Hesai Group (HSAI) Q4 2024 earnings summary

Executive summary

• Achieved record LiDAR shipments exceeding 501,889 units in 2024, more than doubling year-over-year for four consecutive years, with industry-leading revenues and the world's first full-year non-GAAP net profits for a LiDAR company.

• Net revenues reached RMB 2,077.2 million (US$284.6 million), the highest in the global LiDAR industry, with Q4 net revenues of RMB 719.8 million (US$98.6 million) and 222,054 units shipped.

• Secured major design wins with leading OEMs in China and a top European automaker, expanding global reach and winning the largest global automotive LiDAR program.

• Robotics LiDAR shipments and partnerships surged, with over 20,000 JT series units shipped in December 2024 and significant six-digit orders for 2025.

• Mass production of ATX LiDAR and JT series for robotics began in Q1 2025, with expanded production capacity targeting 2 million units annualized by end of 2025.

Financial highlights

• Full-year 2024 net revenues: RMB 2,077.2 million (US$284.6 million), up 10.7% year-over-year.

• Q4 2024 blended gross margin: 39.0%, slightly down sequentially due to product mix and lower high-margin service revenue.

• Full-year non-GAAP net profit: RMB 13.7 million (US$1.9 million), a turnaround from RMB 241 million loss in 2023.

• Q4 2024 net income was RMB 147.0 million, compared to a net loss of RMB 140.9 million in Q4 2023.

• Cash and equivalents, restricted cash, and short-term investments totaled RMB 3,204.8 million (US$439.1 million) at year-end 2024.

Outlook and guidance

• 2025 shipment guidance: 1.2–1.5 million units, with nearly 200,000 from robotics.

• 2025 net revenue guidance: RMB 3–3.5 billion (US$411–480 million), up 44–69% year-over-year.

• 2025 GAAP profitability expected at RMB 200–350 million; non-GAAP at RMB 350–500 million.

• Q1 2025 revenue expected at RMB 520–540 million (US$71–74 million), with 200,000 units shipped.

• Full-year 2025 blended gross margin targeted at around 40%.