SHANGHAI - Hesai Group (NASDAQ: HSAI), a leading provider of three-dimensional lidar solutions, has announced preliminary financial results that indicate the company's net revenues and lidar shipments for the fourth quarter and full year of 2023 have surpassed their guidance ranges.
For the fourth quarter, Hesai expects net revenues to exceed the top of the previously provided range, between $73.3M (NYSE:MMM) and $76.1M. This performance marks a significant increase from the $59.3M reported in the same period of 2022. The full year's net revenues are also set to outperform the target of $250M.
In terms of product shipments, the company anticipates that total lidar units delivered in 2023 will exceed the 220,000-unit guidance. Hesai has also surpassed its target of shipping 200,000 ADAS lidar units within the year. This growth is underscored by a record-breaking December, during which over 50,000 lidar units were shipped.
Yifan "David" Li, Co-Founder and CEO of Hesai, expressed excitement over the company's achievements and its strong momentum, which includes securing new design wins, launching new products, and enhancing manufacturing capabilities.
Looking ahead to 2024, Hesai is confident in its business trajectory, having secured design wins with 15 leading OEMs and Tier-1 suppliers, covering more than 50 vehicle models. The company anticipates these numbers to grow significantly in the coming year.
Hesai's technology is widely applicable, from passenger and commercial vehicles equipped with advanced driver assistance systems (ADAS) to autonomous vehicle fleets and robotics applications such as delivery and logistics robots.
The company is committed to maintaining high standards in performance, quality, safety, and reliability within the lidar industry. Hesai's integrated approach to manufacturing allows for rapid product development while ensuring consistent quality and affordability.
Hesai's preliminary financial results are unaudited and subject to the completion of year-end financial reporting processes, reviews, and audits. The company expects to report finalized fourth quarter and full year 2023 financial results in March 2024.
The information for this article is based on a press release statement from Hesai Group.
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