Robosense Technology (2498) H2 2024 earnings summary

Executive summary

• Total revenue grew 47.2% year-over-year to RMB 1,648.9 million in 2024, driven by strong LiDAR product sales for ADAS and robotics applications.

• Net loss narrowed significantly by 88.9% to RMB 481.8 million, mainly due to the conversion of preferred shares and improved gross margins; adjusted net loss (non-IFRS) was RMB 395.6 million.

• Gross profit surged 202.8% to RMB 283.6 million, and gross margin improved from 8.4% to 17.2%.

• Significant operational progress included new product launches, expanded customer base, and overseas market penetration.

Financial highlights

• Revenue from ADAS LiDAR products rose 71.8% to RMB 1,335.3 million; robotics and others up 6.4% to RMB 198.5 million.

• Gross margin for ADAS LiDAR improved from -5.9% to 13.4%; robotics LiDAR margin remained stable at 34.5%.

• R&D expenses decreased 3.1% to RMB 615.4 million; G&A expenses dropped 52.6% to RMB 164 million.

• Net operating cash outflow reduced to RMB 65.1 million from RMB 516.5 million.

• Cost of sales increased 33% to RMB 1,365.3 million.

Segment performance

• ADAS LiDAR units sold more than doubled to 519,800, but average unit price fell from RMB 3,200 to RMB 2,600.

• Robotics and other LiDAR sales increased 6.4% to RMB 198.5 million; units sold rose to 24,400, with average price dropping to RMB 8,100.

• Solutions revenue declined 11% to RMB 98 million, despite more projects delivered; average project price decreased.

• Service revenue dropped 63.1% to RMB 17.2 million due to fewer completed projects.