PALO ALTO, Calif. — Hesai Technology (NASDAQ: HSAI), the global leader in the lidar industry, yesterday released its unaudited 2023 second-quarter (Q2) financial report, setting new records for quarterly revenue and shipments.
Hesai’s Q2 quarterly revenue reached RMB440.3 million ($60.7 million), marking a YoY increase of 108.5% and the fifth consecutive quarter of increasing revenue.
Record-Breaking Lidar Shipments
Hesai shipped 52,106 units in Q2 2023 – its highest quarterly shipment to date and a year-over-year (YoY) increase of 946.5%. Advanced driver-assistance systems (ADAS) lidar growth has been particularly strong, with shipments reaching 45,694 units, compared to 1,651 units in 2022 Q2. Total lidar shipments in the first half of 2023 reached 86,940 units, representing a YoY increase of 630.3%. ADAS lidar shipments in the same period reached 73,889 units, exceeding the entire ADAS lidar shipment in 2022.
Leading Market Share in Automotive Lidar
As Hesai’s cumulative lidar shipments exceed 190,000 units, it has become the leading automotive lidar provider in the world. In Yole Intelligence’s 2023 lidar industry report, Hesai was named as the No. 1 global automotive lidar supplier for the second consecutive year, capturing 47% of the worldwide lidar market share by revenue in 2022. Yole’s projection also forecasts that the company will maintain its No. 1 position in the market for 2023.
Fast-Expanding Business in both ADAS and AM Sectors
In Q2 2023, Hesai secured new domestic design wins with SAIC Motor for multiple series-production vehicle models. The company also forged two new strategic development programs with two leading global automotive OEM partners, one from North America and one from Europe.
Hesai has already obtained design wins from 11 leading OEMs, six of which will start mass production and delivery before the end of 2023.
In the robotaxi sector, Hesai commenced volume shipments for its latest deal, which represents the largest robotaxi lidar contract in the company’s history, with a leading global robotaxi player.
Since 2019, NVIDIA has been one of Hesai’s top 10 U.S. customers. In the past quarter, Hesai deepened its longstanding collaboration with NVIDIA and announced the integration of Hesai’s lidar sensors with NVIDIA DRIVE and NVIDIA Omniverse ecosystems. This addition will greatly reduce the timespan and cost of developing autonomous driving systems and accelerate the adoption of lidar.
“We are thrilled to announce an exceptional second quarter performance, highlighted by all-time highs across the board, Yifan “David” Li, Hesai’s Co-Founder and CEO, commented. “A new benchmark stands tall as we established record-breaking figures in both quarterly net revenues and total lidar shipments, while attaining remarkable milestones in ADAS lidar revenues and shipments. These strong shipments, along with our unwavering focus on operating efficiency, generated positive operating cash flow for the second consecutive quarter.
“In the second quarter, we also signed a number of new lidar deals, including new design wins with SAIC Motor for multiple series-production vehicle models and two strategic development programs with two leading automotive OEM partners from North America and Europe, respectively.
“In addition, our long-standing partnership with NVIDIA, dating back to 2019, served as a solid foundation for a new venture during the quarter – integration of our lidar sensors with the NVIDIA DRIVE and NVIDIA Omniverse ecosystems. Our position as a trusted leader in the lidar market is stronger than ever!”
