Hesai Group (“Hesai,” “Hesai Technology” or the “Company”),
(NASDAQ: HSAI), the global leader in three-dimensional light
detection and ranging (LiDAR) solutions, today announced its
unaudited financial results for the three months and full year
ended December 31, 2022.
LiDAR Shipments
|
Q4 2022 |
|
FY2022 |
|
|
|
|
ADAS
LiDAR |
43,351 |
|
61,918 |
Autonomous Mobility
LiDAR |
4,164 |
|
18,544 |
Total
LiDAR |
47,515 |
|
80,462 |
- Q4 2022 Total
LiDAR Shipments were 47,515 units
representing an increase of 739.2% from 5,662 units in the
corresponding period of 2021.
- Q4 2022
ADAS LiDAR Shipments were 43,351 units compared with 87
units in the corresponding period of 2021.
- Full
Year 2022 Total LiDAR Shipments were 80,462 units
representing an increase of 467.5% from 14,178 in 2021.
- Full
Year 2022 ADAS LiDAR Shipments were 61,918 units.
CEO and CFO Remarks
Yifan (David) Li, Hesai's Co-Founder and CEO,
stated, “We are pleased to announce a stellar set of figures in our
first earnings report as a public company. In the fourth quarter of
2022 we reached 100,000 cumulative LiDAR units delivered and
recorded 66.9% year-over-year revenue growth for 2022. We also more
than doubled our quarterly LiDAR shipment volume sequentially to
47,515 in the fourth quarter. In July 2022 we started volume
shipment of our first ADAS LiDAR, the AT128, and shipped over
60,000 AT128s in the last six months of 2022 to Li Auto and other
OEMs. In 2022 we won 10 ADAS OEM LiDAR nominations, including the
largest EV maker in China, and separately the largest Chinese auto
OEM. Our strong momentum continued in January 2023 when we added
our 11th ADAS win signing Seres, a leading Chinese EV OEM. These
OEM wins represent significant future potential orders for our
LiDAR solutions.”
Louis T. Hsieh, Hesai’s Global CFO, added, “2022
was a breakout year for Hesai as we established global market LiDAR
leadership in both ADAS and Autonomous Mobility (robotaxi and
industrial robotics markets). We shipped a record 47,515 LiDARs
units in the fourth quarter and over 80,000 for full year 2022. Net
revenues exceeded US$59.3 million for the fourth quarter and over
US$174.4 million for the year. Our LiDAR deliveries and net
revenues for 2022 were higher than the cumulative LiDAR deliveries
and revenues of all eight of our US publicly listed peers combined
in 2022. In addition, we achieved 39.2% gross margin for full year
2022, the highest among our industry peers. Our superior financial
performance demonstrated our clear market leadership in the rapidly
growing ADAS and Autonomous Mobility LiDAR markets and we are
confident in our growth momentum.”
Recent Developments
- On February 13, 2023, the Company
closed its initial public offering (the “IPO”) of 10.0 million
American Depositary Shares (“ADSs”), each representing one Class B
ordinary share of the Company, at an offering price of US$19.0 per
ADS, for a total offering size of US$190.0 million. Subsequently,
the underwriters of the IPO partially exercised their
over-allotment option, purchasing an additional 125,118 ADSs at the
IPO price. The closing of the partial exercise of the
over-allotment option occurred on March 15, 2023. The gross
proceeds from the partial exercise of the over-allotment option
brings the total amount raised in the IPO to approximately US$192.4
million.
- On November 8, 2022, Hesai
officially unveiled the FT120, a fully solid-state blind spot LiDAR
sensor with no moving parts inside, designed for ADAS series
production vehicles. FT120 is expected to be volume-produced and
delivered in the second half of 2023.
- In the fourth quarter, Hesai’s new
ADAS LiDAR product continued to win new customers, including the
largest EV maker in China, the largest Chinese auto OEM, and Rox,
an electric technology company. These were followed by a new deal
with Didi's autonomous driving business. In January 2023, Hesai won
another ADAS nomination, Seres, a leading EV OEM in China.
Additionally, in February 2023, the Company secured a LiDAR design
win for AT128 with Li Auto on its new battery electric vehicle
platform.
Financial
Highlights for the Fourth
Quarter of 2022
Fourth Quarter Key Financial
Results(in RMB millions, except for per ordinary
share data and percentage)
|
Q4 2022 |
|
Q4 2021 |
|
% Change |
|
|
|
|
|
|
|
|
|
Net revenues |
409.2 |
|
|
261.3 |
|
|
56.6 |
% |
Gross margin |
30.0 |
% |
|
52.4 |
% |
|
|
|
Loss from Operations |
(140.1 |
) |
|
(84.9 |
) |
|
65.0 |
% |
Adjusted Loss from Operations
(Non-GAAP)3 |
(115.0 |
) |
|
(54.2 |
) |
|
112.3 |
% |
Net Loss |
(135.3 |
) |
|
(70.0 |
) |
|
93.2 |
% |
Adjusted Net Loss
(Non-GAAP)4 |
(110.2 |
) |
|
(39.3 |
) |
|
180.4 |
% |
Net loss attributable to
ordinary shareholders |
(135.7 |
) |
|
(74.6 |
) |
|
81.8 |
% |
Net loss per Ordinary
Share-Basic and Diluted |
(1.18 |
) |
|
(0.71 |
) |
|
66.2 |
% |
Adjusted Net Loss per Ordinary
Share-Basic and Diluted (Non-GAAP)5 |
(0.96 |
) |
|
(0.38 |
) |
|
152.6 |
% |
- Net
revenues were RMB409.2 million (US$59.3 million) for the
fourth quarter of 2022, representing an increase of 56.6% from the
same period of 2021. Product revenues were
RMB404.3 million (US$58.6 million) for the fourth quarter of 2022,
representing an increase of 58.3% from RMB255.3 million (US$37.0
million) for the same period of 2021. The year-over-year increase
was mainly attributable to increased revenue from ADAS LiDAR
products as volume production of AT128 started in the third quarter
of 2022. Service revenues were RMB4.9 million
(US$0.7 million) for the fourth quarter of 2022, representing an
increase of 44.7% from RMB3.4 million (US$0.5 million) for the same
period of 2021. The year-over-year increase was mainly attributable
to increased revenue from extended warranty service.
- Cost of revenues
was RMB286.3 million (US$41.5 million) for the fourth quarter of
2022, representing an increase of 130.4% from RMB124.3 million
(US$18.0 million) for the same period of 2021. The year-over-year
increase was due to increased shipments of LiDAR products.
- Gross margin was
30.0% for the fourth quarter of 2022, compared with 52.4% for the
same period of 2021. The decrease of gross margin percentage was
mainly attributable to the increased shipments of lower-margin ADAS
LiDAR products during the early ramp-up stage with lower in-house
plant capacity utilization rate.
- Sales and marketing
expenses were RMB41.4 million (US$6.0 million) for the
fourth quarter of 2022, representing an increase of 95.2% from
RMB21.2 million (US$3.1 million) for the same period of 2021. The
year-over-year increase was mainly due to increased payroll
expenses as sales and marketing team expanded.
- General and administrative
expenses were RMB47.6 million (US$6.9 million) for the
fourth quarter of 2022, representing a decrease of 7.6% from
RMB51.5 million (US$7.5 million) for the same period of 2021. The
year-over-year decrease was mainly due to decline of share-based
compensation expenses.
- Research and development
expenses were RMB178.8 million (US$25.9 million) for the
fourth quarter of 2022, representing an increase of 13.3% from
RMB157.8 million (US$22.9 million) for the same period of 2021. The
year-over-year increase was mainly due to increased payroll
expenses attributable to higher R&D headcount.
- Other operating
income was RMB4.9 million (US$0.7 million) for the fourth
quarter of 2022, representing a decrease of 43.3% from RMB8.6
million (US$1.2 million) for the same period of 2021. The
year-over-year decrease was mainly due to lower government
subsidy.
- Loss from
operations was RMB140.1 million (US$20.3 million) for the
fourth quarter of 2022, representing an increase of 65.0% from
RMB84.9 million (US$12.3 million) from the same period of 2021.
Excluding share-based compensation expenses, adjusted loss from
operations (Non-GAAP)6 was RMB115.0 million (US$16.7 million) for
the fourth quarter of 2022, compared with RMB54.2 million (US$7.9
million) for the same period of 2021.
- Net loss was
RMB135.3 million (US$19.6 million) for the fourth quarter of 2022,
compared with RMB70.0 million (US$10.2 million) for the same period
of 2021. Excluding share-based compensation expenses, adjusted net
loss (Non-GAAP)6 was RMB110.2 million (US$16.0 million) in the
fourth quarter of 2022, compared with RMB39.3 million (US$5.7
million) for the same period of 2021.
- Net loss attributable to
ordinary shareholders of Hesai was RMB135.7 million
(US$19.7 million) for the fourth quarter of 2022, compared with
RMB74.6 million (US$10.8 million) for the same period of 2021.
Excluding share-based compensation expenses and deemed dividend,
adjusted net loss attributable to ordinary shareholders of Hesai
(Non-GAAP)6 was RMB110.2 million (US$16.0 million) for the fourth
quarter of 2022, compared with RMB39.3 million (US$5.7 million) for
the same period of 2021.
- Basic and
diluted net loss per ordinary share were both RMB1.18
(US$0.17) for the fourth quarter of 2022. Excluding share-based
compensation expenses and deemed dividend, adjusted basic and
diluted net loss per ordinary share (Non-GAAP)6 were both RMB0.96
(US$0.14) for the fourth quarter of 2022.
- Cash
and cash equivalents and
short-term investments were RMB1,859.1
million (US$269.6 million) as of December 31, 2022, compared with
RMB2,792.1 million as of December 31, 2021 and RMB2,068.1 million
(US$299.8 million) as of September 30, 2022.
Financial
Highlights for
the Full Year
2022
Full Year 2022 Key Financial
Results(in RMB millions, except for per ordinary
share data and percentage)
|
FY2022 |
|
FY2021 |
|
% Change |
|
|
|
|
|
|
|
|
|
Net revenues |
1,202.7 |
|
|
720.8 |
|
|
66.9 |
% |
Gross margin |
39.2 |
% |
|
53.0 |
% |
|
|
|
Loss from Operations |
(378.2 |
) |
|
(265.3 |
) |
|
42.6 |
% |
Adjusted Loss from Operations
(Non-GAAP)7 |
(273.0 |
) |
|
(211.0 |
) |
|
29.4 |
% |
Net Loss |
(300.8 |
) |
|
(244.8 |
) |
|
22.8 |
% |
Adjusted Net loss
(Non-GAAP) |
(195.5 |
) |
|
(190.5 |
) |
|
2.6 |
% |
Net loss attributable to
Ordinary Shareholders |
(747.2 |
) |
|
(2,456.2 |
) |
|
(69.6 |
%) |
Net loss per Ordinary
Share-Basic and Diluted |
(6.47 |
) |
|
(23.39 |
) |
|
(72.4 |
%) |
Adjusted Net Loss per Ordinary
Share-Basic and Diluted (Non-GAAP) |
(1.70 |
) |
|
(1.81 |
) |
|
(6.1 |
%) |
- Net revenues were
RMB1,202.7 million (US$174.4 million) for 2022, representing an
increase of 66.9% from RMB720.8 million (US$104.5 million) for the
prior year. Product revenues were RMB1,151.9
million (US$167.0 million) for the full year of 2022, representing
an increase of 63.2% from RMB705.7 million (US$102.3 million) for
the prior year. The increase was mainly attributable to increased
shipments of Autonomous Mobility and ADAS LiDAR products.
Service revenues were RMB50.8 million (US$7.4
million) for the full year of 2022, representing an increase of
233.7% from RMB15.1 million (US$2.2 million) for the prior year.
The increase was mainly attributable to completion of certain
non-recurring engineering projects and increased revenue from
extended warranty service.
- Cost of revenues
was RMB730.7 million (US$105.9 million) for the full year of 2022,
representing an increase of 115.6% from RMB339.0 million (US$49.1
million) for the prior year.
- Gross margin was
39.2% for the full year of 2022, compared with 53.0% for the prior
year. The decrease of gross margin percentage was mainly
attributable to the increased shipments of lower-margin ADAS LiDAR
products during the early ramp-up stage with lower in-house plant
capacity utilization rate.
- Sales and marketing
expenses were RMB104.8 million (US$15.2 million) for the
full year of 2022, representing an increase of 51.4% from RMB69.3
million (US$10.0 million) for the prior year.
- General and administrative
expenses were RMB201.0 million (US$29.1 million) for the
full year of 2022, representing a decrease of 15.1% from RMB236.7
million (US$34.3 million) for the prior year. The decrease was
mainly due to one-off costs related to group reorganization
incurred in 2021, offset by increased payroll expenses and loss
from factory suspension in 2022.
- Research and development
expenses were RMB555.2 million (US$80.5 million) for the
full year of 2022, representing an increase of 50.7% from RMB368.4
million (US$53.4 million) for prior year. The increase was mainly
due to increased payroll expenses and increased material and
testing expenses incurred for new products.
- Other operating
income was RMB10.8 million (US$1.6 million) for the full
year of 2022, representing a decrease of 60.4% from RMB27.3 million
(US$4.0 million) for the prior year.
- Loss from
operations was RMB378.2 million (US$54.8 million) for the
full year of 2022, compared with RMB265.3 million (US$38.5 million)
for the prior year. Excluding share-based compensation expenses,
adjusted loss from operations (Non-GAAP) was RMB273.0 million
(US$39.6 million) in the full year of 2022, compared with RMB211.0
million (US$30.6 million) for the prior year.
- Net loss was
RMB300.8 million (US$43.6 million) for the full year of 2022,
compared with RMB244.8 million (US$35.5 million) for the prior
year. Excluding share-based compensation expenses, adjusted net
loss (Non-GAAP) was RMB195.5 million (US$28.4 million) in the full
year of 2022, compared with RMB190.5 million (US$27.6 million) for
the prior year.
- Net loss attributable to
ordinary shareholders of Hesai was RMB747.2 million
(US$108.3 million) for the full year of 2022, compared with
RMB2,456.2 million (US$356.1 million) for the prior year. Excluding
share-based compensation expenses and deemed dividend, adjusted net
loss attributable to ordinary shareholders of Hesai (Non-GAAP) was
RMB195.5 million (US$28.4 million) for the full year of 2022,
compared with RMB190.5 million (US$27.6 million) for the prior
year.
- Basic and diluted net loss
per ordinary share were both RMB6.47 (US$0.94) for the
full year of 2022. Excluding share-based compensation expenses and
deemed dividend, adjusted basic and diluted net loss per ordinary
share (Non-GAAP) were both RMB1.70 (US$0.25) for the full year of
2022.
- Balance of cash and cash
equivalents and short-term investments was RMB1,859.1
million (US$269.6 million) as of December 31, 2022. In addition, on
February 13, 2023, Hesai completed a US$190 million IPO with net
proceeds of approximately US$177 million. On March 15, 2023, Hesai
received approximately US$2.1 million in net proceeds from the IPO
underwriters' partial exercise of their over-allotment option.
Business Outlook
For the first quarter of 2023, the Company
expects Net revenues to be
between RMB390 million (US$56.5 million) and RMB410 million
(US$59.4 million), representing a year-over-year increase of
approximately 57.0% to 65.0%.
The above outlook is based on the current market
conditions and reflects the Company’s preliminary estimates of
market and operating conditions, and customer demand, which are all
subject to change.
Conference
Call
The Company’s management will host an earnings
conference call at 9:00 PM U.S. Eastern Time on March 15, 2023
(9:00 AM Beijing/Hong Kong time on March 16, 2023.)
For participants who wish to join the call by
phone, please access the link provided below to complete the
pre-registration process and dial in 5 minutes prior to the
scheduled call start time. Upon registration, each participant will
receive dial-in details to join the conference call.
Event Title: Hesai Group Fourth Quarter and Full
Year 2022 Earnings Conference CallPre-registration link:
https://s1.c-conf.com/diamondpass/10029395-hau534.html
Additionally, a live and archived webcast of the conference call
will be available on the Company’s investor relations website at
https://investor.hesaitech.com.
A replay of the conference call will be accessible approximately
two hours after the conclusion of the call until March 23, 2023, by
dialing the following telephone numbers:
United States: |
+1-855-883-1031 |
International: |
+61-7-3107-6325 |
Hong Kong, China: |
800-930-639 |
China Mainland: |
400-120-9216 |
Replay PIN: |
10029395 |
About Hesai
Hesai Technology is the global leader in
three-dimensional light detection and ranging (LiDAR) solutions.
The Company’s LiDAR products enable a broad spectrum of
applications across passenger and commercial vehicles with advanced
driver assistance systems (ADAS) and autonomous vehicle fleets
(autonomous mobility). Hesai's technology also empowers robotics
applications such as last-mile delivery robots and logistics robots
in restricted areas. As of December 31, 2022, Hesai has shipped
over 100,000 LiDAR units in total. The Company’s commercially
validated solutions are backed by superior research and development
capabilities across optics, mechanics, electronics, and software.
Hesai integrates LiDAR designs with an in-house manufacturing
process, facilitating rapid product development while ensuring high
performance, consistent quality and affordability. Hesai has
established strong relationships with leading automotive OEMs,
autonomous vehicle, and robotics companies worldwide, covering over
90 cities in 40 countries as of December 31, 2022.
Use of
Non-GAAP Financial
Measures
To supplement Hesai's consolidated financial
results presented in accordance with GAAP, Hesai uses the following
measures defined as Non-GAAP financial measures by the SEC: loss
from operation excluding share-based compensation expenses, net
loss excluding share-based compensation expenses, net loss
attributable to ordinary shareholders excluding share-based
compensation and deemed dividend, and per ordinary share net loss
attributable to ordinary shareholders excluding share-based
compensation and deemed dividend. The presentation of these
Non-GAAP financial measures is not intended to be considered in
isolation or as a substitute for the financial information prepared
and presented in accordance with GAAP. For more information on
these Non-GAAP financial measures, please see the tables captioned
"Unaudited Reconciliations of GAAP and Non-GAAP Results" set forth
at the end of this release.
Hesai believes that these Non-GAAP financial
measures provide meaningful supplemental information regarding its
performance and liquidity by excluding share-based compensation
expenses and deemed dividend that may not be indicative of its
operating performance from a cash perspective. Hesai believes that
both management and investors benefit from referring to these
Non-GAAP financial measures in assessing its performance and when
planning and forecasting future periods. These Non-GAAP financial
measures also facilitate management's internal comparisons to
Hesai's historical performance and liquidity. Hesai believes these
Non-GAAP financial measures are useful to investors in allowing for
greater transparency with respect to supplemental information used
by management in its financial and operational decision making. A
limitation of using these Non-GAAP measures is that they exclude
share-based compensation expenses and deemed dividend that has been
and will continue to be for the foreseeable future a significant
recurring expense in our business. Management compensates for these
limitations by providing specific information regarding the GAAP
amounts excluded from each Non-GAAP measure. The accompanying
tables have more details on the reconciliations between GAAP
financial measures that are most directly comparable to Non-GAAP
financial measures.
Exchange Rate
Information
This announcement contains translations of
certain RMB amounts into U.S. dollars at a specified rate solely
for the convenience of the reader. Unless otherwise noted, all
translations from RMB to U.S. dollars and from U.S. dollars to RMB
are made at a rate of RMB6.8972 to US$1.00, the exchange rate on
December 30, 2022, set forth in the H.10 statistical release of the
Federal Reserve Board. The Company makes no representation that the
RMB or U.S. dollars amounts referred could be converted into U.S.
dollars or RMB, as the case may be, at any particular rate or at
all.
Safe Harbor
Statement
This announcement contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as “will,” “expects,” “anticipates,” “aims,”
“future,” “intends,” “plans,” “believes,” “estimates,” “confident,”
“potential,” “continue” or other similar expressions. Among other
things, the business outlook and quotations from management in this
announcement, as well as the Company’s strategic and operational
plans, contain forward-looking statements. The Company may also
make written or oral forward-looking statements in its periodic
reports to the U.S. Securities and Exchange Commission (the “SEC”),
in its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including but not limited to statements about the
Company’s beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: the
Company’s goals and strategies; the Company’s future business
development, financial condition and results of operations;
expected changes in the Company’s revenues, costs or expenditures;
the trends in, expected growth and the market size of the ADAS,
autonomous mobility and robotics industries; the market for and
adoption of LiDAR and related technology; the Company’s ability to
produce high-quality products with wide market acceptance; the
success of the Company’s customers in developing and
commercializing products using its solutions, and the market
acceptance of those products; the Company’s ability to introduce
new products that meet its customers’ requirement; the Company’s
expectations regarding the effectiveness of its marketing
initiatives and the relationship with its third-party partners;
competition in the Company’s industry; the Company’s ability to
recruit and retain qualified personnel; relevant government
policies and regulations relating to the Company’s industry; the
Company’s ability to protect its systems and infrastructures from
cyber-attacks; general economic and business conditions globally
and in China; and assumptions underlying or related to any of the
foregoing. Further information regarding these and other risks is
included in the Company’s filings with the SEC. All information
provided in this press release and in the attachments is as of the
date of this press release, and the Company undertakes no
obligation to update any forward-looking statement, except as
required under applicable law.
For investor and media inquiries, please
contact:
In China:Hesai GroupInvestor Relations Email:
ir@hesaitech.com
The Piacente Group, Inc.Jenny CaiTel: +86 (10)
6508-0677Email: hesai@tpg-ir.com
In the United States:The Piacente Group, Inc.
Brandi PiacenteTel: +1-212-481-2050Email: hesai@tpg-ir.com
Source: Hesai Group
|
|
|
HESAI GROUPUNAUDITED
CONDENSED CONSOLIDATED
BALANCE SHEETS(All amounts in
thousands, except share and per share data and otherwise
noted) |
|
|
|
|
|
As of December 31, |
|
|
2021 |
|
2022 |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
449,352 |
|
|
913,277 |
|
|
132,413 |
|
Short-term investments |
|
2,342,743 |
|
|
945,866 |
|
|
137,138 |
|
Accounts receivable |
|
85,821 |
|
|
485,044 |
|
|
70,325 |
|
Contract assets |
|
146,537 |
|
|
12,600 |
|
|
1,827 |
|
Amounts due from related parties |
|
3,543 |
|
|
5,021 |
|
|
728 |
|
Inventories |
|
376,244 |
|
|
646,852 |
|
|
93,785 |
|
Prepayments and other current assets |
|
89,119 |
|
|
128,920 |
|
|
18,691 |
|
Total current
assets |
|
3,493,359 |
|
|
3,137,580 |
|
|
454,907 |
|
Non-current
assets: |
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
321,627 |
|
|
504,953 |
|
|
73,211 |
|
Long-term investments |
|
1,902 |
|
|
31,856 |
|
|
4,619 |
|
Intangible assets, net |
|
19,553 |
|
|
20,600 |
|
|
2,987 |
|
Land-use rights, net |
|
42,470 |
|
|
41,606 |
|
|
6,032 |
|
Goodwill |
|
3,499 |
|
|
3,823 |
|
|
554 |
|
Right-of-use assets |
|
- |
|
|
44,349 |
|
|
6,430 |
|
Other non-current assets |
|
69,959 |
|
|
57,098 |
|
|
8,278 |
|
Total non-current
assets |
|
459,010 |
|
|
704,285 |
|
|
102,111 |
|
TOTAL
ASSETS |
|
3,952,369 |
|
|
3,841,865 |
|
|
557,018 |
|
LIABILITIES, MEZZANINE
EQUITY AND SHAREHOLDERS’ DEFICIT |
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
77,271 |
|
|
209,150 |
|
|
30,324 |
|
Contract liabilities |
|
122,603 |
|
|
44,513 |
|
|
6,454 |
|
Amounts due to related parties |
|
307,498 |
|
|
334,283 |
|
|
48,466 |
|
Accrued warranty liability |
|
13,932 |
|
|
17,694 |
|
|
2,565 |
|
Accrued expenses and other current liabilities |
|
370,854 |
|
|
356,502 |
|
|
51,689 |
|
Total current
liabilities |
|
892,158 |
|
|
962,142 |
|
|
139,498 |
|
Non-current
liabilities |
|
|
|
|
|
|
|
|
|
Long-term borrowings |
|
- |
|
|
18,472 |
|
|
2,678 |
|
Deferred tax liabilities |
|
466 |
|
|
439 |
|
|
64 |
|
Lease liabilities |
|
- |
|
|
10,139 |
|
|
1,470 |
|
Other non-current liabilities |
|
9,924 |
|
|
8,940 |
|
|
1,296 |
|
Total non-current
liabilities |
|
10,390 |
|
|
37,990 |
|
|
5,508 |
|
TOTAL
LIABILITIES |
|
902,548 |
|
|
1,000,132 |
|
|
145,006 |
|
|
|
|
|
|
|
|
|
|
|
Mezzanine
equity: |
|
|
|
|
|
|
|
|
|
Redeemable shares |
|
5,540,491 |
|
|
5,986,910 |
|
|
868,020 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders’
Deficit |
|
|
|
|
|
|
|
|
|
Class A Ordinary shares |
|
19 |
|
|
19 |
|
|
3 |
|
Class B Ordinary shares |
|
20 |
|
|
20 |
|
|
3 |
|
Additional paid-in capital |
|
- |
|
|
- |
|
|
- |
|
Subscription receivables |
|
(310,227 |
) |
|
(310,227 |
) |
|
(44,979 |
) |
Accumulated other comprehensive income (loss) |
|
8,465 |
|
|
(3,608 |
) |
|
(523 |
) |
Accumulated deficit |
|
(2,188,947 |
) |
|
(2,831,381 |
) |
|
(410,512 |
) |
TOTAL SHAREHOLDERS’
DEFICIT |
|
(2,490,670 |
) |
|
(3,145,177 |
) |
|
(456,008 |
) |
TOTAL LIABILITIES,
MEZZANINE EQUITY AND SHAREHOLDERS’ DEFICIT |
|
3,952,369 |
|
|
3,841,865 |
|
|
557,018 |
|
|
HESAI GROUPUNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS(All amounts
in thousands, except share and per share data and otherwise
noted) |
|
|
|
Three months ended December 31, |
|
|
2021 |
|
2022 |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
Net
revenues |
|
261,326 |
|
|
409,185 |
|
|
59,326 |
|
Cost of revenues |
|
(124,301 |
) |
|
(286,344 |
) |
|
(41,516 |
) |
Gross
profit |
|
137,025 |
|
|
122,841 |
|
|
17,810 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
Sales and marketing expenses |
|
(21,194 |
) |
|
(41,362 |
) |
|
(5,997 |
) |
General and administrative expenses |
|
(51,529 |
) |
|
(47,627 |
) |
|
(6,905 |
) |
Research and development expenses |
|
(157,808 |
) |
|
(178,817 |
) |
|
(25,926 |
) |
Other operating income, net |
|
8,592 |
|
|
4,869 |
|
|
706 |
|
Total operating
expenses |
|
(221,939 |
) |
|
(262,937 |
) |
|
(38,122 |
) |
Loss from
operations |
|
(84,914 |
) |
|
(140,096 |
) |
|
(20,312 |
) |
Interest income |
|
18,381 |
|
|
9,450 |
|
|
1,370 |
|
Foreign exchange (loss) gain, net |
|
(3,470 |
) |
|
(4,572 |
) |
|
(663 |
) |
Other loss, net |
|
(28 |
) |
|
(90 |
) |
|
(13 |
) |
Net loss before income
tax |
|
(70,031 |
) |
|
(135,308 |
) |
|
(19,618 |
) |
Income tax benefit |
|
2 |
|
|
22 |
|
|
3 |
|
Net loss |
|
(70,029 |
) |
|
(135,286 |
) |
|
(19,615 |
) |
Deemed dividend |
|
(4,599 |
) |
|
(398 |
) |
|
(58 |
) |
Net loss attributable
to ordinary shareholders of the Company |
|
(74,628 |
) |
|
(135,684 |
) |
|
(19,673 |
) |
Net loss per
share: |
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
(0.71 |
) |
|
(1.18 |
) |
|
(0.17 |
) |
Weighted average
ordinary shares used in calculating net loss per
share: |
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
104,987,478 |
|
|
115,534,593 |
|
|
115,534,593 |
|
Net loss |
|
(70,029 |
) |
|
(135,286 |
) |
|
(19,615 |
) |
Other comprehensive
(loss) income, net of tax of nil: |
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
(7,308 |
) |
|
2,690 |
|
|
390 |
|
Comprehensive loss,
net of tax of nil |
|
(77,337 |
) |
|
(132,596 |
) |
|
(19,225 |
) |
|
HESAI GROUPUNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(CONTINUED)(All amounts in thousands, except share and per
share data and otherwise noted) |
|
|
|
Year ended December 31, |
|
|
2021 |
|
|
2022 |
|
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
Net
revenues |
|
720,768 |
|
|
1,202,670 |
|
|
174,371 |
|
Cost of revenues |
|
(338,972 |
) |
|
(730,683 |
) |
|
(105,939 |
) |
Gross
profit |
|
381,796 |
|
|
471,987 |
|
|
68,432 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
Sales and marketing expenses |
|
(69,266 |
) |
|
(104,835 |
) |
|
(15,200 |
) |
General and administrative expenses |
|
(236,713 |
) |
|
(201,007 |
) |
|
(29,143 |
) |
Research and development expenses |
|
(368,435 |
) |
|
(555,179 |
) |
|
(80,493 |
) |
Other operating income, net |
|
27,333 |
|
|
10,817 |
|
|
1,568 |
|
Total operating
expenses |
|
(647,081 |
) |
|
(850,204 |
) |
|
(123,268 |
) |
Loss from
operations |
|
(265,285 |
) |
|
(378,217 |
) |
|
(54,836 |
) |
Interest income |
|
32,584 |
|
|
58,734 |
|
|
8,516 |
|
Foreign exchange (loss) gain, net |
|
(13,275 |
) |
|
20,858 |
|
|
3,024 |
|
Other income (loss), net |
|
34 |
|
|
(2,206 |
) |
|
(320 |
) |
Net loss before income
tax |
|
(245,942 |
) |
|
(300,831 |
) |
|
(43,616 |
) |
Income tax benefit |
|
1,115 |
|
|
66 |
|
|
10 |
|
Net loss |
|
(244,827 |
) |
|
(300,765 |
) |
|
(43,606 |
) |
Deemed dividend |
|
(2,211,330 |
) |
|
(446,420 |
) |
|
(64,725 |
) |
Net loss attributable
to ordinary shareholders of the Company |
|
(2,456,157 |
) |
|
(747,185 |
) |
|
(108,331 |
) |
Net loss per
share: |
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
(23.39 |
) |
|
(6.47 |
) |
|
(0.94 |
) |
Weighted average
ordinary shares used in calculating net loss per
share: |
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
104,987,478 |
|
|
115,534,593 |
|
|
115,534,593 |
|
Net loss |
|
(244,827 |
) |
|
(300,765 |
) |
|
(43,606 |
) |
Other comprehensive
income (loss), net of tax of nil: |
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
9,083 |
|
|
(12,073 |
) |
|
(1,750 |
) |
Comprehensive loss,
net of tax of nil |
|
(235,744 |
) |
|
(312,838 |
) |
|
(45,356 |
) |
|
HESAI GROUP RECONCILIATIONS OF GAAP AND
NON-GAAP RESULTS(All amounts in thousands, except share
and per share data and otherwise noted) |
|
|
For the three months ended December 31, |
|
For the year ended December 31 |
|
2021 |
|
2022 |
|
2021 |
|
2022 |
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
(84,914 |
) |
|
(140,096 |
) |
|
(20,312 |
) |
|
(265,285 |
) |
|
(378,217 |
) |
|
(54,836 |
) |
Add: Share-based compensation
expenses |
30,725 |
|
|
25,079 |
|
|
3,636 |
|
|
54,283 |
|
|
105,219 |
|
|
15,255 |
|
Adjusted loss from
operations |
(54,189 |
) |
|
(115,017 |
) |
|
(16,676 |
) |
|
(211,002 |
) |
|
(272,998 |
) |
|
(39,581 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
(70,029 |
) |
|
(135,286 |
) |
|
(19,615 |
) |
|
(244,827 |
) |
|
(300,765 |
) |
|
(43,606 |
) |
Add: Share-based compensation
expenses |
30,725 |
|
|
25,079 |
|
|
3,636 |
|
|
54,283 |
|
|
105,219 |
|
|
15,255 |
|
Adjusted net
loss |
(39,304 |
) |
|
(110,207 |
) |
|
(15,979 |
) |
|
(190,544 |
) |
|
(195,546 |
) |
|
(28,351 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to
ordinary shareholders of the Company |
(74,628 |
) |
|
(135,684 |
) |
|
(19,673 |
) |
|
(2,456,157 |
) |
|
(747,185 |
) |
|
(108,331 |
) |
Add: Share-based compensation
expenses |
30,725 |
|
|
25,079 |
|
|
3,636 |
|
|
54,283 |
|
|
105,219 |
|
|
15,255 |
|
Add: Deemed dividend |
4,599 |
|
|
398 |
|
|
58 |
|
|
2,211,330 |
|
|
446,420 |
|
|
64,725 |
|
Adjusted net loss
attributable to ordinary shareholders of the Company |
(39,304 |
) |
|
(110,207 |
) |
|
(15,979 |
) |
|
(190,544 |
) |
|
(195,546 |
) |
|
(28,351 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share: Basic and
diluted |
(0.71 |
) |
|
(1.18 |
) |
|
(0.17 |
) |
|
(23.39 |
) |
|
(6.47 |
) |
|
(0.94 |
) |
Add: Share-based compensation
expenses |
0.29 |
|
|
0.22 |
|
|
0.03 |
|
|
0.52 |
|
|
0.91 |
|
|
0.13 |
|
Add: Deemed dividend |
0.04 |
|
|
- |
|
|
- |
|
|
21.06 |
|
|
3.86 |
|
|
0.56 |
|
Adjusted net loss per
share attributable to ordinary shareholders of the
Company |
(0.38 |
) |
|
(0.96 |
) |
|
(0.14 |
) |
|
(1.81 |
) |
|
(1.70 |
) |
|
(0.25 |
) |
_______________1 All translations from RMB to
USD for the fourth quarter and the full year of 2022 were made at
the exchange rate of RMB6.8972 to US$1.00, the noon buying rate in
effect on December 30, 2022 in the H.10 statistical release of the
Federal Reserve Board.2 Hesai started volume shipments of ADAS
LiDAR in July 2022.3 Adjusted Loss from Operations (Non-GAAP)
represents loss from operations excluding share-based compensation
expenses. Share-based compensation expenses were RMB25.1 million
(US$3.6 million) for the fourth quarter of 2022, representing a
decrease of 18.4% from RMB30.7 million (US$4.5 million) for the
same period of 2021.4 Adjusted Net Loss (Non-GAAP) represents net
loss excluding share-based compensation expenses. 5 Adjusted Net
Loss per Ordinary Share-Basic and Diluted (Non-GAAP) represents
basic and diluted net loss per ordinary share excluding effects of
share-based compensation and deemed dividend.6 See "Unaudited
Reconciliation of GAAP and Non-GAAP Results" included in the
accompanying tables of this release for further details.7
Share-based compensation expenses were RMB 105.2 million(US$15.3
million) for the year ended December 31, 2022, representing an
increase of 93.7% from RMB 54.3 million (US$7.9 million) for the
year ended of December 31, 2021.
Hesai (NASDAQ:HSAI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Hesai (NASDAQ:HSAI)
Historical Stock Chart
From Jul 2023 to Jul 2024