UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2024
Commission File Number: 001-41611
Hesai Group
10th Floor, Building A
No. 658 Zhaohua Road, Changning District
Shanghai 200050
People's Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F x
Form 40-F ¨
Exhibit Index
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
Hesai Group |
| |
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| |
By |
: |
/s/ Yifan Li |
| |
Name |
: |
Yifan Li |
| |
Title |
: |
Chief Executive Officer |
Date: November 26, 2024
Exhibit 99.1
Hesai Group Reports Third Quarter
2024 Unaudited Financial Results
Quarterly net revenues were
RMB539.4 million (US$76.9 million)1
Quarterly lidar shipments were
134,208 units
SHANGHAI, China--(GLOBE
NEWSWIRE) – November 26, 2024 – 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 September 30, 2024.
Operational Highlights
| | |
Three months
ended
September
30, 2024 | | |
Nine months
ended
September
30, 2024 | |
| ADAS lidar shipments. | |
| 129,913 | | |
| 263,148 | |
| Autonomous Mobility lidar shipments. | |
| 4,295 | | |
| 16,687 | |
| Total lidar shipments. | |
| 134,208 | | |
| 279,835 | |
| · | Q3 2024 ADAS lidar shipments were
129,913 units, representing an increase of 220.0% from 40,593 units in the corresponding
period of 2023. |
| · | Q3 2024 Total lidar shipments were
134,208 units, representing an increase of 182.9% from 47,440 units in the corresponding
period of 2023. |
| · | ADAS lidar shipments in the first nine
months of 2024 were 263,148 units, representing an increase of 129.9% from 114,482 units
in the corresponding period of 2023. |
| · | Total lidar shipments in the first
nine months of 2024 were 279,835 units, representing an increase of 108.2% from 134,380
units in the corresponding period of 2023. |
Management Remarks
“We are thrilled
to share that our business continues to thrive and advance on a strong growth path,” said Yifan “David” Li, Hesai’s
Co-Founder and CEO. “This quarter, we have made significant strides in the ADAS market, securing new design wins, partnerships,
and development programs with key players, including a Top 3 OEM in Japan, SAIC Volkswagen, Leapmotor, and a
premium EV brand backed by a leading Chinese automotive group. We also have reached a key milestone in our global expansion by successfully
delivering B-sample units for our worldwide shipping programs with a leading global automotive OEM. OEMs at home and abroad have widely
recognized lidar's essential safety features as a critical component in their holistic safety systems, similar to an ‘active’
seat belt or airbag. Furthermore, lidar’s versatility, with applications in emerging areas such as
industrial robotics, smart factories and logistics, continues to garner attention. Our latest flagship product, OT128, a 360° mechanical,
automotive-grade long-range lidar, is designed for scalable deployment in robotaxi and industrial applications. We are actively exploring
new use cases and engaging with customers across both ADAS and AM sectors, leveraging our full lineup of versatile lidars.
1 All translations from RMB to USD for the third quarter
of 2024 were made at the exchange rate of RMB7.0176 to US$1.00, the exchange rate on September 30, 2024, set forth in the H.10 statistical
release of the Federal Reserve Board.
“I am also delighted to
announce that Andrew Fan has joined us as our Chief Financial Officer. Andrew brings a wealth of experience in financial strategy and
corporate finance, as well as an impressive track record of driving growth and operational efficiency in dynamic industries. His insights
and leadership will be invaluable as we navigate the evolving landscape and continue to strengthen our position in the global lidar industry,”
Dr. Li continued. “Andrew's strategic vision aligns seamlessly with our goals, and I believe his commitment to innovation
and financial rigor will help us unlock new levels of success. I am confident that with his expertise and dedication, we are well-positioned
for another exciting chapter of growth and accomplishment.”
Mr. Andrew
Fan, Hesai’s CFO, added, “Our strong third quarter financial performance was highlighted by robust operational execution
across all key metrics. Quarterly shipment volume reached 134,208 units, marking our second consecutive quarter of nearly 50% sequential
growth and propelling net revenues to RMB539.4 million (US$76.9 million), surpassing the upper range of our guidance. We maintained a
robust blended gross margin of 47.7%, driven by effective cost management and our flywheel approach to cost and scale optimization. The
margin was further bolstered by NRE revenues from our L4 lidar, which is being prepared for potential large-scale deployment by a leading
global robotaxi player in the coming years. Our strong commitment to operational efficiency and financial discipline has also enabled
us to consistently reduce our GAAP net loss for four consecutive quarters. Looking ahead, we’re expecting a record-breaking
fourth quarter, with lidar shipments projected to reach 200,000 units—an astounding volume nearly matching our total shipments
in 2023. Based on our current estimates, fourth quarter net revenues are expected to soar to nearly US$100 million, delivering an estimated
net profit of US$20 million and a positive operating cash flow. Additionally, we anticipate achieving full-year profitability on a non-GAAP
basis for 2024, positioning us to become the first automotive lidar company worldwide to achieve this remarkable milestone. This anticipated
explosive growth underscores our robust momentum as we drive toward a landmark fiscal year finish!”
| § | Launched
the OT128, the Company’s latest flagship 360° mechanical automotive-grade long-range
lidar product, at the 2024 IAA Transportation Fair in Germany. |
| § | Inheriting
95% of the key components from Hesai's best-selling AT128P ADAS lidar, the OT128 boasts a
point rate of 3.45 million per second and a 200-meter detection range at 10% reflectivity.
This high-performance, 360-degree perception lidar with a market-proven, vertically integrated
architecture makes OT128 an ideal solution for scalable applications, including robotaxis,
industrial robotics, smart factories, and logistics. |
| § | Since
its launch, the OT128 has secured contracts with 90+ global and domestic clients, including
WeRide, Westwell, Embotech and EasyMile. Production and delivery of the OT128 have already
begun. |
| § | Hesai’s
worldwide shipping programs with a leading global automotive OEM have progressed to
the successful delivery of B-sample units, a key step in validating the performance of the
Company’s technology and ensuring alignment with the partner’s rigorous standards. |
| § | Secured
two new development projects, specifically Proof of Concept (POC) programs, in the Asia market
with a Top 3 OEM in Japan, covering both L2+ passenger vehicles and L4 robotaxi applications.
Hesai currently has four POC programs underway with three global OEMs, each holding strong
potential as these partnerships move toward the next phase. |
| § | Secured
another new platform with Leapmotor, a leading EV automaker in China, as well as facelifts
for two flagship models with a premium EV brand backed by a leading Chinese automotive
group. |
| § | A
leading EV manufacturer in China has signed agreements to exclusively adopt Hesai’s
L3 ultra-high-performance lidar and cost-efficient ATX lidar for their 2025 models. ATX lidar
is advancing toward the SOP phase, generating strong interest as a standard feature in 2025
OEM lineups. |
| § | Signed
a cooperative framework with SAIC Volkswagen for an automotive lidar program, elevating
the Company’s position to a strategic supplier for this top-selling automotive joint
venture in China by sales volume. |
| o | Hesai has secured ADAS design wins with
20 OEMs globally across 75 vehicle models. |
The Board of Directors of the Company
(the "Board") has approved the appointment of Mr. Andrew Fan as the Company’s Chief Financial Officer, effective
November 25, 2024.
Mr. Fan has over 18 years of
experience in accounting and corporate financing. From May 2021 to September 2024, Mr. Fan held the position of chief
financial officer at a leading automotive technology company. Prior to that, Mr. Fan held senior finance-related roles at listed
companies including Hailiang Education Group Inc., Aesthetic Medical International Holdings Group Limited, and Dali Foods Group Company
Limited, and various roles at financial institutions including Deutsche Bank, HSBC, and Macquarie.
Additionally, Mr. Fan has served
as an independent non-executive director of Jiangsu Innovative Ecological New Materials Limited (HKEX: 2116) since 2018. Mr. Fan
graduated from Tsinghua University, with bachelor’s and master’s degrees in accounting in 2004 and 2006, respectively.
Financial Highlights for the
Third Quarter of 2024
(in RMB millions, except for per ordinary share data
and percentage)
| | |
Q3 2024 | | |
Q3 2023 | | |
% Change | |
| Net revenues | |
| 539.4 | | |
| 445.6 | | |
| 21.1 | % |
| Gross margin | |
| 47.7 | % | |
| 30.6 | % | |
| | |
| Loss from operations | |
| (77.2 | ) | |
| (167.2 | ) | |
| -53.8 | % |
| Non-GAAP2 loss from operations | |
| (50.9 | ) | |
| (127.4 | ) | |
| -60.1 | % |
| Net loss | |
| (70.4 | ) | |
| (141.8 | ) | |
| -50.4 | % |
| Non-GAAP net loss | |
| (44.0 | ) | |
| (101.9 | ) | |
| -56.8 | % |
| Net loss attributable to ordinary shareholders of the Company | |
| (70.4 | ) | |
| (141.8 | ) | |
| -50.4 | % |
| Net loss per ordinary share-basic and diluted | |
| (0.54 | ) | |
| (1.13 | ) | |
| -52.2 | % |
| Non-GAAP net loss per ordinary share – basic and diluted | |
| (0.34 | ) | |
| (0.81 | ) | |
| -58.2 | % |
| · | Net revenues were RMB539.4 million
(US$76.9 million) for the third quarter of 2024, representing an increase of 21.1% from RMB445.6
million for the same period of 2023. Product revenues were RMB503.1 million (US$71.7 million)
for the third quarter of 2024, representing an increase of 18.1% from RMB425.8 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 RMB36.3
million (US$5.2 million) for the third quarter of 2024, representing an increase of 84.1%
from RMB19.7 million for the same period of 2023. The year-over-year increase was driven
by increased revenues from non-recurring engineering services. |
| · | Cost of revenues was RMB281.9 million
(US$40.2 million) for the third quarter of 2024, representing a decrease of 8.9% from RMB309.4
million for the same period of 2023. |
2 See “Use of Non-GAAP Financial Measures”
and “Unaudited Reconciliation of GAAP and Non-GAAP Results” included in this release for further details.
| · | Gross margin was 47.7% for the
third quarter of 2024, compared with 30.6% for the same period of 2023. The year-over-year
increase was due to effective cost and scale optimization on both Autonomous Mobility lidars
and ADAS lidars, as well as the higher margin contributed by non-recurring engineering services
performed. |
| · | Sales and marketing expenses were
RMB46.2 million (US$6.6 million) for the third quarter of 2024, representing an increase
of 25.5% from RMB36.8 million for the same period of 2023. The year-over-year increase was
primarily due to increased payroll expenses and share-based expenses of RMB8.5 million (US$1.2
million) attributable to an expanded sales and marketing team. |
| · | General and administrative expenses
were RMB76.5 million (US$10.9 million) for the third quarter of 2024, representing a
decrease of 5.0% from RMB80.5 million for the same period of 2023. |
| · | Research and development expenses were
RMB220.2 million (US$31.4 million) for the third quarter of 2024, representing an increase
of 14.3% from RMB192.6 million for the same period of 2023. The year-over-year increase was
mainly due to increased payroll expenses of RMB18.8 million (US$2.7 million) attributable
to increased headcount for research and development, and increased depreciation expenses
amounting to RMB9.7 million (US$1.4 million). |
| · | Loss from operations was RMB77.2
million (US$11.0 million) for the third quarter of 2024, representing a decrease of 53.8%
from RMB167.2 million for the same period of 2023. Excluding share-based compensation expenses,
non-GAAP loss from operations was RMB50.9 million (US$7.3 million) for the third quarter
of 2024, compared with RMB127.4 million for the same period of 2023. |
| · | Net loss was RMB70.4 million (US$10.0
million) for the third quarter of 2024, compared with RMB141.8 million for the same period
of 2023. Excluding share-based compensation expenses, non-GAAP net loss was RMB44.0 million
(US$6.3 million) for the third quarter of 2024, compared with RMB101.9 million for the same
period of 2023. |
| · | Net loss attributable to ordinary shareholders
of the Company was RMB70.4 million (US$10.0 million) for the third quarter of 2024, compared
with RMB141.8 million for the same period of 2023. Excluding share-based compensation expenses,
non-GAAP net loss attributable to ordinary shareholders of the Company was RMB44.0 million
(US$6.3 million) for the third quarter of 2024, compared with RMB101.9 million for the same
period of 2023. |
| · | Basic
and diluted net loss per ordinary share were both RMB0.54 (US$0.08) for the third 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 third quarter of 2024. |
| · | Cash and cash equivalents, restricted
cash and short-term investments were RMB2,530.7 million (US$360.6 million) as of September 30,
2024, compared with RMB2,752.9 million as of June 30, 2024. |
Business Outlook
For the fourth quarter of 2024,
the Company expects net revenues to approach US$100 million (RMB702 million).
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 8:00 PM U.S. Eastern Time on November 25, 2024 (9:00 AM Beijing/Hong Kong Time on November 26,
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 Third Quarter 2024 Earnings Conference Call |
| Pre-registration
Link: |
https://s1.c-conf.com/diamondpass/10043265-yghrf.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 December 3, 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: |
10043265 |
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 RMB7.0176 to US$1.00, the exchange rate on September 30,
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 Group
Yuanting “YT” Shi, Investor
Relations Director
Email: ir@hesaitech.com
Piacente Financial Communications
Jenny Cai
Tel: +86 (10) 6508-0677
Email: hesai@tpg-ir.com
In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
Email: hesai@tpg-ir.com
Source: Hesai Group
HESAI GROUP
UNAUDITED CONDENSED CONSOLIDATED
BALANCE SHEETS
(All amounts in thousands, except
share and per share data and otherwise noted)
| | |
As of | |
| | |
| | |
| |
| | |
RMB | | |
RMB | | |
US$ | |
| ASSETS | |
| | | |
| | | |
| | |
| Current assets: | |
| | | |
| | | |
| | |
| Cash and cash equivalents | |
| 1,554,583 | | |
| 2,162,451 | | |
| 308,147 | |
| Restricted cash. | |
| 3,541 | | |
| 3,504 | | |
| 499 | |
| Short-term investments | |
| 1,586,005 | | |
| 364,758 | | |
| 51,978 | |
| Notes receivables. | |
| - | | |
| 77,932 | | |
| 11,105 | |
| Accounts receivable, net | |
| 524,818 | | |
| 787,882 | | |
| 112,272 | |
| Contract assets | |
| 19,688 | | |
| 18,227 | | |
| 2,597 | |
| Amounts due from related parties | |
| 5,015 | | |
| 4,959 | | |
| 707 | |
| Inventories | |
| 495,877 | | |
| 591,615 | | |
| 84,304 | |
| Prepayments and other current assets | |
| 208,082 | | |
| 239,101 | | |
| 34,072 | |
| Total current assets. | |
| 4,397,609 | | |
| 4,250,429 | | |
| 605,681 | |
| Non-current assets: | |
| | | |
| | | |
| | |
| Property and equipment, net | |
| 871,611 | | |
| 936,944 | | |
| 133,513 | |
| Long-term investments. | |
| 31,811 | | |
| 31,811 | | |
| 4,533 | |
| Intangible assets, net. | |
| 78,730 | | |
| 83,541 | | |
| 11,904 | |
| Land-use rights, net | |
| 40,743 | | |
| 40,095 | | |
| 5,713 | |
| Right-of-use assets | |
| 151,871 | | |
| 120,003 | | |
| 17,100 | |
| Other non-current assets | |
| 90,168 | | |
| 94,361 | | |
| 13,446 | |
| Total non-current assets | |
| 1,264,934 | | |
| 1,306,755 | | |
| 186,209 | |
| TOTAL ASSETS. | |
| 5,662,543 | | |
| 5,557,184 | | |
| 791,890 | |
| | |
| | | |
| | | |
| | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | | |
| | |
| Short-term borrowings | |
| 111,682 | | |
| 218,457 | | |
| 31,130 | |
| Notes payable | |
| 7,255 | | |
| 48,560 | | |
| 6,920 | |
| Accounts payable | |
| 269,439 | | |
| 235,706 | | |
| 33,588 | |
| Contract liabilities | |
| 79,925 | | |
| 58,161 | | |
| 8,288 | |
| Amounts due to related parties. | |
| 340,051 | | |
| 331,420 | | |
| 47,227 | |
| Accrued warranty liability | |
| 28,425 | | |
| 37,710 | | |
| 5,374 | |
| Accrued expenses and other current liabilities | |
| 498,324 | | |
| 448,220 | | |
| 63,865 | |
| Total current liabilities | |
| 1,335,101 | | |
| 1,378,234 | | |
| 196,392 | |
| Non-current liabilities | |
| | | |
| | | |
| | |
| Operating lease liabilities | |
| 119,413 | | |
| 103,662 | | |
| 14,772 | |
| Long-term borrowings | |
| 285,898 | | |
| 298,892 | | |
| 42,592 | |
| Other non-current liabilities | |
| 59,813 | | |
| 53,766 | | |
| 7,662 | |
| Total non-current liabilities | |
| 465,124 | | |
| 456,320 | | |
| 65,026 | |
| TOTAL LIABILITIES | |
| 1,800,225 | | |
| 1,834,554 | | |
| 261,418 | |
| Shareholders’ Equity | |
| | | |
| | | |
| | |
| Class A Ordinary shares | |
| 19 | | |
| 19 | | |
| 3 | |
| Class B Ordinary shares | |
| 67 | | |
| 69 | | |
| 10 | |
| Additional paid-in capital | |
| 7,423,862 | | |
| 7,536,450 | | |
| 1,073,936 | |
| Subscription receivables | |
| (292,721 | ) | |
| (292,721 | ) | |
| (41,712 | ) |
| Accumulated other comprehensive income | |
| 38,440 | | |
| 35,501 | | |
| 5,059 | |
| Accumulated deficit | |
| (3,307,349 | ) | |
| (3,556,688 | ) | |
| (506,824 | ) |
| TOTAL SHAREHOLDERS’ EQUITY | |
| 3,862,318 | | |
| 3,722,630 | | |
| 530,472 | |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| 5,662,543 | | |
| 5,557,184 | | |
| 791,890 | |
HESAI GROUP
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE LOSS
(All amounts in thousands, except
share and per share data and otherwise noted)
| | |
Three months ended September 30, | |
| | |
2023 | | |
2024 | |
| | |
RMB | | |
RMB | | |
US$ | |
| Net revenues | |
| 445,562 | | |
| 539,417 | | |
| 76,866 | |
| Cost of revenues | |
| (309,429 | ) | |
| (281,913 | ) | |
| (40,172 | ) |
| Gross profit. | |
| 136,133 | | |
| 257,504 | | |
| 36,694 | |
| Operating expenses: | |
| | | |
| | | |
| | |
| Sales and marketing expenses | |
| (36,848 | ) | |
| (46,218 | ) | |
| (6,586 | ) |
| General and administrative expenses | |
| (80,496 | ) | |
| (76,523 | ) | |
| (10,904 | ) |
| Research and development expenses | |
| (192,574 | ) | |
| (220,248 | ) | |
| (31,386 | ) |
| Other operating income, net | |
| 6,542 | | |
| 8,259 | | |
| 1,177 | |
| Total operating expenses | |
| (303,376 | ) | |
| (334,730 | ) | |
| (47,699 | ) |
| Loss from operations | |
| (167,243 | ) | |
| (77,226 | ) | |
| (11,005 | ) |
| Interest income | |
| 28,899 | | |
| 25,514 | | |
| 3,636 | |
| Interest expenses | |
| (1,166 | ) | |
| (3,557 | ) | |
| (507 | ) |
| Foreign exchange loss, net. | |
| (2,260 | ) | |
| (13,695 | ) | |
| (1,952 | ) |
| Other loss, net | |
| (24 | ) | |
| (1,477 | ) | |
| (210 | ) |
| Net loss before income tax and share of loss in equity method investments | |
| (141,794 | ) | |
| (70,441 | ) | |
| (10,038 | ) |
| Income tax benefit. | |
| 40 | | |
| 68 | | |
| 10 | |
| Share of income/(loss) in equity method investment | |
| (11 | ) | |
| 18 | | |
| 3 | |
| Net loss | |
| (141,765 | ) | |
| (70,355 | ) | |
| (10,025 | ) |
| Net loss attributable to ordinary shareholders of the Company | |
| (141,765 | ) | |
| (70,355 | ) | |
| (10,025 | ) |
| Net loss per share: | |
| | | |
| | | |
| | |
| Basic
and diluted. | |
| (1.13 | ) | |
| (0.54 | ) | |
| (0.08 | ) |
| Weighted average ordinary shares used in calculating net loss per share: | |
| | | |
| | | |
| | |
| Basic
and diluted | |
| 125,797,264 | | |
| 129,897,736 | | |
| 129,897,736 | |
| Net loss | |
| (141,765 | ) | |
| (70,355 | ) | |
| (10,025 | ) |
| Other comprehensive loss: | |
| | | |
| | | |
| | |
| Foreign currency translation adjustments | |
| (10,874 | ) | |
| (8,960 | ) | |
| (1,277 | ) |
| Comprehensive loss | |
| (152,639 | ) | |
| (79,315 | ) | |
| (11,302 | ) |
HESAI GROUP
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE LOSS
(All amounts in thousands, except
share and per share data and otherwise noted)
| | |
Nine months ended September 30, | |
| | |
2023 | | |
2024 | |
| | |
RMB | | |
RMB | | |
US$ | |
| Net revenues | |
| 1,315,805 | | |
| 1,357,399 | | |
| 193,428 | |
| Cost of revenues | |
| (885,894 | ) | |
| (753,847 | ) | |
| (107,423 | ) |
| Gross profit. | |
| 429,911 | | |
| 603,552 | | |
| 86,005 | |
| Operating expenses: | |
| | | |
| | | |
| | |
| Sales and marketing expenses | |
| (99,137 | ) | |
| (143,927 | ) | |
| (20,509 | ) |
| General and administrative expenses | |
| (186,735 | ) | |
| (211,436 | ) | |
| (30,129 | ) |
| Research and development expenses | |
| (562,071 | ) | |
| (613,259 | ) | |
| (87,389 | ) |
| Other operating income, net | |
| 9,275 | | |
| 53,613 | | |
| 7,640 | |
| Total operating expenses | |
| (838,668 | ) | |
| (915,009 | ) | |
| (130,387 | ) |
| Loss from operations | |
| (408,757 | ) | |
| (311,457 | ) | |
| (44,382 | ) |
| Interest income | |
| 69,024 | | |
| 81,906 | | |
| 11,672 | |
| Interest expenses | |
| (2,236 | ) | |
| (9,177 | ) | |
| (1,308 | ) |
| Foreign exchange income/(loss) | |
| 6,837 | | |
| (8,657 | ) | |
| (1,234 | ) |
| Other income/(loss), net. | |
| 34 | | |
| (1,406 | ) | |
| (200 | ) |
| Net loss before income tax and share of loss in equity method investments | |
| (335,098 | ) | |
| (248,791 | ) | |
| (35,452 | ) |
| Income tax benefit/(expense). | |
| 75 | | |
| (547 | ) | |
| (78 | ) |
| Share of loss in equity method investment | |
| (34 | ) | |
| (1 | ) | |
| (1 | ) |
| Net loss | |
| (335,057 | ) | |
| (249,339 | ) | |
| (35,531 | ) |
| Net loss attributable to ordinary shareholders of the Company | |
| (335,057 | ) | |
| (249,339 | ) | |
| (35,531 | ) |
| Net loss per share: | |
| | | |
| | | |
| | |
| Basic and diluted. | |
| (2.70 | ) | |
| (1.94 | ) | |
| (0.28 | ) |
| Weighted average ordinary shares used in calculating net loss per share: | |
| | | |
| | | |
| | |
| Basic and diluted | |
| 124,206,950 | | |
| 128,775,472 | | |
| 128,775,472 | |
| Net loss | |
| (335,057 | ) | |
| (249,339 | ) | |
| (35,531 | ) |
| Other comprehensive loss: | |
| | | |
| | | |
| | |
| Foreign currency translation adjustments | |
| 57,563 | | |
| (2,939 | ) | |
| (419 | ) |
| Comprehensive loss | |
| (277,494 | ) | |
| (252,278 | ) | |
| (35,950 | ) |
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 September 30, | |
| | |
2023 | | |
2024 | |
| | |
RMB | | |
RMB | | |
US$ | |
| Loss from operations | |
| (167,243 | ) | |
| (77,226 | ) | |
| (11,005 | ) |
| Add: Share-based compensation expenses | |
| 39,820 | | |
| 26,353 | | |
| 3,755 | |
| Non-GAAP loss from operations | |
| (127,423 | ) | |
| (50,873 | ) | |
| (7,250 | ) |
| | |
| | | |
| | | |
| | |
| Net loss | |
| (141,765 | ) | |
| (70,355 | ) | |
| (10,025 | ) |
| Add: Share-based compensation expenses | |
| 39,820 | | |
| 26,353 | | |
| 3,755 | |
| Non-GAAP net loss. | |
| (101,945 | ) | |
| (44,002 | ) | |
| (6,270 | ) |
| | |
| | | |
| | | |
| | |
| Net loss attributable to ordinary shareholders of the Company | |
| (141,765 | ) | |
| (70,355 | ) | |
| (10,025 | ) |
| Add: Share-based compensation expenses | |
| 39,820 | | |
| 26,353 | | |
| 3,755 | |
| Non-GAAP net loss attributable to ordinary shareholders of the Company | |
| (101,945 | ) | |
| (44,002 | ) | |
| (6,270 | ) |
| | |
| | | |
| | | |
| | |
| Loss per share: Basic and diluted | |
| (1.13 | ) | |
| (0.54 | ) | |
| (0.08 | ) |
| Add: Share-based compensation expenses per ordinary share | |
| 0.32 | | |
| 0.20 | | |
| 0.03 | |
| Non-GAAP net loss per ordinary share – basic and diluted | |
| (0.81 | ) | |
| (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 Nine months ended September 30, | |
| | |
2023 | | |
2024 | |
| | |
RMB | | |
RMB | | |
US$ | |
| Loss from operations | |
| (408,757 | ) | |
| (311,457 | ) | |
| (44,382 | ) |
| Add: Share-based compensation expenses | |
| 194,057 | | |
| 92,657 | | |
| 13,204 | |
| Non-GAAP loss from operations | |
| (214,700 | ) | |
| (218,800 | ) | |
| (31,178 | ) |
| | |
| | | |
| | | |
| | |
| Net loss | |
| (335,057 | ) | |
| (249,339 | ) | |
| (35,531 | ) |
| Add: Share-based compensation expenses | |
| 194,057 | | |
| 92,657 | | |
| 13,204 | |
| Non-GAAP net loss. | |
| (141,000 | ) | |
| (156,682 | ) | |
| (22,327 | ) |
| | |
| | | |
| | | |
| | |
| Net loss attributable to ordinary shareholders of the Company | |
| (335,057 | ) | |
| (249,339 | ) | |
| (35,531 | ) |
| Add: Share-based compensation expenses | |
| 194,057 | | |
| 92,657 | | |
| 13,204 | |
| Non-GAAP net loss attributable to ordinary shareholders of the Company | |
| (141,000 | ) | |
| (156,682 | ) | |
| (22,327 | ) |
| | |
| | | |
| | | |
| | |
| Loss per share: Basic and diluted | |
| (2.70 | ) | |
| (1.94 | ) | |
| (0.28 | ) |
| Add: Share-based compensation expenses per ordinary share | |
| 1.56 | | |
| 0.72 | | |
| 0.11 | |
| Non-GAAP net loss per ordinary share – basic and diluted | |
| (1.14 | ) | |
| (1.22 | ) | |
| (0.17 | ) |
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