Robosense Technology (2498) Q3 2024 earnings summary

Executive summary

• Revenue for the nine months ended September 30, 2024, reached RMB 1.135 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%.

• 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.

• Launched MX LiDAR product in April 2024, priced below USD200, gaining rapid market traction.

Financial highlights

• Q3 2024 revenue reached RMB 407.9 million, up 54.7% year-over-year, driven by higher product sales.

• Revenue from LiDAR products for ADAS applications surged 87.1% year-over-year to RMB 329.5 million, with units sold rising to 131,400 from 53,200.

• Average unit price for ADAS LiDAR dropped to RMB 2,500 from RMB 3,300 due to volume discounts and lower raw material costs.

• Gross profit for Q3 2024 was RMB 71.2 million, up 210.2% year-over-year; gross margin improved to 17.5% from 8.7%.

• Net loss for Q3 2024 narrowed significantly to RMB 83.2 million, down 77% from RMB 361.1 million year-over-year.

Segment performance

• LiDAR for ADAS: Gross profit of RMB 46.5 million, reversing a gross loss of RMB 13.5 million last year; gross margin improved to 14.1% from -7.7%.

• Robotics and others: Gross profit of RMB 19.1 million, margin decreased to 34.6% from 36.6% due to product mix shift.

• Solutions: Revenue declined 11.3% to RMB 22.1 million; gross margin dropped to 59.6% from 70.8% as lower-margin projects increased.

• Robotics and other LiDAR product revenue decreased 6.1% year-over-year to RMB 55.3 million, with sales volume up but average price down.

• Revenue from solutions segment fell 11.3% year-over-year to RMB 22.1 million, with more projects delivered at lower average prices.