Robosense Technology (2498) Q3 2024 earnings summary

Executive summary

• Revenue for the nine months ended September 30, 2024, reached RMB1.135 billion, up 91.5% year-over-year, surpassing full-year 2023 revenue.

• LiDAR sales volume for the period was 381,900 units, a 259.6% increase year-over-year, with ADAS LiDAR sales up 292.9%.

• Gross margin improved from 3.9% in 2023 to 17.5% in Q3 2024.

• Market share in LiDAR installed capacity exceeded 35% for January–September 2024.

• Achieved design wins for mass production with 84 vehicle models and SOP for 31 models across 26 global OEMs and Tier 1 suppliers.

Financial highlights

• Q3 2024 revenue was RMB407.9 million, up 54.7% year-over-year.

• Gross profit for Q3 2024 was RMB71.2 million, up 210.2% year-over-year; gross margin rose to 17.5% from 8.7%.

• Net loss for Q3 2024 was RMB83.2 million, a 77.0% reduction from Q3 2023.

• Adjusted net loss (non-IFRS) for Q3 2024 was RMB69.4 million, down from RMB96.1 million in Q3 2023.

• As of September 30, 2024, total assets were RMB3.89 billion, with cash and cash equivalents at RMB2.3 billion.

Outlook and guidance

• Gross margin is expected to further improve in Q4 2024.

• Anticipates more vehicle models, including BYD's Yangwang and a Sino-Japanese JV, to achieve SOP in Q4 2024.

• Plans to continue high R&D investment and expand in automotive and robotics sectors.