Hesai Technology boasts 21.1% YoY jump in Q3 2024 revenue

Beijing (Gasgoo)- On November 26, LiDAR tech company Hesai Technology released its unaudited financial results for the third quarter (Q3) of 2024, reporting revenue of 540 million yuan, representing a 21.1% year-on-year jump.

Hesai's LiDAR deliveries reached 134,208 units in the quarter, surging 182.9% from a year ago. Among which, 129,913 units were ADAS-specific LiDAR products, shooting up 220% year on year. The company's ADAS and Robotaxi businesses achieved a combined gross margin of 47.7% in Q3, driven by economies of scale and increased development service revenue.  

For the first nine months of 2024, Hesai delivered a total of 279,835 LiDAR units, indicating a 108.2% year-on-year spike, with ADAS products contributing 263,148 units (+129.9% YoY). Notably, Hesai's quarterly LiDAR deliveries have seen nearly 50% quarter-on-quarter growth for two consecutive quarters, significantly boosting revenue. The company is on track to achieve $100 million in quarterly revenue, $20 million in GAAP profit, and full-year non-GAAP profitability in the fourth quarter of this year, said Hesai.  

During Q3 2024, Hesai launched its flagship 360° long-range LiDAR, OT128, securing partnerships with over 90 companies globally. By the end of Q3, Hesai had secured mass production projects for 75 vehicle models from 20 automakers worldwide.