Summary by Futu AI
Hesai Group reported Q2 2024 net revenues of RMB458.9 million ($63.1 million), with total lidar shipments increasing 66.1% YoY to 86,526 units. Gross margin improved significantly to 45.1% from 29.8% in Q2 2023, driven by effective cost management and scale optimization. The quarterly net loss narrowed by 32.6% QoQ to RMB72.1 million ($9.9 million).The company secured multiple strategic wins, including being selected as the exclusive long-range lidar supplier by China's Top 5 robotaxi companies. Hesai also won new design contracts with four prominent global OEMs and is progressing with B-sample delivery for worldwide shipping programs with a leading automotive manufacturer. The company has now secured ADAS design wins with 19 OEMs globally across over 70 vehicle models.For Q3 2024, Hesai expects net revenues between RMB450-500 million ($61.9-68.8 million), representing a YoY growth of 1.0% to 12.2%. The company maintains strong financial position with cash, restricted cash and short-term investments of RMB2.75 billion ($378.8 million) as of June 30, 2024.
