Q2 2024 Hesai Group Earnings Call Transcript
Key Points
- Hesai Group (HSAI) achieved quarterly revenue of RMB458.9 million (USD63.1 million), reaching the high end of their guidance.
- LiDAR shipments rose to over 86,000 units, marking an increase of 66% year over year and 46% quarter over quarter.
- Blended gross margin was robust at approximately 45%, improving quarter over quarter due to effective cost management and additional service revenue.
- Hesai Group (HSAI) has been recognized as the number one automotive LiDAR company by market share for the third consecutive year.
- Secured design wins with 19 OEMs globally across over 70 vehicle models, including ADAS series production partnerships with 6 out of the top 10 global OEMs.
- Quarterly net loss narrowed but still significant at RMB72.1 million (USD9.9 million).
- Full-year revenue forecast revised down to a range of RMB2.0 billion to RMB2.3 billion due to downstream adjustments and postponed SOP timelines for certain client vehicle models.
- Less than 20% of total revenue is expected to come from the US market, indicating limited market penetration in the US.
- Despite strong performance, the company faces challenges from production delays in the robo-taxi sector since late 2023.
- Gross margin for the third and fourth quarters is expected to be lower than the second quarter due to the absence of one-off high-margin service revenue.
Hello, ladies and gentlemen. Thank you for standing by for Hesai Group's second-quarter 2024 earnings conference call. (Operator Instructions) Please note that today's conference call is being recorded.
I will now turn the call over to our first speaker today, Yuanting Shi, the company's Investor Relations Director. Please go ahead.
Thank you, operator. Hello, everyone. Thank you for joining Hesai Group's second-quarter 2024 Earnings Conference Call. Our earnings release is now available on our IR website at investor.hesaitech.com as well as via newswire services.
Today, you'll hear from our CEO, Dr. David Li, who will provide an overview of our recent updates and address our financial results before we open the call for questions.
Before we continue, I refer you to the Safe Harbor statement in our earnings press release, which applies to this call as we will make forward-looking statements. Please also note that the company will discuss non-GAAP measures today, which are more
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