Hesai 2023 Q4 and full-year financial report: full-year revenue increased by more than 50% year-on-year, and delivery increased by nearly 2 times

On March 12, 2024, Hesai Technology (Nasdaq: HSAI) announced unaudited financial data for the fourth quarter and full year of 2023. In 2023, its full-year revenue, delivery volume, and comprehensive gross profit margin all exceeded expected.

Hesai will achieve full-year revenue of 1.88 billion yuan in 2023, a year-on-year increase of 56.1%; of which fourth-quarter revenue is 560 million yuan, a year-on-year increase of 37.1%. In 2023, Hesai's lidar delivery volume was 222,116 units, a year-on-year increase of 176.1%; of which the fourth quarter lidar delivery volume was 87,736 units, a year-on-year increase of 84.6%. It is worth mentioning that in the fourth quarter, Hesai Technology’s cumulative delivery volume of lidar exceeded 300,000 units, becoming the first automotive lidar company in the industry to achieve this milestone. According to data from the Gasgoo Automotive Research Institute, Hesai’s ADAS lidar installed capacity ranks first in the industry in 2023¹。

Since 2020, Hesai's annual revenue has achieved three consecutive jumps, showing strong growth by leaps and bounds. As the company's scale continues to expand, its cost structure and operating efficiency have been effectively optimized and comprehensively improved. Hesai has successfully achieved positive annual operating cash flow, becoming the only company in the lidar industry to achieve this result. Demonstrates excellent commercialization capabilities and operational efficiency.