iMotion Automotive Technology (1274) Q4 2024 earnings summary

Executive summary

• FY2024 revenue rose 2.58% YoY to RMB1,247.72m, while gross profit fell 24.91% and net loss widened 47.78% to RMB288.32m.

• Autonomous driving product deliveries exceeded 227,000, up 75% YoY; 35 new OEM nominations brought the year-end total to 65.

Financial highlights

• Revenue was RMB1,247.72m; gross profit was RMB90.83m versus RMB120.95m in 2023, with gross margin down to 7.28% from 9.94%.

• Operating loss widened to RMB288.19m from RMB196.87m; loss before tax was RMB288.34m versus RMB195.11m, and basic and diluted loss per share was RMB1.27 versus RMB0.95.

• R&D expense increased 29.56% to RMB280.65m; selling expense fell 5.86% to RMB30.39m and administrative expense fell 31.48% to RMB57.50m.

• Net other losses were RMB6.97m, versus net other gains of RMB5.72m in 2023; the shift reflected lower wealth-management income and higher FX losses.

Outlook and guidance

• 2025 priorities include scaling cost-effective solutions across chip platforms, growing OEM relationships, expanding manufacturing and investing in R&D; no numerical financial guidance was stated.

• Algorithms using end-to-end and large multimodal models are targeted for series production in 2025; plans also include integrated cockpit-driving and vehicle central computing platforms.

• Overseas expansion plans include serving customers in North America, Korea and Japan, building a global sales and service network, and preparing overseas manufacturing bases.