Hesai | 6-K: Report of foreign private issuer (related to financial reporting)

Hesai Group reported strong Q3 2024 results with net revenues of $76.9 million, up 21.1% YoY, driven by robust ADAS lidar demand. Total lidar shipments reached 134,208 units, a 182.9% YoY increase. The company achieved a gross margin of 47.7%, significantly improved from 30.6% in Q3 2023, benefiting from effective cost management and scale optimization.The company secured multiple strategic wins, including new development projects with a Top 3 Japanese OEM, partnerships with SAIC Volkswagen and Leapmotor, and successful B-sample delivery for a global OEM program. Hesai has now secured ADAS design wins with 20 OEMs across 75 vehicle models globally.Looking ahead, Hesai expects Q4 2024 revenues to approach $100 million with projected shipments of 200,000 units. The company anticipates achieving full-year profitability on a non-GAAP basis for 2024, positioning it to become the first automotive lidar company worldwide to reach this milestone. Additionally, Hesai announced the appointment of Andrew Fan as CFO, effective November 25, 2024.

Hesai Group reported strong Q3 2024 results with net revenues of $76.9 million, up 21.1% YoY, driven by robust ADAS lidar demand. Total lidar shipments reached 134,208 units, a 182.9% YoY increase. The company achieved a gross margin of 47.7%, significantly improved from 30.6% in Q3 2023, benefiting from effective cost management and scale optimization.The company secured multiple strategic wins, including new development projects with a Top 3 Japanese OEM, partnerships with SAIC Volkswagen and Leapmotor, and successful B-sample delivery for a global OEM program. Hesai has now secured ADAS design wins with 20 OEMs across 75 vehicle models globally.Looking ahead, Hesai expects Q4 2024 revenues to approach $100 million with projected shipments of 200,000 units. The company anticipates achieving full-year profitability on a non-GAAP basis for 2024, positioning it to become the first automotive lidar company worldwide to reach this milestone. Additionally, Hesai announced the appointment of Andrew Fan as CFO, effective November 25, 2024.