Hesai Group (“Hesai” 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 ended June 30, 2023.
Operational Highlights
|
Three monthsendedJune 30,
2023 |
|
Six monthsendedJune 30, 2023 |
ADAS LiDAR shipments |
45,694 |
|
73,889 |
Autonomous Mobility LiDAR
shipments |
6,412 |
|
13,051 |
Total LiDAR shipments |
52,106 |
|
86,940 |
|
|
|
|
- Q2 2023
ADAS LiDAR shipments were 45,694 units, as compared to
1,651 units in the corresponding period of 2022.
- Q2 2023
Total LiDAR shipments were 52,106 units, representing an
increase of 946.5% from 4,979 units in the corresponding period of
2022.
- ADAS
LiDAR shipments in the first 6 months of 2023 were 73,889
units, representing an increase of 3,845.0% from 1,873 units in the
corresponding period of 2022.
- Total
LiDAR shipments in the first 6 months of 2023 were 86,940
units, representing an increase of 630.3% from 11,905 units in the
corresponding period of 2022.
Management Remarks
“We are thrilled to announce an exceptional
second quarter performance, highlighted by all-time highs across
the board. A new benchmark stands tall as we established
record-breaking figures in both quarterly net revenues and total
LiDAR shipments, while attaining remarkable milestones in ADAS
LiDAR revenues and shipments. These strong shipments, along with
our unwavering focus on operating efficiency, generated positive
operating cash flow for the second consecutive quarter,” Yifan
“David” Li, Hesai's Co-Founder and CEO, commented. “In the second
quarter, we also signed a number of new LiDAR deals, including new
domestic design wins with SAIC Motor for multiple series-production
vehicle models and two strategic development programs with two
leading automotive OEM partners from North America and Europe,
respectively. In addition, our long-standing partnership with
NVIDIA, dating back to 2019, served as a solid foundation for a new
venture during the quarter – integration of our LiDAR sensors with
the NVIDIA DRIVE and NVIDIA Omniverse ecosystems. Our position as a
trusted leader in the LiDAR market is stronger than ever!”
Louis T. Hsieh, Hesai’s Global Chief Financial
Officer, said, “We are delighted to deliver an impressive quarter
of top-line growth. Net revenues for the second quarter of 2023
exceeded our guidance with an outstanding 108.5% year-over-year
increase, reaching an all-time high of RMB440.3 million (US$60.7
million). Additionally, we are proud to have achieved a record high
of 52,106 total LiDAR shipments, marking a 10-fold surge compared
with the same quarter last year. Our cumulative LiDAR shipments
have exceeded 190,000 units, reaffirming our leading position in
the global LiDAR industry. As validation of our market leadership,
a couple of weeks ago we were named the No. 1 global automotive
LiDAR supplier for the second consecutive year by Yole
Intelligence, a world-renowned independent research company in
Europe. Their report indicated astounding growth of 95% in the
global automotive LiDAR market from 2021 to 2022. Notably, Hesai
extended its leading position, increasing its global LiDAR market
share from 42% in 2021 to 47% in 2022, clearly surpassing the
second-largest player at 15%. Based on reported revenues and
shipments in the first half of 2023, we continue to outpace the
competition with higher revenues and LiDAR shipments than our six
other US-listed LiDAR peers COMBINED!3”
Mr. Hsieh continued, “We are also pleased to
share that our gross margin for the second quarter of 2023 exceeded
our expectations at 30%, attributable to better-than-expected ASPs
and continuous improvements in our manufacturing cost structure. We
are confident that we will exceed our initial gross margin target
of 27% to 30% for full-year 2023. Our unrelenting efforts to
improve revenue scalability and cost efficiency resulted in
positive operating cash flow for the second consecutive quarter of
approximately RMB58.3 million (US$8.0 million), a 4-fold
quarter-over-quarter increase, underscoring our clear path to
profitability.”
Business Developments
- ADAS: Hesai secured new domestic
design wins with SAIC Motor for multiple series-production vehicle
models. The Company also forged two new strategic development
programs with two leading global automotive OEM partners, one from
North America and one from Europe.
- Autonomous mobility: Hesai
commenced volume shipments for its latest deal, which represents
the largest Robotaxi LiDAR contract in the Company’s history, with
a leading global Robotaxi player.
- Hesai was named as the No. 1 global
automotive LiDAR supplier for the second consecutive year,
capturing 47% of the worldwide LiDAR market share by revenue in
2022, according to a recent report published by Yole Intelligence.
Yole's projection also forecasts that the Company will maintain its
No. 1 position in the market for 2023.
- Hesai deepened its longstanding
collaboration with NVIDIA earlier this month by announcing the
integration of our LiDAR sensors with the NVIDIA DRIVE and NVIDIA
Omniverse ecosystems. NVIDIA has been one of our top 10 U.S.
customers since 2019.
- Hesai is on track to manufacture
its AT series LiDAR featuring an upgraded design, extended
detection range and lower power consumption. Full-scale production
is anticipated to commence in the third quarter of 2023 at Hesai’s
“Hertz Center” manufacturing facility in Hangzhou, which operates
at an automation rate over 90%.
Financial
Highlights for the Second
Quarter of 2023(in RMB millions, except
for per ordinary share data and percentage)
|
Q2 2023 |
|
Q2 2022 |
|
% Change |
|
|
|
|
Net revenues |
440.3 |
|
|
211.2 |
|
|
108.5 |
% |
Gross margin |
29.8% |
|
|
46.8% |
|
|
|
Loss from operations |
(113.5 |
) |
|
(94.3 |
) |
|
20.4 |
% |
Non-GAAP4 loss from operations |
(79.8 |
) |
|
(66.9 |
) |
|
19.3 |
% |
Net loss |
(74.4 |
) |
|
(69.7 |
) |
|
6.7 |
% |
Non-GAAP net loss |
(40.6 |
) |
|
(42.2 |
) |
|
-3.8 |
% |
Net loss attributable to ordinary shareholders |
(74.4 |
) |
|
(265.5 |
) |
|
-72.0 |
% |
Net loss per ordinary share-basic and diluted |
(0.59 |
) |
|
(2.30 |
) |
|
-74.3 |
% |
Non-GAAP net loss per ordinary share – basic and diluted |
(0.32 |
) |
|
(0.37 |
) |
|
-13.5 |
% |
|
|
|
|
|
|
|
|
|
- Net
revenues were RMB440.3 million (US$60.7 million) for the
second quarter of 2023, representing an increase of 108.5% from the
same period of 2022. Product revenues were
RMB386.8 million (US$53.3 million) for the second quarter of 2023,
representing an increase of 108.3% from RMB185.7 million (US$25.6
million) for the same period of 2022. The stellar revenue growth
was attributed, in part, to a more favorable year-over-year
comparison with the second quarter of 2022, during which period net
revenues were adversely affected by the Shanghai Covid lockdowns in
April to May 2022, along with other nationwide Covid restrictions.
The year-over-year increase was mainly attributable to increased
demand for Autonomous Mobility and ADAS LiDAR products as volume
production of AT128 began in the third quarter of 2022.
Service revenues were RMB53.5 million (US$7.4
million) for the second quarter of 2023, representing an increase
of 110.1% from RMB25.5 million (US$3.5 million) for the same period
of 2022. The year-over-year increase was mainly attributable to
increased solutions revenue.
- Cost of revenues
was RMB309.2 million (US$42.6 million) for the second quarter of
2023, representing an increase of 175.4% from RMB112.3 million
(US$15.5 million) for the same period of 2022. The year-over-year
increase was due to increased shipments of LiDAR products,
partially offset by the decrease in unit cost.
- Gross margin was
29.8% for the second quarter of 2023, compared with 46.8% for the
same period of 2022. The decrease in gross margin percentage was
mainly attributable to increased shipments of lower priced ADAS
LiDAR products.
- Sales and marketing
expenses were RMB26.9 million (US$3.7 million) for the
second quarter of 2023, representing an increase of 32.0% from
RMB20.4 million (US$2.8 million) for the same period of 2022. The
year-over-year increase was mainly due to increased payroll
expenses of RMB3.3 million (US$0.5 million) attributable to an
expanded sales and marketing team.
- General and administrative
expenses were RMB56.7 million (US$7.8 million) for the
second quarter of 2023, representing a decrease of 15.8% from
RMB67.4 million (US$9.3 million) for the same period of 2022. The
year-over-year decrease was mainly driven by the decrease of
factory suspension loss of RMB24.6 million (US$3.4 million)
incurred in the second quarter of 2022 due to the Shanghai Covid
lockdowns, offset by increased payroll expenses of RMB7.6 million
(US$1.0 million).
- Research and development
expenses were RMB161.0 million (US$22.2 million) for the
second quarter of 2023, representing an increase of 49.1% from
RMB108.0 million (US$14.9 million) for the same period of 2022. The
year-over-year increase was mainly due to increased payroll
expenses of RMB35.5 million (US$4.9 million) and share-based
compensation expenses of RMB6.2 million (US$0.9 million)
attributable to higher R&D headcount.
- Loss from
operations was RMB113.5 million (US$15.7 million) for the
second quarter of 2023, representing an increase of 20.3% from
RMB94.3 million (US$13.0 million) from the same period of 2022.
Excluding share-based compensation expenses, non-GAAP loss from
operations was RMB79.8 million (US$11.0 million) for the second
quarter of 2023, compared with RMB66.9 million (US$9.2 million) for
the same period of 2022.
- Net loss was
RMB74.4 million (US$10.3 million) for the second quarter of 2023,
compared with RMB69.7 million (US$9.6 million) for the same period
of 2022. Excluding share-based compensation expenses, non-GAAP net
loss was RMB40.6 million (US$5.6 million) in the second quarter of
2023, compared with RMB42.2 million (US$5.8 million) for the same
period of 2022.
- Net loss attributable to
ordinary shareholders of Hesai was RMB74.4 million
(US$10.3 million) for the second quarter of 2023, compared with
RMB265.5 million (US$36.6 million) for the same period of 2022.
Excluding share-based compensation expenses and deemed dividends,
non-GAAP net loss attributable to ordinary shareholders of Hesai
was RMB40.6 million (US$5.6 million) for the second quarter of
2023, compared with RMB42.2 million (US$5.8 million) for the same
period of 2022.
- Basic and diluted net loss
per ordinary share were both RMB0.59 (US$0.08) for the
second quarter of 2023. Excluding share-based compensation expenses
and deemed dividends, non-GAAP basic net loss per ordinary share
and non-GAAP diluted net loss per ordinary share were both RMB0.32
(US$0.04) for the second quarter of 2023.
- Cash
and cash equivalents,
restricted cash and short-term
investments were RMB3,254.7 million (US$448.8
million) as of June 30, 2023, compared with RMB3,141.4 million
(US$457.4 million) as of March 31, 2023.
Business Outlook
For the third quarter of 2023, the Company
expects net revenues to be between RMB405 million
(US$55.9 million) and RMB425 million (US$58.6 million),
representing a year-over-year increase of approximately 21.3% to
27.3%. The lower-than-normal year-over-year quarterly net revenue
growth can be attributed to two primary factors: first, net
revenues in 3Q22 were elevated due to a significant rebound in 3Q22
following the Shanghai Covid lockdowns in 2Q22, resulting in a
high-base year-over-year comparison for 3Q23; and second, LiDAR
units totaling several million USD that were initially scheduled
for delivery in 3Q23 are now anticipated to be delivered in 4Q23
instead.
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 August 14, 2023
(9:00 AM Beijing/Hong Kong Time on August 15, 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 Second Quarter 2023 Earnings Conference Call |
Pre-registration Link: |
https://s1.c-conf.com/diamondpass/10032348-3629w7.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 an hour after the conclusion of the call
until August 22, 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: |
10032348 |
|
|
About Hesai
Hesai 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. 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
income excluding share-based compensation expenses, net income
attributable to ordinary shareholders excluding share-based
compensation and deemed dividend, and per ordinary share net income
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 RMB7.2513 to US$1.00, the exchange rate on
June 30, 2023, 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 GroupYuanting “YT” Shi, Investor
Relations Director Email: ir@hesaitech.com
Piacente Financial CommunicationsJenny CaiTel:
+86 (10) 6508-0677Email: hesai@tpg-ir.com
In the United States:Piacente Financial
CommunicationsBrandi PiacenteTel: +1-212-481-2050Email:
hesai@tpg-ir.com
Source: Hesai Group
HESAI GROUP |
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
(All amounts in thousands, except share and per share data and
otherwise noted) |
|
|
|
As of |
|
|
December 31,2022 |
|
|
June 30,2023 |
|
|
RMB |
|
|
RMB |
US$ |
|
|
|
|
|
ASSETS |
|
|
|
|
Current
assets: |
|
|
|
|
Cash and cash equivalents |
|
913,277 |
|
|
2,063,261 |
|
|
284,537 |
|
Restricted cash |
|
- |
|
|
3,613 |
|
|
498 |
|
Short-term investments |
|
945,866 |
|
|
1,187,814 |
|
|
163,807 |
|
Accounts receivable |
|
484,586 |
|
|
403,550 |
|
|
55,652 |
|
Contract assets |
|
13,058 |
|
|
- |
|
|
- |
|
Amounts due from related parties |
|
5,021 |
|
|
5,094 |
|
|
702 |
|
Inventories |
|
646,852 |
|
|
562,270 |
|
|
77,541 |
|
Prepayments and other current assets |
|
126,451 |
|
|
114,843 |
|
|
15,838 |
|
Total current
assets |
|
3,135,111 |
|
|
4,340,445 |
|
|
598,575 |
|
Non-current
assets: |
|
|
|
|
Property and equipment, net |
|
504,953 |
|
|
669,948 |
|
|
92,390 |
|
Long-term investments |
|
31,856 |
|
|
31,833 |
|
|
4,390 |
|
Intangible assets, net |
|
20,600 |
|
|
21,626 |
|
|
2,982 |
|
Land-use rights, net |
|
41,606 |
|
|
41,175 |
|
|
5,678 |
|
Goodwill |
|
3,823 |
|
|
3,827 |
|
|
528 |
|
Right-of-use assets |
|
44,349 |
|
|
27,939 |
|
|
3,853 |
|
Other non-current assets |
|
57,098 |
|
|
102,318 |
|
|
14,110 |
|
Total non-current
assets |
|
704,285 |
|
|
898,666 |
|
|
123,931 |
|
TOTAL
ASSETS |
|
3,839,396 |
|
|
5,239,111 |
|
|
722,506 |
|
LIABILITIES, MEZZANINE
EQUITY AND SHAREHOLDERS’ DEFICIT |
|
|
|
|
Current
liabilities: |
|
|
|
|
Short-term borrowings |
|
- |
|
|
109,900 |
|
|
15,156 |
|
Note payable |
|
- |
|
|
3,380 |
|
|
466 |
|
Accounts payable |
|
206,681 |
|
|
162,058 |
|
|
22,349 |
|
Contract liabilities |
|
40,378 |
|
|
44,286 |
|
|
6,107 |
|
Amounts due to related parties |
|
334,283 |
|
|
346,164 |
|
|
47,738 |
|
Accrued warranty liability |
|
17,694 |
|
|
21,165 |
|
|
2,919 |
|
Accrued expenses and other current liabilities |
|
356,502 |
|
|
266,442 |
|
|
36,744 |
|
Total current
liabilities |
|
955,538 |
|
|
953,395 |
|
|
131,479 |
|
Non-current
liabilities |
|
|
|
|
Long-term borrowings |
|
18,472 |
|
|
197,281 |
|
|
27,206 |
|
Deferred tax liabilities |
|
439 |
|
|
425 |
|
|
59 |
|
Lease liabilities |
|
10,139 |
|
|
5,359 |
|
|
739 |
|
Other non-current liabilities |
|
13,075 |
|
|
20,255 |
|
|
2,793 |
|
Total non-current
liabilities |
|
42,125 |
|
|
223,320 |
|
|
30,797 |
|
TOTAL
LIABILITIES |
|
997,663 |
|
|
1,176,715 |
|
|
162,276 |
|
Mezzanine
equity: |
|
|
|
|
Redeemable shares |
|
5,986,910 |
|
|
- |
|
|
- |
|
|
|
|
|
|
Shareholders’
Deficit |
|
|
|
|
Class A Ordinary shares |
|
19 |
|
|
19 |
|
|
2 |
|
Class B Ordinary shares |
|
20 |
|
|
62 |
|
|
9 |
|
Additional paid-in capital |
|
- |
|
|
7,332,386 |
|
|
1,011,182 |
|
Subscription receivables |
|
(310,227 |
) |
|
(310,227 |
) |
|
(42,782 |
) |
Accumulated other comprehensive income (loss) |
|
(3,608 |
) |
|
64,829 |
|
|
8,940 |
|
Accumulated deficit |
|
(2,831,381 |
) |
|
(3,024,673 |
) |
|
(417,121 |
) |
TOTAL SHAREHOLDERS’
DEFICIT |
|
(3,145,177 |
) |
|
4,062,396 |
|
|
560,230 |
|
TOTAL LIABILITIES,
MEZZANINE EQUITY AND SHAREHOLDERS’ DEFICIT |
|
3,839,396 |
|
|
5,239,111 |
|
|
722,506 |
|
|
|
|
|
|
|
|
|
|
|
HESAI GROUP |
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS |
(All amounts in thousands, except share and per share data and
otherwise noted) |
|
|
|
Three months ended June 30, |
|
|
2022 |
|
2023 |
|
|
RMB |
|
RMB |
US$ |
|
|
|
|
|
Net revenues |
|
211,184 |
|
|
440,313 |
|
|
60,722 |
|
Cost of revenues |
|
(112,260 |
) |
|
(309,161 |
) |
|
(42,635 |
) |
Gross
profit |
|
98,924 |
|
|
131,152 |
|
|
18,087 |
|
Operating
expenses: |
|
|
|
|
Sales and marketing expenses |
|
(20,406 |
) |
|
(26,926 |
) |
|
(3,713 |
) |
General and administrative expenses |
|
(67,357 |
) |
|
(56,695 |
) |
|
(7,819 |
) |
Research and development expenses |
|
(107,999 |
) |
|
(161,001 |
) |
|
(22,203 |
) |
Other operating income/(loss), net |
|
2,506 |
|
|
(38 |
) |
|
(5 |
) |
Total operating
expenses |
|
(193,256 |
) |
|
(244,660 |
) |
|
(33,740 |
) |
Loss from
operations |
|
(94,332 |
) |
|
(113,508 |
) |
|
(15,653 |
) |
Interest income |
|
16,198 |
|
|
23,991 |
|
|
3,309 |
|
Interest expense |
|
- |
|
|
(609 |
) |
|
(84 |
) |
Foreign exchange loss, net |
|
10,331 |
|
|
15,512 |
|
|
2,139 |
|
Other income/(loss), net |
|
(1,852 |
) |
|
225 |
|
|
30 |
|
Net loss before income
tax and share of loss in equity method investments |
|
(69,655 |
) |
|
(74,389 |
) |
|
(10,259 |
) |
Income tax benefit |
|
13 |
|
|
18 |
|
|
2 |
|
Share of loss in equity method investment |
|
(11 |
) |
|
(12 |
) |
|
(1 |
) |
Net loss |
|
(69,653 |
) |
|
(74,383 |
) |
|
(10,258 |
) |
Deemed dividend |
|
(195,847 |
) |
|
- |
|
|
- |
|
Net loss attributable
to ordinary shareholders of the Company |
|
(265,500 |
) |
|
(74,383 |
) |
|
(10,258 |
) |
Net loss per
share: |
|
|
|
|
Basic and diluted |
|
(2.30 |
) |
|
(0.59 |
) |
|
(0.08 |
) |
Weighted average ordinary shares used in calculating net
loss per share: |
|
|
|
|
Basic and diluted |
|
115,534,593 |
|
|
125,659,711 |
|
|
125,659,711 |
|
Net loss |
|
(69,653 |
) |
|
(74,383 |
) |
|
(10,258 |
) |
Other comprehensive
loss, net of tax of nil: |
|
|
|
|
Foreign currency translation adjustments |
|
(7,034 |
) |
|
55,489 |
|
|
7,652 |
|
Comprehensive loss,
net of tax of nil |
|
(76,687 |
) |
|
(18,894 |
) |
|
(2,606 |
) |
|
|
|
|
|
|
|
|
|
|
HESAI GROUP |
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS-continued |
(All amounts in thousands, except share and per share data and
otherwise noted) |
|
|
|
Six months ended June 30, |
|
|
2022 |
|
2023 |
|
|
|
RMB |
RMB |
US$ |
|
|
|
|
|
Net revenues |
|
459,631 |
|
|
870,243 |
|
|
120,012 |
|
Cost of revenues |
|
(234,213 |
) |
|
(576,465 |
) |
|
(79,498 |
) |
Gross
profit |
|
225,418 |
|
|
293,778 |
|
|
40,514 |
|
Operating
expenses: |
|
|
|
|
Sales and marketing expenses |
|
(39,718 |
) |
|
(62,289 |
) |
|
(8,590 |
) |
General and administrative expenses |
|
(112,084 |
) |
|
(106,239 |
) |
|
(14,651 |
) |
Research and development expenses |
|
(212,671 |
) |
|
(369,497 |
) |
|
(50,956 |
) |
Other operating income, net |
|
3,070 |
|
|
2,733 |
|
|
377 |
|
Total operating
expenses |
|
(361,403 |
) |
|
(535,292 |
) |
|
(73,820 |
) |
Loss from
operations |
|
(135,985 |
) |
|
(241,514 |
) |
|
(33,306 |
) |
Interest income |
|
33,616 |
|
|
39,664 |
|
|
5,470 |
|
Interest expense |
|
- |
|
|
(609 |
) |
|
(84 |
) |
Foreign exchange loss, net |
|
9,654 |
|
|
9,097 |
|
|
1,255 |
|
Other income/(loss), net |
|
(2,014 |
) |
|
58 |
|
|
7 |
|
Net loss before income
tax and share of loss in equity method investments |
|
(94,729 |
) |
|
(193,304 |
) |
|
(26,658 |
) |
Income tax benefit |
|
24 |
|
|
35 |
|
|
5 |
|
Share of loss in equity method investment |
|
(22 |
) |
|
(23 |
) |
|
(3 |
) |
Net loss |
|
(94,727 |
) |
|
(193,292 |
) |
|
(26,656 |
) |
Deemed dividend |
|
(232,517 |
) |
|
- |
|
|
- |
|
Net loss attributable
to ordinary shareholders of the Company |
|
(327,244 |
) |
|
(193,292 |
) |
|
(26,656 |
) |
Net loss per
share: |
|
|
|
|
Basic and diluted |
|
(2.83 |
) |
|
(1.57 |
) |
|
(0.22 |
) |
Weighted average ordinary shares used in calculating net
loss per share: |
|
|
|
|
Basic and diluted |
|
115,534,593 |
|
|
123,442,302 |
|
|
123,442,302 |
|
Net loss |
|
(94,727 |
) |
|
(193,292 |
) |
|
(26,656 |
) |
Other comprehensive
loss, net of tax of nil: |
|
|
|
|
Foreign currency translation adjustments |
|
(6,690 |
) |
|
68,437 |
|
|
9,438 |
|
Comprehensive loss,
net of tax of nil |
|
(101,417 |
) |
|
(124,855 |
) |
|
(17,218 |
) |
|
|
|
|
|
|
|
|
|
|
HESAI GROUP |
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP
RESULTS |
(All amounts in thousands, except share and per share data and
otherwise noted) |
|
|
|
Three months ended June 30, |
|
2022 |
|
2023 |
|
RMB |
|
RMB |
US$ |
|
|
|
|
Loss from operations |
(94,332 |
) |
|
(113,508 |
) |
|
(15,653 |
) |
Add: Share-based compensation
expenses, net of tax |
27,446 |
|
|
33,756 |
|
|
4,655 |
|
Non-GAAP loss from
operations |
(66,886 |
) |
|
(79,752 |
) |
|
(10,998 |
) |
|
|
|
|
Net loss |
(69,653 |
) |
|
(74,383 |
) |
|
(10,258 |
) |
Add: Share-based compensation
expenses, net of tax |
27,446 |
|
|
33,756 |
|
|
4,655 |
|
Non-GAAP net
loss |
(42,207 |
) |
|
(40,627 |
) |
|
(5,603 |
) |
|
|
|
|
Net loss attributable to
ordinary shareholders of the Company |
(265,500 |
) |
|
(74,383 |
) |
|
(10,258 |
) |
Add: Share-based compensation
expenses, net of tax |
27,446 |
|
|
33,756 |
|
|
4,655 |
|
Add: Deemed dividend |
195,847 |
|
|
- |
|
|
- |
|
Non-GAAP net loss
attributable to ordinary shareholders of the Company |
(42,207 |
) |
|
(40,627 |
) |
|
(5,603 |
) |
|
|
|
|
Loss per share: Basic and
diluted |
(2.30 |
) |
|
(0.59 |
) |
|
(0.08 |
) |
Add: Share-based compensation
expenses, net of tax |
1.70 |
|
|
0.27 |
|
|
0.04 |
|
Add: Deemed dividend |
0.23 |
|
|
- |
|
|
- |
|
Non-GAAP net loss per
ordinary share – basic and diluted |
(0.37 |
) |
|
(0.32 |
) |
|
(0.04 |
) |
|
|
|
|
HESAI GROUP |
|
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP
RESULTS-continued |
(All amounts in thousands, except share and per share data and
otherwise noted) |
|
|
Six months ended June 30, |
|
2022 |
|
2023 |
|
RMB |
RMB |
US$ |
|
|
|
|
Loss from operations |
(135,985 |
) |
|
(241,514 |
) |
|
(33,306 |
) |
Add: Share-based compensation
expenses, net of tax |
54,593 |
|
|
154,237 |
|
|
21,470 |
|
Non-GAAP loss from
operations |
(81,392 |
) |
|
(87,277 |
) |
|
(12,036 |
) |
|
|
|
|
Net loss |
(94,727 |
) |
|
(193,292 |
) |
|
(26,656 |
) |
Add: Share-based compensation
expenses, net of tax |
54,593 |
|
|
154,237 |
|
|
21,270 |
|
Non-GAAP net
loss |
(40,134 |
) |
|
(39,055 |
) |
|
(5,386 |
) |
|
|
|
|
Net loss attributable to
ordinary shareholders of the Company |
(327,244 |
) |
|
(193,292 |
) |
|
(26,656 |
) |
Add: Share-based compensation
expenses, net of tax |
54,593 |
|
|
154,237 |
|
|
21,270 |
|
Add: Deemed dividend |
232,517 |
|
|
- |
|
|
- |
|
Non-GAAP net loss
attributable to ordinary shareholders of the Company |
(40,134 |
) |
|
(39,055 |
) |
|
(5,386 |
) |
|
|
|
|
Loss per share: Basic and
diluted |
(2.83 |
) |
|
(1.57 |
) |
|
(0.22 |
) |
Add: Share-based compensation
expenses, net of tax |
0.47 |
|
|
1.25 |
|
|
0.17 |
|
Add: Deemed dividend |
2.01 |
|
|
- |
|
|
- |
|
Non-GAAP net loss per
ordinary share – basic and diluted |
(0.35 |
) |
|
(0.32 |
) |
|
(0.05 |
) |
________________
1All translations from RMB to USD for the second
quarter of 2023 were made at the exchange rate of RMB7.2513 to
US$1.00, the exchange rate on June 30, 2023, set forth in the H.10
statistical release of the Federal Reserve Board.2Hesai commenced
volume shipments of ADAS LiDAR in July 2022.3Derived from publicly
disclosed earnings releases. Six US-listed peers are Luminar,
Cepton, Ouster, Innoviz, Aeva, and AEye.4See “Use of Non-GAAP
measures” and “Unaudited reconciliation of GAAP and Non-GAAP
results” included in this release for further details.
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