Hesai Group (“Hesai” or the “Company”), (NASDAQ: HSAI), the global
leader in three-dimensional light detection and ranging (lidar)
solutions, today announced its unaudited financial results for the
three months ended June 30, 2024.
Operational Highlights
|
Three monthsended June 30,
2024 |
|
Six monthsended June 30,
2024 |
ADAS lidar
shipments |
80,773 |
|
133,235 |
Autonomous Mobility lidar
shipments |
5,753 |
|
12,392 |
Total lidar shipments |
86,526 |
|
145,627 |
|
|
|
|
- Q2 2024
ADAS lidar shipments were 80,773 units, representing an
increase of 76.8% from 45,694 units in the corresponding period of
2023.
- Q2 2024
Total lidar shipments were 86,526 units, representing an
increase of 66.1% from 52,106 units in the corresponding period of
2023.
- ADAS
lidar shipments in the first six months of 2024 were
133,235 units, representing an increase of 80.3% from 73,889 units
in the corresponding period of 2023.
- Total
lidar shipments in the first six months of 2024 were
145,627 units, representing an increase of 67.5% from 86,940 units
in the corresponding period of 2023.
________________________1All translations from RMB to USD for
the second quarter of 2024 were made at the exchange rate of
RMB7.2672 to US$1.00, the exchange rate on June 28, 2024, set forth
in the H.10 statistical release of the Federal Reserve Board.
Management Remarks
Yifan “David” Li, Hesai’s Co-Founder and CEO,
commented, “We are delighted to deliver a solid second quarter
performance, highlighted by quarterly revenues of RMB458.9 million
(US$63.1 million), reaching the high end of our guidance. Total
lidar shipments rose 66.1% year-over-year to 86,526 units and
blended gross margin remained robust at 45.1%, driven by effective
cost management, our flywheel approach to cost and scale
optimization, and additional service revenue contributions during
the quarter. We are not aware of any other player in the global
lidar industry that matches our financial strength while operating
on such a massive delivery scale. Our quarterly net loss narrowed
significantly by 32.6% quarter-over-quarter to RMB72.1 million
(US$9.9 million).
“We are thrilled to announce that Hesai has been
recognized as the No. 1 automotive lidar company by market share
for the third consecutive year by Yole Intelligence. This
prestigious recognition fuels our ambition to achieve even greater
success in our AM and ADAS businesses. As a global lidar leader, we
are playing a pivotal role in the explosive growth and large-scale
commercialization of China’s robotaxi market, evidenced by our
selection as the exclusive long-range lidar supplier by all Top 5
robotaxi companies in China, including Baidu’s Apollo Go.
Furthermore, our strategic approach of offering both ‘ultimate
performance’ and ‘ultimate value-to-cost’ products is generating a
robust ADAS order pipeline for 2025 and 2026, with millions of
units expected to be shipped domestically and overseas based on
customer demand forecasts. Notably, our landmark worldwide shipping
programs with a leading automotive OEM are progressing to the
delivery of B-samples, placing us well ahead of the competition
globally,” added Dr. Li. “Our confidence in our future growth
potential has never been higher, driven by strong momentum in the
robotaxi and ADAS markets, regulatory developments and consumers’
increasing prioritization of safety. The lidar market in China has
reached an exciting inflection point much earlier than expected,
with a 22% adoption rate among EVs priced above RMB150,000 as of
June. With our versatile product offerings and best-in-class
manufacturing scalability, we are perfectly positioned to seize
both domestic and international growth opportunities during this
dynamic market capture phase.
“Last but not least, we published our inaugural
ESG Report this quarter, outlining our ongoing sustainable
development efforts and accomplishments in ESG across our business
operations. Looking forward, we remain committed to driving
innovation and will continue to align our business goals with ESG
best practices, creating long-term value for our stakeholders and
our society,” Dr. Li concluded.
- Business
Updates:
- Global:
- Secured design wins with four
prominent global OEMs, including three leading global OEMs’ joint
ventures in China (two North American and one European automotive
companies). In addition, the Company was selected by a leading
global automotive OEM for its worldwide shipping programs, which
are progressing toward the delivery of B-samples.
- Awarded new POC programs with two
leading global OEMs from Europe, including a prestigious sports car
brand, to test Hesai’s next-generation high-performance long-range
and short-range lidars.
- Domestic:
- Selected as the exclusive
long-range lidar supplier by all of the Top 5 robotaxi companies in
China for their autonomous vehicles, including Baidu’s Apollo
Go.
- Secured a series of new design wins
for models set to launch starting in 2025 including a flagship
model from a top-selling EV maker new to the Company’s client
roster, as well as multiple new models and facelifts from existing
customers who are among the largest EV shippers in China.
- Among these new design wins, a
leading EV maker in China has already signed agreements with the
Company to exclusively adopt Hesai’s next-generation L3
ultra-high-performance lidar for all of their new models scheduled
for release in 2025.
- Hesai has secured ADAS design wins
with 19 OEMs globally across over 70 vehicle models.
-
ESG: Hesai released its inaugural
Environmental, Social and Governance (ESG) Report detailing the
Company’s 2023 ESG strategy and achievements, as well as its
progress toward its longstanding ESG goals for sustainable
development. To view the full 2023 ESG Report, please visit the ESG
section of Hesai’s Investor Relations website.
Financial
Highlights for the Second
Quarter of 2024(in RMB millions, except
for per ordinary share data and percentage)
|
Q2 2024 |
|
Q2 2023 |
|
% Change |
|
|
|
|
|
Net revenues |
458.9 |
|
440.3 |
|
4.2% |
|
Gross margin |
45.1% |
|
29.8% |
|
|
Loss from operations |
(95.8) |
|
(113.5) |
|
-15.6% |
|
Non-GAAP2 loss from operations |
(67.3) |
|
(79.8) |
|
-15.7% |
|
Net loss |
(72.1) |
|
(74.4) |
|
-3.1% |
|
Non-GAAP net loss |
(43.6) |
|
(40.6) |
|
7.4% |
|
Net loss attributable to ordinary shareholders of the Company |
(72.1) |
|
(74.4) |
|
-3.1% |
|
Net loss per ordinary share-basic and diluted |
(0.56) |
|
(0.59) |
|
-5.1% |
|
Non-GAAP net loss per ordinary share – basic and diluted |
(0.34) |
|
(0.32) |
|
6.3% |
|
________________________2 See “Use of Non-GAAP
Financial Measures” and “Unaudited Reconciliation of GAAP and
Non-GAAP Results” included in this release for further details.
- Net revenues were
RMB458.9 million (US$63.1 million) for the second quarter of 2024,
representing an increase of 4.2% from RMB440.3 million for the same
period of 2023. Product revenues were RMB408.7 million (US$56.2
million) for the second quarter of 2024, representing an increase
of 5.7% from RMB386.8 million for the same period of 2023. The
year-over-year increase was mainly attributable to increased
revenues from sales of ADAS lidar products due to robust demand in
China, partially offset by decreased revenues from the autonomous
driving business. Service revenues were RMB50.2 million (US$6.9
million) for the second quarter of 2024, representing a decrease of
6.2% from RMB53.5 million for the same period of 2023.
- Cost of revenues
was RMB252.0 million (US$34.7 million) for the second quarter of
2024, representing a decrease of 18.5% from RMB309.2 million for
the same period of 2023. The year-over-year decrease was due to
effective cost and scale optimization.
- Gross margin was
45.1% for the second quarter of 2024, compared with 29.8% for the
same period of 2023.
- Sales and marketing
expenses were RMB55.7 million (US$7.7 million) for the
second quarter of 2024, representing an increase of 107.1% from
RMB26.9 million for the same period of 2023. The year-over-year
increase was primarily due to increased payroll expenses and
share-based expenses of RMB18.0 million (US$2.5 million)
attributable to an expanded sales and marketing team, and increased
marketing expenses of RMB2.7 million (US$0.4 million).
- General and administrative
expenses were RMB66.1 million (US$9.1 million) for the
second quarter of 2024, representing an increase of 16.6% from
RMB56.7 million for the same period of 2023. The year-over-year
increase was mainly driven by an increase in professional service
expenses of RMB10.7 million (US$1.5 million).
- Research and development
expenses were RMB198.6 million (US$27.3 million) for the
second quarter of 2024, representing an increase of 23.4% from
RMB161.0 million for the same period of 2023. The year-over-year
increase was mainly due to increased payroll expenses of RMB11.1
million (US$1.5 million) attributable to increased headcount for
research and development, and increased depreciation expenses
amounting to RMB13.0 million (US$1.8 million).
- Loss from
operations was RMB95.8 million (US$13.2 million) for the
second quarter of 2024, representing a decrease of 15.6% from
RMB113.5 million for the same period of 2023. Excluding share-based
compensation expenses, non-GAAP loss from operations was RMB67.3
million (US$9.3 million) for the second quarter of 2024, compared
with RMB79.8 million for the same period of 2023.
- Net loss was
RMB72.1 million (US$9.9 million) for the second quarter of 2024,
compared with RMB74.4 million for the same period of 2023.
Excluding share-based compensation expenses, non-GAAP net loss was
RMB43.6 million (US$6.0 million) for the second quarter of 2024,
compared with RMB40.6 million for the same period of 2023.
- Net loss attributable to
ordinary shareholders of the Company was RMB72.1 million
(US$9.9 million) for the second quarter of 2024, compared with
RMB74.4 million for the same period of 2023. Excluding share-based
compensation expenses, non-GAAP net loss attributable to ordinary
shareholders of the Company was RMB43.6 million (US$6.0 million)
for the second quarter of 2024, compared with RMB40.6 million for
the same period of 2023.
- Basic and diluted net loss
per ordinary share were both RMB0.56 (US$0.08) for the
second quarter of 2024. Excluding share-based compensation
expenses, non-GAAP basic and diluted net loss per ordinary share
were both RMB0.34 (US$0.05) for the second quarter of 2024.
- Cash
and cash equivalents,
restricted cash and short-term
investments were RMB2,752.9 million (US$378.8
million) as of June 30, 2024, compared with RMB2,829.9 million as
of March 31, 2024.
Business Outlook
For the third quarter of 2024, the Company
expects net revenues to be between RMB450 million (US$61.9 million)
and RMB500 million (US$68.8 million), representing a year-over-year
increase of approximately 1.0% to 12.2%.
The above outlook is based on the current market
conditions and reflects the Company’s preliminary estimates of
market and operating conditions and customer demand, which are all
subject to change.
Conference Call
The Company’s management will host an earnings
conference call at 9:00 PM U.S. Eastern Time on August 19, 2024
(9:00 AM Beijing/Hong Kong Time on August 20, 2024).
For participants who wish to join the call by
phone, please access the link provided below to complete the
pre-registration process and dial in 5 minutes prior to the
scheduled call start time. Upon registration, each participant will
receive dial-in details to join the conference call.
Event Title: |
Hesai Group Second Quarter 2024 Earnings Conference Call |
Pre-registration Link: |
https://s1.c-conf.com/diamondpass/10041047-ckjx89.html |
|
|
Additionally, a live and archived webcast of the
conference call will be available on the Company’s investor
relations website at https://investor.hesaitech.com.
A replay of the conference call will be
accessible approximately an hour after the conclusion of the call
until August 27, 2024, by dialing the following telephone
numbers:
United States: |
+1-855-883-1031 |
International: |
+61-7-3107-6325 |
Hong Kong, China: |
800-930-639 |
China Mainland: |
400-120-9216 |
Replay PIN: |
10041047 |
|
|
About Hesai
Hesai is the global leader in three-dimensional
light detection and ranging (lidar) solutions. The Company’s lidar
products enable a broad spectrum of applications across passenger
and commercial vehicles with advanced driver assistance systems
(ADAS) and autonomous vehicle fleets (autonomous mobility). Hesai's
technology also empowers robotics applications such as last-mile
delivery robots and logistics robots in restricted areas. The
Company’s commercially validated solutions are backed by superior
R&D capabilities across optics, mechanics, and electronics.
Hesai integrates lidar designs with an in-house manufacturing
process, facilitating rapid product development while ensuring high
performance, consistent quality and affordability. Hesai has
established strong relationships with leading automotive OEMs,
autonomous vehicle, and robotics companies worldwide, covering over
40 countries as of December 31, 2023.
Use of
Non-GAAP Financial
Measures
To supplement Hesai's consolidated financial
results presented in accordance with GAAP, Hesai uses the following
measures defined as non-GAAP financial measures by the SEC: loss
from operation excluding share-based compensation expenses, net
loss excluding share-based compensation expenses, net loss
attributable to ordinary shareholders excluding share-based
compensation, and per ordinary share net loss attributable to
ordinary shareholders excluding share-based compensation. The
presentation of these non-GAAP financial measures is not intended
to be considered in isolation or as a substitute for the financial
information prepared and presented in accordance with GAAP. For
more information on these non-GAAP financial measures, please see
the tables captioned “Unaudited Reconciliations of GAAP and
Non-GAAP Results” set forth at the end of this release.
Hesai believes that these non-GAAP financial
measures provide meaningful supplemental information regarding its
performance and liquidity by excluding share-based compensation
expenses that may not be indicative of its operating performance
from a cash perspective. Hesai believes that both management and
investors benefit from referring to these non-GAAP financial
measures in assessing its performance and when planning and
forecasting future periods. These non-GAAP financial measures also
facilitate management's internal comparisons to Hesai's historical
performance and liquidity. Hesai believes these non-GAAP financial
measures are useful to investors in allowing for greater
transparency with respect to supplemental information used by
management in its financial and operational decision making. A
limitation of using these non-GAAP financial measures is that they
exclude share-based compensation expenses that have been and will
continue to be for the foreseeable future a significant recurring
expense in our business. Management compensates for these
limitations by providing specific information regarding the GAAP
amounts excluded from each non-GAAP financial measure. The
accompanying tables have more details on the reconciliations
between GAAP financial measures that are most directly comparable
to non-GAAP financial measures.
Exchange Rate
Information
This announcement contains translations of
certain RMB amounts into U.S. dollars at a specified rate solely
for the convenience of the reader. Unless otherwise noted, all
translations from RMB to U.S. dollars and from U.S. dollars to RMB
are made at a rate of RMB7.2672 to US$1.00, the exchange rate on
June 28, 2024, set forth in the H.10 statistical release of the
Federal Reserve Board. The Company makes no representation that the
RMB or U.S. dollars amounts referred could be converted into U.S.
dollars or RMB, as the case may be, at any particular rate or at
all.
Safe Harbor
Statement
This announcement contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as “will,” “expects,” “anticipates,” “aims,”
“future,” “intends,” “plans,” “believes,” “estimates,” “confident,”
“potential,” “continue” or other similar expressions. Among other
things, the business outlook and quotations from management in this
announcement, as well as the Company’s strategic and operational
plans, contain forward-looking statements. The Company may also
make written or oral forward-looking statements in its periodic
reports to the U.S. Securities and Exchange Commission (the “SEC”),
in its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including but not limited to statements about the
Company’s beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: the
Company’s goals and strategies; the Company’s future business
development, financial condition and results of operations;
expected changes in the Company’s revenues, costs or expenditures;
the trends in, expected growth and the market size of the ADAS,
autonomous mobility and robotics industries; the market for and
adoption of lidar and related technology; the Company’s ability to
produce high-quality products with wide market acceptance; the
success of the Company’s customers in developing and
commercializing products using its solutions, and the market
acceptance of those products; the Company’s ability to introduce
new products that meet its customers’ requirement; the Company’s
expectations regarding the effectiveness of its marketing
initiatives and the relationship with its third-party partners;
competition in the Company’s industry; the Company’s ability to
recruit and retain qualified personnel; relevant government
policies and regulations relating to the Company’s industry; the
Company’s ability to protect its systems and infrastructures from
cyber-attacks; general economic and business conditions globally
and in China; and assumptions underlying or related to any of the
foregoing. Further information regarding these and other risks is
included in the Company’s filings with the SEC. All information
provided in this press release and in the attachments is as of the
date of this press release, and the Company undertakes no
obligation to update any forward-looking statement, except as
required under applicable law.
For investor and media inquiries, please
contact:
In China:Hesai GroupYuanting “YT” Shi, Investor
Relations Director Email: ir@hesaitech.com
Piacente Financial CommunicationsJenny CaiTel:
+86 (10) 6508-0677Email: hesai@tpg-ir.com
In the United States:Piacente Financial
Communications Brandi PiacenteTel: +1-212-481-2050Email:
hesai@tpg-ir.com
Source: Hesai Group
|
|
HESAI GROUPUNAUDITED
CONDENSED CONSOLIDATED
BALANCE SHEETS(All amounts in
thousands, except share and per share data and otherwise
noted) |
|
|
|
|
|
As of |
|
|
|
December 31,2023 |
|
June 30,2024 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
ASSETS |
|
|
|
|
Current
assets: |
|
|
|
|
Cash and cash equivalents |
|
1,554,583 |
|
2,240,631 |
|
308,321 |
|
Restricted cash |
|
3,541 |
|
3,563 |
|
490 |
|
Short-term investments |
|
1,586,005 |
|
508,713 |
|
70,001 |
|
Notes receivables |
|
- |
|
4,250 |
|
585 |
|
Accounts receivable, net |
|
524,818 |
|
699,876 |
|
96,306 |
|
Contract assets |
|
19,688 |
|
19,688 |
|
2,709 |
|
Amounts due from related parties |
|
5,015 |
|
5,027 |
|
692 |
|
Inventories |
|
495,877 |
|
671,016 |
|
92,335 |
|
Prepayments and other current assets |
|
208,082 |
|
239,482 |
|
32,954 |
|
Total current
assets |
|
4,397,609 |
|
4,392,246 |
|
604,393 |
|
Non-current
assets: |
|
|
|
|
Property and equipment, net |
|
871,611 |
|
898,146 |
|
123,589 |
|
Long-term investments |
|
31,811 |
|
31,792 |
|
4,375 |
|
Intangible assets, net |
|
78,730 |
|
75,543 |
|
10,395 |
|
Land-use rights, net |
|
40,743 |
|
40,311 |
|
5,547 |
|
Right-of-use assets |
|
151,871 |
|
126,217 |
|
17,368 |
|
Other non-current assets |
|
90,168 |
|
95,500 |
|
13,141 |
|
Total non-current
assets |
|
1,264,934 |
|
1,267,509 |
|
174,415 |
|
TOTAL
ASSETS |
|
5,662,543 |
|
5,659,755 |
|
778,808 |
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
|
Current
liabilities: |
|
|
|
|
Short-term borrowings |
|
111,682 |
|
168,263 |
|
23,154 |
|
Notes payable |
|
7,255 |
|
28,179 |
|
3,878 |
|
Accounts payable |
|
269,439 |
|
360,860 |
|
49,656 |
|
Contract liabilities |
|
79,925 |
|
44,434 |
|
6,114 |
|
Amounts due to related parties |
|
340,051 |
|
341,778 |
|
47,030 |
|
Accrued warranty liability |
|
28,425 |
|
33,527 |
|
4,613 |
|
Accrued expenses and other current liabilities |
|
498,324 |
|
411,763 |
|
56,660 |
|
Total current
liabilities |
|
1,335,101 |
|
1,388,804 |
|
191,105 |
|
Non-current
liabilities |
|
|
|
|
Operating lease liabilities |
|
119,413 |
|
109,586 |
|
15,080 |
|
Long-term borrowings |
|
285,898 |
|
334,293 |
|
46,000 |
|
Other non-current liabilities |
|
59,813 |
|
54,374 |
|
7,482 |
|
Total non-current
liabilities |
|
465,124 |
|
498,253 |
|
68,562 |
|
TOTAL
LIABILITIES |
|
1,800,225 |
|
1,887,057 |
|
259,667 |
|
Shareholders’
Equity |
|
|
|
|
Class A Ordinary shares |
|
19 |
|
19 |
|
3 |
|
Class B Ordinary shares |
|
67 |
|
69 |
|
9 |
|
Additional paid-in capital |
|
7,423,862 |
|
7,507,203 |
|
1,033,026 |
|
Subscription receivables |
|
(292,721 |
) |
(292,721 |
) |
(40,280 |
) |
Accumulated other comprehensive income (loss) |
|
38,440 |
|
44,461 |
|
6,118 |
|
Accumulated deficit |
|
(3,307,349 |
) |
(3,486,333 |
) |
(479,735 |
) |
TOTAL SHAREHOLDERS’
EQUITY |
|
3,862,318 |
|
3,772,698 |
|
519,141 |
|
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
5,662,543 |
|
5,659,755 |
|
778,808 |
|
|
HESAI GROUPUNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS(All amounts
in thousands, except share and per share data and otherwise
noted) |
|
|
|
Three months ended June 30, |
|
|
|
2023 |
|
2024 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
Net
revenues |
|
440,313 |
|
458,862 |
|
63,142 |
|
Cost of revenues |
|
(309,161 |
) |
(252,036 |
) |
(34,682 |
) |
Gross
profit |
|
131,152 |
|
206,826 |
|
28,460 |
|
Operating
expenses: |
|
|
|
|
Sales and marketing expenses |
|
(26,926 |
) |
(55,745 |
) |
(7,671 |
) |
General and administrative expenses |
|
(56,695 |
) |
(66,146 |
) |
(9,102 |
) |
Research and development expenses |
|
(161,001 |
) |
(198,609 |
) |
(27,329 |
) |
Other operating income, net |
|
(38 |
) |
17,898 |
|
2,463 |
|
Total operating
expenses |
|
(244,660 |
) |
(302,602 |
) |
(41,639 |
) |
Loss from
operations |
|
(113,508 |
) |
(95,776 |
) |
(13,179 |
) |
Interest income |
|
23,991 |
|
23,597 |
|
3,247 |
|
Interest expenses |
|
(609 |
) |
(3,334 |
) |
(459 |
) |
Foreign exchange income, net |
|
15,512 |
|
3,545 |
|
488 |
|
Other loss, net |
|
225 |
|
283 |
|
39 |
|
Net loss before income
tax and share of loss in equity method investments |
|
(74,389 |
) |
(71,685 |
) |
(9,864 |
) |
Income tax benefit/(expense) |
|
18 |
|
(367 |
) |
(51 |
) |
Share of loss in equity method investment |
|
(12 |
) |
(7 |
) |
(1 |
) |
Net
loss |
|
(74,383 |
) |
(72,059 |
) |
(9,916 |
) |
Net loss attributable
to ordinary shareholders of the Company |
|
(74,383 |
) |
(72,059 |
) |
(9,916 |
) |
Net loss per
share: |
|
|
|
|
Basic and diluted |
|
(0.59 |
) |
(0.56 |
) |
(0.08 |
) |
Weighted average
ordinary shares used in calculating net loss per
share: |
|
|
|
|
Basic and diluted |
|
125,659,711 |
|
129,079,779 |
|
129,079,779 |
|
Net
loss |
|
(74,383 |
) |
(72,059 |
) |
(9,916 |
) |
Other comprehensive
loss: |
|
|
|
|
Foreign currency translation adjustments |
|
55,489 |
|
2,933 |
|
404 |
|
Comprehensive
loss |
|
(18,894 |
) |
(69,126 |
) |
(9,512 |
) |
|
HESAI GROUPUNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS(All amounts
in thousands, except share and per share data and otherwise
noted) |
|
|
|
Six months ended June 30, |
|
|
|
2023 |
|
2024 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
Net
revenues |
|
870,243 |
|
817,982 |
|
112,558 |
|
Cost of revenues |
|
(576,465 |
) |
(471,934 |
) |
(64,940 |
) |
Gross
profit |
|
293,778 |
|
346,048 |
|
47,618 |
|
Operating
expenses: |
|
|
|
|
Sales and marketing expenses |
|
(62,289 |
) |
(97,709 |
) |
(13,445 |
) |
General and administrative expenses |
|
(106,239 |
) |
(134,913 |
) |
(18,565 |
) |
Research and development expenses |
|
(369,497 |
) |
(393,011 |
) |
(54,080 |
) |
Other operating income, net |
|
2,733 |
|
45,354 |
|
6,241 |
|
Total operating
expenses |
|
(535,292 |
) |
(580,279 |
) |
(79,849 |
) |
Loss from
operations |
|
(241,514 |
) |
(234,231 |
) |
(32,231 |
) |
Interest income |
|
39,664 |
|
56,392 |
|
7,760 |
|
Interest expenses |
|
(609 |
) |
(5,620 |
) |
(773 |
) |
Foreign exchange income, net |
|
9,097 |
|
5,038 |
|
693 |
|
Other loss, net |
|
58 |
|
71 |
|
10 |
|
Net loss before income
tax and share of loss in equity method investments |
|
(193,304 |
) |
(178,350 |
) |
(24,541 |
) |
Income tax benefit/(expense) |
|
35 |
|
(615 |
) |
(85 |
) |
Share of loss in equity method investment |
|
(23 |
) |
(19 |
) |
(3 |
) |
Net
loss |
|
(193,292 |
) |
(178,984 |
) |
(24,629 |
) |
Net loss attributable
to ordinary shareholders of the Company |
|
(193,292 |
) |
(178,984 |
) |
(24,629 |
) |
Net loss per
share: |
|
|
|
|
Basic and diluted |
|
(1.57 |
) |
(1.40 |
) |
(0.19 |
) |
Weighted average
ordinary shares used in calculating net loss per
share: |
|
|
|
|
Basic and diluted |
|
123,442,302 |
|
128,208,174 |
|
128,208,174 |
|
Net
loss |
|
(193,292 |
) |
(178,984 |
) |
(24,629 |
) |
Other comprehensive
loss: |
|
|
|
|
Foreign currency translation adjustments |
|
68,437 |
|
6,021 |
|
829 |
|
Comprehensive
loss |
|
(124,855 |
) |
(172,963 |
) |
(23,800 |
) |
|
HESAI GROUP UNAUDITED RECONCILIATIONS OF
GAAP AND NON-GAAP RESULTS(All amounts in thousands, except
share and per share data and otherwise noted) |
|
|
For the three months ended June 30, |
|
|
2023 |
|
2024 |
|
|
RMB |
RMB |
US$ |
|
|
|
|
Loss from operations |
(113,508 |
) |
(95,776 |
) |
(13,179 |
) |
Add: Share-based compensation
expenses |
33,756 |
|
28,505 |
|
3,922 |
|
Non-GAAP loss from
operations |
(79,752 |
) |
(67,271 |
) |
(9,257 |
) |
|
|
|
|
Net loss |
(74,383 |
) |
(72,059 |
) |
(9,916 |
) |
Add: Share-based compensation
expenses |
33,756 |
|
28,505 |
|
3,922 |
|
Non-GAAP net
loss |
(40,627 |
) |
(43,554 |
) |
(5,994 |
) |
|
|
|
|
Net loss attributable to
ordinary shareholders of the Company |
(74,383 |
) |
(72,059 |
) |
(9,916 |
) |
Add: Share-based compensation
expenses |
33,756 |
|
28,505 |
|
3,922 |
|
Non-GAAP net loss
attributable to ordinary shareholders of the Company |
(40,627 |
) |
(43,554 |
) |
(5,994 |
) |
|
|
|
|
Loss per share: Basic and
diluted |
(0.59 |
) |
(0.56 |
) |
(0.08 |
) |
Add: Share-based compensation
expenses per ordinary share |
0.27 |
|
0.22 |
|
0.03 |
|
Non-GAAP net loss per
ordinary share – basic and diluted |
(0.32 |
) |
(0.34 |
) |
(0.05 |
) |
|
HESAI GROUP UNAUDITED RECONCILIATIONS OF
GAAP AND NON-GAAP RESULTS(All amounts in thousands, except
share and per share data and otherwise noted) |
|
|
For the six months ended June 30, |
|
|
2023 |
|
2024 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
Loss from operations |
(241,514 |
) |
(234,231 |
) |
(32,231 |
) |
Add: Share-based compensation
expenses |
154,237 |
|
66,305 |
|
9,124 |
|
Non-GAAP loss from
operations |
(87,277 |
) |
(167,926 |
) |
(23,107 |
) |
|
|
|
|
Net loss |
(193,292 |
) |
(178,984 |
) |
(24,629 |
) |
Add: Share-based compensation
expenses |
154,237 |
|
66,305 |
|
9,124 |
|
Non-GAAP net
loss |
(39,055 |
) |
(112,679 |
) |
(15,505 |
) |
|
|
|
|
Net loss attributable to
ordinary shareholders of the Company |
(193,292 |
) |
(178,984 |
) |
(24,629 |
) |
Add: Share-based compensation
expenses |
154,237 |
|
66,305 |
|
9,124 |
|
Non-GAAP net loss
attributable to ordinary shareholders of the Company |
(39,055 |
) |
(112,679 |
) |
(15,505 |
) |
|
|
|
|
Loss per share: Basic and
diluted |
(1.57 |
) |
(1.40 |
) |
(0.19 |
) |
Add: Share-based compensation
expenses per ordinary share |
1.25 |
|
0.52 |
|
0.07 |
|
Non-GAAP net loss per
ordinary share – basic and diluted |
(0.32 |
) |
(0.88 |
) |
(0.12 |
) |
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