Hesai Releases Record Q1 Results

PALO ALTO, Calif. — Hesai Technology (Nasdaq: HSAI), the international technology company and global leader in lidar solutions, has announced its unaudited financial data for the first quarter of 2023, reaching record-high quarterly revenue of $62.6 million, a year-over-year increase of 73.0%.

The company achieved positive non-GAAP net income and operating cash flow. As of the end of Q1, the company’s cash reserves reached $457.2 million, laying a solid foundation for stable development.

Hesai shipments

This quarter, Hesai shipped 34,834 lidar units, a year-over-year increase of 402.9%. Hesai shipped 28,195 lidar radar units, achieving exponential year-over-year growth. Since inception, Hesai has delivered 135,000 lidars, firmly securing their position as global leader in this strategic market.

Winning New Contracts, Leading the Global Lidar Market

Hesai has achieved rapid growth for six consecutive years. In the first quarter, Hesai’s net revenue and total lidar shipments surpassed its six largest publicly listed peers combined, including Luminar, Ouster, Innoviz, Aeva, Cepton, and AEye.

This quarter, Hesai has signed the largest Robotaxi lidar contract in history. According to an independent third-party report, Hesai is the primary lidar provider with nearly 60% of L4 global market share.

This quarter, Hesai has won new ADAS (advanced driver-assistance systems) contracts, including new models from Li Auto’s pure battery electric vehicle (BEV) platform, new models from Jidu, and various models from SERES. Today, Hesai is collaborating on multi-year ADAS contracts with 11 leading OEMs, six of which will start mass production and delivery before the end of 2023.

Yifan (David) Li, Co-Founder, and CEO of Hesai, said: “We are pleased to deliver the strongest quarterly financial performance in our history, with record net revenues along with non-GAAP profitability and positive operating cash flow.

“This quarter, we released our groundbreaking, ultra-thin in-cabin lidar ET25, entered new partnerships, broadened existing relationships with OEM customers on multi-year ADAS contracts, and signed our largest Robotaxi lidar contract in the company’s history. 2023 will be a transformational year as we see increased interest from and collaboration with leading North American and European OEMs.

“We will continue leveraging our strong in-house manufacturing capabilities and proprietary ASIC platform to build premium-quality, affordable lidars that bring a higher level of safety to the future of intelligent driving systems.”

To view the entire announcement, click HERE.

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