of 126.0% from 222,116 units in 2023. Andrew Fan, CFO, added, “Our record-breaking 2024 results showcase Hesai’s (HSAI) strength and ability to seize emerging opportunities in ADAS and Robotics. With net revenues exceeding RMB2 billion-the highest in the industry-our success was driven by the shipment of over 500,000 lidar units. We reached a groundbreaking milestone of 100,000 units shipped in December 2024 alone, with more than 20,000 of those units delivered for Robotics, underscoring the sector’s massive growth potential. Most importantly, in 2024, we became the world’s first lidar company to achieve full-year non-GAAP net profits of RMB14 million, marking a significant leap from our non-GAAP net loss of RMB241 million in 2023. At the same time, we further cemented our industry-leading financial strength with full-year positive operating cash flows of RMB63 million and net cash flows of RMB1.3 billion-making us the only company of our kind in the industry. Building on our momentum, we’re set for an exceptional 2025! We’re forecasting net revenues of RMB3.0 to 3.5 billion, with GAAP profitability expected to reach RMB200 to 350 million and non-GAAP profitability soaring to RMB350 to 500 million-an astounding 25 to 35 times our 2024 non-GAAP profits! This explosive growth not only sets the stage for unstoppable momentum, but also reinforces our path to long-term industry leadership!”