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, driven by ADAS and robotics demand.

• Became the first global LiDAR company to achieve full-year non-GAAP net profits, with solid positive operating and net cash flows.

• Secured design wins for 120 vehicle models across 22 OEMs, including 9 of the top 10 Chinese automakers, and a major exclusive program with a top European OEM.

• Expanded robotics business with significant orders and partnerships, including Mova Robotics, Agtonomy, and over 20,000 JT series units shipped in December 2024.

Financial highlights

• 2024 net revenues reached RMB2,077.2 million (US$284.6 million), the highest in the global LiDAR industry.

• Achieved full-year non-GAAP net profit of RMB13.7 million, a turnaround from a RMB241 million loss in 2023.

• Q4 2024 net revenues were RMB719.8 million (US$98.6 million) and 222,054 units shipped.

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

• Full-year positive operating cash flow of RMB63 million; year-end cash and equivalents totaled RMB3,204.8 million (US$439.1 million).

Outlook and guidance

• 2025 shipment guidance: 1.2–1.5 million units, with nearly 200,000 high-margin robotic LiDAR units.

• 2025 net revenue guidance: RMB3–3.5 billion (US$411–480 million), up 44–69% year-over-year.

• 2025 GAAP profitability expected at RMB200–350 million; non-GAAP profitability at RMB350–500 million.

• Q1 2025 revenue expected at RMB520–540 million (US$71–74 million), with shipments of ~200,000 units.

• Full-year blended gross margin target around 40%.