Hesai Group Announces Certain Preliminary Fourth Quarter and Full Year 2023 Revenues and Lidar Shipments Figures

• Expects 4Q2023 and FY2023 net revenues to exceed the top of the guidance range of US$76 million and US$250 million, respectively
• Expects FY2023 total lidar shipments to exceed the guidance of 220,000 units and ADAS lidar shipments for FY2023 to exceed the target of 200,000 units

SHANGHAI, China, Jan. 11, 2024 (GLOBE NEWSWIRE) -- Hesai Group (“Hesai,” “Hesai Technology” or the “Company”) (NASDAQ: HSAI), the global leader in three-dimensional light detection and ranging (lidar) solutions, today announced certain preliminary, unaudited financial and operating results for the fourth quarter and full year 2023. These results are unaudited, subject to the completion of the Company’s year-end financial reporting processes, reviews, audit, and potential adjustments that might result therefrom.

• For the fourth quarter of 2023, the Company expects net revenues to surpass the high-end of the prior guidance range of RMB535 million (US$73.3 million) and RMB555 million (US$76.1 million), compared with RMB409 million (US$59.3 million) for the corresponding period in 2022. For the year ended December 31, 2023, the Company expects net revenues to exceed its target of RMB1.8 billion (US$250 million).
• For the year ended December 31, 2023, the Company expects total lidar shipments to surpass the prior guidance of 220,000 units, compared with shipments of 80,462 units in the corresponding period of 2022. The Company also expects to exceed its target of 200,000 ADAS lidar shipments for the year ended December 31, 2023.

“We are excited about the Company’s fourth quarter financial and operating performance. We capped off a record-setting 2023 by delivering over 50,000 lidar units in December,” said Yifan “David” Li, Hesai’s Co-Founder and CEO. “In the fourth quarter, we maintained strong momentum by securing numerous new design wins, introducing new product series, and enhancing our manufacturing capabilities to strengthen our leading position in the global lidar industry. As we embark on 2024, we are confident in our business, and have secured ADAS design wins with 15 leading OEMs and Tier-1 suppliers, covering over 50 vehicle models to date. We expect these OEM and vehicle model wins to grow significantly in the year ahead. We will stay true to our commitment to the highest performance, quality, safety, and reliability in the lidar industry.”