Hesai Group Sponsored ADR (HSAI.US) announces latest financial report: Annual delivery volume doubles for fourth consecutive year, record high revenue in 2024.

On March 11, 2025, HeSai Technology (NASDAQ: HSAI) announced the unaudited financial data for the fourth quarter and full year of 2024. In 2024, HeSai achieved a strong financial and market performance, with record-high revenue, maintaining the top spot in the industry. The annual delivery volume doubled for the fourth consecutive year, making it the first and only publicly listed LiDAR company globally to achieve profitability for the full year, as well as the first publicly listed LiDAR company to have positive operating and net cash flow for the full year. In 2024, HeSai achieved a total annual revenue of 2.08 billion RMB, with fourth-quarter revenue of 720 million RMB. In the fourth quarter, HeSai secured the largest order in the field of overseas pre-installed LiDAR production to date, establishing a multi-year exclusive cooperation with a top European OEM, covering multiple models of both fuel and new energy vehicles. In the domestic market, HeSai's ATX is being planned by numerous OEM customers as the standard configuration for mass-produced models in 2025. As of now, HeSai Technology has established mass production cooperation with 120 models from 22 domestic and international automotive manufacturers. According to publicly available data, among the top 10 automotive manufacturers in China by market value in 2024, 9 have already entered into mass production cooperation agreements with HeSai. In 2025, HeSai will maintain its strong growth momentum, with net revenue expected to reach 3 to 3.5 billion RMB, GAAP profit expected to reach 200 to 350 million RMB, and Non-GAAP profit expected to soar to 350 to 500 million RMB - a 25 to 35 times increase from the Non-GAAP profit in 2024.