Hesai Technology boasts 33.5% YoY surge in Q3 revenue

Beijing (Gasgoo)- On November 14, Chinese LiDAR maker Hesai Technology disclosed its unaudited financial results for the third quarter (Q3) of 2023, showcasing outstanding performance across revenue, delivery volumes, and gross margins. 

Photo credit: Hesai Technology

In Q3, Hesai achieving a revenue of 450 million yuan, representing a 33.5% year-on-year surge, and surpassing the company's revenue guidance ceiling. For the first three quarters of this year, Hesai’s cumulative revenue hit 1.32 billion yuan, soaring 65.8% from a year ago.

In Q3, Hesai delivered 47,440 LiDAR units, indicating a 125.5% spike from a year ago. Among them, 40,593 units of the LiDAR were designated for ADAS solutions, shooting up 143.2% year over year. Notably, the total LiDAR deliveries for the first nine months of this year came in at 134,380 units (+307.9% YoY), including 114,482 ADAS LiDAR units (+516.6% YoY).

Crucially, Hesai maintained positive operating cash flow for three consecutive quarters in 2023, reaching 47.6 million yuan, underscoring its exceptional operational efficiency and sustainable growth capability. With ample cash reserves of 3.2 billion yuan by the end of Q3, the company ensures robust support for product iteration and technological innovation.

Hesai's Maxwell Center, designed and constructed by the company, embodies the concept of manufacturing as an integral part of R&D. This center, incorporating LiDAR R&D, automotive regulation testing, production, and more, epitomizes an all-encompassing closed-loop from design to manufacturing, completed construction in early November and will soon to be operational.

The FT120, a mass-produced pure solid-state LiDAR developed by Hesai, has initiated small-scale deliveries to clients and is actively preparing for production at Hesai’s Maxwell Center.