Hesai Technology boasts 56.1% YoY surge in 2023 annual revenue

Beijing (Gasgoo)- On March 12, 2024, leading developer of LiDAR solutions Hesai Technology, announced its unaudited financial results for the fourth quarter and full year of 2023, which exceeded expectations in terms of revenue, delivery volume, and overall gross margin.

Photo credit: Hesai Technology

In 2023, Hesai achieved a total annual revenue of 1.88 billion yuan, representing a remarkable year-on-year surge of 56.1%. The company’s fourth-quarter revenue reached 560 million yuan, showing a solid jump of 37.1% compared to the same period last year. 

In the past year, Hesai Technology saw its overall gross margin stood at 35.2%, while its gross profit zoomed up 40.1% year over year.

The company delivered a total of 222,116 LiDAR units in 2023, marking a remarkable soar of 176.1% year-on-year. In the fourth quarter alone, Hesai’s LiDAR delivery volume came in at 87,736 units, shooting up 84.6% from that of a year ago. Notably, in the fourth quarter of 2023, Hesai became the first automotive LiDAR company to surpass the milestone of cumulatively delivering over 300,000 units of LiDAR systems.

According to the latest ranking report from the Gasgoo Auto Research Institute, Hesai Technology claimed the top spot with a market share of 37.3% among LiDAR suppliers in China for the period of January to December 2023.

Since 2020, Hesai Technology has consistently achieved impressive annual year-on-year revenue growth, demonstrating remarkable progress. With the continuous expansion of the company's scale, cost structure and operational efficiency have been effectively optimized and enhanced. Hesai has successfully achieved positive annual operating cash flow, making it the only company in the LiDAR industry to attain such a feat, said Hesai. This accomplishment reflects the company's exceptional commercial capabilities and operational efficiency.